SBI Credit Card Rejection

SBI Credit Card Rejection

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SBI Credit Card Rejection

SBI Credit Cards offers several benefits and exciting features. Depending on your preferences, you can choose from a range of exclusive credit cards that cater to your lifestyle and needs. You can apply for a travel and fuel card, card that offers rewards, a lifestyle card, or a business card.

SBI Credit cards help you perform cashless transactions with ease and also allows you to pay it in a flexible EMI. However, you may need to fulfill certain eligibility criteria before you get a SBI credit card. You should know the SBI credit card rejection parameters and why that could happen.

What are the reasons for SBI credit card rejection?

  • Incomplete, inaccurate, or missing information:

Your inability to fulfill the eligibility criteria could lead to SBI card rejection. During your application process, you’ll be asked to provide personal and professional details, apart from your current residential address. Failing to submit the authentic details of your salary, place of work, address, other contact information, or KYC would lead to the rejection of your application.

  • Poor credit score:

This is one of the most common reasons for your SBI bank credit card rejection. The bank or issuer of a credit card first examines the applicant’s credit score. The credit score is the overall score assigned to an individual based on their bank loan repayments or settling of earlier credit card bills. Having a good credit history means a better credit score. With a better score, your chances of getting your credit card are higher. The credit score is available with leading credit bureaus such as CIBIL in India. It is recommended to check your credit score before you apply for a credit card.

  • Delayed payments or other inaccuracies/mismatches on the credit report:

Credit bureaus issue credit reports which have the history of your past borrowings or credit cards you have used. Any delayed payments or settled/written off credit amounts may lead to SBI bank credit card rejection, as these terms indicate that you defaulted on the loans or credit card dues. ‘Settled’ or ‘written off’ are terms that mean the lender/issuer of the earlier card has settled the applicant’s account as there were no chances of the individual repaying dues.

Also, any mismatch between the details you have provided in the credit card application and the details shown in the credit report could lead to SBI bank credit card rejection. It is best to get such details cross-checked and rectified before you apply.

  • Constant changes in your job:

It is fine to change jobs for a better opportunity but if you are found to be changing jobs constantly, often within six months, it could create an impression that you may not be relied upon to clear your credit card bills on time. This could be another reason for SBI card rejection.

  • Employer not in approved employer list:

If you are employed in a company that is not in the bank’s list of approved employers, then the bank may find that you may not be able to clear credit card dues, and this could lead to your SBI credit card rejection.

  • Inadequate salary:

This is one of the key reasons for the SBI credit card rejection. If your salary criteria don’t match the criteria then it could lead to your application rejection.

  • Have many credit cards already:

The credit report shows how many cards you already have. If the issuing bank feels that you’re having many credit cards and you may not be able to manage the repayment of bills, it could mean your application for the card is rejected.

  • Too many credit card applications/inquiries:

If you have applied for a credit card several times in a short span of time or made too many inquiries, it may lead to the impression that you are unable to handle your finances efficiently and are looking for a new credit card. It could be considered financial indiscipline, leading to your SBI credit card rejection.

Frequently Asked Question About SBI Credit Card Rejection

  • ✔️What do I do if my credit card application is rejected?

    If the bank sends you a letter/communication, which gives you the reason for rejection, you can rectify the mistakes made. For instance, if your credit score is poor, you can take steps to improve before you reapply. If you have not provided a KYC document, you could do so while reapplying. Make sure you have all the details that the card issuer seeks and fulfill all eligibility criteria when you reapply. The normal course for reapplying is to wait for three months but in certain circumstances, it could take longer. Later, you can apply for credit card.

  • ✔️How long does it take to get an SBI credit card approved?

    If your application has been approved, the bank will get in touch with you within two working days to inform you about the next process. It may take up to 21 days for your application to be processed. The approval of your card depends on the documents provided.