SBI Elite Credit Card Powered by Mastercard Review

By | July 22, 2016

There is a new credit card recently launched by SBI and its called SBI Card Elite and is powered by Mastercard. Well, I was wondering where the “Elite” names comes from and its likely to be from Mastercard itself. As you might know, Mastercard has various variants like titanium, platinum & world issued in India.

SBI Elite Credit Card

SBI Elite Credit Card – Yes, it looks awesome

And there is another variant called “Elite” in other countries like USA. I’ve been asking Mastercard about this Elite version as to when its planning to launch in India but got no proper response. But here we got it, but with nothing much of special features as i expected.

So, SBI Signature got its name from “Visa Signature” and SBI Elite got its name from “Mastercard World Elite” kind of, though they haven’t disclosed it as a separate variant yet.

Joining Fee & Welcome Bonus on SBI Elite Card:

  • Joining Fee/Renewal Fee: Rs.4999+Tax = ~Rs. 5,750
  • Spend Based Reversal of Annual Fee on spends of Rs. 10 Lakhs

You get an equivalent amount of welcome bonus from any one brand of your Choice: Yatra, Hush Puppies/Bata, Marks & Spencer, Westside and Shoppers Stop.

Looks like they’ve removed Jabong voucher option which i opted for in SBI Signature card. To me Yatra is a good option as you can use it for Flight bookings.

SBI Elite Rewards

Here is the basic/milestone based bonus reward points structure of SBI Elite Credit Card.

  • 1 Reward Point = 0.25 INR (Not declared though)
  • Regular RP Earn Rate: 2 reward points per Rs.100 spent (0.5% in value)
  • Accelerated Earn Rate: 10 reward points per Rs.100 spent (2.5% in value)
  • Earn 10,000 bonus RP on achieving annual spends of 3 lakhs and 4 lakhs
  • Earn 15,000 bonus RP on crossing annual spends of Rs. 5 lakhs & Rs. 8 lakhs

So if you’re a person who spend 8 Lakhs, you get:

= 16,000 RP(regular) + 50,000 RP (total annual spend bonus) = 66,000 RP

= 16,500 INR (~2% savings in value)

Well, that’s 1% less than SBI Signature credit card (no more available) which is powered by Visa. I’ve recently shared how i earned Rs.18,000 Cashback with this card. Also, they haven’t mentioned anywhere if the points can be redeemed for Cash Credit on statement on Elite card. Most likely you can.

Complimentary Movie Tickets & lounge Access:

Complimentary movie tickets worth Rs.500 per month is an excellent benefit on this card which they have on SBI Signature card too and is my fav one.

Complimentary lounge Access by Mastercard is really worth it as Mastercard has more affiliated lounges than Visa Signature cards Complimentary lounge access. However, you can get this benefit in most HDFC debit card and on ICICI coral cards.

  • 6 complimentary Airport Lounge visits per year, outside India ( max. 2 visits per quarter)W.e.f. 1st July 2017
  • Only Primary Cardholders are eligible for Priority Pass and
  • Complimentary PP membership will be valid for 2 years only

Features of SBI Elite Credit Card:

  • CardExpert Rating: 4/5
  • Reward rate: ~0.5%Β  normally, upto ~2% on accelerated rewards
  • Accelerated Rewards: You can earn 5X Reward points on Dining, Departmental stores, Grocery and International spends.
  • Complementary Airport lounge access: Yes, through MasterCard Lounge Access program. Also you get complimentary membership for Priority Pass, with 6 free access. (max. 2 visits per quarter)
  • Fuel Surcharge Waiver: Enjoy 0% surcharge (Minimum transaction of INR 500. Maximum waiver of INR 250 per statement cycle)
  • Foreign Exchange Markup fee: 3.5% + Service Tax
  • Special Features: Complimentary movie tickets, Accelerated rewards feature.
  • Personal Concierge Service: Global Concierge Assistance for all your travel & other needs. Its kind of virtual assistant service over phone.

Overall, compared to SBI Visa Signature card, SBI Elite card gives you 1% lesser value back and also you need to spend 3 Lakhs more than signature variant to get this. This credit card is enabled with NFC (Near Field Communication) technology so you can pay just by tapping. Apart from decent reward rate, the major advantage of this card is its looks πŸ˜€

If you’re looking for similar cards with cash-back feature, checkout the best cashback credit cards in India for more options.

Do you think SBI Elite card is for you? Do share your views in comments below.

Author: Siddharth

I'm a Credit Card freak minting reward points and cashback for years. Obsessed with aviation, airport lounges and luxury travel at affordable cost.

49 thoughts on “SBI Elite Credit Card Powered by Mastercard Review

  1. Anudeep

    Don’t understand why sbi cards are having that much joining fees compared to hdfc and citi cards. This card is perfect example, i think sbi cards are overrated.

    Reply
  2. Alex

    hmm, it is quite interesting. After reading this review, i decided to go ahead and get the SBI Visa Signature card and to my suprise, it is not accepting any applications.

    Is SBI phasing out its Visa variant to bring out the MasterCard variant in Elite?

    Reply
    1. Siddharth Post author

      I don’t think they stopped issuing. Try offline/online application. Once has to go through at-least.
      Its one of their premium card and is very unlikely to happen.

      Reply
  3. Deepak

    Same happened with me. Not possible to apply for signature visa on sbicard.com

    Surely a tactic to get Elite more applications.
    When you try to compare elite and signature on their site, it gives identical results. Its misleading and a trap

    Reply
    1. Siddharth Post author

      Looks like they’re trying to give more business to Mastercard over Visa for some reason.
      Try to apply via branch.

      Reply
  4. Deepak Gupta

    Some news:
    SBI Elite – Visa Signature arrived in my mail today, when I had applied for SBI Visa Signature card.
    I believe SBI has stopped issuing ‘SBI Signature’, and now issues ELITE SIGNATURE, with identical milestones as ELITE card (3,4,5,8 lakhs instead of 2,3,4,5 lakhs).

    So while I will keep this card, I would not renew it next year.

    Reply
    1. Siddharth Post author

      That’s interesting to know. Yes, Elite card is not so ELITE.

      Reply
  5. Vinod Kannan

    OMG, I received my SBI SIGNATURE CARD statement this month. I have received a communication in the statement that “>Dear SBI Cardholder, w.e.f. 15 Sept. 2016, Bonus Reward Milestones for your SBI Signature/ Signature Contactless Card will be revised. You will earn 10,000 Bonus Reward
    Points each at Rs. 3 lakhs & Rs. 4 lakhs annual spends and 15,000 Bonus Reward Points each at Rs. 5 lakhs & Rs. 8 lakhs annual spends. Annual fee will be reversed on
    spends of Rs. 10 lakhs or more in previous year. In all future communication from the effective date, your card will be referred as ‘SBI Card ELITE’.”. So, no more signature card from SBI it seems. I don’t know whether this message is intended only to me or to everybody else holding a SBI SIGNATURE CARD.

    Reply
    1. Siddharth Post author

      Vinod,
      Am yet to receive. But yes, its obvious and i expected this to happen someday or other.
      Because 3% as cashback is actually quite much πŸ™‚

      Reply
      1. Rakesh

        I have also received similar statement and more so it looked as if they have converted signature card to elite which os unethical, as we get less points on elite than signature.

        Reply
  6. Tanu Gupta

    i havent got my statement yet, will it make sense to surrender signature card and get Elite card issued later. πŸ™‚ and take the 5k gift voucher aswell..! Serious Qn, pls suggest.
    regards..
    Tanu

    Reply
    1. Siddharth Post author

      Not suggested, as Signature card is better than Elite one.

      Reply
      1. Tanu Gupta

        i should have surrendered it i guess Siddharth… πŸ™
        Just got message from SBI team that SBI Signature is now SBI Elite. πŸ™

        Reply
  7. Amandeep singh

    I applied for visa signature and received elite visa signature with similar features I think they changed the card type now.

    Reply
  8. Rohan

    Is this card worth the trouble for BookMyShow coupons, or should we look elsewhere? Any comments on the RBL Fun+ card?

    Reply
    1. Siddharth Post author

      Yes, Its worth it for BMS offer. Will review it in sometime πŸ™‚

      Reply
  9. Ajay

    I got my Elite CC 2 weeks ago. Handsome limit. SBI didn’t ask for any income proof. Just the PAN & address proof. Based on the CIBIL score they gave a very good limit.

    Annual fee 4999+tax+unknown stuff = 5700+
    If annual spend is 10Lac, next yr annual fee waived off.
    Accelerated points are less attractive compared to SBI Signature CC.
    4 points = Rs 1 confirmed.
    250×2 = Rs 500 per month off on BookMyShow.
    2 complimentary visits/quarter in Airport Lounges.

    Reply
    1. Siddharth Post author

      They also issue cards based on savings a/c transactions & Card on card basis for which they don’t ask for IT.

      Reply
    2. MAB

      how long does it take to receive the cc by post from the day of application

      Reply
  10. Ashok

    Hi Siddharth,

    Any idea about the difference between Elite and Elite Advantage?
    I checked it online in sbi site and I couldn’t find any.

    I currently have HDFC Moneyback card and Citibank Rewards card which I don’t like.
    I’m looking for a card with Lounge access and Bookmyshow discounts. SBI Elite has both these.
    Any other recommendations?

    Also can you tell me about the voucher on Yatra? Does it come with restrictions?

    Reply
    1. Siddharth Post author

      As far as i know, “Advantage” is FD based card.
      HDFC Regalia is good for lounge access and overall reward rate.
      Unsure about yatra voucher. Haven’t used.

      Reply
  11. Ashok

    Would it be a nice idea to pay the Annual fee and getting it back as Yatra voucher.
    And then using the card for the BookMyShow offer alone for one year and then closing the card? (Assuming they don’t introduce the quota). As currently this is the only card i could see which provides offer on BMS without quota limit.
    Because I’m not a person who could spend lacs and lacs with the credit card.
    Max would be around 2 lac in a year for me for which I have HDFC already.

    Reply
  12. Robin Chatterjee

    Could not find th mastercard elite variant on teh SBicards site on the Visa variant. Are they not acce\pting new applications for this ? What are the beenfits of Mastercard over visa ?

    Reply
  13. MAB

    Iam new to credit card and i applied for sbi elite card but i want to know when they charge and how they deduct the annual fees which is 4999 plus taxes and renewal fees

    Reply
  14. Prince Kartikay

    Hi,

    Just an update SMS i received from SBI, says that the foreign txn markup fees stand corrected to 1.99% + tax now.

    Reduced from an earlier 3.5%. I guess this is how they want to take on HDFC Regalia.

    This definitely adds some value on this card for ppl who have overseas expenditure.

    Reply
      1. Nirmal

        I also got this SMS that says the foreign txn markup fees stand corrected to 1.99% + tax now, and I didn’t got my accelerated reward points for the transactions which I did this month.. I am also seeing a new SBI Elite Advantage card listed in SBI website, but more or less it provides same feature as that of SBI Elite, note sure what is the difference.

        Reply
        1. Siddharth Post author

          “Advantage” is nothing but a secured card.
          Yes, markup fee reduced but its effective rate is 0.5% loss. Will write an article on that shortly.

          Reply
  15. Ankur Gupta

    Now it is only available in visa. I wanted a mastercard though.

    Reply
  16. Pratik

    Is the BMS offer available only for a limited period of time? or its till you use the card?

    Reply
  17. Amar Chilka

    Dear Siddharth,

    I m using SBI signature card since last one year.
    I have paid annual fees Rs5000/- plus tax. I was expecting gift voucher of Rs 5000/- but after speaking with SBI card customer care person, informed that now this offer is cancelled and your card has converted SBI signature elite .

    I am very much upset , pl suggest shall I have surrender the card , as I don’t use much credit card
    My annual use in less than 2 lakh

    Reply
    1. Siddharth Post author

      Yes, you must go for Simply Click instead. Elite is for high spenders to get good value back.

      Reply
  18. Siddhant

    Hi Siddharth,

    Thanks for the info. My first year is going to be completed with SBI Elite card and now the renewal charges of Rs 5000 + tax will come. My annual spend is around Rs. 5-6 lacs. What do you suggest should I go with the renewal or should I go for another credit card?

    Reply
    1. Siddharth Post author

      Consider downgrading it to simply click.

      Reply
  19. Ketan Kunde

    Two additional benefits with Elite announced recently:
    1. Complimentary Club Vistara Silver membership along with 1 lounge access voucher and 1 upgrade voucher.
    2. Complimentary Trident Privilege Red Tier membership.

    Reply
  20. Shomen

    I’m soon going to use the lounge benefit for 1st time on my SBI Elite card. Wanted to know if you have used it @ domestic lounge of Mumbai T2. Is entry free for add on cardholder too? Since I’m flying with wife, don’t want any embarrassment!

    Reply
    1. Siddharth Post author

      If its Mastercard, yes you have access, only for primary cardholder.

      Reply
  21. H C GOPINATH

    received elite signature card,my annual usage is around 3 lakhs only, i think i am unable to use the other offers of the card. I can surrender the card without start using it,if i surrender what are the charges i have to pay.

    Reply
  22. Sahil

    You recommended I should get this SBI Elite over Prime. However, it seems the prime has better rewards. Please clarify and update if there is a change to Elite rewards to match that of prime?
    Looks like they are going the Amex way where the Amex Platinum Charge card has lower rewards compared to the Amex Travel Card

    Reply
    1. Siddharth Post author

      SBI Elite because you spend more also has more benefits. SBI Prime is good for spends around 3L.

      Reply
  23. Saravanan R

    Please update the article with latest updatation such as 10 lac spend based waiver on annual fee, free priority pass usage allowance, club vistara membership.

    Reply
  24. Rahul Shrivastav

    Elite card is a fantastic option, especially when HDFC cards are witnessing massive devaluations.
    Yes you pay Rs. 5750/5900 to begin but you get value back easily by way of shopping voucher.
    More over this card offers you best movie benefits, no spend conditions, no day of the week conditions, no 1+1 etc. By 2 or more tickets and 500 Rs. Are reduced from amount payable.
    Trident & Vistara Siler membershup are icing on the cake.
    And than there are periodic Visa offers like 15% discount on medicines at Apoolo farmacy ,& others.
    10000 extra points if you reach annual spends of Rs. 3 lacs.
    So even if you pay 5K as renewal fee, you get all the amount in cash back plus some. And Rs. 6000 worth of movies to top that.
    Definitely worth a DEKHO ☺

    Reply
  25. Srikanth Matrubai

    Dear Siddharth,
    I have a Titanium Card…..do you think I can get an upgrade to the Elite Card.
    On the Annual Income side, I easily cross all the criteria.

    Reply

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