Introduction
The SBI Simply Save Credit Card is a popular offering from the State Bank of India, designed to cater to individuals seeking a straightforward rewards program with added benefits on everyday purchases. This card is tailored to provide enhanced rewards on categories like dining, movies, departmental stores, and groceries, making it an attractive choice for those who frequently spend in these areas. With an affordable annual fee and a range of features aimed at providing value and convenience, the SBI Simply Save Credit Card aims to offer a balanced mix of rewards and financial flexibility.
SBI SIMPLY SAVE CREDIT CARD
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Joining Benefits of SBI SimplySAVE Credit Card
- Welcome Bonus: 2,000 reward points on spending โน2,000 within the first 60 days.
- Reward Points: 10x reward points on dining, movies, groceries, and departmental store spends.
- Fuel Surcharge Waiver: 1% waiver on fuel transactions.
- Annual Fee Reversal: Annual fee reversed on spending โน1 lakh in a year.
- Cash Advance: Avail up to 80% of your credit limit as cash advance.
- Interest-Free Period: Up to 50 days of interest-free credit.
- Easy Bill Pay: Facility to set up standing instructions for utility bill payments.
- Balance Transfer: Transfer balance from other credit cards at a lower interest rate.
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Card Features and Benefits
The SBI Simply Save Credit Card comes with a comprehensive set of features and benefits designed to enhance the cardholder's experience. Here are the key highlights:
- Reward Points Program:
- 10x Reward Points: Earn 10 Reward Points per Rs. 150 spent on dining, movies, departmental stores, and grocery purchases.
- Standard Reward Points: Earn 1 Reward Point per Rs. 150 spent on all other categories.
- Redemption Options: Reward Points can be redeemed to pay the outstanding balance on the credit card or against a wide array of gifts from the SBI rewards catalogue. (4 Reward Points = Rs. 1)
- Welcome Offer:
- Receive Rs. 100 cashback on the first ATM cash withdrawal if done within 30 days of receiving the card.
- Annual Fee Reversal:
- Get the renewal fee of Rs. 499 reversed if the annual spends in the previous year are Rs. 1,00,000 or more.
- Fuel Surcharge Waiver:
- Enjoy a 1% fuel surcharge waiver on transactions between Rs. 500 and Rs. 3,000 at any petrol pump in India, providing complete fuel freedom.
- Contactless Payments:
- The card supports contactless payments, enhancing security and convenience for small-ticket transactions without the need to hand over the card.
- Global Acceptance:
- Use the card at over 24 million outlets worldwide, including 3,25,000 outlets in India that accept Visa or MasterCard.
- Add-on Cards:
- Empower family members with add-on cards available for parents, spouse, children, or siblings above the age of 18 at no additional cost.
- Cash Withdrawal Facility:
- Withdraw cash from over 1 million Visa or MasterCard ATMs globally, ensuring access to funds when needed.
- Utility Bill Payment:
- Use the Easy Bill Pay facility to pay electricity, telephone, mobile, and other utility bills conveniently.
- Balance Transfer on EMI:
- Transfer outstanding balances from other banks' credit cards to the Simply Save SBI Card at a lower interest rate and repay in EMIs.
- Flexipay:
- Convert transactions of Rs. 2,500 or more into easy monthly installments through the Flexipay facility by logging into the SBI Card account within 30 days of purchase.
User Experience
The user experience of the SBI Simply Save Credit Card is shaped by its ease of use, accessibility, and customer support. Here's an overview of what cardholders can expect:
- Application and Onboarding:
- The application process for the SBI Simply Save Credit Card is straightforward, with options to apply online or at SBI branches. Approval and issuance times are generally quick, subject to meeting the eligibility criteria.
- Online and Mobile Banking:
- SBI offers robust online and mobile banking platforms, allowing cardholders to manage their accounts seamlessly. Through the SBI Card website and mobile app, users can track their spending, check reward points, make payments, and access various card-related services.
- Rewards and Redemption:
- The rewards program is user-friendly, with points earned on everyday purchases, particularly in dining, movies, departmental stores, and groceries. Redeeming points is hassle-free, with options to pay outstanding balances or choose gifts from the rewards catalogue.
- Contactless Payments:
- The contactless payment feature adds to the convenience, enabling quick and secure transactions for everyday purchases. This reduces the need for carrying cash and enhances the overall shopping experience.
- Customer Support:
- SBI provides comprehensive customer support through multiple channels, including a helpline, email, and online chat. The helpline is accessible via local STD codes or a toll-free number, ensuring assistance is readily available for any queries or issues.
- Security Features:
- The card is equipped with advanced security features, including EMV chip technology and contactless payment security. These features help protect against fraud and unauthorized transactions, providing peace of mind to users.
- Accessibility:
- With global acceptance at over 24 million outlets and 3,25,000 outlets in India, cardholders can use their SBI Simply Save Credit Card virtually anywhere that accepts Visa or MasterCard, ensuring convenience during travel and shopping.
- Additional Services:
- Services like utility bill payments, balance transfer on EMI, and Flexipay enhance the cardโs utility. These features are designed to provide financial flexibility and convenience, making it easier for cardholders to manage their finances.
- User Feedback:
- Overall user feedback indicates satisfaction with the cardโs value proposition, particularly appreciating the rewards on everyday categories and the fee waiver on high annual spends. Some users have highlighted the efficient customer service and the ease of managing the card online.
Pros and Cons
Pros
- High Reward Points on Specific Categories:
- Earn 10x Reward Points on dining, movies, departmental stores, and groceries, providing substantial value for frequent spenders in these categories.
- Affordable Annual Fee:
- With an annual fee of Rs. 499, which can be waived on spending Rs. 1,00,000 annually, the card is affordable and offers good value for money.
- Welcome Offer:
- Rs. 100 cashback on the first ATM cash withdrawal within 30 days of receiving the card adds immediate value for new cardholders.
- Fuel Surcharge Waiver:
- 1% waiver on fuel surcharge for transactions between Rs. 500 and Rs. 3,000 at any petrol pump in India, making it cost-effective for regular fuel purchases.
- Contactless Payments:
- Enables quick and secure transactions, enhancing convenience for everyday purchases.
- Global Acceptance:
- The card is accepted at over 24 million outlets worldwide, including 3,25,000 outlets in India, ensuring usability almost anywhere.
- Add-on Cards:
- No additional fee for add-on cards, allowing cardholders to extend benefits to family members without extra costs.
- Utility Bill Payment Facility:
- Simplifies bill payments for electricity, telephone, mobile, and other utilities through the Easy Bill Pay facility.
- Financial Flexibility:
- Features like Balance Transfer on EMI and Flexipay provide financial flexibility, helping cardholders manage their finances more efficiently.
Cons
- Limited High Reward Categories:
- The 10x Reward Points are limited to dining, movies, departmental stores, and groceries. Other categories earn standard points, which might be less appealing for diverse spending patterns.
- Reward Redemption Value:
- Reward Points conversion rate is 4 points = Rs. 1, which may not be as competitive as some other cards offering higher redemption value.
- Fee Waiver Condition:
- The annual fee waiver requires a spend of Rs. 1,00,000 annually, which might be high for some users.
- No Airport Lounge Access:
- Unlike some other credit cards, the SBI Simply Save Credit Card does not offer complimentary airport lounge access, which could be a drawback for frequent travelers.
- Basic Welcome Offer:
- The welcome offer of Rs. 100 cashback on the first ATM withdrawal is relatively modest compared to more substantial welcome bonuses offered by other credit cards.
- Service Limitations:
- Payments through cheques payable outside clearing zones are not accepted, and payments should be made through local cheques or drafts payable in Delhi only, which might be inconvenient for some users.
- Higher Interest Rates:
- The interest rates on carried balances and cash withdrawals may be higher compared to some competing cards, potentially leading to higher costs if balances are not paid in full.
Additional Perks and Benefits
The SBI Simply Save Credit Card offers a range of additional perks and benefits that enhance its overall value proposition. These benefits provide cardholders with financial flexibility, security, and convenience, making the card a well-rounded choice for everyday use. Here are the key additional perks and benefits:
- Welcome Offer:
- Cardholders receive Rs. 100 cashback on their first ATM cash withdrawal, if done within 30 days of receiving the card. This small yet meaningful welcome gesture adds immediate value to new cardholders.
- Global Acceptance:
- The card is accepted at over 24 million outlets worldwide and 3,25,000 outlets in India, allowing cardholders to use it for purchases and cash withdrawals almost anywhere.
- Add-on Cards:
- Cardholders can apply for add-on cards for family members, including parents, spouse, children, or siblings above the age of 18, at no additional cost. This feature extends the benefits of the SBI Simply Save Credit Card to loved ones.
- Utility Bill Payment Facility:
- The Easy Bill Pay facility allows cardholders to conveniently pay electricity, telephone, mobile, and other utility bills using their credit card, simplifying the bill payment process.
- Balance Transfer on EMI:
- Cardholders can transfer the outstanding balance from other banksโ credit cards to the Simply Save SBI Card at a lower interest rate and repay in easy EMIs. This feature helps in managing high-interest debt more efficiently.
- Flexipay:
- Transactions of Rs. 2,500 or more can be converted into easy monthly installments through the Flexipay facility. Cardholders can log in to their SBI Card account within 30 days of purchase to apply for Flexipay, offering greater flexibility in managing expenses.
- Cash on the Go:
- The card allows cash withdrawals from over 1 million Visa or MasterCard ATMs worldwide, providing easy access to cash whenever needed.
- Contactless Advantage:
- The contactless payment feature enhances security and convenience. Users can simply wave their card at a secure reader to make transactions, without the need to hand over the card, reducing the risk of card loss and fraud.
- Security Features:
- The card is equipped with advanced security features like EMV chip technology and Visa payWave, ensuring that transactions are secure and minimizing the risk of fraud.
Comparative Analysis
SBI Simply Save Credit Card vs. HDFC MoneyBack Credit Card
| ๏ปฟFeature | SBI Simply Save Credit Card | HDFC MoneyBack Credit Card |
|---|---|---|
| Annual Fee | Rs. 499 (Waived on spending Rs. 1,00,000 annually) | Rs. 500 (Waived on spending Rs. 50,000 annually) |
| Reward Points | 10x on dining, movies, departmental stores, and groceries | 2x on online spends |
| Standard Rewards | 1 point per Rs. 150 spent | 2 points per Rs. 150 spent on other categories |
| Reward Redemption | Points can be used to pay outstanding balance or redeem gifts | Points can be redeemed for cashback or air miles |
| Fuel Surcharge Waiver | 1% waiver on transactions between Rs. 500 - Rs. 3,000 | 1% waiver on transactions between Rs. 400 - Rs. 5,000 |
| Welcome Offer | Rs. 100 cashback on first ATM withdrawal within 30 days | 500 Reward Points on first spend within 90 days |
| Contactless Payments | Yes | Yes |
| Add-on Cards Fee | Nil | Nil |
| Balance Transfer on EMI | Yes | Yes |
| Flexipay | Yes | Yes |
| Customer Service | Good, with multiple contact options | Good, with multiple contact options |
SBI Simply Save Credit Card vs. ICICI Bank Coral Credit Card
| Feature | SBI Simply Save Credit Card | ICICI Bank Coral Credit Card |
|---|---|---|
| Annual Fee | Rs. 499 (Waived on spending Rs. 1,00,000 annually) | Rs. 500 (Waived on spending Rs. 1,50,000 annually) |
| Reward Points | 10x on dining, movies, departmental stores, and groceries | 2x on dining, groceries, and entertainment |
| Standard Rewards | 1 point per Rs. 150 spent | 1 point per Rs. 100 spent |
| Reward Redemption | Points can be used to pay outstanding balance or redeem gifts | Points can be redeemed for movie tickets, merchandise, and more |
| Fuel Surcharge Waiver | 1% waiver on transactions between Rs. 500 - Rs. 3,000 | 1% waiver on transactions up to Rs. 4,000 per month |
| Welcome Offer | Rs. 100 cashback on first ATM withdrawal within 30 days | Rs. 500 cashback on first spend within 30 days |
| Contactless Payments | Yes | Yes |
| Add-on Cards Fee | Nil | Nil |
| Balance Transfer on EMI | Yes | Yes |
| Flexipay | Yes | Yes |
| Customer Service | Good, with multiple contact options | Good, with multiple contact options |
SBI Simply Save Credit Card vs. Axis Bank Neo Credit Card
| ๏ปฟFeature | SBI Simply Save Credit Card | Axis Bank Neo Credit Card |
|---|---|---|
| Annual Fee | Rs. 499 (Waived on spending Rs. 1,00,000 annually) | Rs. 250 (Waived on spending Rs. 2,500 in first 45 days) |
| Reward Points | 10x on dining, movies, departmental stores, and groceries | 2 points per Rs. 200 spent on all categories |
| Standard Rewards | 1 point per Rs. 150 spent | 1 point per Rs. 200 spent |
| Reward Redemption | Points can be used to pay outstanding balance or redeem gifts | Points can be redeemed for cashback, vouchers, and merchandise |
| Fuel Surcharge Waiver | 1% waiver on transactions between Rs. 500 - Rs. 3,000 | 1% waiver on transactions between Rs. 400 - Rs. 4,000 |
| Welcome Offer | Rs. 100 cashback on first ATM withdrawal within 30 days | Rs. 250 Amazon voucher on first online transaction |
| Contactless Payments | Yes | Yes |
| Add-on Cards Fee | Nil | Nil |
| Balance Transfer on EMI | Yes | Yes |
| Flexipay | Yes | Yes |
| Customer Service | Good, with multiple contact options | Good, with multiple contact options |
Key Aspects
| Feature | Details |
|---|---|
| Type of Card | Rewards Credit Card |
| Annual Fee | Rs. 499 (Waived on spending Rs. 1,00,000 annually) |
| Joining Fee | Rs. 499 |
| Reward Rate | - 10x Reward Points on dining, movies, departmental stores, and groceries - 1 Reward Point per Rs. 150 spent on other categories |
| Renewal Fee | Rs. 499 (Waived on spending Rs. 1,00,000 annually) |
Conclusion and Overall Rating
The SBI Simply Save Credit Card stands out as a strong contender in the Indian credit card market, particularly for individuals who frequently spend on dining, movies, departmental stores, and groceries. With a modest annual fee that can be waived on reaching a certain spending threshold, it provides substantial value through its rewards program and additional benefits.
The cardโs high reward points on specific categories, coupled with useful features like fuel surcharge waiver, contactless payments, and no-fee add-on cards, make it an attractive choice for everyday use. The welcome offer and global acceptance further enhance its appeal.
However, the card does have some limitations. The reward redemption value might not be as competitive as some other options, and the absence of perks like airport lounge access may deter frequent travelers. Additionally, the requirement to spend Rs. 1,00,000 annually to waive the renewal fee could be a high bar for some users. Despite these drawbacks, the card offers solid value for its target audience.
Ideal For:
- Individuals with significant spending on dining, movies, groceries, and departmental stores.
- Those looking for an affordable credit card with strong rewards in specific categories.
- Users who appreciate financial flexibility and convenient payment options.
Not Ideal For:
- Frequent travelers seeking airport lounge access and travel-specific perks.
- Individuals with diverse spending patterns who may prefer higher rewards across more categories.
- Users who might find it challenging to meet the annual spending requirement for the fee waiver.
The SBI Simply Save Credit Card is a reliable choice for maximizing rewards on everyday purchases while enjoying a range of additional benefits, making it a valuable addition to the wallet for the right user profile.
