SBI Elite Credit Card Review 2020

SBI Elite card is the most popular credit card by SBI. The elite card comes with a bunch of offers from the online shopping portals with decent bonus reward points.

The card is valuable for high spend users who would spend Rs. 8 to 10 Lakhs every year. Only then you would earn bonus reward points and annual fee waiver.

Let’s review the SBI Elite credit card in detail

SBI Elite Credit Card Annual Fee

Annual Fee – Rs. 4,999 (along with the card you also receive a welcome gift voucher worth the annual fee). Plus there is an annual fee waiver on spending Rs. 10 Lakh in a year.

You may get more benefits if you spend on different credit cards on the basis of their category.

I use SC Manhattan credit for grocery, Amex Membership Rewards for online shopping and Amex Platinum travel credit card for travel-related benefits.

SBI Elite Credit Card Benefits

Welcome Gift

You will get a welcome gift voucher worth Rs. 5,000 in the first year. You can choose voucher from Yatra, Hush Puppies/Bata, Marks & Spencer, Pantaloons or Shoppers Stop.

Reward Points

  • 5X Reward Points on dining, departmental stores and grocery spends
  • 2 Reward Points per Rs. 100 on all other spends
  • 2 Reward Points on International transactions

Milestone Benefits

You will get 10,000 bonus reward points on achieving annual spends of Rs. 3 Lakh and 4 Lakh. You will get another 15,000 bonus reward points on achieving annual spends of Rs. 5 Lakh and 8 Lakh.

Let’s calculate the worth

Annual SpendAccumulated Reward PointsWorth
Rs. 3 Lakh10,000Rs. 2,500
Rs. 4 Lakh20,000Rs. 5,000
Rs. 5 Lakh35,000Rs. 8,750
Rs. 8 Lakh50,000Rs. 12,500

Note – I have calculated the worth at maximum redemption value.

Complimentary Lounge Access

You will get 8 domestic & 6 international complimentary lounge access every year. Both the lounge accesses have a limit of a maximum of 2 visits per quarter.

Other Benefits

Other Benefits on SBI Elite Credit Card

  • 1% fuel surcharge waiver for the transaction between Rs. 500 to 4,000 (maximum Rs. 250 per statement)
  • Lowest foreign currency mark-up charge of 1.99%
  • 2 free movie tickets worth Rs. 500 every month
  • Get 1,000 welcome points on registration for Trident membership
  • 1,500 bonus points on your first stay & additional Rs. 1,000 hotel credit on an extended night stay through Trident membership
  • Complimentary club Vistara silver membership, with 1 complimentary lounge access voucher
  • Earn 9 club Vistara points for every Rs. 100 spent on Vistara flights

SBI Elite Reward Ratio

SBI mentioned the redemption value of 4 reward points = Re. 1

But the actual redemption value varies from Re 0.15 to 0.25, depending on the product you choose against the reward points.

You will have the option to choose from accessories, electronics, homeware and gift vouchers from Amazon, Flipkart, Big Bazaar, Croma or Macbook.

If we calculate the reward ration then the actual saving would be

CategorySaving %
Dining, Departmental Stores and Grocery Spends1.5% to 2.5%
Other Domestic Spends0.15% to 0.25%
International Transaction0.15% to 0.25%

SBI Elite Reward Points Redemption

You can redeem the accumulated SBI Elite rewards point against 381 products using SBI rewards program.

Note: You would also need to pay a rewards redemption fee of Rs. 99.

Annual Saving Calculation

First Year Annual Saving Calculation

Expenses in Year 1Annual Spend 2.5 Lakh Annual Spend 3 Lakh Annual Spend 8 Lakh
Dining, Dept. Stores and Grocery Spends (10 points)2 Lakh2.5 Lakh6 Lakh
Other Spends (2 points)Rs. 50,000Rs. 50,000Rs. 2 Lakh
Total Rewards Points20000 + 1000 = 21,00025000 + 1000 = 26,00060000 + 4000 = 64,000
Reward point value in rupees (1RP = Re 0.25)Rs. 5,250Rs. 6,500Rs. 16,000
Joining BenefitRs. 5,000Rs. 5,000Rs. 5,000
Milestone Benefit0Rs. 2,500Rs. 12,500
Total Benefits (Rs)10,25014,00033,500
Annual Fees-4999-4999-4999
Net Savings 5,2519,00128,501
Savings % age2.1%3%3.6%

Annual saving from the second year

Expenses on 2nd Year onwards Annual Spend 2.5 Lakh Annual Spend 3 Lakh Annual Spend 8 Lakh
Dining, Dept. Stores and Grocery Spends (10 points)2 Lakh2.5 Lakh6 Lakh
Other Spends (2 points)Rs. 50,000Rs. 50,000Rs. 2 Lakh
Total Rewards Points20000 + 1000 = 21,00025000 + 1000 = 26,00060000 + 4000 = 64,000
Reward point value in rupees (1RP = Re 0.25)Rs. 5,250Rs. 6,500Rs. 16,000
Joining Benefit000
Milestone Benefit0Rs. 2,500Rs. 12,500
Total Benefits (Rs)5,2509,00028,500
Annual Fees-4999-4999-4999
Net Savings 2514,00123,501
Savings % age1%1.33%2.9%

You can see, the saving would be less from the second year onwards.

What I Liked

  • Decent milestone reward program
  • Complimentary lounge access

What I Didn’t Like

  • Week reward redemption value
  • No welcome gift on renewal

Final Words

Elite credit card is more like a status symbol. You wouldn’t get great benefits in terms of rewards points.

If you are looking for a credit card for decent reward points on high annual spends and free complimentary lounge access, then you can go with SBI Elite credit card.

2 thoughts on “SBI Elite Credit Card Review 2020”

  1. Delhi International Airport Terminal 1 Launge is not in the list. They denied access.
    Now onwards, I will prefer other, currently using SBI Elite.

    Reply

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