SBI Simply Save Credit Card Detailed Review

Written By Sushma Singh

Are you crazy about shopping? Well, here comes the amazing SBI SimplySAVE SBI Credit Card. As the name itself says, it helps you to save on your expensive shopping and also to earn big rewards.

Why only SBI? There is an obvious answer to it. Being a government bank, it has earned the confidence of people. SBI SimplySAVE Credit Card is all that you need in the 21st century. It is a good fit for your wallet and your requirements.

SBI SimplySAVE Credit Card is universally accredited. You can use it over 24 million outlets across the globe, including 3, 25,000 outlets in India. VISA and MasterCard both issues this card, which enables you to avail of the benefit of cash withdrawal from over 1 million VISA or MasterCard ATMs worldwide.

SBI SimplySAVE Credit Card Review: Benefits, Fees, and Eligibility

Features and Benefits:

1. 10x Reward Points: Savor Dining, Movies, Grocery Spends, and Departmental Stores with 10 Reward Points per Rs. 100. This is a comfortable way for those who have the habit of purchasing stuff from local marts with flat 2.5% cash backs.

2. Complete Fuel Freedom: Pay only 1% fuel surcharge with the minimum transaction amounting to Rs. 500 to Rs. 3,000, which is only applicable to all the petrol pumps in India. The utmost surcharge waiver can be of Rs. 100. It applies to every statement cycle and for individual credit card accounts.

3. Welcome Offers: Within the first 30 days of receiving the credit card, one gets Rs. 100 cashback on their first ATM transaction. Also 2,000 bonus reward points are given if you make a payment  of Rs. 2,000, or more within the first 60 days. 

4. Add-on Cards: With SimplySAVE SBI Credit Cards, one can easily empower their family – parents, spouse, children, or siblings above the age of 18 and below 60 years of age. You can apply for a maximum of 2 Add-on cards for free. One can also get some exclusive offers on Add-on cards. 

5. Utility Bill Payments: SBIs’ credit cards facilitate to pay electricity, telephone, mobile, and other utility bills via Easy Bill Pay facility. This is an effortless and quick facility provided without incurring any additional cost for the same.

6. Flexipay: SBI served its customers with the facility of Flexipay – a good option to convert the transactions into easy monthly installments. Purchases made over Rs. 2500 can be broken into small EMIs. The cardholder just needs to log in at through username and password within 30 days of the purchase.

7. Balance Transfer on EMI: Outstanding balances of other banks’ credit cards can be paid back in EMIs and at a lower rate of interest. This is user-friendly as it saves money while paying credit card dues.

8. Easy Money: SBI makes sure that the cardholder can avail of the cash limit on the card to order a draft or cheque. The draft is delivered at the user’s registered address.

9. Online Application: In this fast-growing, technically advanced world, SBI made sure that its customers can conveniently apply for a credit card online. All one needs is to fulfill the eligibility criteria and attend a call from the customer support team for verification.

10. Other extra Reward Points: On each transaction apart from dining, movies, departmental stores, and grocery shopping, 1 Reward Point is given. By clubbing 4 Reward Points, making it worth Rs.1, users can use this to pay off the outstanding balance or redeem a wide array of gifts. A minimum of 2000/- INR is required to redeem them.

11. Market Dominance: SBI is known for its 10-15% off campaigns on websites like Flipkart, Amazon, Snapdeal, etc. These types of sales induce one to keep an SBI Credit Card in the wallet. 

12. Contactless Advantage: Daily purchases can be easily made by simply waving the card at a secure reader for the transaction. If the card is waved several times at the reader, an exclusive security key will make sure that only a one-time transaction takes place. Also, there is no need to look for cash/coins for everyday small ticket purchases. 

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1. Annual Fee: – Most of the credit card users are anxious about the issuing fee of the credit card. One of the benefits of SBI SimplySAVE Card is that its annual fees and renewal fees (from 2nd year onwards) are just 499/- INR. Also, if the yearly spending exceeds Rs. 1, 00,000 during the prior year, then the annual membership fee reverses in the succeeding year.

2. Interest-Free Credit Period: – SBI provides its customers with an interest-free credit period applicable for 20 to 50 days, only on retail purchases. Users, who pay their previous months’ outstanding balances, also can enjoy this benefit.

3. Extended Credit Charges: – SBI clients can widen their credit card charges up to 3.35% per month. This will account for up to 40.2% per annum from their spendings.

4. Extended Credit Minimum Amount Due: – Only 5% of the total outstanding is the extended credit minimum amount due for SBI clients. It includes a minimum amount of Rs. 200; all applicable taxes; EMI (product specific only) and OVL amount (if any).

5. Cash Advance Limit: – The patrons can use an advance cash limit up to 80% of the credit limit. Although the users can only get a credit limit of Rs. 12,000 per day.

6. Cash Advance Charges: – Cash advance charges are up to 3.35% per month. This accounts for 40.2% annually from the date of withdrawal.

7. Over Limit Charges: – Every credit card user is concerned about the over-limit charges, but SBI’s charges are only 2.5% of the over-limit amount subjected to a minimum of Rs. 300 only.

8. Late Payment Fee: – SBI has introduced different slabs for the late payment fee.  

    1. From Rs. 0 to Rs. 200 – nil
    2. From Rs. 201 to Rs. 500 – Rs. 100
    3. From Rs. 501 to Rs. 1,000 – Rs. 400
    4. From Rs. 1,001 to Rs. 10,000 – Rs. 500
    5. From Rs. 10,001 and more – Rs. 750

Eligibility and Documents Required

You need the following documents for the issuance of SBI SimplySAVE Credit Card:-

  • Firstly, you have to fill a credit card application form.
  • PAN card copy or of Form 60
  • A valid identity proof. For example, Aadhar Card, Driving License, PAN card, etc.
  • Proof of income through income slips, Form 16, IT return copy, etc.
  • Residential proof like Passport, Ration Card, electricity bill, Aadhaar card, etc.
  • A coloured passport size photograph of the applicant.

Certain eligibility criteria need to be fulfilled before applying. They are:-

  • Applicant’s age must not be more than 18 years and less than 60 years.
  • The applicant must have a stable job and a regular source of income.
  • Requisites and appropriate documents should be available at the time of the issue. 
  • The applicant should have a decent credit score. 

The Bottomline

In the end, one can say that SBI SimplySAVE Credit card can be an ideal credit card for shopping lovers. These Credit Cards are a smart and secure choice because it manages shopping expenses, benefits its users by way of rewards and payment settlement options.

However, you can consider it as the perfect option available. Many other banks like HDFC, ICICI, etc. come up with many new, creative, and attractive schemes. But, SBIs’ nominal fee and overall merits introduced for SimplySAVE Credit Cards are remarkable. Their decent offer draws the attention of many users all over India. Always be certain that you do proper research before applying for any of the credit cards.

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Sushma is a full-time blogger and financial expert. Join Sushma and 10,000 monthly readers here to learn how to save and invest your money wisely.

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