Let’s first talk about the bank that introduced its premium credit card for high spenders, i.e. ‘The State Bank of India.’
This bank was founded in 1806 & since then it has been serving customers with the best services that they could offer. It is among the oldest commercial banks in Asia. If you hear the number of its branches & ATMs, you would be shocked! It has over 24000 branches & more than 59000 ATMs, which is just amazing. This bank has been the bank for every Indian since long & is continuing to be the same. Now, this bank has launched recently, its high rated Elite Credit Card.
SBI Elite Credit Card Detailed Review
SBI Elite Credit Card comes under the best premium credit cards that are available nowadays in the market. It has a wide range of facilities from the lounge access to movie tickets. It also has a very value for the money rewards program. Through this, you can avail the worth of each & every rupee that you spend on or through the card. Mastercard powers this card. Now let’s have a glance at its features, benefits & other key points that you should keep in mind while choosing this card over others or for not choosing this card.
- Whenever you spend Rs.100, you will earn 2 reward points.
- 1% of the fuel surcharge waiver is also available.
- You can visit airport lounges anywhere globally as this card offers complimentary access.
- This card is free to be used anywhere across the world with a low Forex mark up.
What are the benefits of the SBI elite credit card?
- This card can be easily used for making payments anywhere in the world at any shop that accepts Visa or Mastercard.
- An e-gift voucher of Rs. 5000 is given as a welcome gift.
- Every month, the cardholder gets 2 free tickets for a movie at Book my show.
- Every year, 6 visits to any airport lounges are provided at any place outside India.
- Similarly, 2 visits are given for the Domestic airport every quarter that makes 8 per year which is quite a good number.
- The annual fee gets reversed or is given back on spending Rs. 10,00,000.
- Over 850 airports allow free lounge access worldwide through this card.
- 24/7 concierge services.
- You can always call on the 24/7 helpline number to get your credit card replaced from anywhere across the globe.
- If you have a transaction ranging from Rs.500 to Rs.4000 at any petrol pump, then there is a 1% fuel surcharge waiver. The maximum amount that can be surcharged per card is Rs.250.
- Free membership to the Club Vistara Silver is provided along with the credit card.
- One may save up to 10% if he/she hires cars on rent from Hertz & up to 35% on hiring from Avis.
- Convert your transactions above Rs. 2,500 in EMIs using the Flexipay facility.
- Fraud liability cover is also provided to the cardholders of Rs. 1 lakh.
The SBI Elite Credit Card has a joining fee or a one-time fee of Rs.4999 & then, every year the cardholder would have to pay Rs.4999 as a renewal fee.
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What is the Credit limit for the SBI Elite card?
This credit limit for the Elite card is in the hands of the bank. The bank gives it on its own. The decision of the bank is influenced by various factors such as the credit history of the cardholder, his credit report & lastly the Credit Score. Then another thing that may influence the bank is the debts or loans that are pending or are ongoing of the applicant.
- The minimum age requirement for applying for the Elite Credit Card is 21 years & only people with a maximum age of 70 years can be the owner of this card.
- The eligible age for self-employed people is between 25 and 70 years.
- The applicant must be an Indian citizen.
- Stable credit history is very important for every credit card you want. Similarly, here also it is required to be presented before the bank.
Fees and Charges:
| Fees/Charges | Amount/Rate |
| Annual Fee | Rs. 4,999 (One-Time) |
| Renewal Fee | Rs. 4,999 |
| Add-on Fee (per annum) | Nil |
| Extended Credit Interest-Free Credit Period | 20-50 days, applicable only on retail purchases and if previous month’s outstanding balance is paid in full |
| Extended Credit Charges | Up to 3.35% per month, accounting to 40.2% per annum, from the date of transaction |
| Extended Credit Minimum Amount Due | 5% of Total Outstanding (Min. Rs. 200 + all applicable taxes + EMI ( In case of EMI based product) + OVL amount (if any) |
| Cash Advance limit | Up to 80% of the credit limit, maximum Rs. 15,000 per day |
| Free Credit Period | Nil |
| Cash Advance Charges | Up to 3.35% per month accounting to 40.2% per annum from the date of withdrawal |
| Cash Advance Fee SBI or Other Domestic ATMs | 2.5% of withdrawal or Rs. 300 per transaction, whichever is higher |
| Overlimit Charges | 2.5% of the over limit amount subject to a minimum of Rs. 500 |
| Late Payment Fee | • Nil for the total amount due from Rs. 0 to Rs. 200 • Rs. 100 for the total amount due greater than Rs. 200 and up to Rs. 500 • Rs. 400 for the total amount due greater than Rs. 500 and up to Rs. 1,000 • Rs. 600 for the total amount due greater than Rs. 1,000 and up to Rs. 10,000 • Rs. 800 for the total amount due greater than 10,000 and up to Rs. 25,000 • Rs. 950 for the total amount due greater than Rs. 25,000 |
Documents required to be submitted for getting the credit card issued is-
- 2 passport sized photographs
- ID proof is required. Anyone among passport, DL, Voter ID, Aadhar card & PAN Card can be submitted.
- Then any Address proof is to be given like Aadhar card, telephone bill, electricity bill, passport, DL, etc.
- Proof of salary or proof of business details is required
- For the salaried people, it is necessary to submit the last 3 month’s salary slip or 3 months’ bank statement
- Similarly, for those who are self-employed, it is necessary to give last year’s Income Tax Return along with bank statement of last 3 months
Some of the offers that are given by the bank on this card currently are-
- If you buy selected mobiles from the online Vivo store, then you would get 5% cashback
- On purchasing something from Rentomojo, one can apply the promo code ‘SBI100” to avail a discount of Rs.3000
- 20% discount can be availed on food orders on Monday & Tuesday by using the code ‘SBI200.’
- On booking flights from EaseMyTrip, Rs.1000 discount is available
SBI Elite Card advantage statement
If you receive the monthly statement of the SBI Elite card, this can easily be used to know about all the transactions done through that card. This provision is made by the bank to give customers access to their statements. The bank sends the statement every month through a mail that can be seen & assessed anytime if the cardholder wants to.
The credit card has a 24×7 customer care service for the customers. Any type of query or complaint can be solved by contacting the customer care & all your problems would end. The helpline numbers of the bank are- 39 02 02 02 or 1860 180 1290.
How can one apply for getting this credit card issued?
The primary method to apply as we all know is through the official website of the State Bank of India. Other ways by which you can apply are through different sites like BankBazaar, Paisa Bazaar, Credit Mantri, etc. These websites are reputed in this field and provide many such services.
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Some FAQ’s related to the SBI Elite Credit Card are:
# Can I apply online for the SBI Credit card?
The answer is yes. One can apply online for the SBI Elite Credit Card.
# What is the remedy available for the cardholder if the credit card gets lost or is stolen?
Unfortunately, if the credit card gets lost or is stolen by someone, then the remedy available is that the cardholder must call the customer care service immediately as soon as possible & report the loss incurred. Another way to report the loss is to log in to the Net banking account & report there.
# If initially one reports the credit card to be lost, but later he finds it back, then what can he/she do?
If the card is recovered after being lost, then one cannot use it. He/she must destroy it by cutting it. Also, make sure that the chip in the card is cut.
# What is the process of reward points redemption?
For redeeming the reward points, you can simply log in to your net banking account & get them redeemed. Or else, you can get them redeemed by calling the customer care service. You can exchange points for some gifts exclusively made for this.
# How can we judge our eligibility to apply for this card?
You can check your eligibility on different sites & apps made for this purpose. Create your credit profile there & you can check.
# How much are the joining & annual fees of the SBI Elite Credit Card?
Both the joining & annual fees of this card are Rs.4999
Now, as we conclude, we all now know the features of SBI Elite Credit Card & also the benefits that it is offering. It is considered among the best of the Credit cards in the market currently as there are only a few Credit Cards that provide benefits in so many fields like travel, shopping, food & movies & the SBI Elite card does that. It also gives certain memberships & airline benefits which adds to the worth! So, the rich people who want unlimited benefits & wish to spend some good amount for a credit card, you must go for the SBI Elite Credit Card. This card is interesting & beneficial at the same time. Just have a try.
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