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 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:
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.