Andhra Bank Credit Card: All you need to know

 

ndhra Bank is a well-known public sector banking entity with a presence in 25 States and 3 Union Territories. The bank has 2, 332 ATMs and 2, 507 branches in India. There are 6 Andhra Bank credit cards on offer for customers while a corporate card is offered in collaboration with VISA for catering to the needs of organizations and their employees. There are several features and benefits available that you should know about before choosing the Andhra Bank credit card apply online option.

Features and Benefits

There are several benefits offered by Andhra Bank credit cards which you should be aware of. These include zero annual fees for the first year and annual fee waivers in subsequent years upon spending a particular amount. There are two add-on cards that you can get for your family members. You can also get exciting Andhra Bank credit card reward points that can be used for shopping, dining and other needs. You can use MasterCard or VISA cards across innumerable merchant stores and outlets.

In a nutshell, here are some of the key advantages:

  1. Validity- These cards are accepted domestically or globally. The Visa Gold, Visa Platinum, Visa Classic, Visa Corporate and MasterCard options are globally accepted.
  2. No Joining Fees- You can get a credit card without paying any joining fee.
  3. Annual Fee Waiver- There are no annual fees for the first year and MasterCard and Visa Classic users will have the annual fees waived off in case they spend a minimum of Rs. 18, 000 and Gold cardholders will enjoy this benefit if they spend at least Rs. 30, 000. For fee waivers in case of the Visa Platinum cards, at least 18 transactions have to be made in the year.
  4. Fresh Credit- Each transaction comes with a fresh credit period which varies between 21-50 days.
  5. Lost Card Insurance- Lost Card Insurance is provided with every credit card.
  6. Cash Advances- Withdrawals up to 50% of the credit limit are possible subject to daily cash withdrawal limits of Rs. 20, 000 at ATMs. Cash advances will have charges of 3% of the transaction amount. In case the amount is paid back by the due date, there will be no interest charges. However, missing this date means that service charges will have to be paid.
  7. No cash withdrawal charges- There are no charges for withdrawing cash at Andhra Bank ATMs.
  8. Credit Card Statement- You can get credit card statements via email/post.
  9. SMS Alert- You can get free alerts via SMS for credit card transactions, bills, balance and due dates for payment.
  10. Reward Points- For select cards, customers can earn 1 reward point for every Rs. 100 that they spend. This equates to roughly 0.50 paisa. These points can be redeemed with various offers available at Andhra Bank.
  11. Insurance- Group Personal Accident Insurance is available for all customers with a nominal premium amount. This is not applicable for the MasterCard Electronic card. There is coverage of Rs. 25, 000 for students and Rs. 2 lakhs in case of the MasterCard Standard and Visa Classic cards. The Visa Gold Card comes with Rs. 5 lakhs in insurance coverage.

Andhra Bank Charges and Interest:

Charge VISA Classic/MasterCard VISA Gold Card Student Card ICFAI student Card MasterCard Electronic Card
Entry fee Nil Nil Nil Nil Nil
Annual Fee Rs. 550 Rs. 1,000 Rs. 450 Rs. 350 Rs. 200
Annual Fee for Add on cards Rs. 200 Rs. 400 NA NA Rs. 150
Rate of interest per month 2.5% if the minimum due is paid. 2.95% if the minimum due payment is missed.
Minimum due 5% of the billed amount

Rewards Points

The ABLE Rewards programme is a major incentive for customers. You earn one point for every Rs. 100 that is spent across MOTO, IVR, online and merchant outlets. The eligible cards for these rewards points include the following:

  • Andhra Bank Classic Credit Card
  • Andhra Bank Gold Credit Card
  • Andhra Bank Platinum Credit Card

Points can be redeemed at www.ablerewards.com.

Eligibility

The eligibility criteria is as follows:

  • Customers of Andhra Bank are given first preference.
  • Rs. 1.8 lakhs should be the minimum income of the applicant.
  • Add-on cards can be taken for parents/spouse/major children with a maximum of two for one applicant.
  • Cards can be taken against deposits in case there is no proof of income.

Documentation:

The following documents are required:

  • Filled up application form
  • Two passport size photographs
  • PAN Card Copy
  • Latest Salary Slip/Form 16/IT Returns for last 2 years
  • Proof of Identity (in case PAN Card is not provided)
  • Proof of Address

Types of Cards

As the Andhra Bank credit card customer care will tell you, there are 6 types of credit cards on offer. These include the following:

  • Visa Classic- This card comes with Rs. 500 as the annual fee which is waived in case Rs. 18, 000 is spent in the earlier year.
  • Visa Gold- This has the annual fee of Rs. 1, 000 which is waived in case Rs. 30, 000 is spent in the previous year. Add-on cards have Rs. 400 as annual fees and the card can be used worldwide.
  • MasterCard Electronic Credit Card- This card does not get group personal accident insurance but comes with various features and benefits.
  • Visa Corporate- This card caters to employees and their employers alike.
  • Platinum Credit Card- This card comes with several benefits and is offered to those earning more than Rs. 3 lakhs annually or with deposits of at least Rs. 1 lakh. There is group accident insurance up to Rs. 10 lakh with a nominal premium amount and add-on cards come with up to Rs. 5 lakh in coverage as well.
  • Signature Credit Card- This card is for those with annual incomes of Rs. 10 lakh and more. Rs. 2 lakhs is the minimum credit card limit and there is lower interest along with reduced service charges, lost card insurance, fuel surcharge waivers and several other features. There is the embedded EMV chip and PIN which increases overall security as well.

Important Aspects

  • Credit card statements are dispatched on the 1st of each month to the registered billing address of the customer and emails are also sent accordingly.
  • The payment due date will be the 20th of each month.
  • Andhra Bank credit card payments can be made by draft/cheque, pay order (payable at Hyderabad), utility payment module with AB VISA Electron Debit Card at ATMs.
  • Defaulting on even the minimum due will lead to penalties being imposed and continuous payment defaults will merit legal recovery action from the bank along with being reported to the credit bureau (CIBIL).
  • Loss of credit card means that you should immediately contact the bank in writing along with filing an FIR and a complaint. This copy should be given to the bank and you can call the hotline for notifying the same beforehand.
  • There are credit card offers for students although these do not come with add-on card features.
  • Customers should periodically check the rates since these are subject to changes.