SBI Elite Credit Card Review 2020
SBI Elite Credit Card Review 2020

SBI Elite Credit Card Review 2020

Updated on: 15 Jan 2020.

SBI Elite Credit Card is a premium card issued by the State Bank India. SBI launched Elite card in place of SBI Signature Credit card  (no longer available) by making small changes in the offers.

This card provides bunch of offers on online shopping and bonus reward points.

Fee & Charges

First Year Annual Fee – INR 4999

Renewal Fee – INR 4999

Interest Rate – 40.20%

Foreign Currency Markup – 1.99% lowest ( except yes bank preferred card)

Cash Advance Fee – 2.5%, min of INR 300

Annual Fee Waiver

Spend 10 lakh & get a reversal of annual fee. No, doubt the spend limit is high but this adds INR 4999 into your pocket.

Welcome Gift with SBI Elite Credit Card

Get welcome e-voucher worth INR 5000 from any of Brand: – Yatra, Jabong, Marks & Spencer, Westside, Shoppers Stop. you will receive gift voucher code within 15 days.

Bonus offer

SBI Elite credit card bonus offers that mesmerizes me. Have a look

  • 10,000 bonus reward points on achieving annual spend of 3 lakh.
  • Another 10,000 bonus reward points on an annual spend of 4 lakh.
  • Add 15,000 more bonus reward points on achieving an annual spend of  5 lakh.
  • Not ended yet, get another 15,000 reward points on the milestone of 8 lakh annual spend.

In short, You have a chance to get 50,000 reward points (worth Rs. 12,500) on an annual spend of 8 lakh.

What SBI change in the Elite card as compared to the Signature card?

With the signature card, you have to spend INR 5 lakh in one year to get 50,000 reward points but with the elite card, you need to spend INR 3 lakh more to earn the same reward points. This is the major change that the bank brings in the Elite credit card.

Let’s Check Bonus Annual Saving

Reward Points on SBI Elite Credit Card

  • Earn 2 reward points for every INR 100 spent.
  • Get 10 reward points for every INR 100 spent on Dining, Departmental Stores, and Grocery.
  • Get Rs 500 off on BookMyShow once every month.

Where to Use Reward Points?

The redemption value of one reward point is INR 0.25 (25% reward value) a quite low. But in front of other benefits, this doesn’t pinch.

You can redeem your reward points against your outstanding balance (I just love this). There are a few credit cards that offer you to redeem reward points against your outstanding bill.

In most of the cases, you have to redeem reward against some products from some specific platforms. But this is not a case with SBI Elite Credit Card.

Fuel Benefit

Get a fuel surcharge waiver at all the fuel stations across India on the transaction between INR 500 and INR 4000. Maximum fuel surcharge waiver capped at INR 250 per statement cycle.

Complimentary Lounge Access with SBI Elite Credit Card

  • Enjoy complimentary domestic lounge access twice every quarter at airport lounges in India.
  • 6 International Complimentary lounge access over 850 airport lounges worldwide.

You have to a usage fee of $27 every time you visit airport lounges using your priority pass.

Documents Required

  • Identity Card.
  • Address proof.
  • 1 passport size photograph.
  • Salaried class- latest one-month salary slip.
  • Self Employed Businessmen- Latest IT Return with the computation of income.

Should you apply for SBI Elite Credit Card?

If you have an average monthly spend between Rs. 80,000 to Rs. 90,000 then your annual spend touch the milestone of 10 lakhs per month and get 50,000 reward points and annual fee reversal. But below this limit, you have to pay an annual fee of INR 4999.

I make a table to help you with decision making. Select the group in which you lie as per your annual spending. Then check the estimated saving.

First Year Annual Saving Calculation

Expenses in Year 1 Annual Spend
2.5 Lakh
Annual Spend
3 Lakh
Annual Spend
8 Lakh
Dining,
Dept. Stores and
Grocery Spends
(10 points)
2 Lakh 2.5 Lakh 6 Lakh
Other Spends
(2 points)
Rs. 50,000 Rs. 50,000 Rs. 2 Lakh
Total
Rewards Points
20000 + 1000 = 21,000 25000 + 1000 = 26,000 60000 + 4000 = 64,000
Reward point value in rupees
(1RP = Re 0.25)
Rs. 5,250 Rs. 6,500 Rs. 16,000
Joining Benefit Rs. 5,000 Rs. 5,000 Rs. 5,000
Milestone Benefit 0 Rs. 2,500 Rs. 12,500
Total Benefits (Rs) 10,250 14,000 33,500
Annual Fees -4999 -4999 -4999
Net Savings 5,251 9,001 28,501
Savings % age 2.1% 3% 3.6%

Annual saving from the second year

Expenses on
2nd Year onwards
Annual Spend
2.5 Lakh
Annual Spend
3 Lakh
Annual Spend
8 Lakh
Dining,
Dept. Stores and
Grocery Spends
(10 points)
2 Lakh 2.5 Lakh 6 Lakh
Other Spends
(2 points)
Rs. 50,000 Rs. 50,000 Rs. 2 Lakh
Total
Rewards Points
20000 + 1000 = 21,000 25000 + 1000 = 26,000 60000 + 4000 = 64,000
Reward point value in rupees
(1RP = Re 0.25)
Rs. 5,250 Rs. 6,500 Rs. 16,000
Joining Benefit 0 0 0
Milestone Benefit 0 Rs. 2,500 Rs. 12,500
Total Benefits (Rs) 5,250 9,000 28,500
Annual Fees -4999 -4999 -4999
Net Savings 251 4,001 23,501
Savings % age 1% 1.33% 2.9%

If satisfied with the savings, go for SBI Elite credit card, otherwise, check the other cards. Let me know your opinion in the comments.

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