SBI Card ELITE
SBI Card ELITE is widely popular that offers some worlds class facility and rewards for customers and allow them to make their travel experience affordable and easy. This is one of the best credit cards that SBI offers for its customers and with these cards customers will get some memorable offers. Do you always give a second thought to fulfill your wishes? Do you compromise with your desires? Give a break as of now, you don’t have to compromise your desires because SBI has introduced SBI Elite card to let you enjoy the cash benefits. This “Elite” card is initiated on the Master Card World platform and is enabled with Near Field Communication (NFC) technology. This card comes with exceptional benefits and great features so that the user never to have think twice before making a purchase even when they are out of budget. SBI has already initiated a range of credit cards including standard silver, gold carats, premium platinum, and signature cards. This elite card is specifically designed for elite class users as the annual charges are a bit high, Rs.4999, though the charges are worth the card benefits and features. This card also comes with a reward points falling between the range of 0.5% to 2.5% on every transaction. Also, the users are charged a specific interest rate on every transaction; the most interesting part is that the users can pay the interest in easy monthly installments. Wish to know more about the card? Scroll down!
Who needs this card?
Well, before moving ahead, it is important to know to whom the card is designed for!
Lifestyle – If you are attracted towards the premium luxury privileges and benefits, then this card will surely appeal you as the card comes with exciting luxurious privileges for its users. If in case, you are a movie lover and love to get gifts vouchers, then this card is surely worth your wishes. The best part is that a user always stands the opportunity of earning reward points on every purchase from the card.
Shopping – Are you a shopaholic? Do you crave for mega discounts? If the answer comes in Yes, then hurry and avail the benefits of this elite card offered by State Bank of India.
Travel – Do you frequently travel around the globe for any business or personal reason? If yes, then go for this card. While traveling abroad, monetary value is really a major concern, but, not for elite cardholders as this card can be accessed worldwide.
Highlights of ELITE CREDIT CARD:
Contactless payment – Contactless payment is a payment method which uses a secured RFID (radio frequency identification) technology for making purchase of products and/or services. During the payment procedure, a user don’t have to handover the card to swipe, he/she can simply tap their card at a secured card reader. In this way, the risk of card loss and fraud reduces at an extend. Such kinds of transactions are quick, reliable, secured, easy, and convenient. Another benefit of this card is that the card reader takes only one payment even if the card is waved more than one time.
Globally recognized – You are free to enjoy the card benefits even beyond the country boundaries, which is really a great feature of this card. Taking a glimpse on the numbers, this card is accepted over 3.25 lakh outlets only in India and around 24 million outlets around the globe.
ATM access – You don’t have to worry about running out of money because the card can be accessed not just in India, but, also, in more than 100 countries. Thus, you can take the monetary benefits not just within the restricted boundaries, but, also, beyond that.
Reward points – Users are credited with reward points on each transaction. These points can be utilized for paying off the due amount of the card or for making payment for purchased products and services. The more you spend, the more you get the reward point benefits. Suppose, you make transaction of Rs.5 lakh annually, then you are supposed to earn approx. Rs.20000 as your reward point.
Easy installments – You are free to transfer and pay the outstanding amount of different credit cards from banks other than SBI through elite credit card and can repay the amount in easy installments and lower rate of interest. Users just have to login with their user ID and password to avail the benefits.
Fraud liability cover – There are lots of financial frauds happening around the world, but, when you have taken the services from the most trusted bank, you don’t have to worry about it because SBI offers fraud liability cover for their elite credit card holders. The card holders will get a complimentary cover of Rs.1 lakh. The fraud liability cover is accountable from the period of 48 hours prior to complaint of fraud till 7 days after reporting of loss acquired.
Easy replacement – Even if you are traveling abroad, the card can be replaced at any time. There is an emergency helpline number for credit card replacement that remains active 24*7.
Add-on cards – Parents, siblings, children, or spouse of a SBI Elite Cardholder can also join cardholder’s credit account. The only criterion is that he or she should be above 18 years.
Easy money – Elite credit cardholders can also apply for a demand draft or cheque against their available cash limit. The cardholders are just required to login to their credit account and request the facility.
Fuel surcharge waiver – Cardholder will also get 1% fuel surcharge waiver on minimum transaction of Rs. 500 and maximum Rs. 4000 at any petrol pump around the globe. User will get maximum surcharge waiver of Rs. 250 on every statement cycle.
Exclusive concierge services – The card users get exclusive assistance with customized holiday packages, travel, gift delivery, hotel reservations, and mobile banking. Additional exclusive discounts at leading lifestyle stores and spas are also availed.
This was the highlights of the card features; further benefits will definitely delight you to get the card benefits.
• Welcome gift – Elite card users are offered a welcome gift worth Rs.5000. The amount is in the form of coupons and vouchers that can be redeemed at leading brands including Hush puppies, Yatra, Westside, Shopper’s Stop, Pantaloons, and Marks & Spencer.
• Elite rewards – The users get 5x reward points on grocery, dining, and departmental stores. For other transactions, the user will get 2 reward points on every Rs.100 purchase. These points get converted into 0.25 paisa per point, that is, 4 reward points = Re.1.
• Free movie tickets – SBI credit cardholders get two movie tickets for free from bookmyshow.com every month. Though the offer is applicable for booking at least two tickets per transaction. The maximum discount per ticket will be Rs.250. Thus, a user is liable to get free movie tickets worth Rs.6000 every year. However, convenience fee is chargeable as the offer is valid only for online booking of movie tickets either through bookmyshow app or website.
• Milestone privileges – You are liable to get up to 50000 (i.e. Rs.12500) reward points as bonus annually. For initial Rs 3 lakh and Rs 4 lakh, the bonus points to be rewarded will be 10000, and 15000 bonus points for transactions above Rs. 5 lakh and Rs. 8 lakh each.
• Lounge access – Cardholders are free access more than 1000 airport lounges across the globe. The highlight of the facility is that it is availed through Priority Pass Program for free to Elite card users, which is otherwise charged $99. A user is offered 6 complementary airport lounge visits in abroad (maximum 2 per quarter) and 2 for domestic airport lounge visits every quarter.
Premier golf courses access – Are you in love with playing golf? If yes, then this benefit will surely tempt you because you are going to get a chance to enjoy the benefits of world-class golf resorts. The users are privileged to enjoy 4 rounds of free entry and up to 50% off on golf games. Moreover, they also get a complementary lesson every month at specific golf courses within the Indian boundaries.
Till now, you must have attracted to get the delighting benefits of the card, but, if you have no idea regarding the service fee and charges structure, then scroll down a little.
a. One time joining fee of Rs.4999 to enjoy lifetime benefits
b. Annual fee of Rs. 4999
c. From the second year, on spending Rs.10 Lakh or more per year, the annual fee worth Rs.4999 will be credited to user’s credit account
d. Period for repaying the credits without interest is 20 to 50 days
e. Finance charges applicable are up to 3.35% per month to 4.2% per annum
f. Least amount due – 5% of the entire balance
g. Cash advance limit – up to 80% of current credit limit, subject to maximum transaction of Rs.15000 per day. The cash advance fee charged is 2.50% of the transaction amount, though subject to a minimum of Rs.300 while using SBI or other bank’s ATM. The cash advance fee of 3% is charged when using international ATM.
h. Statement retrieval fee – Rs.100
i. Cheque pickup fee – Rs. 90
j. Payment dishonor fee – As per norms, 2% of payment amount.
Eligibility criteria to apply for SBI Elite Credit Card:
The eligibility criteria to procure Elite card benefits are based on the applicant’s acknowledged income and employment including other factors. However, age criteria are mentioned below:
o 21 to 70 years for salaried applicants
o 40 to 70 years for pensioners
o 21 to 70 for self-employed applicants
Documents required for identification proof: An applicant is asked to submit required ID proof to specify that he or she is eligible to meet the specific criteria to apply for card. These include a copy of any below mentioned documents:
Voter ID card
Documents required for residence proof: For credit card approval, residence proof of an applicant is mandatory. An applicant is asked to submit a copy of any below mentioned document:
Voter ID card
Salary slip – In case, an applicant is a non-business and non-pensioner, he or she has to submit their monthly salary slip along with other documents for the application. In some cases, the bank might also demand for a letter from HR of the company an applicant is working with.
However, before moving into the process, there are certain points to be kept in mind to be considered while applying.
Use for the requisite amount – This card is fundamentally meant for large spending; therefore, to avail the entire benefits of the card, it is advised to use the card for making large payments. Also, an applicant is liable to get 5x reward points for making purchase on grocery, dining, and departmental stores.
Ask for a consultant’s advice – Always remember that an expert consultant is much more familiar to get monetary benefits. If you too wish to get the exclusive benefits of SBI card, consult a finance expert before going into the process. In this way, you will get familiar with the terms and conditions for using the card and getting its exclusive benefits. The finance expert will guide you through the crux of the matter of the whole process, which will help to apply and get approval for the card.
Pay back on time – It is always advisable to repay the credit amount before or on the due date to avoid a rate of interest on the outstanding amount after the due date. Borrowing monetary delights on credit card can turn among the most expensive forms of debt if the outstanding amount is not paid before the due date. If an applicant fails to make payment of minimum amount due as per the last credit card statement before the due date, then the interest charged would be up to 3.35% per month, that is, 40.20% per annum, which can prove out to be the costly measure. Also, timely credit payments means a good credit score, so pay the credit amount right on the time.
Regardless of several benefits and a range of great features, SBI elite card falls short and this includes high annual fee, no cash back program, and unimpressive reward redemption rate.
High annual fee – As the name suggests, SBI elite card is a super premium credit card targeting elite social class as the annual fee is bound to be high than other credit cards. However, if you can afford the high annual fee worth Rs. 4999, you will be surely availed with great features and benefits of the card. For add-on card facility, the annual fee is nil.
No cash back program – Undoubtedly, the reward points availed by the bank are best in class service, but, the other side of the service is that there is no cash back program offered by the bank for this card. If you are interested in cash back offers, you can go for other credit cards offered by India’s most trusted bank, SBI.
Unimpressive reward redemption rate – Though the great benefits of the card outweighs the flaws, still, there is something where the card lacks and it is not much impressing reward redemption rate. While comparing to other credit cards, the standard reward redemption rate of 1 point = 0.25 paisa is extremely low.
Features of SBI Card ELITE
1. If you spend more than 5 lakhs annually then you will receive 20000 bonus points and 10000 extra rewards points too.
2. Cardholders will get flexibility in payment options.
3. 24*7 customer support to resolve customer issues.
4. Cardholders will get 2.5% off in surcharge at leading fuel stations.
5. Free movies tickets facility for customers.
Charges and Fees of SBI Card ELITE
1. Initial Subscription Fees: Rs.4999.
2. Annual Subscription Fees: Rs.4999.
3. Cash Advance Limit: UP to 80% of approved limit.
4. Interest Free Credit Limit : Maximum 50 Days
5. Least Advance Due: 5% of approved amount.
6. Finance Charges: 3.35% per month.