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.
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.
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.
- Update as on Nov 2016: SBI Signature Card Devalued and is now SBI Card ELITE
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 [yasr_overall_rating]
- Reward rate: ~0.5% 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 😀
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.