This SBI ELITE Credit Card is an overall package for those who travel frequently, both nationally and internationally. This card offers reward points for dining, groceries, and departmental store purchases, and up to INR 250 discount on movie tickets.
The SBI ELITE Credit Card comes with many welcome gifts like e-gift vouchers, milestone privileges, free airport lounge access, and the lowest forex markup fee.
All these perks come with a joining fee of INR 4,999 + GST, which is waived off on spending INR 10 lakh annually. Read the full article to know more about the SBI ELITE Credit Card.
Table of Contents
SBI Elite Credit Card Review: Features, Benefits & Fees
| Feature | Details |
|---|---|
| Issuer | State Bank of India |
| Card Type | Semi-Premium Credit Card |
| Annual Fee | INR 4,999+ GST (Waived on spending INR 10 lakh) |
| Add-on Fee | Nil |
| Joining Benefits | Welcome e-Gift Voucher Worth INR 5,000 |
| Best Suited For | Frequent Shoppers, High spenders, Movie Lovers |
| Reward Rate | On dining, groceries, and departmental stores– 10 RP per INR 100 spent. All other purchases– 2 RP per INR 100 spent |
| Lounge Access | International– 6 per year, Domestic -2 per quarter |
| Fuel Surcharge Waiver | 1% Fuel surcharge waiver (max INR 250 per month) |
| Free Movie Tickets | Free movie tickets worth INR 6,000 every year |
Welcome Benefits
The welcome e-Gift voucher is worth INR 5,000, which is equal to the annual fee.
So, you can consider that your joining fee is covered by the welcome gift voucher.
| Brand(s) | How to Redeem |
|---|---|
| Pantaloons, Shoppers Stop, and Hush Puppies/Bata | Show the code at the respective brand store |
| Yatra, Shopper Stop | Apply the code online at the time of purchase |
| Aditya Birla Retail Vouchers | Redeemable at Louis Philippe, Van Heusen, Allen Solly, Peter England, Planet Fashion, Simon Carter |
Eligibility for Welcome Benefits:
- Only after payment of the annual fee (INR 4999 + GST)
- Existing SBI cardholders upgrading to SBI ELITE may not receive the benefit. Only new SBI card ELITE holders are eligible.
Rewards points collection based on categories:
| Spend Category | Reward Points |
|---|---|
| Shopping | Get 5X reward points |
| Departmental Store, Grocery Spend, Dining | Get 5X reward points |
| Travel | 2 Reward Points per INR 100 spent |
| Fuel | No Reward points, 1% fuel surcharge waiver (max INR 250 per month) |
| Other Spends (Including International Transactions) | 2 Reward Points per INR 100 spent |
Where you can redeem rewards: find out
Cardholders can redeem their reward points for many categories, such as electronics, homeware, accessories, lifestyle, travel and holidays, and health and fitness.
To redeem, visit the official website.
When you visit the website, you have to select your card type on the homepage.
For cash redemption, 4 reward points = INR 1.
Milestone Benefits
Cardholders can get up to INR 50,000 bonus reward points worth INR 12,000/year in the following manner:
| Annual spending Level | Bonus Reward Points |
|---|---|
| 3 Lakh | 10,000 |
| 4 Lakh | 10,000 |
| 5 Lakh | 15,000 |
| 8 Lakh | 15,000 |
Lounge Access
| Lounge Type | Access |
|---|---|
| International Lounge Program | 6 Complimentary Airport Lounge Visits per Calendar |
| Domestic Lounge Program | 2 Complimentary Domestic Airport Lounge Visits per quarter |
Fees & Charges
| Charge Type | Amount |
|---|---|
| Joining Fee | INR 4,999 + applicable taxes |
| Annual Fee | INR 4,999 + applicable taxes (Waived on spending INR 1,000,000 or more in the preceding year) |
| Interest Rate | 3.50% per month (42% per annum) |
| Foreign Exchange Markup | 1.99% of the amount withdrawn or INR 500, whichever is higher |
| Late Payment Fee | Ranges from INR 400 to INR 1,300 depending on the outstanding balance |
Offer On Movie Tickets
Get a maximum discount of INR 250 on two movie tickets together per month on BookMyShow.
Eligibility & Documents Required
| Criteria | Requirement |
|---|---|
| Age for Primary Cardholder | 21 to 60 Years |
| Age for Add-on Cardholder | 18 Years and above |
| Income | Not officially disclosed by SBI |
| Credit Score | Recommended: 750+ |
| Documents Required | PAN Card, Aadhar, Income Proof, Address Proof |
| Residential Status | Indian Resident only |
How do I apply for the SBI ELITE Credit Card?
Step 1: Visit the sbicard.com website or the nearest branch.
Step 2: Fill in the application form online and upload the required documents.
Step 3: Wait for verification and approval.
Step 4: Receive your card at your registered address.
You can apply for SBI Elite credit card from its official website. To go directly to the official website, click here
Pros & Cons of the SBI ELITE Credit Card
Pros
- 1.99 % foreign currency mark-up charges.
- Global Acceptance: cash withdrawn across the world.
Cons
- Lower reward rate compared to similar credit cards from other banks
- Limited Airport Lounge access
Should You Get This Card?
No, you should not go for this card because you get a maximum 2% return on spending INR 10 lakh. The card comes with a high joining fee, and the movie offer is also not a very attractive feature.
This card is only suitable for those who can afford a high annual fee.