SBI Signature Card Devalued and is now SBI Card ELITE

By | September 12, 2016

As every Card issuer is devaluing the cards these days, SBI also wants to join the train and they now devalued one of their major card – SBI Signature Card that i was using for quite a time. They’ve also devalued Air India SBI Signature card earlier this year before coming up with this one. I’m happy that i’ve utilized it on time to receive Rs.18,000 cashback recently by accumulating the milestone reward points.

Sbi card elite signature

Sbi card elite – Visa Signature Variant

SBI Signature Card is changed to SBI ELITE Signature Card:

I’ve seen one thing to be common in the credit card industry – if anything sounds too good to be true, it wont last long. While i know that new card sourcing has been stopped recently, now SBI has sent me an official mail that my Signature card will be converted to SBI Card ELITE card from Sep 15th on-wards with major changes.

  • You need to spend more for milestone benefits which reduces Reward rate from 3% to 2%
  • Renewal fee waiver on 10L Spend. (appears good, but not actually as milestone benefit stops at 8 lakhs)
  • Everything else remains same

Note: Both Visa Signature & Mastercard variant is now available on Elite card. I would prefer the Mastercard version as it has more affiliated lounges.

SBI ELITE Card Reward rate:

Sbi Elite Card Reward Structure

Sbi Elite Card Reward Structure

While you can receive similar reward points even on this card like the older version, SBI wants you to spend as high as 8Lakhs which is not that easy for most common credit card users. You get 2% value back on spending 8L but as most people spend around 2-3 Lakhs a year on the card, this saves good amount of money to SBI as the eff. reward rate is around 1% or less in that case.

Though the Bookmyshow offer on this card is my favorite, i might close this card by year end as I’ve received this card on FD based. Will you be closing this card or planning to hold? Share your views below.

57 thoughts on “SBI Signature Card Devalued and is now SBI Card ELITE

  1. Vishal

    Hi Sid,

    Thanks for sharing this info.

    I was planning to apply for Signature card however SBI exe. said its replaced with Elite.

    Now I have only option as Elite.

    Can you help me with credit card which gives maximum cashback around 3 % or more?

    Thanks

    Reply
    1. Siddharth Post author

      3% as cashback not available, though Infinia/Diners black gives 3.3% as points.
      Meanwhile, Amex gives 3% cashback on fuel expenses which is a temporary promotion.

      Reply
      1. Dheerendra Jaiswal

        is there any credit card in India better than diners black in terms of cashback ?
        also tell difference between diners black and infinia…

        Reply
  2. Sunny B

    What’s the recommendation if I plan to upgrade my SimplySave card. I was getting an option to upgrade to signature but seems like it is not a good option now.
    Should I stick to SimplySave or should I look at platinum?
    I’m OK with the fees considering I am planning to use the voucher given.

    Reply
    1. Siddharth Post author

      Sunny,
      Elite card is still good compared to SimplySave and features like Bookmyshow offer every month is good indeed.

      Reply
      1. Sunny B

        Thanks Siddharth, if you could help me out with the couple of more queries:
        1. The voucher is only provided for the first year or on every renewal?
        2. My spends would approx. be around 1 to 1.5 lakes in the upcoming year. Do you think I should look at this card or should I continue with the SimplySave card.
        I’ll still be okay paying the fees if the yatra voucher is provided every year.

        On another note, do banks also degrade cards on request, that way I can use this for a year and if no voucher next year, I can switch back to the SimplySave card.

        Thanks once again!!
        Sunny

        Reply
        1. Siddharth Post author

          1. Am unsure about this.
          2. Its your personal decision. Though its not worth taking this card for this spend level.
          Yes, they can downgrade if you don’t need higher card. Unsure if all bank does though.

          Reply
  3. Prashant Agrawal

    I really like how the card looks and that it’s contact-less enabled. But I’m yet to come across a single POS which is contact-less enabled. What a feeling that would be!

    Reply
    1. Siddharth Post author

      Even if those swipe machines are there, the operators wont know how to use it 😀

      Reply
      1. Anush

        The only place I have have used contact less is at Singapore 😂😂😂. I think many banks issue contact less there the operators seems to have a good knowledge of this.

        Reply
    2. Harish

      I recently acquired the Signature Contactless card and during my visit to Dunkin’ Donuts I got to use this feature. Was quite cool actually. Just wave the card over the machine and done.
      I dint even know they had the machine for it there, but the cashier saw the card and right away waved for payment.

      Reply
  4. Vinod Kannan

    Sid, i have already mentioned you about this change last month. Im really confused as to what im going to do with this card. Since this is my first card, it ll affect my credit age and thereby reducing the CIBIL score. Dont know ehat to do now

    Reply
    1. Siddharth Post author

      If its your first card,
      Apply for some other and then close it on 12th month if you dont really need it.
      however, its still a nice card to hold with 2% value back as Cashback + BMS offers are worth it.

      Reply
  5. Prashant Sharma

    Hi Siddharth,

    Curious to know why suddenly both HDFC and SBI have diluted the value of their premium cards? Are they going to launch new premium cards that’s why such devaluation taking place? Because unless they devaluate their existing high rewards cards no one will actually show inclination towards the new launches? What do you think could be the strategy behind?

    Best,
    -Prashant

    Reply
    1. Siddharth Post author

      First,
      Its common for premium cards to get devalued when more ppl get access to it. They can’t bear to provide lots of rewards to lots ppl for long time.
      So they voluntarily issued Regalia easily in last few months and devalued it. Its business.
      Second,
      Yes, i do suspect some card is about to be released that betters regalia, coz its been a while since they launched a whole new card.
      Lets see..

      Reply
  6. vipul

    I think there is no further more benefits we are getting on this card so in my view I will close this card in one year tenure. Please suggest which is the best available option as compared to signature card or elite card.

    Reply
    1. Siddharth Post author

      Elite card is still good. There are lots of cards. Depends on what benefit you’re looking for.

      Reply
  7. rahul

    Hello Siddharth,

    I have an SBI signature card, been using it since 2 months now. I have not received any such letter or intimation from SBI that you have. Are you sure they have closed the card permanently?

    because they stil have it on their website.

    Reply
    1. Siddharth Post author

      They’re informing the customers in batches it seems.
      But its 100% confirmed that the variant no longer exists.

      Reply
      1. kumar

        it would be good to get a review on Yes First Credit Cards. I also got a mail from SBI and I have decided that I would close the card account in the 11th month. I also have HDFC All Miles Card which I had stopped using after I got the SBI Signature card. I would now use HDFC card and get it upgraded after a few months to Regalia. I am also considering getting Yes First Preferred Card. With Rs. 5000 annual fee, SBI signature card does not make sense now after the devaluation

        Reply
        1. Siddharth Post author

          Just posted a review on Yes First preferred card. Its truly the best rival and on time during Regalia devaluation. Go for it 🙂

          Reply
          1. kumar

            Sid, Thanks for the review. I would go for Yes First Preferred now that you have given a thumbs up. I also came across IDBI Euphoria Master Card World which comes at an annual fee of just Rs. 1500 and it gets compensated on payment of annual fee by way of points. Pros: Add on card holder has the same rights as the primary card holder and this could help those who want to have lounge access for their spouse/grown up kids. Low annual fee and compensation by way of points.
            Cons: not great offers and no priority pass access.
            would be good to get your views.

          2. Siddharth Post author

            Kumar,
            You can instead go for Regalia, or even some MasterCard debit card with lounge access.
            Its always good to choose Private banks for better service & reliability 🙂

  8. rahul

    Another quick tip for your blog: the newest comments should be on the top 🙂 makes it easier to read the latest comments!

    P.S – I bought the signature card based on your SBI signature card review and comparisons!
    Thanks

    Reply
  9. S. pushpa.

    I got signature card 2 years ago. .but I did not get welcome gift of rs 5000 worth voucher. since I don’t use much ..want to covert this to ordinary card where annual fee is less.your advice please on getting welcome gift and changing the card

    Reply
    1. Siddharth Post author

      Too late to ask for the voucher, you can still give a try. To convert the card, try to get in touch with Customer care.

      Reply
  10. Atul

    Hi Sidharth,
    I am thinking to go back to simply saver from SBI signature . My annual spend is around 2.5 lacs and this month I am completing one year with signature card.
    What do you think.
    I also planning to apply SC Manhattan.
    Need your advice.

    Thanks
    atul

    Reply
    1. Siddharth Post author

      That’s fine. There is no use with Signature card if you don’t spend more.

      Reply
  11. Sumeet

    Hi Siddharth,

    Do I get unlimited and free domestic airport lounge access on the SBI Elite card or is it limited to 2 visits every quarter ? What do I pay if any charges are applicable?
    For Intl. lounge access, do i get unlimited and free lounge acesss or is it at a discounted rate of 27 USD which i need to pay for every visit?

    Reply
    1. Siddharth Post author

      For domestic, Free 2/qtr at Visa Lounges,
      For Intl, $27 per access with priority pass card.

      Reply
  12. Bhavesh Swami

    If someone is looking for just lounge access at airport, nothing like PNB Rupay debit card, no charges per se except for nominal debit card fee. Kindly correct me Siddharth if wrong.

    Reply
    1. Siddharth Post author

      True, many MasterCard debit card from Private banks also has lounge access.

      Reply
  13. Ket

    I had read your Signature card review. Does this card also come with a personalised card holder?

    Reply
    1. Siddharth Post author

      I got it few months back, not sure if they still issue the same.

      Reply
      1. Ket

        Received my Elite card about a fortnight ago. Came in a normal envelope…no box or personalized card holder unfortunately. Also, it took them a fortnight or more to send out this card but that could be due to the fact that I had applied for SimplyClick and then had to cancel my request when I realized that I was eligible for this one. Also requested for my Priority Pass soon after getting the card which they will send by 14th Nov. so all this has been very time consuming.

        Reply
  14. Nikhil Bhatia

    HI Siddharth,

    Firstly, i always read your comments, as you have done your R&D well. Now, i have the following cards:
    1. HDFC Regalia (life long free)
    2. SBI Signature/Now Elite (first renewal coming)
    3. Indian Oil Citibank (Just for Fuel)
    4. RBL Fun+ (For Movies)

    Have been using Air Lounges frequently, but its not a mandate, as multiple cards + Priority Pass is available.

    I am unsure about renewing my SBI ELite Cards (due to devaluation & no renewal vouchers-so its perceived value has reduced).
    My Annual Spends on SBI Elite: 5.5L (have been lucky to received 5L milestone bonus in Aug16, Sept16 the change came in), RBL Fun is Movie Rewards so seems fine with 500Rs Spend, Indian Oil- Planning to discontinue as i have gone for CNG now, HDFC Regalia (Idle).

    I am looking for better options, i prefer Adjustment in Bills of Rewards against any redemption. I am Ok with paying if i can get 3% value and benefits against annual fees. Not Sure about Yes First, Hows Amex and Other Cards.

    Spends are typically in Utility Bills, Grocery Shopping(Dmart), Paytm/Mobikwik, Shopping(1L max) during sale etc, Online Shopping

    Please advise

    Reply
    1. Siddharth Post author

      Amex Plat Travel, HDFC Infinia, Yes First Preferred are some to look at.

      Reply
  15. Amit

    Hey buddy,
    Please help me out as m new to this credit card thing and m planning to have one. My major focus is towards petrol and bookmyshow( movie tickets booking)

    Reply
  16. Suresh dhawan

    I want to apply sbi card.I have sbi salary a/c.l don’t have any other credit card.my mob now 8802378xxx

    Reply
  17. Kumar

    Wow I cant believe that there is a site for such info and someone doing selfless service.
    I also have a query.
    I spend almost 10 lakhs through my credit card – all bill payments, insurance premiums, travel booking, dining, shopping online and offline, train tickets, hospital, medical etc.
    Which is the best card for me?
    I have been using Citibank PremierMiles for a number of years but that started when I had a lower annual spend.

    Thanks for your help,
    Kumar

    Reply
    1. Siddharth Post author

      SBI Elite card id good upto 7 Lakhs, rest you can put on other cards.

      Reply
  18. Rahul

    Hi. Thanks for your sharing. I just started using this card (mine – first) and I was wondering if SBI gives points if I pay insurance premium through this Elite card. Do you have any idea?

    Reply
  19. Phani Sairam

    Hi Siddharth,

    Thanks for the info. Have one doubt, can we redeem the reward points to pay the Annual Fee for SBI Elite card ??

    Reply
    1. Siddharth Post author

      Well, kind of. But not exactly.
      Reward points can be redeemed for cash credit on statement.

      Reply
  20. Ket

    What is the validity of the Priority Pass given with this? And any free visits included?

    Reply
    1. Siddharth Post author

      No free visits. Should be active as long as the main card is active.

      Reply
  21. Raj

    Hi,

    You mentioned “You get 2% value back on spending 8L” I just wanted to know if I was missing something because 15000RP (On spend of 5L) + 15000RP (On spend of 8L) + 16000RP (at normal rate of 2/100) = 46000RP on a total of 8L which is Rs. 11500.00 (Each RP = 0.25). Hence, 11500/8000 = 1.41%. Please clarify, thanks.
    Also, I would like to if you are aware of any difference between SBI Card ELITE Advantage & SBI Card ELITE.
    I can spend about 1.25CR annually (Company Elec Bill of 8-9L a month) by credit cards but I belong to a small town in Rajasthan where many cards are not available to me yet like Amex, Yes Bank Etc. I have a collective limit of 13.60L on the three cards that I have at the moment but can operate at maximum capacity only if I have a limit of 36L. One of the card that I hold is Regalia which I have been pushing for Infinia with HDFC.
    Kindly advise what is best for me.

    Reply
    1. Siddharth Post author

      Raj,
      1. You’ve missed 10k points on 3L & 4L spend 🙂
      Also, in your case, you may not get 16k points earned normally as its utility payment. I’m unsure though.
      2. Infinia is good for this spend range. You can also check out Citi prestige or Indusind Iconia Amex card.

      Reply
  22. himanshu puri

    HI,

    i am using the sbi elite card
    my main spending is on hypermarkets, fuel and some high value purchases to convert to emi’s

    i want to get the maximum benefit out of this card. how can i do it.

    Reply
  23. jitendra saraogi

    i have 2 queries about sbi elite card-

    if card outstanding is less than Rs.200/- for 2 months do i need to pay or i may skip payment till outstanding is above Rs.200/-

    secondly i had recd 10000 bonus points as per their old slab of Rs 2 lacs just before new slab came.if i spend 1 lac more will i get 10000 bonus points more as per their new slab?

    please confirm. thanks.

    Reply
    1. Siddharth Post author

      Not sure about both Jitendra. Got to check with the customer care.

      Reply
  24. Sandip Poddar

    Hi Siddharth,

    I have the following credit cards and i am planning to discontinue some of them and will keep only 1/2 cards. So can you please suggest which one i need to keep or apply for another better card. My spending mainly includes utility bill payment/shopping/booking air ticket/dinning/online grocery etc and fuel for my car. I am interested for mainly cash back cards

    Citi Rewards Platinum
    Citi Indian Oil Platinum
    HSBC Platinum
    IndusInd bank Platinum Select

    Thanks,
    Sandip

    Reply

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