SBI asks credit card users to use credit wisely

Following the lead of other banks like Citibank India, SBI today launched a campaign to educate credit card users on using credit wisely. This move comes after the RBI had suggested that banks educate their consumers on how to avoid credit card and loan debt traps.

The campaign not only focuses on high interest credit card debt but also focuses on educating users about other financial products like mutual funds too. SBI also suggested that account holders start saving, invest and set up emergency funds, over draft protection and automatic repayments to avoid missing payment dates.

“ When saving becomes a priority, you will truly begin to accumulate wealth” the SBI said. 

Citibank India also has a similar campaign “Use Credit Responsibly” running on its website for sometime now.

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