Introduction
The SBI Card PRIME is a premium offering from SBI Card, tailored to meet the lifestyle and spending needs of high-net-worth individuals. It provides a robust rewards system, exclusive milestone benefits, and numerous privileges that cater to various aspects of everyday life, such as dining, travel, and shopping. With an annual fee of Rs. 2,999 plus taxes, the card promises substantial value through its welcome gift and an array of ongoing benefits. This review will delve into the SBI Card PRIME's features, benefits, fees, user experience, and more, to help you assess its suitability for your financial needs and lifestyle.
SBI Credit Card Prime
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Joining Benefits of SBI Card PRIME
- Welcome e-Gift Voucher: e-Gift voucher worth โน3,000 from partner brands on payment of the joining fee.
- Milestone Benefits: Up to โน3,000 worth of e-Gift vouchers on annual spends of โน3 lakhs and โน5 lakhs.
- Airport Lounge Access: 4 complimentary visits per year to international lounges and 8 visits to domestic lounges.
- Club Vistara Membership: Complimentary Club Vistara Silver membership.
- Reward Points: 10x reward points on dining, groceries, departmental stores, and movies.
- Fuel Surcharge Waiver: 1% waiver on fuel transactions.
- Annual Fee Reversal: Annual fee reversed on spending โน3 lakhs in a year.
- Exclusive Offers: Special discounts and offers on shopping, dining, and travel.
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Card Features and Benefits
The SBI Card PRIME is packed with a variety of features and benefits designed to provide value across different spending categories and lifestyle needs. Here are the key highlights:
Welcome Gift
- E-Gift Voucher Worth Rs. 3,000: New cardholders receive a welcome e-gift voucher worth Rs. 3,000. This voucher can be redeemed at popular brands such as Bata/Hush Puppies, Pantaloons, Aditya Birla Fashion, Shoppers Stop, and Yatra.com.
Reward Points
- PRIME Rewards: Earn 10 Reward Points per Rs. 100 spent on dining, groceries, departmental stores, and movies.
- Birthday Benefit: Earn 20 Reward Points per Rs. 100 spent on your birthday. This reward is capped at 2,000 Reward Points per calendar year.
Milestone Benefits
- Quarterly Spend Benefit: Receive a Pizza Hut e-voucher worth Rs. 1,000 upon spending Rs. 50,000 in a calendar quarter.
- Annual Spend Benefits:
- Waiver of the renewal fee upon spending Rs. 3 Lakhs annually.
- E-Gift Voucher worth Rs. 7,000 from Yatra.com or Pantaloons upon spending Rs. 5 Lakhs annually.
Travel and Lifestyle Privileges
- Trident Privilege Membership: Complimentary Trident Privilege Red Tier Membership with benefits like welcome points and bonus points on stays. (Note: This benefit will not be available from 30 June 2024 onwards.)
- Club Vistara Membership: Complimentary Club Vistara Silver membership, which includes one upgrade voucher and the ability to earn 9 Club Vistara Points for every Rs. 100 spent on Vistara flights.
Lounge Access
- International Lounge Access: 4 complimentary visits per calendar year to International Priority Pass Lounges outside India (maximum 2 visits per quarter).
- Domestic Lounge Access: 8 complimentary visits per calendar year to domestic lounges in India (maximum 2 visits per quarter).
Additional Benefits
- Mastercard Privileges: Includes complimentary golf access, discounts at Lalit Hotels, and other exclusive offers.
- Visa Privileges: Offers savings on car rentals and benefits at luxury hotels worldwide.
- American Express Privileges: Dining discounts, complimentary Tablet Plus membership with hotel benefits, and more.
Security and Convenience
- Contactless Advantage: Fast and secure contactless transactions.
- Global Acceptance: Accepted at over 24 million outlets globally, including 325,000 in India.
- Fraud Liability Cover: Complimentary air accident liability cover of Rs. 50 Lakhs and credit card fraud liability cover of Rs. 1 Lakh.
- Emergency Card Replacement: 24x7 emergency card replacement services worldwide.
Fees and Charges
Understanding the fees and charges associated with the SBI Card PRIME is crucial to evaluate its overall value. Here are the key details:
Annual and Renewal Fees
- Annual Fee (One-time): Rs. 2,999 + Taxes. This fee is charged when you first receive the card.
- Renewal Fee (Per Annum): Rs. 2,999 + Taxes. This fee is charged annually from the second year onwards.
Add-on Card Fees
- Add-on Fee (Per Annum): Nil. There are no additional fees for up to two add-on cards for family members.
Other Fees and Charges
- For detailed information regarding other applicable fees and charges, cardholders are advised to refer to the Most Important Terms & Conditions provided by SBI Card.
Order of Payment Settlement
- Payments made to the card account will be settled in the order specified by SBI Card, typically prioritizing fees and interest charges before principal amounts.
Important Considerations
- Cheque Submission: Ensure that account payee cheques comply with CTS 2010 standards for timely processing.
- Taxes: Applicable taxes will be charged on all fees, interest, and charges.
- Terms Acceptance: Continued use of the card implies acceptance of any amendments in the terms and conditions.
Customer Assistance
- For assistance, cardholders can contact the SBI Card helpline:
- Dial 1860 180 1290 or 39 02 02 02 (prefix local STD code).
Note
- All information provided here is accurate as of July 2018 and is subject to change at the discretion of SBI Card. For the latest terms and conditions, visit the official SBI Card website.
User Experience
The SBI Card PRIME aims to provide a seamless and rewarding experience to its users. Here are the key aspects of user experience based on various features and customer feedback:
Ease of Application and Activation
- Application Process: The application process for the SBI Card PRIME is straightforward, with options to apply online or through SBI Card branches. The documentation required is standard, including proof of identity, address, and income.
- Activation: Card activation is hassle-free and can be done through the SBI Card app, website, or customer service helpline.
Customer Service
- 24/7 Support: SBI Card offers 24/7 customer support through their helpline, ensuring that assistance is available at any time.
- Emergency Card Replacement: Users can avail of emergency card replacement services worldwide, which is particularly useful for frequent travelers.
- User Interface: The SBI Card mobile app and website are user-friendly, allowing for easy management of the card, tracking of rewards, and payment of bills.
Rewards Redemption
- Flexible Redemption Options: Reward points earned can be redeemed for a variety of options, including vouchers, travel bookings, merchandise, and more. The redemption process is simple and can be done through the SBI Card portal.
- Value of Points: The reward points offer good value, especially when redeemed for travel and shopping vouchers.
Security Features
- Enhanced Security: The card comes with chip and PIN technology, providing enhanced security against counterfeiting and skimming.
- Fraud Liability Cover: Users benefit from complimentary fraud liability cover of up to Rs. 1 Lakh, which adds an extra layer of security in case of unauthorized transactions.
Contactless Payments
- Convenience: The contactless feature allows for quick and secure transactions without the need to swipe or insert the card, making everyday purchases faster and more convenient.
- Safety: The card never leaves the user's hand during a contactless transaction, reducing the risk of card loss and fraud.
Lounge Access
- Comfortable Travel: The complimentary access to domestic and international lounges enhances the travel experience, offering comfort and amenities during travel.
Additional Perks and Benefits
The SBI Card PRIME offers a range of additional perks and benefits that enhance its overall value proposition. These benefits cater to various lifestyle and travel needs, ensuring that cardholders receive exceptional value and exclusive privileges.
Travel Benefits
- Complimentary Club Vistara Silver Membership: This membership includes one upgrade voucher and the ability to earn 9 Club Vistara Points for every Rs. 100 spent on Vistara flights, enhancing the travel experience.
- Lounge Access:
- International Lounges: Four complimentary visits per calendar year to international Priority Pass Lounges outside India, with a maximum of two visits per quarter.
- Domestic Lounges: Eight complimentary visits per calendar year to domestic lounges in India, with a maximum of two visits per quarter.
Lifestyle Benefits
- Trident Privilege Membership: Complimentary Red Tier Membership with exclusive benefits such as welcome points and bonus points on stays. (Note: This benefit will be discontinued from 30 June 2024.)
- Milestone Benefits:
- Quarterly: Pizza Hut e-voucher worth Rs. 1,000 upon spending Rs. 50,000 in a calendar quarter.
- Annual: E-Gift Voucher worth Rs. 7,000 from Yatra.com or Pantaloons upon spending Rs. 5 Lakhs annually. Waiver of renewal fee upon spending Rs. 3 Lakhs annually.
Golf and Dining Privileges
- Mastercard Privileges:
- Complimentary rounds of golf and discounts on green fees at selected golf courses in India.
- Up to 15% discount on best available room rates and dining at Lalit Hotels.
- American Express Dining Platform:
- Access to exclusive dining offers and up to 25% discount at participating restaurants.
- Complimentary Tablet Plus membership with VIP upgrades and privileges at hotels worldwide.
Car Rental and Hotel Benefits
- Visa Privileges:
- Up to 10% savings on Hertz car rentals and up to 35% on Avis car rentals.
- Exclusive benefits at over 900 luxury hotels worldwide.
Security and Protection
- Fraud Liability Cover: Complimentary credit card fraud liability cover of Rs. 1 Lakh, applicable from 48 hours prior to reporting of loss till 7 days post reporting.
- Air Accident Liability Cover: Complimentary cover of Rs. 50 Lakhs.
Convenience Features
- Contactless Transactions: Secure and convenient contactless payment options.
- Global Acceptance: Accepted at over 24 million outlets globally, including 325,000 outlets in India.
- Emergency Card Replacement: Available worldwide, ensuring cardholders are never left without a card during travel.
Additional Services
- 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 PRIME at lower interest rates and pay back in EMIs.
- Easy Bill Pay Facility: Pay utility bills such as electricity, telephone, and mobile using the Easy Bill Pay facility.
Pros and Cons
Pros of the SBI Card PRIME
- High Reward Rates: Earn 10 Reward Points per Rs. 100 on dining, groceries, departmental stores, and movies.
- Valuable Welcome and Milestone Benefits:
- E-Gift Voucher worth Rs. 3,000 as a welcome gift.
- Quarterly and annual spend benefits including Pizza Hut vouchers and high-value Yatra/Pantaloons vouchers.
- Comprehensive Travel Benefits:
- Complimentary Club Vistara Silver membership.
- Substantial lounge access with 4 international and 8 domestic visits annually.
- Additional Lifestyle Perks:
- Complimentary golf rounds and dining discounts.
- Membership benefits with Trident and extensive privileges from Mastercard, Visa, and American Express.
- Strong Security Features:
- High fraud liability cover of Rs. 1 Lakh.
- Air accident liability cover of Rs. 50 Lakhs.
- Convenient Payment Options:
- Contactless payments.
- Flexipay for converting transactions into EMIs.
- Global Acceptance: Widely accepted at over 24 million outlets globally, including 325,000 in India.
- Emergency Support: 24/7 helpline and emergency card replacement services.
Cons of the SBI Card PRIME
- High Annual Fee: Rs. 2,999 plus taxes, which might be considered steep compared to other cards in the market.
- Category-specific Rewards: Reward points are primarily beneficial for specific spending categories like dining and groceries.
- Limited International Lounge Visits: Only 4 international lounge visits per year might not be sufficient for frequent international travelers.
- Expiry of Trident Privilege Membership: The complimentary Trident Privilege Red Tier Membership will be discontinued after 30 June 2024.
- Relatively High Spend Requirement for Milestone Benefits:
- High spend thresholds for milestone benefits (Rs. 50,000 per quarter and Rs. 5 Lakhs annually) may not be achievable for all users.
Comparative Analysis
In this section, we will compare the SBI Card PRIME with other popular premium credit cards available in the Indian market, such as the HDFC Regalia Credit Card and the ICICI Bank Coral Credit Card. This comparison will highlight the strengths and weaknesses of each card in various categories.
| Feature/Benefit | SBI Card PRIME | HDFC Regalia Credit Card | ICICI Bank Coral Credit Card |
|---|---|---|---|
| Annual Fee | Rs. 2,999 + Taxes | Rs. 2,500 + Taxes | Rs. 500 + Taxes |
| Welcome Benefits | E-Gift Voucher worth Rs. 3,000 | 2,500 Reward Points | Welcome Vouchers worth Rs. 2,000 |
| Reward Points | 10 RP per Rs. 100 on dining, groceries, departmental stores, and movies | 4 RP per Rs. 150 on all spends | 2 RP per Rs. 100 on all spends |
| Milestone Benefits | Pizza Hut voucher, Renewal fee waiver, Yatra/Pantaloons voucher | Renewal fee waiver, Travel vouchers | Renewal fee waiver, Gift vouchers |
| Travel Benefits | Club Vistara Silver, Lounge Access | Priority Pass membership, Lounge Access | Domestic lounge access, Discounted movie tickets |
| Lounge Access | 4 international, 8 domestic visits/year | 12 international visits/year | 4 domestic visits/quarter |
| Dining Privileges | American Express Dining, Mastercard Dining | SmartBuy Dining offers | Up to 15% off at partner restaurants |
| Golf Privileges | Complimentary rounds and discounts | Complimentary rounds | NA |
| Insurance Cover | Rs. 50 Lakh air accident, Rs. 1 Lakh fraud liability | Rs. 1 Crore air accident, Rs. 25 Lakh medical emergency | NA |
| Additional Features | Contactless, Global acceptance, Flexipay | Emergency card replacement, Concierge services | Contactless, Fuel surcharge waiver |
| Membership Fee Waiver Criteria | Rs. 3 Lakhs annual spend | Rs. 3 Lakhs annual spend | Rs. 1.5 Lakhs annual spend |
| Feature | Details |
|---|---|
| Type of Card | Premium Credit Card |
| Annual Fee | Rs. 2,999 + Taxes |
| Joining Fee | Rs. 2,999 + Taxes |
| Reward Rate | 10 Reward Points per Rs. 100 spent on dining, groceries, departmental stores, and movies |
| Renewal Rate | Rs. 2,999 + Taxes (per annum) |
Conclusion and Overall Rating
The SBI Card PRIME is a premium credit card that excels in providing significant rewards and exclusive benefits to its users. It is designed for high spenders and frequent travelers, offering substantial value through its rewards program, travel benefits, and lifestyle perks. Hereโs a summary of the key aspects and overall rating:
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- Lifestyle Perks: โ โ โ โ โ
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- Fees and Charges: โ โ โ โ โ
Final Verdict: The SBI Card PRIME is an excellent choice for high-net-worth individuals and frequent travelers who can leverage the card's extensive benefits to justify the high annual fee. It offers a comprehensive suite of rewards and privileges that enhance the cardholder's lifestyle and travel experience. However, those with lower spending habits or those looking for more generalized rewards may want to consider other options.
