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.
Due to these changes, you have to spend more money to get the same benefit as you could get with SBI Signature Card.
But still, you will get a bunch of rewards, offers and bonus points with SBI Signature Credit card that will really make you feel privileged.
Jump to Section
- Fee & Charges
- Annual Fee Waiver
- Welcome Gift with SBI Elite Credit Card
- Bonus offer
- What SBI change in the Elite card as compared to the Signature card?
- Let’s Check Bonus Annual Saving
- Should you apply for SBI Elite Credit Card?
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 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.
SBI Elite credit card bonus offers mesmerize me. Take 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 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 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 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 balance.
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.
Get fuel surcharge waiver at all the fuel stations across the 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.
- Complimentary membership to Priority Pass program worth $99. and access over 850 airport lounges worldwide.
You have to a usage fee of $27 every time you visit airport lounges using your priority pass.
- 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 80k to 90k 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 in decision making. Select the group in which you lie as per your annual spends. Then check the estimated saving.
If satisfied with the saving, go for SBI Elite credit card, otherwise, check the other cards.