The SBI Elite Credit Card is one of the best premium products from SBI Card, specifically for those who are looking for exclusivity, lifestyle benefits, and higher rewards on their regular spends. Being a lifestyle credit card, it is positioned to provide best experience of regular travelers, shoppers, and those who like luxury treats. With welcome rewards of ₹5,000 value, free international and domestic airport lounge visits, and priority privileges on golf, dining, and cinema, the ELITE Card stands out as a value-for-money proposition for high-end users. Moreover, the card also provides milestone rewards, minimal foreign transaction charges, and concierge facilities, and thus proves to be an all-rounded proposition for high-value individuals who seek to maximise convenience as well as benefits on several categories of spends.
Table of Contents
Travel Benefits
SBI Card ELITE provide a premium travel experience, whether for domestic or international travel. It has one good feature the complimentary access to airport lounges, making traveling more convenient and comfortable. You get 6 free international lounge visits per year as part of the Priority Pass program with the limitation of 2 visits a quarter. The benefit is especially useful for regular international travelers who want good airport services.
Apart from worldwide access, the card also comes with 2 free domestic lounge visits per quarter, accessible through the Visa and Mastercard lounge access programs. Whether you are traveling for business or pleasure, these benefits complement the overall travel experience by enabling you to relax and recharge in style before departing.
There are several other exciting advantages. Of particular interest here is the lowest foreign currency mark-up fee at a mere 1.99%, much below the usual markup on most other credit cards. This makes the SBI Card ELITE value-for-money traveler’s companion in international shopping, dining, and hotel reservations.
Welcome Benefits
The SBI Card ELITE starts the premium experience with welcome benefits. After paying the joining fee and successful activation of the card, cardholders are given e-gift vouchers worth ₹5,000 from a range of well-known and premium brands. These are Pantaloons, Shoppers Stop, Yatra, Hush Puppies/Bata, and Aditya Birla Fashion, providing the freedom to choose according to your need, whether you’re about to embark on a trip, updating your wardrobe, or treating yourself to some premium retail therapy.
These vouchers not only provide immediate value to the card membership but also nill the joining fee in real terms. The welcome gift can be availed within 30 days of card issuance by choosing a favorite brand through the SBI Card website or mobile app, keeping the process simple and convenient. This welcome gift supports the premium positioning of the card and ensures that customers begin enjoying benefits from the onset of their SBI Card ELITE journey.
Lifestyle Perks
The SBI Card ELITE extends beyond the fundamentals by providing a well-designed set of lifestyle benefits that enrich your leisure and entertainment activities on a daily basis. From free movie tickets to golf access, the card ensures cardholders have more than just rewards on their spends.
One of the most enticing lifestyle benefits is the free movie ticket worth up to ₹6,000 annually. Cardholders can enjoy this benefit by booking at least two tickets every month on the BookMyShow platform. This not only provides monthly entertainment cost savings but also provides a hint of luxury for cinema enthusiasts.
Golfing enthusiasts get 4 free green fee access opportunities annually, along with one monthly free golf lesson at designated luxury golf courses throughout India. All these facilities enhance the comfort with which the cardholders can avail themselves of an expensive sport traditionally regarded as the hallmark of exclusive lifestyle.
Besides, the SBI Card ELITE also provides exclusive restaurant discounts of 25 percent with tie-ups of high-end restaurants under the American Express Dining Program (for users of Amex variant). For a weekend night dinner or a business lunch, these savings accumulate substantially over a period of time.
Other Benefits
One of the most useful features is the 1 percent fuel surcharge waiver on transactions between ₹500 and ₹4,000 at any fuel pump in India. The waiver has a limit of ₹250 per billing cycle, which can help frequent commuters save a decent amount on fuel bills every month.
To provide cardholder security, the SBI Card ELITE provides a free fraud liability cover of ₹1 lakh. This cover protect against any unauthorized transactions done within 48 hours before reporting the card as lost or stolen and for 7 days after reporting, giving essential protection during such times.
The card also features emergency card replacement services, available domestically and internationally, particularly for Visa and Mastercard variant holders. This guarantees that even when traveling abroad, cardholders can be restored to their credit quickly and without undue hassle.
Another value-added service is the exclusive concierge support that facilitates holiday bookings, movie ticket bookings, hotel bookings, and even gift delivery. This service is especially beneficial for individuals who value convenience and personalized assistance in their hectic lives.
Reward Points Structure and Redemption
The SBI Card ELITE has a strong rewards scheme that rewards you heavily on your regular spending. Be it eating out, shopping, or grocery shopping, this card is geared to reward your spends across several categories, and hence is an extremely rewarding option for heavy spenders.
Reward Points
- 5X Reward Points on dining, department store spends, and grocery spends. This is where the SBI Card ELITE really stands out, enabling you to earn points fast on your most regular spends. Whether it’s a dinner or weekly grocery shopping, these categories give you good rewards.
- 2 Reward Points for every ₹100 spent on all categories other than fuel.
Milestone Rewards
To give further value addition, the SBI Card ELITE has milestone benefits:
- 10,000 reward points bonus when your spends total ₹3 lakh in a year.
- 15,000 bonus reward points on ₹4 lakh spending.
- 15,000 bonus reward points once again on ₹5 lakh of annual spending, and extra points for higher levels of spending.
Redemption Options
The reward points earned through the SBI Card ELITE can be redeemed through different mediums:
- 4 Reward Points= Rs. 1
- Cashback: You can exchange points for cashback applied to your card statement, which reduce your monthly bill.
- Gift Vouchers: Reward points may be exchanged for gift vouchers from high-street retailers, and you can spoil yourself or loved ones on the goods and services of a number of well-known brands.
- Merchandise: Points are redeemable for a huge range of products from the SBI Card Rewards Catalogue, ranging from electronics to household essentials.
- Airline Miles: For the frequent flyer, points can even be transferred into frequent flyer programs of airlines so that you earn miles for your future travel.
Fees And Charges
| Fee Type | Details |
|---|---|
| Joining Fee | ₹4,999 + GST |
| Annual Fee (from 2nd year onwards) | ₹4,999 + GST (waived on ₹10 lakh annual spend) |
| Finance Charges | 3.5% per month (42% annually) |
| Cash Advance Fee | 2.5% of amount (minimum ₹500) |
| Foreign Currency Markup | 1.99% of the transaction amount |
| Late Payment Charges | ₹0 for due up to ₹500 |
| ₹400 for ₹501 – ₹1,000 | |
| ₹750 for ₹1,001 – ₹10,000 | |
| ₹950 for ₹10,001 – ₹25,000 | |
| ₹1,100 for ₹25,001 – ₹50,000 | |
| ₹1,300 for above ₹50,000 |
Eligibility Criteria and Documents Needed
Applicants should fulfill specific eligibility criteria and submit required documents to fill up the application for SBI Card ELITE.
Eligibility Criteria
- Age: The main cardholder should be 21 years to 60 years old. Add-on cardholders must be above 18 years.
- Income: High and stable income is desirable. While the income criteria are not revealed publicly, a minimum income of ₹10 lakh or more is generally recommended for approval.
- Credit Score: Favorable credit score (preferably 750 or more) improves the possibility of approval.
- Residential Status: Indian residents.
Documents Required
- Identity Proof: Aadhaar Card, Passport, PAN Card, Voter ID, or Driving License.
- Address Proof: Aadhaar Card, Utility Bills (electricity, water, telephone not more than 3 months old), Passport, or Rental Agreement.
- Income Proof:
- Salaried: Recent salary slips, Form 16, or latest bank statements of salary credit.
- Self-Employed: latest ITR with computation of income or recent bank statements.
- Passport-size Photograph: Recent color photograph.
MY Thoughts – Review
The SBI Elite Credit Card Benefits is perhaps the best premium credit card in India, with a good balance of lifestyle privileges, rewards, and value for money. While joining fee at ₹4,999 plus GST may look premium priced but,, this price is worthwhile paid through welcome gift vouchers worth ₹5,000. Its 1.99 percent low forex markup, compared to the industry rate of up to 3.5 percent, is perfect for travelers around the world. Lifestyle rewards like two complimentary movie tickets per month, special dining discounts, and golf benefits further add to leisure time enjoyment on a daily basis. Additionally, the card also encourages regular use through good-looking milestone rewards, further boosting its long-term value. The reward redemption flexibility—either for cashback, gifts, or travel—allows users to redeem to their maximum advantage according to their individual choice. All in all, for those with high spends per annum seeking a high-end card that offers better than points, the SBI Card ELITE is a highly rewarding card that offers luxury, utility, and savings.
FAQ
1. What is the SBI Card ELITE joining fee and can it be waived?
The joining fee is ₹4,999 plus GST. Although it is not waived, welcome e-gift vouchers worth ₹5,000 are given to cardholders, which effectively covers the initial expense.
2. How do I get free movie tickets with the SBI Card ELITE?
You get 2 complimentary movie tickets a month (maximum ₹500 per ticket) through BookMyShow. The promotion is valid on ticket booking made with your SBI Card ELITE, depending on availability and terms.
3. What milestone benefits are given by this card?
The SBI Card ELITE provides bonus reward points on reaching annual spend milestones, beginning with ₹3 lakh and higher spends. You can earn up to 50,000 extra reward points per year through these milestones.
4. How do I redeem the reward points accrued on the SBI Card ELITE?
Reward points can be exchanged via the SBI Card website or mobile app for cashback, gift vouchers, merchandise, or even air miles, as per your choice.
5. Is the SBI Card ELITE a good choice for international use?
Yes, it levies a comparatively lower foreign currency markup of 1.99 percent, which makes it an economical option for regular international travelers than other cards that levy up to 3.5 percent.
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