Introduction
The SBI Card ELITE is a premium credit card designed for those who seek a blend of luxury, convenience, and rewards. Issued by the State Bank of India (SBI), this card targets high-net-worth individuals with its array of exclusive benefits, ranging from complimentary movie tickets to international lounge access. It is a versatile card, suitable for frequent travelers, shoppers, and those who enjoy fine dining experiences. With an annual fee of Rs. 4,999 plus taxes, the card promises to offer substantial value through its welcome gift, reward points, and various milestone privileges.
Joining Benefits of SBI Card ELITE
- Welcome Gift:
- e-Gift voucher worth โน5,000 from premium brands upon card activation.
- Reward Points:
- Earn 2 reward points for every โน100 spent on all purchases except fuel.
- Milestone Benefits:
- Earn up to 50,000 bonus reward points annually upon achieving milestone spends.
- Airport Lounge Access:
- 6 complimentary international lounge visits per year through the Priority Pass program.
- 8 complimentary domestic lounge visits per year.
- Movie Ticket Offer:
- Buy one, get one free movie ticket offer, up to โน250 per ticket, twice a month via BookMyShow.
- Dining Privileges:
- Up to 20% off at partner restaurants through the Culinary Treats program.
- Fuel Surcharge Waiver:
- 1% waiver on fuel surcharge at all petrol pumps across India, for transactions between โน500 to โน4,000.
- Annual Fee Waiver:
- Annual fee waived on spending โน10 lakhs in a year.
- Exclusive Lifestyle Offers:
- Special discounts and offers on shopping, travel, and lifestyle through SBI Cardโs exclusive partnerships.
- Comprehensive Insurance:
- Complimentary air accident cover and fraud liability cover.
- Interest-Free Period:
- Up to 50 days of interest-free credit.
Pricing and Plans
The SBI Card ELITE comes with a clear and straightforward pricing structure, which is essential for potential cardholders to understand the associated costs and benefits. Below is a detailed breakdown of the fees and charges:
Annual Fees
- One-time Annual Fee: Rs. 4,999 + Taxes
- This fee is charged when the card is first issued and is offset by the welcome gift, which is valued at Rs. 5,000, providing immediate value to the cardholder.
- Renewal Fee: Rs. 4,999 + Taxes per annum
- The renewal fee is charged from the second year onwards, making it crucial for users to assess if the card benefits justify this recurring cost.
Add-on Fees
- Add-on Card Fee: Nil
- Cardholders can issue add-on cards for family members without incurring additional annual fees, enhancing the card's value for family usage.
Other Fees and Charges
- Foreign Currency Mark-up: 1.99%
- One of the lowest in the industry, this charge applies to international transactions and is advantageous for frequent travelers.
- Fuel Surcharge Waiver: 1% on transactions between Rs. 500 and Rs. 4,000
- Cardholders can save on fuel purchases with a maximum surcharge waiver of Rs. 250 per statement cycle.
Payment Settlement
- Order of Payment Settlement:
- Payments are settled in the order of: Minimum Amount Due, followed by fees and charges, interest charges, and finally, the principal amount.
Taxes and Other Charges
- Applicable Taxes: All fees and charges are subject to applicable taxes, which must be considered when calculating the overall cost of the card.
- Payment Methods: Only local cheques or drafts payable in Delhi are accepted for fee payments outside clearing zones.
For any assistance or to report card loss, cardholders can contact the SBI Card helpline at:
- Phone: Dial 39 02 02 02 (prefix local STD code) or 1860 180 1290
SBI Card ELITE Overview
| ๏ปฟFeature | Details |
|---|---|
| Type of Card | Premium Credit Card |
| Annual Fee | Rs. 4,999 + Taxes |
| Joining Fee | Rs. 4,999 + Taxes |
| Reward Rate | 5X on Dining, Departmental Stores, and Grocery Spends 2 Reward Points per Rs. 100 on other spends |
| Renewal Rate | Rs. 4,999 + Taxes |
Additional Perks and Benefits
The SBI Card ELITE stands out in the premium credit card segment due to its extensive additional perks and benefits. These perks cater to a wide range of interests, from travel and lifestyle to security and convenience. Here is a detailed look at the additional perks and benefits:
Travel Benefits
- Priority Pass Membership:
- Complimentary membership worth $99.
- Six complimentary international airport lounge visits per year, limited to two visits per quarter.
- Domestic Lounge Access:
- Two complimentary domestic airport lounge visits every quarter within India.
- Club Vistara Membership:
- Complimentary Silver Membership with one complimentary upgrade voucher.
- Earn 9 Club Vistara Points for every Rs. 100 spent on Vistara flights.
- Trident Privilege Membership:
- Complimentary Red Tier Membership until June 30, 2024.
- Receive 1,000 welcome points on registration and 1,500 bonus points on the first stay.
- Additional Rs. 1,000 hotel credit on extended night stays.
Lifestyle and Entertainment
- Complimentary Movie Tickets:
- Free movie tickets worth Rs. 6,000 annually.
- Valid for at least two bookings per month, with a maximum discount of Rs. 250 per ticket.
- Golf Benefits (Mastercard):
- Four rounds of complimentary green fees per year.
- Up to 50% off on golf games and one complimentary lesson per month at selected golf courses across India.
Dining and Hotel Discounts
- American Express Dining Platform:
- Up to 25% discount at select restaurants in India and around the world.
- Hotel Discounts:
- Up to 15% discount on room rates and F&B at Lalit Hotels (Mastercard).
- Exclusive benefits across 900 luxury hotels worldwide (Visa).
Car Rentals
- Visa Car Rental Benefits:
- Up to 10% savings on Hertz car rentals.
- Up to 35% savings on Avis car rentals.
Forex and Concierge Services
- Lowest Forex Markup:
- 1.99% on international transactions, one of the lowest in the industry.
- Earn 2 Reward Points for every Rs. 100 spent on international transactions.
- Exclusive Concierge Service:
- Assistance with flower delivery, gift delivery, and online doctor consultations.
Security and Convenience
- Contactless Payments:
- Fast and secure transactions with Visa payWave.
- Fraud Liability Cover:
- Complimentary cover of Rs. 1 lakh against unauthorized transactions.
- Emergency Card Replacement:
- 24/7 helpline for emergency card replacement worldwide.
- Easy Bill Pay Facility:
- Facility to pay utility bills such as electricity, telephone, and mobile using the SBI Card ELITE.
Cash and EMI Facilities
- Global Cash Access:
- Withdraw cash from over 1 million Visa, Mastercard, or American Express ATMs worldwide.
- Flexipay:
- Convert transactions of Rs. 2,500 or more into easy monthly installments.
- Balance Transfer on EMI:
- Transfer outstanding balances from other credit cards to SBI Card ELITE at lower interest rates and repay in EMIs.
Add-on Cards
- Add-on Cards:
- Issue add-on cards for family members above the age of 18 without an additional annual fee.
Comparative Analysis: SBI Card ELITE vs. Yes Bank Exclusive Credit Card
| ๏ปฟFeature / Benefit | SBI Card ELITE | Yes Bank Exclusive Credit Card |
|---|---|---|
| Annual Fee | Rs. 4,999 + Taxes | Rs. 10,000 + Taxes |
| Renewal Fee | Rs. 4,999 + Taxes | Rs. 10,000 + Taxes |
| Welcome Gift | e-Gift Voucher worth Rs. 5,000 | Welcome gift vouchers worth Rs. 7,000 |
| Reward Points | 5X on Dining, Departmental Stores, and Grocery; 2X on other spends | 6 Reward Points on every Rs. 200 spent |
| Milestone Rewards | Up to 50,000 bonus points annually | 20,000 bonus points on annual spends of Rs. 7.5 lakhs; 30,000 bonus points on annual spends of Rs. 15 lakhs |
| Movie Tickets | Rs. 6,000 worth of tickets annually | Up to Rs. 1,000 per month (Rs. 12,000 annually) |
| Lounge Access | 6 international and 8 domestic visits annually | Unlimited domestic visits; 6 international visits annually |
| Travel Benefits | Priority Pass membership, Club Vistara Silver, Trident Privilege Red | Priority Pass membership, Club Vistara Silver |
| Forex Markup Fee | 1.99% | 1.75% |
| Concierge Services | Yes | Yes |
| Golf Benefits | Complimentary rounds and discounts | Complimentary rounds and discounts |
| Dining Discounts | Up to 25% (American Express Dining Platform) | Up to 25% (Yes Privileges Dining Program) |
| Hotel Discounts | Up to 15% at Lalit Hotels, benefits across 900 luxury hotels (Visa) | Yes Privileges Hotel Program |
| Insurance Benefits | Rs. 1 lakh fraud liability cover | Comprehensive insurance package |
| Additional Benefits | Contactless payments, global cash access, easy bill pay, flexipay, balance transfer on EMI | Contactless payments, global cash access, easy bill pay, flexipay, balance transfer on EMI |
Pros and Cons
Pros of SBI Card ELITE
- Welcome Gift:
- Attractive welcome gift worth Rs. 5,000 in e-Gift Vouchers from popular brands.
- Reward Points:
- 5X Reward Points on Dining, Departmental Stores, and Grocery Spends.
- 2 Reward Points per Rs. 100 on all other spends, except fuel.
- Milestone Benefits:
- Earn up to 50,000 Bonus Reward Points annually, worth Rs. 12,500, on meeting specific spending targets.
- Travel Benefits:
- Complimentary Priority Pass membership with 6 international lounge visits per year.
- Complimentary Club Vistara Silver membership with benefits.
- Complimentary Trident Privilege Red Tier membership (until June 30, 2024).
- Movie Tickets:
- Free movie tickets worth Rs. 6,000 every year.
- Low Forex Markup:
- Competitive forex markup fee of 1.99% on international transactions.
- Lounge Access:
- Two complimentary domestic lounge visits per quarter.
- Concierge Services:
- Dedicated concierge services for various needs like flower and gift delivery.
- Security Features:
- Complimentary fraud liability cover of Rs. 1 lakh.
- Enhanced security with chip and PIN technology and contactless payment.
- Additional Benefits:
- Fuel surcharge waiver, global cash access, add-on cards at no additional fee, and various other convenience features like Easy Bill Pay, Flexipay, and Balance Transfer on EMI.
Cons of SBI Card ELITE
- Annual and Renewal Fee:
- High annual fee of Rs. 4,999 plus taxes, which might be a deterrent for some users.
- Limited Domestic Lounge Access:
- Only two complimentary domestic lounge visits per quarter, which may not suffice for frequent domestic travelers.
- Category-Specific Rewards:
- The highest reward points are limited to specific categories (Dining, Departmental Stores, and Grocery).
- Convenience Fees for Movie Tickets:
- While movie tickets are free, a convenience fee is still chargeable.
- High Spending Threshold for Milestone Benefits:
- The milestone rewards require high annual spends (Rs. 3 lakhs and Rs. 4 lakhs), which may be difficult for moderate spenders to achieve.
- Trident Privilege Membership:
- Benefits from Trident Privilege Red Tier membership are available only until June 30, 2024.
Conclusion and Overall Rating
The SBI Card ELITE is a well-rounded premium credit card that offers a compelling mix of rewards, travel benefits, and lifestyle perks. Designed for high-net-worth individuals and frequent travelers, this card stands out due to its attractive welcome gift, extensive lounge access, and significant reward points for everyday and specialized spending.
With an annual fee of Rs. 4,999 plus taxes, the card provides substantial value through its rewards and benefits, offsetting the cost for those who can maximize its perks. The complimentary movie tickets, low forex markup fee, and access to exclusive memberships like Club Vistara Silver and Trident Privilege Red add to the card's appeal. The robust security features, including a high fraud liability cover and advanced chip and PIN technology, enhance user confidence in the card's safety.
The card's usability is further enhanced by its support for contactless payments, global acceptance, and the comprehensive customer support provided through 24/7 helplines and concierge services. Although the milestone benefits require relatively high annual spending, they provide significant rewards for users who meet the thresholds.
The SBI Card ELITE is a strong contender in the premium credit card market, offering extensive benefits that justify its annual fee for users who can leverage its rewards and features. It is an excellent choice for those seeking a luxurious credit card experience with a focus on travel and lifestyle perks.
