SBI Elite Credit Card Review

There are multiple credit cards in the market that match your particular needs, say shopping, travel or movies, but there are only a few cards that are able to match all your needs. SBI Card Elite is one such credit card. Though available at a comparatively high annual fee of Rs. 4,999, SBI Elite Card generously gives back to the users.

SBI Elite Credit Card stays true to its name by offering some of the best rewards along with benefits on travel and movies. Complimentary memberships and milestone privileges make it even better for the user. Here is the SBI Elite Credit Card review in detail.

Read about the detailed features and benefits of SBI Elite Credit Card

A Welcome Gift that Makes Up for the Joining Fee

SBI Elite Credit Card charges a joining fee of Rs. 4,999 but returns the entire amount in the form of a Rs. 5,000 welcome gift voucher. You can choose the brand of your choice from their options which includes Hush Puppies/Bata, Yatra.com, Shoppers Stop and Pantaloons and Aditya Birla Fashion.

After 15 days of joining fee deduction, an SMS will be sent to your registered mobile number asking you to choose the brand for your welcome gift. After you make the choice, you will receive the e-voucher code within 5 days.

Elite Rewards for High Spenders

SBI Elite Card is a highly rewarding one, especially if you are a high spender.

• 2 Reward Points per Rs. 100 on all spends except fuel

• 10 Reward Points per Rs. 100 on Dining, Groceries and spending at departmental stores
• 2 Reward Points on every Rs.100 spent on International transactions

Accumulated reward points can also be converted into direct statement credit, thus acting as a cashback. 4 Reward Points = Re. 1. You can also redeem the rewards for vouchers and merchandise from SBI Card’s rewards catalogue.

Since no rewards are offered on fuel transactions, SBI Elite credit cards give back in the form of 1% fuel surcharge waiver at all petrol pumps up to a maximum waiver of Rs. 250 in a month.

It is true to say that the card has an overall low rewards rate. This is not a very competitive premium card, but it is a good option for someone looking for a card to use on hotel bookings, specifically.

Must Read: 7 Strategies to Optimize Your Credit Card Rewards

Get Rewarded on Reaching Spending Milestones

SBI Card Elite rewards on reaching preset spending milestones. You can get bonus reward points in the following ways:

• Earn 10,000 bonus rewards each on spending Rs. 3 Lakh and Rs. 4 Lakh in a year
• Earn 15,000 bonus reward points on spending Rs. 5 Lakh in a year
• Earn additional 15,000 rewards on reaching annual spends of Rs. 8 Lakh
• Get the annual fee reversed on spending Rs. 10 Lakh or more in the previous year

Converting into the cashback, 50,000 bonus rewards will be around Rs. 12,500. (Ratio of 4:1)

Complimentary Movie Tickets from BookMyShow

If you think the annual fee of SBI Elite Credit Card is too much, you should know that the entire fee amount can be balanced against this benefit alone. The card offers complimentary movie tickets worth Rs. 6,000 every year. You can book 2 tickets per month under this offer and the maximum discount will be Rs. 250 per ticket. You would have to pay only the convenience fee applicable on the transaction.

How to Avail This Offer?

To avail this BookMyShow offer, you can follow the steps given below:

• Select your movie, theatre and show timing and proceed to the payments page
• Provide your email ID or mobile number to confirm the transaction
• Click on ‘Unlock Offers’ or ‘Apply Promo Codes’ and go to the Credit/Debit/Net Banking tab
• Click on ‘Select Offer’ and a drop-down will appear
• Select the option ‘SBI Signature/Elite credit card Rs. 500 off’
• Enter your SBI Elite Credit Card number and click on ‘Check’
• If you have entered the correct number, you have successfully availed the offer
• Proceed to make payment by entering other details of the card

Airport Lounge Access on SBI Elite Credit Card

SBI Elite Credit Card offers a three-fold benefit on airport lounge access.

• Complimentary membership to the Priority Pass Program worth $99
• 6 complimentary international lounge visits in a year up to 2 visits per quarter under the Priority Pass Membership
• 2 complimentary domestic lounge visits per quarter under the Visa/Mastercard Lounge Access Program

Post the complimentary international lounge visit, you will still be able to visit the Priority Pass Lounges across the world but a usage fee of $27 will be charged along with the applicable taxes.

Related: Top Credit Cards for Airport Lounge Access

Complimentary Membership to Club Vistara

With your SBI Elite Credit Card, you will get a complimentary Club Vistara Silver Membership. This membership entitles you to

• An upgrade voucher for your flight ticket
• 9 Club Vistara Points for every Rs. 100 spent on Vistara Flights

Please note that this membership is only for primary cardholders. Once you get your new SBI Elite Credit Card, you should register for internet banking and then activate your Club Vistara Membership.

Complimentary Trident Privilege Membership

SBI Elite Credit Card is a wonderful option if you are a frequent traveler as it offers numerous travel benefits. Trident Red Tier Membership is another benefit that you can avail on this card. This membership will entitle you to:

• 1,000 welcome points on registration
• 10% instant discount on booking through the hotel’s website
• 10 points per Rs. 100 spent for booking room at participating hotels
• 1,500 Bonus Points on your first stay & additional Rs. 1,000 hotel credit on extended night stay, by using Promocode: SBITH.

This offer is valid for primary cardholders only and can be activated by visiting the internet banking facility of SBI Card.

There’s more to Make Travel Easier on your Pocket

Travel benefits on SBI Elite Credit Card do not just end with lounge access. More travel privileges come to you in the form of:

Low Forex Mark-up- SBI Elite Card charges a low foreign exchange mark-up fee of 1.99% of the transaction amount.

Concierge Service- SBI Card also offers an exclusive concierge service for the cardholders which will provide assistance with holiday booking, gift delivery, movie bookings and hotel reservations. You can call on 022-42320257 to avail the service. 

Mastercard/Visa Privileges on SBI Elite Credit Card

Depending on the network type, you can also avail additional benefits on your SBI Elite Credit Card. These benefits include:

• 10% discount on Hertz Car Rental
• 35% discount on Avis Car Rental Service
• 4 complimentary rounds of golf per year at selected golf courses
• 50% off on golf games along with one complimentary golf lesson
• Benefits across 900+ luxury hotels
• 10,000 mile earnings per night on hotel stay booked through Kaligo.com
• 25% extra miles on Kaligo.com

SBI Elite Credit Card Charges

SBI Elite Credit Card attracts an annual fee of Rs. 4,999 which makes it a costly card to have. However, when compared with the benefits that it offers, the fee is justified. SBI Card has also set a fee waiver condition of reaching the spending milestone of Rs. 10 Lakh in a year.

Click here to know other fees and charges applicable on SBI Elite Credit Card.

The Downsides

Our SBI Elite Credit Card review is not just about the benefits and privileges, we would also try to throw some light on the drawbacks of the card. Though it offers excellent opportunities to earn the rewards, the redemption choices are not very tempting. The conventional rewards catalogue may not attract a lot of customers. There is a cashback option but in 4:1 ratio which is again not a very good deal.

Moreover, the Priority Pass Membership is only valid for 2 years after which you will have to pay $99 to continue the membership in order to enjoy the 6 complimentary lounge visits in a year. The Mastercard/Visa lounge access is also for a limited period, as the website says. The reward earnings on international expenses could have been better.

Though the first-year fee is returned in the form of welcome e-vouchers, the brand options are very limited. Also, there is no benefit on the payment of renewal fee.

Should You Get SBI Elite Credit Card?

SBI Elite Credit Card would suit the needs of a frequent traveler and a heavy spender. You should consider getting this card if:

• You put most of the expenses on your credit card every month
• You go out for movies and dining several times in a month
• You love to travel abroad and would take multiple trips in a year
• You have to travel abroad frequently for business
• You do not like to stay cheap and prefer luxury hotels over the budget ones

SBI Elite Credit Card is surely for the elite segment with so many luxury benefits. So, if you would like to enjoy a life like the elite and can afford to pay a high annual fee for it, then this card is perfect for you. Make the most of its benefits by putting your travel expenses on this card.