SBI Prime Credit Card is one of the popular SBI lifestyle credit cards that offers a range of rewards and discounts, including cashback, discounts on dining, travel, and shopping, and more. The card also offers complimentary multiple domestic and international airport lounge access, complimentary insurance coverage, and more.
But has a joining fee of whooping 2,999INR. Is paying such hefty amount for this credit card from SBI worth it? Let’s find out.
SBI Prime Credit Card Features
Some of the main features of SBI Prime Credit Card are:
• Annual fee of Rs. 2999 plus taxes
• (Low) SBI Prime Credit Card offers rewards points, discounts, fuel surcharge waiver, lounge access but comes with high annual fee. A great choice for lifestyle enthusiasts.Cashback rewards
• Discounts on dining, travel, and shopping
• Complimentary airport lounge access
• Complimentary insurance coverage
• Additional benefits such as fuel surcharge waiver and more
Did you know?: You could spend more than 50,000INR in one calendar year, and get 1000INR worth of free Pizza coupons with SBI Prime Credit card?
SBI Prime Credit Card Fee & Charges
- Annual Fee: Rs. 2999 plus GST
- Joining Fee: Rs. 2999 plus GST.
- Cash Advance Fee: 2.5% of the amount withdrawn (min. Rs. 500)
- Late Payment Fee: Up to Rs. 750
- Over Limit Fee: 2.5% of the over-limit amount or 600INR, whichever is higher
- Foreign Currency Transaction Fee: 3.5% of the transaction amount
- Rewards Redemption Fee: Nil
- Add-on Fee: Nil
SBI Prime credit card has a high annual fee of Rs. 2999, which makes it an expensive option for those looking for a credit card with a low cost.
Bonus: If you spend more than 3,00,000INR in a calendar year, you become eligible for a free renewal.
Benefits of SBI Prime Credit Card
- Cashback rewards
- Discounts on dining, travel, and shopping
- Complimentary domestic and international airport lounge access
- Complimentary insurance coverage
- Additional benefits such as fuel surcharge waiver and more.
If you spend more than Rs. 5,00,000 in one calendar year, you also become eligible for credit e-voucher worth Rs. 7,000 from Pantaloons and Yatra.com.
Pros of SBI Prime Credit Card
- Range of rewards and discounts
- Complimentary airport lounge access
- Complimentary insurance coverage
- Fuel surcharge waiver of up to Rs. 100 per month
Cons of SBI Prime Credit Card
- High cash advance fee
- High foreign currency transaction fee
- High late payment fee
- High over limit fee
- High renewal fee
SBI Prime Credit Card Limit
The credit limit of the SBI Prime Credit Card is determined by the bank based on the customer’s creditworthiness. The credit limit can range from Rs. 10,000 to Rs. 5 lakhs.
SBI Prime Credit Card Eligibility Criteria
The eligibility criteria for the SBI Prime Credit Card are as follows:
• The applicant must be at least 18 years old.
• The applicant must have a good credit score.
• The applicant must have a regular source of income.
• The applicant must have a valid Indian address.
SBI Prime Credit Card Reward Point System
SBI Prime Credit Card offers a reward point system that allows customers to earn points on their purchases. Customers can earn 20 reward points for every Rs. 1000 spent on retail purchases except fuel, 100 reward point for every Rs. 1000 spent on groceries, dining, movies and departmental stores.
On birthdays, you can get 20 reward points for spending every Rs. 100 INR (upto 2000 points at max).
The reward points can be redeemed for a variety of rewards, including cashback, discounts on dining, travel, and shopping, and more.
The value of 1 reward point in the SBI Prime Credit Card is Rs. 0.25. This means that for every 250 reward points earned, customers can redeem Rs. 62.5 worth of rewards.
How to redeem SBI Prime Credit Card credit card points?
You can redeem SBI Prime credit card points from the official website. Everytime, you redeem your points, you need to pay 99INR reward redemption fee plus GST. Hence, the best thing to do is to redeem once a year.
How to get maximum from SBI Prime Credit Card?
To get the most out of the SBI Prime Credit Card, customers should make sure to use the card for all their purchases. This will help them to maximize their rewards and discounts.
Customers should also take advantage of the complimentary airport lounge access and complimentary insurance coverage offered by the card.
Additionally, customers should make sure to pay their bills on time to avoid any late payment fees.
How to check SBI Prime Credit Card Application Status?
Customers can check the status of their SBI Prime Credit Card application by logging into their SBI Card account. Once logged in, customers can click on the “My Applications” tab to view the status of their application.
How to close SBI Prime Credit Card?
Customers can close their SBI Prime Credit Card by calling the SBI Card customer care number or by visiting the nearest SBI Card branch. Customers will need to provide their card details and other required documents to close the card.
FAQ
Is SBI Prime Credit Card lifetime free?
Unfortunately, it is not free. SBI Prime Credit Card has an annual fee of Rs. 2999 plus GST. However, renewal charges can be waived off if you spend more than 3 lakh INR.
Does SBI Prime Credit Card provide international lounge access?
Yes, the SBI Prime Credit Card provides 4 complimentary international lounge access every year (at max 2 per quarter).
Does SBI Prime Credit Card provide domestic lounge access?
Yes, the SBI Prime Credit Card provides 8 complimentary domestic lounge access every year (2 every quarter)
Does SBI Prime Credit Card provide unlimited free movie tickets?
No, the SBI Prime Credit Card does not provide unlimited free movie tickets. However, the card does offer discounts on movie tickets.
What is the rate of interest for SBI Prime Credit Card?
SBI Prime Credit Card interest rate is 3.5% per month. If you spend Rs. 1,00,000 and are not able to pay back the entire amount within the due date, you need to pay 3500INR plus taxes as interest rate. Not just this, you also need to bear late fee.
How much late fee do I need to pay in SBI Prime Credit Card?
Late payment fee for the SBI Prime Credit Card is up to Rs. 750.
Are there any welcome gifts for SBI Prime Credit Card?
Yes, the SBI Prime Credit Card offers a range of welcome gifts, including cashback, discounts on dining, travel, and shopping, and more, worth upto 3000 INR from following factors like Hush Puppies, Bata, Pantaloons, Shoppers Stop Aditya Birla Fashion, and Yatra.
Does SBI Prime Credit Card cashback for fuel refilling?
Yes, the SBI Prime Credit Card offers a fuel surcharge waiver of up to Rs. 100 per month. This means that customers can get a cashback of up to Rs. 100 on fuel refilling.
What are SBI Prime Credit Card users saying about this credit card?
SBI Prime Credit Card users are generally very satisfied with the card. They appreciate the wide range of features and benefits offered by the card, as well as the low annual fee.
They also appreciate the range of rewards and discounts, as well as the complimentary airport lounge access and complimentary insurance coverage
Which card is better – SBI Prime credit card or Flipkart Axis bank credit card?
SBI Prime Credit Card and Flipkart Axis Bank Credit Card both offer a range of features and benefits.
SBI Prime Credit Card is beneficial for those who fly domestic as well as international multiple times a year.
For frequent travellers, SBI Prime Credit Card is a better option.
However, if you are one of those who makes frequent purchase from e-commerce sites like Flipkart and Myntra, then Flipkart Axis Bank Credit card is better for you.
Also check: SBI Elite Credit Card Review
My Thoughts on SBI Prime credit card
The SBI Prime Credit Card is a great option for those looking for a credit card with a wide range of features and benefits i.e. from shopping to travel. This rewards and discounts are worth much more than 3000INR, including cashback, discounts on dining, travel, and shopping, and more.
What I like this card best is for domestic and international complimentary airport lounge access. However, the card also has a high annual fee of Rs. 2999, making it an expensive option for those looking for a credit card with a low cost.
If you spend more than 5,00,000 INR every year, SBI Prime Credit Card is definitely worth it.
Apply for SBI Prime 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.
