SBI Simply Save Credit Card Review 2021

SBI Simply Save is good for local shopping in departmental stores, movies, and dining.

You will earn 10X reward points on spending Rs. 100 on departmental stores, grocery, movies and restaurants, each point is worth 25 paise.

SBI Simply Save Credit Card Annual Fees

Annual Fee – Rs. 499.

You will get the next year annual fee waiver on spending Rs. 1 lakh in a year. So, the credit card is best if you would spend on an average 10K per month.

SBI Simply Save Credit Card Benefits

Welcome Benefit

Get 2000 bonus points by spending 2000 or more within 60 days of receiving your card.

You would get Rs. 100 cash back on your first ATM cash withdrawal as a welcome gift.

I suggest you avoid taking this offer because ATM cash withdrawal has a cash advance fee of 2.5% subject to a minimum of Rs 300.

In clear words, you would need to pay a minimum fee of Rs. 300 to get Rs. 100 cashback, seems like a joke.

Reward Points & Other Benefits

  • 10X Reward points on dining, movies, departmental stores and grocery spends
  • 1 reward point per Rs. 100 on all other spends
  • 1% fuel surcharge on transactions between Rs. 500 to 3000. The maximum waiver is Rs. 100 per statement.

Reward Ratio

Bank 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, Mac.

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

CategorySaving %
10X Category1.5% to 2.5%
Other spends0.15% to 0.25%

Reward Points Redemption

You can redeem the accumulated SBI Simply Save rewards point against 370 products using SBI rewards program.

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

Annual Saving Calculation

For the calculation, I am taking the assumption of entire spend on 10X category and redemption value of Re 0.25.

Expenses in Year 1Suppose Rs. 80,000 in 1st year Rs. 1.5 lakh spend for 1st yearRs. 1.5 Lakh spend for 2nd year
10X category spend80,000150,000150,000
Rewards Points on spends80001500015000
Reward point value (1RP= Re 0.25)Rs. 2000Rs. 3750Rs. 3750
Joining benefit000
Milestone benefit000
Total Benefits (Rs)200037503750
Annual Fees*-499-4990
Total savings 150132513750
Savings % age1.88%2.17%2.5%

*Annual fees waived off on spends of Rs. 1 Lakhs in the previous year.

 My observations about SBI Simply Save Credit Card

What I like

  • 10X rewards points on spends
  • Annual fee waiver option

What I didn’t like

  • Unattractive joining benefit
  • No milestone benefit
  • Average reward redemption ratio

Comparison Between SBI Simply Save Vs Simply Click Credit Card

Credit Card Simply Save Simply Click
Bonus Reward Points10X on Departmental stores, Movie and GroceryUp to 10X online shopping
Other Spends1 Reward Point1 Reward Point
Welcome GiftRs. 100 cash back on first ATM withdrawalRs. 500 Amazon voucher
Milestone Bonus Spend – Rs 1 lakh0Cleartrip voucher of Rs. 2000
Milestone Bonus Spend – Rs 2 lakh0Cleartrip voucher of Rs. 2000
Reward RatioRs 0.25Rs 0.25
Annual FeeRs. 499Rs. 499
WaiverOn spending 1 LakhOn spending 1 Lakh
Best ForDepartmental & GroceryOnline Shopping

SBI Simply Click credit card is the clear winner in every aspect. So if you want to choose one credit card in between SBI Simply Save and SBI Simply Click then you should go for SBI Simply Click credit card.

SBI Simply Save Credit Card Approval Process

You can apply online at SBI Cards website. The chances of approval are higher if you already have a salary account with SBI.

In any case, you will be required to submit the following documents

  • PAN
  • Address Proof
  • ID Proof
  • Photographs
  • Latest salary slips or IT returns

Final Words

SBI Simply Save is a decent credit card for grocery and departmental stores shopping.

If grocery and departmental store shopping is your main requirement then you can go for my favourite card Standard chartered Manhattan credit card which offers 5% cashback.

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