SBI Elite Credit Card Review – Fees, Benefits and Features

Anish TadimarriCredit CardLeave a Comment

sbi elite credit card

The SBI Elite Credit Card is SBI’s best premium card that gives an exclusive range of benefits. Besides, the luxury that this SBI card provides is impressive for the annual fee it charges. The primary cardholder gets a complimentary Club Vistara Membership and a complimentary Red Tier Trident Privilege Membership which comes with great rewards earning potential.

SBI launched the Elite credit card to replace the SBI Signature credit card. This card primarily targets people who spend a lot on flight travel and also those individuals who require an international credit card.

FinTown Rating: 3/ 5

Rating by Category: 

Annual Fee                                               3
Rewards Rate  4
Annual Bonus  3.5
APR  2.5
  • The Annual Membership Fee for this card is INR 4,999 plus GST. At this fee, the benefits that the card offers is good.
  • Rewards rate for this card is good for some categories such as grocery, dining bills and departmental stores.
  • With this card, you can earn up to vouchers worth INR 5000 as an initial bonus. Additionally, you can earn up to INR 12,500 on achieving the milestone spend requirement specified by SBI.
  • The Annual Percentage Rate is 40.2, which is a moderate interest rate.

Pros & Cons:

Reasons to Choose   Reasons to Avoid  
Rewards can be deemed for any outstanding balance High-interest rate
Club Vistara Membership & Trident Privilege Membership High Annual Fee
 Domestic & International Airport Lounge Access Zero cash back
 Free movie tickets worth INR 500 No golf privileges
 Low Foreign Currency Mark-up Fee

Rewards/Benefits – SBI Elite Credit Card

Welcome Gift

The SBI Elite  Credit Card gives you an e-voucher worth INR 5000 as a welcome gift. You can use this voucher to choose between some popular travel and lifestyle brands such as Yatra, Hush Puppies/Bata, Marks & Spencer, Pantaloons and Shoppers Stop.

Milestone Benefit

With the SBI Elite Credit Card, you can earn 10,000 reward points on achieving spends between 3 lakhs to 4 lakhs. Furthermore, you earn 15,000 reward points on achieving annual spends between 5 lakhs and 8 lakh. The milestone benefits would sum up to INR 12,500 per year.

Rewards

The SBI Elite Credit Card lets you earn 10 Reward Points on every INR 100 spent on grocery, departmental stores and dining spend. For all other categories, you earn 2 points for the same.

Complimentary Movie Tickets

The SBI Elite Credit Card lets you save up to INR 6,000 a year. However, to avail this offer, you will need to buy at least 2 movie tickets per transaction. The maximum discount you can avail is that of INR 250 per ticket. Therefore, you can save up to INR 500 per month on two tickets.

Fuel Surcharge Waiver

You can save up to INR 250 a month since SBI Elite offers a 1% Fuel Surcharge Waiver.

Airport Lounge Access

  • International Airport Lounge Access: The SBI Elite Credit Card offers a complimentary 2-year Priority Pass Membership. This allows 6 international airport lounge visits in a year. However, you can get up to 2 access per quarter, which is valid for any primary cardholder.
  • Domestic Airport Lounge Access: This credit card allows 2 complimentary domestic airport lounge visits per year.

Club Vistara Membership

With a Club Vistara Silver Membership, you cant get 1 complimentary lounge access voucher and 1 upgrade voucher. Additionally, you can earn 9 Club Vistara Points for every INR 100 spent on Vistara flights.

Trident Privilege Membership

One of the exclusive privileges provided by the SBI Elite Credit Card is the extravagant Trident Privilege Membership. Upon registering, you get 1000 welcome points. Additionally, you will earn 1,500 reward points on your first stay. Additionally, you would get INR 1000 credit on your first extended night stay by using Promocode SBITH.

Low Foreign Currency Markup Fee

This credit card charges a very Low Foreign Currency Markup Fee which is great for international usage. The Forex Markup Fee is 1.99%. Additionally, you get 2 reward points on every INR 100 spent on international transactions.

Concierge Services

By calling 022-42320257 or emailing at sbicardelite@aspirelifestyles.com, you can get exclusive assistance with gift delivery, customized holiday packages, movie & hotel reservations.

Fraud Liability Cover

The SBI Elite credit card offers complimentary credit card fraud liability cover of INR 1 lakh. This cover is liable from the period of 48 hours prior to reporting of loss till 7 days post reporting of loss.

Is the rewards rate good for you?

On every INR 100 that you spend, you earn 2 reward points. However, for spends on grocery, departmental stores and dining, you get to earn 10 points for every INR 100 you spend. 1 reward point equals INR 0.25.

Case 1: 2 reward points on every INR 100

For 1 reward point, you spend INR 50. In other words, you earn INR 0.25 on spending INR 50. On spending INR 1, you get INR 0.005. Therefore, the rewards rate is 0.5%

Case 2: 10 reward points on every INR 100 

The rewards rate become 2.5% when you spend on grocery, department stores and dining bills.

Is this card for you?

This card is perfect for you if:

  • Luxury is your thing: Ths card offers a lot in terms of Club Vistara membership, Priority Pass Membership and Trident Privilege Membership.
  • Yearly spend is maintained: If your yearly spend on the card is between INR 5-8 Lakhs, then you can make full use of this card.
  • Slightly high interest rate: If you think you cannot pay your credit card bills in full, you should look for a credit card with lower interest rate.
  • Low foreign currency mark-up fee: If you are a frequent international traveller, you can make use of this card to settle your credit card expenses.

Payments & Fees:

Annual Fee
INR 4,999 + GST
Foreign Transaction Markup Fee 1.99 % of the transaction amount
Cash Withdrawal Fee 2.5% or Rs. 300, whichever is higher

3% for international transaction

Overlimit Fee 2.5% of over limit amount subject to a minimum of INR 500
Late Payments Fee INR 0 – INR 750(depends on the amount due)
Rewards Redemption Fee INR 99
Credit Card Replacement Fee INR 100
Railway Ticket Surcharge Fee 1.8% of the transaction amount + GST on railway tickets through irctc.co.in

2.5% of the transaction amount + INR 30 at railway counters.

How to get the most out of the card?

To get the most out of this card, you must spend INR 5-8 Lakhs on your card in order to earn the milestone benefits. Furthermore, you need to make use of the Priority Pass Member, Club Vistara Membership and Trident Privilege Membership in order to completely utilize the benefits of this card. You might also want to spend money on grocery, dining and department spends from your card to maximise the benefits that you derive out of this card.

How to Redeem Rewards- SBI Elite Credit Card?

To redeem your SBI Elite reward points, you can use either the SBI website or Mobile app.  You can redeem points against gift voucher or cash. You can choose a range of products from the rewards catalogue after logging in to your account. It might take 3-10 days to get the gift vouchers. Additionally, the reward redemption handling fee is INR 99.

Terms & Conditions:

  • Grace Period: Interest-free credit period is  20-50 days. It is applicable only to retail purchases and if previous month’s outstanding balance is paid in full.
  • Cash advance limit: It is up to 80% of the credit limit, with a maximum of INR 15,000 per day.
  • Late payment: The penalties are as follows:
Total Amount Due (in INR)                                           Penalty
 0 – 200                                       INR 0
 200 – 500          INR 100 
 500-1000 INR 400 
 500-1000 INR 100 
1,000-10,000 INR 500
10,000 and above INR 750

Application Requirements/Eligibility Criteria

  • You should be between 21-65 years of age.
  • You must have a good credit history.

Negative Customer Feedback:

While the majority of customers are satisfied with the bank’s customer services, some customers complain about problems with specific State Bank of India Branches. Sometimes, people are also overcharged on their credit cards. Taking into consideration the coverage of the bank, these complaints are not surprising. Nevertheless, some private banks offer better customer services than SBI.

Other Credit Cards with similar/better Features:

HDFC Diners Club Credit Card:

The HDFC  Diners Club Black Credit Card offers one of the best reward programmes at the same annual fee as the SBI Elite Credit Card. However, the joining fee is  INR 10,000.  This card is for people who earn more than INR 1.75 lakhs a month or file an income tax return of INR 21 lakhs and above.

With this card, you save up to 33% of your total spends, making it one of the best cards to earn rewards. You can earn up to 25,000 reward points a month, where each reward point equals INR 1 in a billing cycle, For the 10X international rewards programme, you can earn up to 10,000 points a month.

This card offers an unparalleled insurance policy and also a lost credit card liability that is better than that of SBI Elite Credit Card. Unlike the SBI Elite credit card, this card offers 6 Complimentary Golf games (Green fee waiver) per quarter around 20 golf courses in India and 40 golf courses world over.

YES Bank Preferred Credit Card

For availing the YES Bank Preferred Credit Card, it is important to earn more than INR 1,20,000. This credit card offers a good welcome and renewal benefit, where you can earn a total of 25,000 reward points. Furthermore, you get additional 20,000 reward points on achieving milestone spend of INR 7,50,000.

Apart from its impressive rewards on retail spend, one feature that is an important highlight is the exceptionally low preferential interest rate of 1.75%.

Bottom Line

The SBI Elite Credit Card is for customers with a moderate to high net spend. To gain the maximum benefit from this card, a customer must spend around INR 5-8 lakhs a year, which is on the high side. Additionally, the SBI Elite Credit Card is perfect for cardholders who can take advantage of the membership programs to Trident, Vistara, and Priority Pass.
FinTown Advantage:  We provide unbiased personal finance advice to help people make the best possible financial decisions. Our reviews and ratings of financial products are determined by customer financial wellbeing and not profiteering. Whether or not we make a penny, we do what is best for the customer. Our research team is made up of economists and market researchers who spend hundreds of hours researching and comparing products with the same mission in mind.

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