The SBI ELITE Credit Card is a premium offering from SBI Card that caters to individuals looking for exclusive benefits and rewards. Positioned just below the super-premium Aurum card, the SBI ELITE card has undergone multiple updates since its launch in 2016. While it offers attractive perks like milestone rewards, complimentary lounge access, and BookMyShow offers, its high fees and spending requirements may deter some users. Here’s an in-depth review to help you decide if this card is the right choice for you.
Key Highlights of the SBI ELITE Credit Card
- Joining Fee: Rs 4,999 + GST (Equivalent to Rs 5,899)
- Annual Fee: Rs 4,999 + GST (Waived on spending Rs 10 lakh annually)
- Reward Rate: 0.5% to 2.5%
- Network Options: Visa, Mastercard, RuPay, American Express
- Key Benefits:
- Milestone rewards
- Complimentary domestic and international airport lounge access
- BookMyShow movie ticket offers
- Fuel surcharge waiver
Fees and Charges
Joining and Annual Fees
- Joining Fee: Rs 4,999 + GST (Approx. Rs 5,899)
- Welcome Gift: Rs 5,000 worth of vouchers from brands like Bata, Hush Puppies, Pantaloons, Shoppers Stop, Yatra.com, and Aditya Birla Fashion.
- Annual Fee Waiver: Waived if annual spends exceed Rs 10 lakh. However, the high waiver threshold makes it difficult to achieve for many cardholders.
Other Charges
- Fuel Surcharge Waiver: 1% waiver on transactions, capped at Rs 250 per billing cycle.
- Reward Redemption Fee: Rs 99 + GST per redemption.
- Forex Markup Fee: 1.99% + GST (~2.4%).
- Interest Charges: 3.5% per month on unpaid balances.
Reward Structure
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Regular Rewards
| Category | Reward Points (RP) | Reward Rate |
|---|---|---|
| Dining, Groceries, and Departmental Stores | 10 RP per Rs 100 | 2.5% |
| Other Spends | 2 RP per Rs 100 | 0.5% |
| Rent, Fuel, Wallet, and Government Spends | No Rewards | NIL |
Milestone Rewards
| Milestone | Annual Spend Target | Reward Points |
| 1 | Rs 3 Lakh | 10,000 RP |
| 2 | Rs 4 Lakh | 10,000 RP |
| 3 | Rs 5 Lakh | 15,000 RP |
| 4 | Rs 8 Lakh | 15,000 RP |
- Total milestone reward: 50,000 RP (valued at Rs 12,500 or 1.6% return on Rs 8 lakh spend).
- If aiming for the annual fee waiver, an additional Rs 2 lakh spend earns rewards at the standard rate.
Rewards Redemption
- The best redemption option is statement credit, where 1 RP equals Rs 0.25.
- Redemption can be done via customer care or the SBI Card mobile app.
Key Benefits
BookMyShow Offer
- Movie Tickets: 2 free tickets per month.
- Cap Per Ticket: Rs 250 (Convenience fee applies).
- Annual Savings: Up to Rs 6,000 (or Rs 3,000 when compared to other cards with similar benefits).
Complimentary Airport Lounge Access
- Domestic: 8 complimentary visits per year (Visa network lounges).
- International: 6 complimentary visits per year through Priority Pass (2 visits per quarter).
Club Vistara Silver Membership
- Benefits include:
- 9 Club Vistara Points per Rs 100 spent on Vistara base fare.
- Extra 5 kg baggage allowance.
- One-class upgrade voucher upon tier renewal.
Trident Privilege Red Tier Membership
- Earn 10 points per Rs 100 spent during stays at participating Trident hotels.
- Benefits are niche and may not appeal to all users.
Pros and Cons
Pros
- Attractive reward rate (2.5%) for dining, groceries, and departmental store spends.
- Decent milestone rewards for high spenders.
- Complimentary BookMyShow tickets.
- Club Vistara Silver membership and complimentary airport lounge access.
Cons
- High joining and renewal fees.
- Renewal fee waiver threshold of Rs 10 lakh is steep.
- Low reward rate for other spends (0.5%).
- Rewards not applicable for rent, fuel, and government spends.
Final Thoughts
The SBI ELITE Credit Card offers decent rewards and benefits, but its high fees and spending thresholds may not justify the overall value for average users. While the BookMyShow and milestone rewards can help offset the fees, the card falls short in terms of returns for a ‘premium’ category.
For first-year usage, the welcome gift matches the joining fee, making it a fair choice. However, if you cannot meet the annual spending requirement for fee waivers, consider downgrading or switching to a more cost-effective card.
Frequently Asked Questions
Does the SBI ELITE Credit Card offer rewards on rent payments?
No, the SBI ELITE Credit Card does not provide reward points on rent payments.
Does the SBI ELITE Credit Card offer complimentary airport lounge access?
Yes, it offers 8 domestic and 6 international complimentary lounge visits per year.
How many add-on cards can be availed with the SBI ELITE Credit Card?
You can avail up to 2 add-on cards with the SBI ELITE Credit Card at no additional cost.