SBI ELITE Credit Card

The SBI Elite Credit Card is a premium credit card offered by SBI Cards, and it comes with an annual membership fee of INR 4,999. It used to be the most premium credit card offered by SBI, but after the launch of the SBI Aura Credit Card earlier this year, it is now the second most premium credit card offered by SBI Cards. As a premium offering, the SBI Bank Elite Credit Card is packed with several enhanced benefits that are expected from a premium credit card, including domestic and international lounge access, milestone shopping vouchers, discounted rates on hotel bookings, complimentary movie tickets, and many other additional privileges.

Speaking of the rewards rate of this card, you earn 2 reward points for every INR 100 spent. For a purchase of INR 100, you receive 1 reward point (equivalent to 0.5% reward rate = INR 0.25) as an accelerated reward point rate of 5X per INR 100 spent on departmental stores, dining, and grocery expenses (reward rate of 2.5%). The SBI Elite Credit Card is available in three variants: Visa, Mastercard, and American Express. While most benefits are the same across all three variants, the payment networks also provide some specific advantages. For example, with the Mastercard version, you get complimentary golf games, and with the AmEx version of the card, you receive discounts on dining rates. For more information on the premium offering of the SBI Card, please continue reading.

• Joining Fee- Rs. 4,999 (plus applicable taxes)
• Renewal Fee- Rs. 4,999 (plus taxes)
• Best Suited For- Movies | Travel | Shopping
• Reward Type- Reward Points
• Welcome Benefits- E-vouchers worth Rs. 5,000 from any one of the brands, including Yatra, Aditya Birla Fashion, Hush Puppies/Bata, Pantaloons, and Shoppers Stop.

Rewards and Benefits.

• Movie & Dining- Get free movie tickets every month (max benefit capped at Rs. 6,000 per year and Rs. 250 per ticket, offer valid for at least 2 tickets per booking per month), dining offers with up to 25% discount at partner restaurants (with American Express variant only)
• Rewards Rate- 2 Reward Points on every Rs. 100 you spend on retail purchases, 5X Reward Points on dining spends, departmental stores, and grocery purchases (reward rate of 2.5%)
• Reward Redemption- Reward Points are redeemable against gift vouchers on sbicard.com or SBI mobile app or for paying the outstanding balance of the card, 1 Reward Point = Rs. 0.25
• Travel- Complimentary CV (Club Vistara) Membership, complimentary Trident Privilege Red Tier membership, and free domestic and international airport lounge access.
• Golf- 4 complimentary rounds of green fees and up to 50% off on golf games along with 1 free lesson per month at selected golf courses across the country (you get it only with the MasterCard variant of the card)
• Domestic Lounge Access- 2 complimentary visits to domestic airport lounges every quarter
• International Lounge Access- 6 complimentary visits to international airport lounges per year (max 2 per quarter) with the Priority Pass program.
• Insurance Benefits- Zero liability protection against lost card worth Rs. 1 lakh applicable from 48 hours prior to 7 days post reporting the loss of card to the bank.
• Zero Liability Protection- Get an insurance cover worth Rs. 1 lakh that is applicable from 48 hours prior to 7 days post reporting the loss of card

Fees & Charges

• Spend based Waiver- Renewal fee of Rs. 4,999 is waived on annual spends of Rs. 10 lakh or more in the preceding year
• Rewards Redemption Fee- Rs. 99 (plus applicable taxes) per redemption request
• Foreign Currency Markup- 1.99% of the transaction amount
• Interest Rates- 3.50% per month (42% per annum)
• Fuel Surcharge- 1% fuel surcharge waiver on transactions between Rs. 500 and Rs. 4,000 at all fuel stations across India (max waiver capped at Rs. 250 per month)
• Cash Advance Charge- 2.5% of the transaction amount, subject to a minimum charge of Rs 500
• Add-on Card Fee- Nil;

Product Details

• Gift Voucher worth Rs. 5,000 as a welcome benefit.
• 2 RPs on every Rs. 100 spent with the card except on fuel spends.
• 5X RPs on spends on dining, grocery purchases, and departmental stores.
• Up to 50,000 Bonus Reward Points (equivalent to Rs 12,500) every year on achieving the stipulated spend milestone (details below).
• Free movie tickets (max benefit capped at Rs. 6,000 in a year).
• Complimentary Club Vistara Membership and  Trident Privilege Membership.
• 2 free domestic lounge visits per quarter.
• 6 complimentary international lounge visits in a year (max 2 visits per quarter).
• Complimentary lost card liability cover worth Rs. 1 lakh applicable from 48 hours prior to 7 days after reporting the loss of card.
• A lower forex mark-up fee of 1.99% of the withdrawn amount.
• Exclusive concierge service for assistance regarding online doctor consultation, flower delivery and gift delivery.
• Exclusive privileges from Visa/MasterCard/American Express (details below).

SBI ELITE Credit Card Features & Benefits

The SBI Elite Card is among the most premium offerings by the SBI Card and hence comes with a number of exciting privileges. From welcome benefits to rewards to travel, you can avail exclusive offers across almost all the categories with this card. Read on to know detailed benefits & features of SBI Card Elite:

Welcome Benefits:

You get an e Gift Voucher with a monetary value of Rs. 5,000 from any one of the following travel/lifestyle brands- Yatra, Bata/Hush Puppies, Aditya Birla Fashion, Pantaloons, and Shoppers Stop as a welcome with the card.

Milestone Benefits:

• Up to 50,000 Bonus Reward Points on achieving the stipulated spend milestones (details as under)-

SBI ELITE Credit Card Travel Benefits:

• Free Club Vistara Silver-tier Membership.
• Complimentary Red Tier membership to Trident Privilege.
• Complimentary international and domestic lounge access to domestic and international airports.
• Up to a 15% discount at the best available prices on Lalit and F&B hotels (for the MasterCard variant)
• Discount of up to 10% on Hertz car rental and up to 35% off on Avis Car Rentals (for Visa variant only).
• Enjoy exciting privileges across 900 luxury hotels. (for Visa variant only).
• Complimentary access to VIP upgrades and privileges at hotels in India and abroad with the Tablet plus membership (for AmEx variant holders only).

Airport Lounge Access:

• Free domestic lounge access 2 times each quarter by Visa/MasterCard/American Express.
• 6 complimentary access to international airport lounges per year (max 2 every quarter) with the Priority Pass program.

Movie and Dining Benefits:

• Complimentary/discounted movie tickets every month (max benefit capped at Rs. 6,000 per year and Rs. 250 per ticket, offer valid for at least 2 tickets per bookings per month).
• Exciting offers and deals on dining with up to 25% off at partnered restaurants (with American Express variant only).

Golf Benefits:

You get 4 free green fees rounds and up to 50% discount on all golf games along with 1 complimentary golf lesson each month at select golf courses across India. This benefit is applicable only for the MasterCard variant holders.

Concierge Service:

You get a dedicated concierge service for assistance regarding flower delivery, gift delivery, and online doctor consultation. To avail of the service you need to call 1800-2121-68168 or email at support@premiumconcierge.in.

Lower Foreign Markup Fee:

You are charged a lower mark-up fee of 1.99% of the transaction amount on foreign currency transactions made with the Elite SBI Credit Card.

SBI Elite Credit Card Annual Fee Waiver

The annual fee of the Elite Card is waived off if the cardholder has spent Rs. 10 lakhs or more in the previous year.

Fuel Surcharge Waiver

The 1% fuel surcharge waiver is applicable on all fuel transactions between Rs. 500 and Rs. 4,000. The maximum benefit under the waiver is capped at Rs. 250 every month for this card.

SBI Card ELITE Reward Points Reward Points:

• 2 RPs per Rs. 100 spent with the card.
• 5X (10) Reward Points per Rs. 100 spent on departmental stores, dining, and grocery spends.

How To Redeem SBI ELITE Credit Card Rewards?

The Reward Points earned using your SBI Elite Credit Card are redeemable against:

• e-vouchers/product catalog on SBI Card’s official website or SBI mobile app.
• the outstanding balance of the card via Internet banking.
• The value of 1 RP = Rs. 0.25.

SBI Card ELITE Fees & Charges

Before proceeding further to apply for any credit card, one of the most necessary steps to follow is to check all its terms & conditions, charges, etc, and make sure that the fee is worth it. The detailed information about the fees & charges of SBI Card Elite is given below:

• The annual fee of the SBI Card Elite is Rs. 4,999, which is waived off on spending Rs. 10 lakhs or more in the previous anniversary year.
• The interest rate on this card is 3.5% (monthly), i.e, 42% (annually).
• The foreign currency markup fee on the SBI Elite Card is 1.99% of the transaction amount, which is very low as compared to most of the other credit cards. This fee is chargeable when you make a purchase in a different currency using your Elite card.
• The cash withdrawal charges on the Elite Credit card is 2.5% of the withdrawal amount subject to a minimum of Rs. 500. This fee is chargeable on withdrawing cash using your Elite SBI Credit Card.

SBI Card ELITE Eligibility & Documentation

The basic eligibility criteria that you will have to fulfill in order to get approved for this SBI Elite Card are as mentioned below. However, the card issuer may have some additional requirements as well, based on which your credit card application may be approved or declined.

Documents Required

The documents that you will require to apply for SBI Elite Credit Card are as follows:

• Identity Proof – Voters’ Id, Aadhar Card, PAN Card, Driving Licence, etc.
• Address Proof – Utility bills, Aadhar Card, Driving Licence, Passport, etc.
• Income Proof – Latest 3 months’ bank statements, latest 3 months’ salary slips, or latest audited ITR.

SBI ELITE Credit Card Limit

Being a premium credit card, the SBI Card Elite comes with a high credit limit as compared to the other basic card issued by SBI. Different credit limit may be assigned to different cardholders depending on their past payment history and credit score. However, if the cardholders are not satisfied with the credit limit they’ve got, they are provided with an option to request a higher credit limit. You can also call on your credit card customer helpline number and request them to assign you a higher credit limit. It is advisable to use your card responsibly for a few months before applying for a limit upgrade so that your card issuer can trust you.

SBI Card ELITE Activation & PIN Generation

To activate your Elite SBI credit card or generate its PIN, you can choose any of the methods mentioned below as per your comfort:

• Log in to your SBI Card internet banking account and link your SBI Elite card, if not already done. After that, you can easily find an option to generate/change your credit card PIN online.
• You can also activate your credit card via an ATM. Visit your nearest SBI ATM and find an option for credit card PIN generation from the main menu.
• If you are unable to generate your credit card PIN using the above methods, you can contact SBI Card customer care and they will assist you on the same.

How To Apply for SBI Elite Credit Card?

There are a number of online as well as offline ways to apply for SBI Elite Credit Card. To apply for your offline, you can visit the SBI branch nearest to you with all the required documents and fill in the offline application form there and if you prefer applying online, you can simply follow the below-mentioned steps:

• Visit the SBI Card’s official website.
• Under the ‘Apply’ button, click on ‘apply now’ option.
• You will be redirected to a page where you can see all the SBI Credit Cards.
• Select the SBI Card Elite and click on apply now to proceed further.
• Fill in the online application form and proceed to submit it.
• One of the bank officials will get in touch with you for further process.

How To Check SBI Card ELITE Application Status?

If you have already applied for SBI Elite Credit Card, you can track the status of your Elite card application as follows:

• Visit the SBI Card’s official website and click on the option ‘Credit Cards.’ Now, scroll down and you’ll the option ‘Track Application’ and enter the required details. You will get your application status in seconds.
• You can also contact SBI Card customer care and ask them about the status of your credit card application.
• Another option is to visit your nearest SBI branch and ask the bank executives for the same. But, it is always advisable to prefer any of the above methods.

SBI Card ELITE Bill Payment

• SBI provides its credit card customers with a very easy way to pay their credit card bills via the SBI billdesk. Just enter a few required details like your credit card number, email address, amount to be paid, etc, and proceed further to make the payment.
• Another way to pay your SBI Elite credit card bill is to do it via the SBI YONO app. Just register yourself on the app, link your credit card, and make your credit card bill payment under the section ‘pay.’
• You can also pay your credit card bill through an ATM. Visit your nearest SBI ATM and find an option for credit card bill payment from the main menu.
• If you prefer offline methods, you can either visit your nearest branch and make the payment in the form of cash/cheque, or drop a cheque at your nearest ATM dropbox.

SBI Elite Card Login/Internet Banking

To register your SBI Elite Card for Internet banking, you will have to follow a few simple steps as mentioned below:

• Visit the official website of SBI Card.
• Under the login button, click on the option ‘New User? Register Now.’
• Enter your credit card number, date of birth, CVV, and other required details.
• You will receive an OTP on your registered mobile number for verification. Enter the OTP and proceed.
• Your card will be successfully registered for Internet banking after following all the above steps.

SBI Elite Credit Card Customer Care

In case of any queries, doubts, or complaints related to your Elite SBI Credit Card, you can contact the SBI Card customer care using the following details:

• To contact customer care via call, you can dial any of these helpline numbers: 1800 180 1290 (toll-free), 1860 500 1290, 1860 180 1290, or 39 02 02 02 (add your local STD as prefix).
• To contact customer care via mail, you can write and send your email to customercare@sbicard.com.
• If you are a Twitter user, you can also contact SBI Card customer care via @SBICard_Connect.

Who Can Get SBI Elite Credit Card?

Anyone who fulfills the above-mentioned eligibility requirements can get the SBI Elite Credit Card. As it is a premium credit card, you need a high annual income and an excellent credit score to get approved for this credit card. So, just try to build a good credit score before you apply for the Elite SBI Card, and make sure that you fulfill the income requirements as well.

Advantages and Disadvantages of Elite SBI Card

Though the SBI Elite Credit Card is a great credit card, it can have some disadvantages for some people:

Advantages

• It has privileges across all the categories, including travel benefits, so it a great option for you if you want to have an all-in-one credit card.
• If you make most of your purchases using your credit card, you can easily achieve the minimum annual spending required to get the annual fee waived off.
• The card offers great travel and lifestyle privileges and hence it is a good option for people who travel frequently and love to spend on luxury-related categories.

Disadvantages

• The card doesn’t have a very good reward rate compared to many other premium cards in the market. So, if you are a frequent shopper, this might not be the right choice for you.
• It might be disadvantageous for you if you are not ready to pay a high annual fee of Rs. 4,999 every year.

Conclusion

The SBI Elite Credit Card offers additional benefits and privileges across all expense categories. The card provides a higher reward rate of 2.5% on dining, departmental store, and grocery expenses, and a lower reward rate of only 0.5% on other categories. This card is most suitable for financially affluent individuals who spend a significant portion of their income on purchases and travel. It competes with HDFC Regalia Credit Card, which comes with a lower annual fee of INR 2,500, and ICICI Bank Sapphiro Credit Card (annual fee of INR 6,500), giving tough competition to the SBI Elite Credit Card.

What is your opinion on the premium offering of the SBI Card? And, in your opinion, how does it fare against competitors? Please let us know in the comments. If you are an existing cardholder, feel free to share your experience and insights for the benefits of others.