If you have a bank account like the Jan Dhan Yojna account of even a regular savings account with up to Rs.25,000 in it, you may be in luck. State Bank of India has announced that it will be rolling put secure credit cards for those who have a bank account and up to Rs.25,000 as deposit.
This is a good move in my opinion. Because already, many people are getting bank accounts as a part of going cashless, and if they have Rs.25,000 with them and don’t have a solid credit history, banks will reject them for new credit card applications.
This new secure credit card will help them get a credit card without actually having a credit history. If you don’t know what a secured credit card is, check out this post about secured card v/s credit cards.
SBI has announced that it will start launching kiosks in malls and other busy areas to get people sign up. But if you hav a Jan Dhan bank account or any bother bank account and are going to get your first credit card, just go to your nearest SBI bank office and get a secured credit card.
If you are interested in getting other credit cards from SBI, check out this article.