SBI ELITE Credit Card – Benefits, Fees & Eligibility

Introduction

The SBI ELITE Credit Card is a premium offering from SBI Card, designed for individuals seeking a comprehensive suite of privileges across various spending categories. Positioned as a high-end card, it provides top-tier benefits such as complimentary domestic and international airport lounge access, valuable shopping vouchers, and free movie tickets. Cardholders also benefit from accelerated reward points on dining, grocery, and departmental store spends, making it an attractive option for those with a significant lifestyle and travel expenditure.

Welcome Benefits

• Welcome e-Gift Voucher worth ₹5,000.
• Choose from an array of travel and lifestyle brands for the voucher: Yatra, Hush Puppies/Bata, Pantaloons, Aditya Birla Fashion, and Shoppers Stop.
• Complimentary membership to the Priority Pass Program worth $99 for international lounge access.
• Complimentary 1-year Club ITC Silver Tier Membership, eligible after the first transaction within 60 days of card issuance.

Fees

• Joining Fee: ₹4,999 + taxes
• Annual Fee: ₹4,999 + taxes
• Renewal Fee: ₹4,999 + taxes (from second year onwards)
• Spend-Based Waiver: Renewal Fee is waived on annual spends of ₹10 Lakh or more in the previous anniversary year.
• Rewards Redemption Fee: ₹99 + GST
• Foreign Currency Markup: 1.99% of the transaction amount.
• Interest Rates: 3.75% Per Month (45% Per Annum)
• Fuel Surcharge Waiver: 1% fuel surcharge waiver on transactions between ₹500 and ₹4,000 at all fuel stations across India. The maximum waiver is capped at ₹250 per month/statement cycle.
• Cash Advance Charges: 2.5% of the withdrawal amount, subject to a minimum charge of ₹500.
• Add-on Card Fee: Nil
• Priority Pass Lounge Usage Fee (post complimentary visits): $27 + applicable taxes will be charged per Priority Pass lounge visit after exhausting complimentary visits.

Rewards

• Reward Rate
  • 10 Reward Points per ₹100 spent on dining, departmental stores, and grocery spends (equivalent to a 2.5% reward rate). These accelerated Reward Points are capped at 10,000 RPs each calendar month.
  • 2 Reward Points per ₹100 on all other spends, except fuel (equivalent to a 0.5% reward rate).
  • 2 Reward Points per ₹100 spent on international transactions.
  • Categories not eligible for Reward Points include Merchant EMI, Flexipay, E-Wallet loading, cash advances, and balance transfers.
• Milestone Benefits
  • Earn up to 50,000 Bonus Reward Points (equivalent to ₹12,500) every year.
  • 10,000 Bonus Reward Points on achieving annual spends of ₹3 lakhs.
  • 10,000 Bonus Reward Points on achieving annual spends of ₹4 lakhs.
  • 15,000 Bonus Reward Points on achieving annual spends of ₹5 lakhs.
  • 15,000 Bonus Reward Points on achieving annual spends of ₹8 lakhs.
  • Annual fee reversal on achieving annual spends of ₹10 lakhs.
• Movie & Dining
  • 2 Complimentary Movie Tickets each month, with a maximum benefit capped at ₹6,000 annually and ₹250 per ticket. This offer is valid for at least 2 tickets per booking per month and applies to primary cards only.
  • Exciting offers and deals on dining with up to 25% off at partnered restaurants (applicable with the American Express variant only).
  • Get up to ₹600 instant discount at Swiggy, Zomato, and Blinkit (American Express variant).
• Travel
  • Domestic Lounge Access: 2 complimentary visits to domestic airport lounges every quarter, provided by Visa/MasterCard/American Express.
  • International Lounge Access: 6 complimentary visits to international airport lounges per year (maximum 2 per quarter) with the Priority Pass program. The Priority Pass membership is valid for 2 years and provides access to over 1,000 airport lounges worldwide.
  • Up to a 15% discount at the best available prices on Lalit and F&B hotels (for the MasterCard variant).
  • Discount of up to 10% on Hertz car rental and up to 35% off on Avis Car Rentals (for Visa variant only).
  • Enjoy exciting privileges across 900 luxury hotels (for Visa variant only).
  • Complimentary access to VIP upgrades and privileges at hotels in India and abroad with the Tablet Plus membership (for AmEx variant holders only).
• Golf
  • Complimentary Golf Rounds and Lessons are available with Mastercard and RuPay Variants.
  • Specifically, 4 free green fees rounds and up to 50% discount on all golf games, along with 1 complimentary golf lesson each month at select golf courses across India (applicable only for MasterCard variant holders).
• Insurance Benefits
  • Complimentary lost card liability cover worth ₹1 lakh, applicable from 48 hours prior to 7 days after reporting the loss of the card.
  • Complimentary credit card fraud liability cover of ₹1 lakh.
• Lifestyle/Other Privileges
  • Exclusive concierge service for dedicated assistance regarding online doctor consultation, flower delivery, and gift delivery. To avail, call 1800-2121-68168 or email support@premiumconcierge.in.
  • Exclusive privileges are offered by the respective payment networks: Visa, MasterCard, and American Express.

Rewards Redemption Guide

• Reward Points earned using the SBI ELITE Credit Card are redeemable against:
  • e-vouchers/product catalogue available on SBI Card’s official website or SBI mobile app.
  • The outstanding balance of the card via Internet banking.
• The value of 1 Reward Point is ₹0.25.
• When paying the outstanding card bill using Reward Points, 4 Reward Points are equivalent to Re. 1.

Card Review

• Overall Verdict: The SBI ELITE Credit Card is a premium offering from SBI Card, providing extensive benefits and privileges across various spending categories. It is particularly well-suited for individuals with a high income who frequently spend on shopping, travel, and luxury experiences.
• Pros
  • Generous welcome benefits worth ₹5,000.
  • Comprehensive lounge access, including 2 domestic lounge visits per quarter and 6 complimentary international lounge accesses per year.
  • Offers privileges across a wide range of categories, including travel, making it a versatile "all-in-one" credit card.
  • The annual fee waiver condition (₹10 lakhs annual spend) is achievable for high spenders, offsetting the high annual fee.
  • Excellent travel and lifestyle privileges cater well to frequent travelers and those who appreciate luxury.
• Cons
  • The general reward rate of 0.5% on most spends is lower compared to some other premium cards in the market, which might not appeal to cardholders primarily focused on maximizing reward points from all purchases.
  • The annual fee of ₹4,999 is high if the spend-based waiver condition is not met, potentially making it disadvantageous for those who do not meet the spending threshold.

Important Product Details

• Welcome gift voucher worth ₹5,000.
• Earn 2 Reward Points on every ₹100 spent with the card, except on fuel.
• Earn 5X Reward Points on spends at dining, grocery purchases, and departmental stores.
• Opportunity to earn up to 50,000 Bonus Reward Points (equivalent to ₹12,500) annually by achieving stipulated spend milestones.
• Complimentary movie tickets with a maximum benefit capped at ₹6,000 per year.
• Enjoy 2 free domestic lounge visits per quarter.
• Receive 6 complimentary international lounge visits in a year (maximum 2 visits per quarter).
• Includes a complimentary lost card liability cover worth ₹1 lakh, effective from 48 hours prior to 7 days after reporting the loss of the card.
• Features a competitive foreign currency markup fee of 1.99% of the transaction amount.
• Access to an exclusive concierge service for assistance with online doctor consultations, flower delivery, and gift delivery.
• Benefits from exclusive privileges offered by Visa, MasterCard, and American Express payment networks.
• Renewal Fee is waived upon achieving spends of ₹10 Lakh or more in the preceding year.
• A 1% fuel surcharge waiver is applicable on transactions between ₹500 and ₹4,000 at all fuel stations across India, with a maximum waiver of ₹250 per month.
• The interest rate is 3.75% per month (45% per annum).
• Cash Advance Charges are 2.5% of the withdrawn amount, with a minimum charge of ₹500.
• Add-on cards are available with no annual fee.
• A secured card variant named 'Advantage' is also available.

Other Details

• The SBI ELITE Credit Card is available in four variants: Visa, Mastercard, RuPay Select, and American Express, each offering some exclusive benefits.
• Contactless Advantage: Allows for effortless "Tap & Pay" transactions on secure readers, offering fast, convenient, and secure payments for everyday purchases. Visa PayWave's security key ensures only one transaction is processed even if the card is tapped multiple times.
• Global Acceptance: The card is accepted in over 24 million outlets globally, including 3,25,000 outlets in India. Cash can be withdrawn from over 1 million Visa, Mastercard, and American Express ATMs worldwide.
• Add-on Cards: Cardholders can empower family members (parents, spouse, children, or siblings above 18 years of age) with add-on cards.
• Safe and Secure: The card is chip and PIN enabled, providing enhanced security against counterfeiting and skimming.
• Easy Bill Pay Facility: Facilitates convenient payment of electricity, telephone, mobile, and other utility bills.
• Balance Transfer on EMI: Allows transfer of outstanding balances from other banks’ credit cards to the SBI ELITE Credit Card at a lower interest rate, repayable in easy EMIs.
• Flexipay: Eligible purchases of ₹2,500 or more made with the card can be converted into easy monthly EMIs.
• Credit Limit: The card issuer, SBI Card, has not disclosed specific minimum or maximum credit limits, but it is expected to be high given its premium positioning.
• Add-on Card Lounge Access: Add-on credit cards do not include international lounge access; this benefit is exclusively for primary cardholders.
• Renewal Benefits: Apart from the annual fee waiver, there are no specific renewal benefits mentioned.
• Online Transaction Eligibility for 5X Rewards: Eligibility for 5X Reward Points on online transactions (e.g., Amazon, Flipkart, Myntra, Swiggy) depends on the Merchant Category Code (MCC), specifically if they fall under 5311 (Department Stores) or 5411 (Grocery Stores).
• Cap on 5X Rewards: The accelerated 5X Reward Points (10 RPs/₹100) are capped at 10,000 RPs per calendar month. Spends beyond this cap will earn the standard 2 RPs/₹100.
• For detailed terms and conditions, including fees and other applicable charges, cardholders should refer to the Most Important Terms & Conditions document provided by SBI Card.