The SBI Elite Credit Card is a premium lifestyle credit card offered by State Bank of India. It is designed for high–end customers who want to enjoy exclusive benefits and rewards. The card offers a wide range of features such as reward points, cashback, exclusive discounts on movie tickets, travel benefits and more.
With this SBI credit card, customers can earn up to 5X reward points on select categories like dining, departmental stores and grocery spends.
The card also offers exclusive access to domestic and international lounges, preferential treatment at select restaurants and complimentary air tickets. The card comes with a joining and annual fee of Rs. 4,999.
But is this SBI Credit card worth it? Let’s find out.
SBI Elite Credit Card Features
- Exclusive access to premium airport lounges.
- 5X Dining rewards
- Complimentary air tickets.
- Annual fee of Rs. 4,999.
- Complimentary Club Vistara Silver membership
SBI Elite Credit Card Milestone Reward
You can earn upto 50,000 reward points worth Rs. 12,500 as bonus every year.
If your annual card spend is in between Rs. 3 lakhs and 4 lakhs, you can earn 10,000 bonus reward points.
Spending in between Rs. 5 lakhs and 8 lakhs can earn 15,000 bonus reward points.
If you spend more than Rs. 10 Lakhs in a calendar year, your annual fee is waived off.
SBI Elite Credit Card Fee
- Annual fee of Rs. 4,999
- Joining fee of Rs. 4,999
- Cash advance fee: Rs. 300, or 2.5% of the amount of transaction whichever is higher for all domestic withdrawals, and 3% incase of international transaction.
- Card replacement fee: Rs. 100
SBI Elite Credit Card Benefits
- Exclusive access to domestic and international airport lounges.
- Preferential treatment at select restaurants.
- Complimentary air tickets.
- 24×7 concierge services.
- Low interest rate.
- Comprehensive travel insurance cover.
- Fuel surcharge waiver.
- Option to convert purchases into EMIs.
SBI Elite Credit Card Limit
The credit limit of the SBI Elite Credit Card is based on the customer’s credit score and other factors. The maximum credit limit is Rs. 5 lakhs.
Reward point system for SBI Elite Credit Card
SBI Elite Credit Card holders earn 10 reward points for every Rs. 100 spent on dining, departmental stores, and grocery stores.
They also earn 2 reward points for every Rs. 100 spent on other categories.
The reward points can be redeemed for a variety of rewards, including cashback, discounts, and vouchers.
1 reward point in SBI Elite Credit Card is equivalent to Rs. 0.25.
How to get maximum from SBI Elite Credit Card?
To get the most out of your SBI Elite Credit Card, you should use it to make purchases in categories that offer higher reward points, such as dining, departmental stores, and grocery stores. You should also take advantage of the complimentary movie tickets and other rewards offered by the card.
SBI Elite Credit Card Pros
- Attractive rewards.
- Comprehensive travel insurance cover.
- Fuel surcharge waiver.
- Option to convert purchases into EMIs.
- Low Forex markup of 1.99%
SBI Elite Credit Card Cons
- High annual and joining fees.
- Lower reward points.
- Limited acceptance outside India.
- Lower rewards for non-select categories.
- No reward points for balance transfers.
SBI Elite Credit Card Eligibility criteria
- The applicant should be a resident Indian.
- The applicant should be at least 18 years old.
- The applicant should have a good credit history.
- The applicant should have a regular source of income.
How to check SBI Elite Credit Card Application Status?
You can check your SBI Elite Credit Card application status by logging into your SBI account. Once you have logged in, you can view the your application status in the ‘cards’ section. Alternatively, you can also call the bank’s toll-free customer care number and check for credit card application status.
How to pay SBI Elite Credit Card bill?
Paying SBI Elite Credit Card is easy and takes less than 2 minutes. You can use any of the following options:
- Net banking
- Mobile banking
- NEFT
- SBI YONO
- AutoPay
- ATM
- Cash deposit at SBI branches
- Cheque or demand draft
How to close SBI Elite Credit Card?
You can close your SBI Elite Credit Card by calling the bank’s customer care number and following the instructions. Alternatively, you can also visit the nearest SBI branch and submit a written request for closure.
FAQ
Is SBI Elite Credit Card free?
No, the SBI Elite Credit Card is not free. It has an annual fee of Rs. 4,999.
Which card is better SBI elite or SBI prime?
It depends on your needs and preferences. The SBI Elite Credit Card offers a range of benefits such as reward points, discounts, and cashback, while the SBI Prime Credit Card offers a range of premium benefits such as travel and lifestyle privileges.
Does SBI Elite card provide international lounge access ?
Yes, the SBI Elite Credit Card provides complimentary access to selected international airport lounges. You can get free access to international airport lounges upto 6 times a year limited to 2 times per calendar quarter.
What is the interest rate for SBI Elite Credit Card?
The interest rate for the SBI Elite Credit Card is 3.35% per month.
What is the late fee I need to pay in SBI Elite Credit Card?
The late fee for the SBI Elite Credit Card is up to Rs. 100 for payments up to Rs. 500, and up to Rs. 500 for payments above Rs. 500 upto Rs.1000. If your outstanding amount is in between Rs.1000 to Rs.10000, your late fee would be Rs. 850. If you own an amount greater than Rs. 10,000 but lesser than Rs. 25,000, you need to pay a late fee of Rs. 1050. Similarly, a late fee of Rs. 1200 will need to be paid if the outstanding amount is greater than Rs. 25,000 but less than Rs. 50,000. You need to pay a late fee of Rs. 1400 if your outstanding amount is greater than Rs. 50,000
Are there any welcome gift for SBI Elite Credit Card?
Yes, SBI Elite Credit Card holders are eligible for a welcome gift of up to Rs. 5,000 which can be redeemed at Hush Puppies or Bata, Yatra, Pantaloons, Shoppers Stop and Aditya Birla Fashion.
Can we get Complimentary Movie Tickets with SBI Elite Credit Card?
SBI Elite Credit Card holders are eligible for complimentary movie tickets worth up to Rs. 500 per month. Maximum discount given per month is Rs. 250/ticket and is applicable for 2 tickets only.
Also Check: SBI Prime Credit Card Review
Conclusion
SBI Elite Credit Card is a great choice for customers who are looking for a premium credit card with exclusive rewards and benefits that includes international and domestic travel. Apart from free lounge access, and movie tickets, I do not think the card to be beneficial. There are other premium credit cards with better features already available.
The annual fee of Rs. 4,999, according to me does not do justice to card holder, if he is not a frequent traveler or loves watching movies in Cinema.
The card has a few drawbacks such as limited acceptance outside India and lower rewards for non-select categories. Reward per 100INR spent for a credit card with 4,999 INR renewal charge is much on the lower side.
Since I do am not a avid traveler, I will pass this card, but if you the one who loves travelling, you can get this card for yourself.
Apply for SBI Elite Credit Card
Krishna Murthy is the senior publisher at Trickyfinance. Krishna Murthy was one of the brilliant students during his college days. He completed his education in MBA (Master of Business Administration), and he is currently managing the all workload for sharing the best banking information over the internet. The main purpose of starting Tricky Finance is to provide all the precious information related to businesses and the banks to his readers.
