Want to know all about SBI Elite Card Review? Then, you have landed on the right article.In this SimplySAVE credit card review article, we're going to explain all the aspects of sbi elite credit card review.
Looking for a credit card that best fits your personal needs? Then it would be worthwhile to check out the SBI Elite Credit Card.
Launched by the State Bank of India (SBI) and powered by Mastercard, the premium credit card offers you many features.
Starting from an attractive welcome bonus like credit card with lounge access and movie tickets to money rewards programs, SBI Elite Credit Card best suits those who are high spenders, also it one of the best SBI cards in 2022.
SBI Elite Card Review: Know Everything (2022 Updated)
Joining Fee And Welcome Gifts/Bonus
Let us start with the joining fee. As a new SBI Elite Credit Card customer, you have to pay a joining fee of Rs.4,999. However, the best part is that you will get a welcome gift voucher for Rs.5,000.
While collecting vouchers, you can pick a brand of your choice from various brands such as Hush Puppies/ Bata, Shoppers Stop, Pantaloons, and Yatra.com.
ELITE Rewards on all your purchases
Now let us go through the reward structure of the card.
- For dining, departmental stores, and grocery spending, you will receive 5X reward points.
- For all other expenses except fuel, you will get two reward points for every Rs.100 spent
- When it comes to international transactions also, you will receive two reward points for every Rs.100 spent.
*It is to be noted that four reward points equal Rs.1.
Higher Rewards and Milestones
Now, in this sbi card elite review we will check the higher rewards offered by the SBI Elite Credit Card.
1. Complimentary movie tickets - By owning the SBI Elite Credit Card, you will get free movie tickets worth Rs.6000 every year. This offer will be valid for two tickets per booking in a year.
You can use this offer and avail of a maximum benefit of Rs.250 per ticket. Please note that you will be charged a convenience fee for all these transactions.
2. Exclusive travel benefits - One of the card's highlights is the exclusive memberships and lounge access offered.
i) Club Vistara Silver Membership - The first attractive travel benefit is the Club Vistara Silver Membership. It includes
a) A complimentary upgrade voucher.
b) For every 100 rupees spent on a Vistara flight, you will be rewarded with 9 Club Vistara Points.
Please note that you will be eligible for the above membership only if you are a primary cardholder. Once you receive the new SBI Elite Credit Card, you need to register for internet banking.
The next step is to visit this link and apply for the Club Vistara Silver membership.
ii) Trident Red Tier Membership - If you travel frequently, you can also benefit from the Trident Red Tier Membership with the SBI Elite Credit Card.
a) On registration, you will be eligible for 1000 welcome points.
b) When you book through the hotel’s website, you will receive a 10% instant discount.
c) For every Rs.100 spent booking a room at participating hotels, you will receive 10 points.
d) On your first stay, you will be rewarded with 1500 points.
e) For an extended night stay, you will get 1000 hotel credits. You can avail this offer by using the promo code SBITH.
Please note that only the primary cardholders are eligible for the above offer.
iii) Airport lounge access - There are separate lounge program benefits for domestic and international passengers.
a) Domestic Lounge Program - In India, the cardholders can benefit from 2 complimentary Domestic Airport Lounge visits every quarter of the year. Please check the Visa/ Mastercard/American Express** links for the detailed list of lounges.
b) International Lounge Program* - All cardholders will get a complimentary membership to the Priority Pass Program. The program is worth $99, and in a calendar year, you will be eligible for six complimentary Airport Lounge visits outside India.
However, it comes with a rule that the offer applies to a maximum of 2 visits per quarter. With the international lounge program, you can visit more than 1000 airport lounges worldwide.
* Once the complimentary visits are over, you will be levied a usage fee of $27+applicable taxes on your SBI Elite Credit Card for visits made to the Priority Pass member lounge.
** As per the current RBI guidelines, the Mastercard and American Express versions of the SBI Elite Credit Card are not being sourced for the time being.
For further information on the Priority pass member lounges, click here. Please note that only primary cardholders will be eligible for the Priority pass. Also, the complimentary membership will be valid only for two years.
Milestone Rewards
With SBI Elite Credit Card, you are eligible to get up to receive 50,000 Bonus reward points worth Rs. 12,500 in a year.
- Each time you spend Rs. 3,00,000 and Rs.4,00,000 in a year, you will get 10,000 bonus points.
- When you spend Rs.5,00,000 in a year, you will be rewarded with 15,000 bonus points.
- You will also be credited with 15,000 reward points when your annual spending touches Rs.8,00,000.
When you calculate the cashback amount, 50,000 bonus points will be equivalent to Rs.12,500. (Ratio of 4:1)
SBI Elite Card Benefits And Other Features
The SBI Elite Credit Card comes with other features, such as
- Every time you spend Rs.100, you will be eligible for two reward points.
- The card provides complimentary access, which lets you visit airport lounges worldwide.
- The best part is that you can use the card for free anywhere globally with a low Forex markup.
The following are the other benefits of the SBI Elite Credit Card.
- Accepted worldwide for making payments at any shop that accepts Visa or Mastercard.
- You will get a reversal or a refund of your annual fee once your spending touches Rs. 10,00,000.
- Free lounge access to more than 850 airports across the world.
- Round-the-clock concierge services.
- 24/7 helpline numbers are always open if you want to replace your credit card anywhere.
- For any transaction at petrol pumps that fall between Rs.500 to Rs.4000, you will be eligible for a 1% fuel surcharge waiver. On a single card, you can surcharge a maximum amount of Rs.250.
- While hiring a car from Hertz's car rental firm, you can save up to 10%. If the car rental firm is Aviz, you can save up to 35%.
- By using the Flexipay facility, you can convert transactions above Rs.2500 in EMIs.
- You will get a fraud liability cover of Rs.1 lakh.
Annual Saving Calculation
Now you would be curious to know about the annual savings. Here you go.
Let us start with the savings for the 1st year.
Expenses in 1st Year | Assuming that your annual spend is Rs.8 Lakhs |
Dining, Department stores and Grocery spends (10 points) | 6 Lakh |
Other Spends (2 points) | Rs. 2,00,000 |
Total Rewards Points | 60000 + 4000 = 64,000 |
Reward point value in rupees (1RP = Re 0.25) | Rs. 16,000 |
Joining Benefit | Rs. 5,000 |
Milestone Benefit | Rs. 12,500 |
Total Benefits | Rs. 33,500 |
Annual Fees | -4999 |
Net Savings | 28,501 |
Savings Percentage | 3.6% |
Now let us go through the annual savings for the 2nd year.
Expenses from 2nd year onwards | Assuming that your annual spend is Rs.8 Lakhs |
Dining, Department stores and Grocery spends (10 points) | 6 Lakh |
Other Spends (2 points) | Rs. 2,00,000 |
Total Rewards Points | 60000 + 4000 = 64,000 |
Reward point value in rupees (1RP = Re 0.25) | Rs. 16,000 |
Joining Benefit | Nil |
Milestone Benefit | Rs. 12,500 |
Total Benefits | Rs. 28,500 |
Annual Fees | -4999 |
Net Savings | 23,501 |
Savings Percentage | 2.9% |
When comparing the two tables, you can notice that the savings drop from the 2nd year onwards.
Conclusion
Now, it is time for the final verdict. If you are a high spender looking for an attractive welcome bonus, lounge access, and movie tickets, then SBI Elite Credit Card scores over its competitors.
However, the card comes with other drawbacks, such as weak reward redemption value and missing welcome gifts on renewal.
I hope you liked our article on sbi elite card review and if you have any comments or suggestions do share them in the comments below.
Frequently Asked Questions
1. Is the SBI Elite credit card internationally acceptable?
Yes. The card is accepted at over 24 million Visa outlets across the globe, including 3,25,000 outlets in India.
2. Can I transfer my outstanding balance to any other bank’s credit card?
No. You can use the balance transfer facility only to credit cards issued by the State Bank Of India.
3. Does the card provide Fraud liability cover?
Yes. You are eligible for a fraud liability cover of Rs.1,00,000.
4. What should I do if I lose my credit card in a Foreign Land?
In such cases, you can reach out to the 24×7 Visa helpline number and get it replaced. For further details on the helpline numbers worldwide, please click here
