SBI Card ELITE offers a premium credit card experience with a range of exclusive benefits, including welcome gifts, complimentary movie tickets, airport lounge access, and rewards on everyday spending. As reported by SBI CARD, this card comes with an annual fee of ₹4,999, which can be waived with annual spends of ₹10 lakhs or more.
SBI Card ELITE Features & Benefits
SBI Card ELITE offers a comprehensive package of benefits tailored for frequent travelers and high spenders. Here's a summary of its key features and benefits.
| Feature | Benefit |
|---|---|
| Welcome Benefit | Rs. 5,000 worth welcome gift vouchers |
| Annual Fee | Rs. 4,999 (waived on annual spends of Rs. 10 Lakh or more) |
| Reward Points | 5X reward points on department stores, dining, and groceries; 2 reward points for every Rs. 100 spent on other categories |
| Travel Benefits | Free Silver-tier Club Vistara membership; Free access to international and domestic lounges |
| Movie Tickets | Complimentary movie tickets worth Rs. 6,000 per year |
| Golf Benefits | 4 free green fee rounds, 50% discount on all golf games, and 1 free golf lesson per month (MasterCard variant only) |
| Fuel Surcharge Waiver | 1% fuel surcharge waiver across all petrol pumps (max Rs. 250 per month) |
| Foreign Currency Mark-up | Low foreign currency mark-up charge of 1.99% on international usage |
| Milestone Benefits | Up to 50,000 bonus reward points annually |
SBI Card ELITE is designed as an all-rounder premium card, offering benefits across multiple categories including travel, movies, dining, and rewards. It provides substantial value for high-spenders, with the annual fee potentially offset by the complimentary movie tickets alone.
For travelers, the card offers significant advantages such as lounge access and Club Vistara membership. The low foreign exchange mark-up fee of 1.99% makes it particularly attractive for international transactions. The card also provides a generous rewards structure, with accelerated earning rates on popular spending categories like dining and groceries.
Golf enthusiasts can benefit from the MasterCard variant, which offers complimentary green fee rounds and discounted golf games at select courses across India. This feature adds significant value for those who enjoy the sport and frequently visit golf courses.
The milestone benefits, offering up to 50,000 bonus reward points annually, provide an additional incentive for high spenders to concentrate their purchases on this card. This, combined with the annual fee waiver for spends over Rs. 10 Lakh, makes the SBI Card ELITE particularly appealing for those with substantial credit card usage.
It's worth noting that the card is available in different variants (Mastercard, Visa, and American Express), each potentially offering slightly different benefits. For instance, the American Express variant provides exclusive dining offers with up to 25% off at partner restaurants.
Overall, the SBI Card ELITE stands out as a premium offering that provides a well-rounded set of benefits, catering especially well to frequent travelers and those who can take advantage of its high-spend rewards structure.
SBI Card ELITE Welcome Gift
SBI Card ELITE offers an attractive welcome benefit in the form of an e-Gift Voucher worth Rs. 5,000. This voucher provides new cardholders with flexibility in choosing from a variety of popular brands for their welcome gift.
| Welcome Gift Details | Description |
|---|---|
| Value | Rs. 5,000 e-Gift Voucher |
| Eligible Brands | Yatra, Hush Puppies/Bata, Pantaloons, Aditya Birla Fashion, Shoppers Stop, Marks & Spencer |
| Redemption Method | Online code for Yatra; In-store code for other brands |
| Delivery | Sent to registered mobile number within 15 working days of request |
| Usage Requirement | Must be used in a single transaction |
| Expiration | Typically has an expiry date (check individual voucher for details) |
The welcome gift is provided upon payment of the annual fee and is designed to offset the initial cost of card ownership. Cardholders should note that the voucher must be used in a single transaction, and any unused amount will not be carried forward. This welcome benefit adds significant value to the card's overall offering, especially when combined with other features like complimentary movie tickets and travel benefits.
SBI Card ELITE Annual Benefits
SBI Card ELITE offers a range of annual benefits that provide significant value to cardholders. Here's a comprehensive chart detailing the annual benefits and their monetary value.
| Benefit | Annual Value |
|---|---|
| Welcome Gift Vouchers | Rs. 5,000 |
| Complimentary Movie Tickets | Up to Rs. 6,000 |
| Milestone Bonus Reward Points | Up to 50,000 points (worth approximately Rs. 12,500) |
| Airport Lounge Access | 6 visits (estimated value Rs. 6,000) |
| Club Vistara Silver Tier Membership | Estimated value Rs. 5,000 |
| Fuel Surcharge Waiver | Up to Rs. 3,000 (Rs. 250 per month) |
| Golf Benefits (MasterCard variant) | Estimated value Rs. 10,000 |
| Annual Fee Reversal | Rs. 4,999 (on spends of Rs. 10 Lakh or more) |
The SBI Card ELITE provides substantial annual benefits that can potentially exceed Rs. 50,000 in value. The welcome gift vouchers worth Rs. 5,000 are offered upon card activation and payment of the annual fee. Cardholders can enjoy complimentary movie tickets with a maximum benefit of Rs. 6,000 per year.
The milestone bonus reward points, which can reach up to 50,000 points annually, are valued at approximately Rs. 12,500 when redeemed. Airport lounge access, with 6 complimentary visits per year, is estimated to be worth around Rs. 6,000. The complimentary Club Vistara Silver Tier membership adds another Rs. 5,000 in value for frequent flyers.
The fuel surcharge waiver can save cardholders up to Rs. 3,000 per year, based on the maximum monthly waiver of Rs. 250. For golf enthusiasts, the MasterCard variant offers benefits estimated at Rs. 10,000 annually, including free green fee rounds and discounted games.
Perhaps one of the most significant benefits is the potential annual fee reversal of Rs. 4,999, which is offered to cardholders who spend Rs. 10 Lakh or more in a year. This effectively makes the card free for high spenders, adding to its overall value proposition.
It's important to note that the actual value derived from these benefits may vary depending on individual usage patterns and preferences. However, for cardholders who can maximize these benefits, the SBI Card ELITE offers substantial value that far exceeds its annual fee.
SBI Card ELITE Fees and Charges
The SBI Card ELITE comes with a set of fees and charges that cardholders should be aware of. Here's a detailed breakdown of the key fees and charges associated with this premium credit card.
| Fee/Charge | Type Amount |
|---|---|
| Annual Fee | Rs. 4,999 + applicable taxes |
| Annual Fee Waiver Condition | Waived on annual spends of Rs. 10 Lakh or more in the preceding year |
| Renewal Fee | Rs. 4,999 + applicable taxes |
| Finance Charges | 42% per annum |
| Cash Advance Fee | 2.5% of the cash amount (minimum Rs. 500) |
| Late Payment Fee | Rs. 950 for outstanding balance above Rs. 20,000 |
| Over Limit Fee | 2.5% of the over-limit amount (minimum Rs. 500) |
| Foreign Currency Transaction Fee | 1.99% of the transaction amount |
SBI Card ELITE Eligibility
- The SBI Card ELITE is designed for high-income individuals, reflecting its premium status and benefits.
- Applicants must be between 18 and 70 years old and should be residents of India.
- For salaried individuals, the minimum monthly income requirement is ₹60,000.
- Self-employed professionals need to show an Income Tax Return (ITR) of at least ₹7.2 lakhs per annum to be eligible.
- While not explicitly stated in the sources, it's common for premium credit cards to require a good to excellent credit score, typically above 750, to ensure creditworthiness.
- This requirement aligns with the card's target demographic of high-income, financially stable individuals.
The card is available to both salaried employees and self-employed professionals, catering to a wide range of high-earning individuals across various sectors. It's important to note that meeting these eligibility criteria does not guarantee approval. The final decision rests with SBI Card, which may consider additional factors such as credit history, existing debts, and overall financial stability when evaluating applications.
Potential applicants should also be prepared to provide necessary documentation to support their application, including proof of income, address verification, and identity documents. These requirements ensure that the card is issued to individuals who can responsibly manage the credit limit and take full advantage of the card's premium features.
How To Apply SBI Card ELITE
To apply for the SBI Card ELITE, applicants have both online and offline options available. Here's a step-by-step guide on how to apply.
Online Application Process:
- Visit the official SBI Card website.
- Click on the 'Apply Now' option under the 'Apply' button.
- You will be redirected to a page listing all SBI Credit Cards.
- Locate the SBI Card ELITE and click on the 'Apply Now' button next to it.
- Fill out the online application form with your personal, professional, and financial details.
- Submit the completed form along with the required documents.
- A bank representative will contact you to discuss the next steps and verify your information.
Offline Application Process:
- Visit your nearest SBI branch.
- Request and fill out the offline application form for the SBI Card ELITE.
- Submit the form along with all required documents to the bank staff.
Required Documents:
- Identity Proof: PAN card, Aadhaar card, Voter ID, or Passport
- Address Proof: Utility bills, rental agreement, or passport
- Income Proof: Latest salary slips or Income Tax Returns
- Passport-sized photographs
After submitting your application, you can track its status using the 'Track Application' widget on the SBI Card website's home page or E-apply page. Remember that meeting the eligibility criteria does not guarantee approval. The final decision is at the discretion of SBI Card, based on various factors including credit score, income, and overall financial profile.
SBI Card ELITE Overall Review
The SBI Card ELITE offers a mix of benefits and drawbacks that potential cardholders should carefully consider. SBI Card ELITE shines in its travel and entertainment benefits. The complimentary lounge access, Club Vistara Silver membership, and low 1.99% foreign currency markup make it attractive for frequent travelers.
The monthly movie ticket benefit, potentially worth Rs. 6,000 annually, adds significant value for entertainment enthusiasts. However, the rewards program is a mixed bag. While it offers a good 2.5% return on dining, groceries, and department stores, the base reward rate of 0.5% is relatively low for a premium card.
The milestone benefits, offering up to 50,000 bonus points annually, require substantial spending to fully realize. The annual fee of Rs. 4,999 is on the higher side, though it can be waived with annual spends of Rs. 10 Lakh or more. This makes the card more appealing for high spenders who can easily meet this threshold.
The welcome bonus of a Rs. 5,000 gift voucher is generous and helps offset the initial cost of card ownership. However, some users may find the card's overall value proposition less compelling compared to other premium offerings in the market, especially if they don't fully utilize the travel and entertainment benefits.
In conclusion, the SBI Card ELITE is best suited for frequent travelers and high spenders who can maximize its travel perks and meet the spend threshold for fee waiver. For others, the high annual fee and relatively low base reward rate may make it less attractive compared to other options in the market.
SBI Card ELITE Review
- Rewards Program4.5
- Travel Benefits5.0
- Entertainment 5.0
- Milestone Benefits4.0
- Overall Value4.5
