SBI Card Elite

SBI Card offers a range of credit cards from the standard silver and gold cards to premium platinum and signature cards. The bank also offers SBI Card ELITE that is specifically designed for high-end users. This card provides many benefits in the form of gift vouchers and coupons that can be availed at leading outlets along with reward points and other benefits.
 

An interest is charged on every card transaction and this amount can be paid back in easy monthly instalments. This makes it easy for the cardholders to repay the amount. The card also follows the concept of reward points whereby customers are rewarded every time they use their card. This makes every card transaction count. When the reward points reach a set limit, they can be spent on gifts and vouchers.

SBI Card ELITE: Features

Here are some of the features of SBI Card ELITE-

Contactless Card: The SBI Card ELITE allows you the benefit of contactless payments. You have to simply wave the credit card at a secure reader to complete your transaction. In addition to being fast, easy and convenient, the transaction is secure as you do not have to hand over the card for payment. Moreover, the card only passes through one payment even if the card is waved multiple times over the contactless reader.

Internationally Recognised: This card is internationally accepted and therefore, can be used in any part of the world. In terms of numbers, the SBI Card ELITE is accepted in over 24 million outlets around the world, including over 3.25 lakh outlets in India.

Access to ATMs Worldwide: Cardholders can withdraw cash at ATMs in over 100 countries. This ensures that the customer never runs out of money, especially during an emergency.

Reward Points: Customers are entitled to reward points every time they use the card. The points collected can be spent for making purchases or to pay off the amount due on the card. The more you spend, the higher your reward points go. For instance, if you spend Rs. 5 lakh annually, the reward points earned will be around Rs. 20,000.

Easy Payment Facility: The amount spent using the SBI Card ELITE can be repaid through monthly instalments over a period of time using SBI’s Flexipay feature. This makes it easy for customers to repay the amount.

Easy Replacement: The SBI Card ELITE card can easily be replaced in any part of the world. There is also a 24x7 emergency helpline for replacement of the card when the customer is travelling abroad.

Fraud Cover: SBI offers its SBI Card ELITE customers insurance against fraud on the card. The cover is given up to Rs 1 lakh and is liable from the period of 48 hours prior to reporting of loss of the card to up to 7 days after such reporting.

Add-On Cards: The primary SBI Card ELITE cardholder can add any member of their family to the credit account. The only condition is that the add-on cardholder is over 18 years of age.

Balance Transfer: SBI Card ELITE card allows users to transfer their due balance on other cards to the ELITE card and avail a repayment facility at lower rates of interest.

Easy Money: SBI offers its ELITE card customers the option to get a demand draft or a cheque against your cash limit, right at the doorstep. The cardholder has to login to their account at sbicard.com to book the facility.

SBI Card ELITE: Benefits

SBI offers a range of benefits for cardholders of SBI Card ELITE. Here is a look at of them:

Welcome Gift: Customers get a welcome gift worth Rs. 5,000. This gift is in the form of gift coupons and vouchers that can be used at prominent brands such as Yatra, Hush Puppies, Marks & Spencer, Westside and Shopper’s Stop.

Elite Rewards: The card offers 5X reward points on dining, departmental stores and grocery. For other purchases, the card offers 2 reward points for every Rs 100 spent. Every SBI Card ELITE reward point translates into Rs 0.25 (4 reward points equal Re.1).

Free Movie Tickets: Customers are eligible for 2 free movie tickets each month from bookmyshow.com. The transaction would be valid when the cardholder books at least 2 tickets per booking per month. The maximum discount will be Rs 250 per ticket. Considering this on an annual basis translates to free movie tickets worth Rs 6000.

Milestone Benefits: SBI Card ELITE holders can earn up to 50,000 Bonus Reward Points worth Rs. 12,500 per year. They earn 10,000 bonus reward points on hitting the Rs. 3 lakh and Rs. 4 lakh (each) spending limits. In addition, they earn 15,000 bonus reward points on spending Rs. 5 lakh and Rs. 8 lakh each.

Fuel Discounts: SBI Card ELITE offers 1% fuel surcharge waiver across all petrol pumps, provided that the maximum surcharge waiver is limited to Rs. 250 per month per credit card. The transaction values should range between Rs 500 and Rs 4,000.

Lounge Access: Customers have access to airport lounges in over 1,000 airports spread across the globe. This facility can be availed through a $99 Priority Pass Programme that is offered free to cardholders.

Access to Premier Golf Courses: The customers also get to enjoy the benefit of world-class golf resorts. The benefits come as a part of MasterCard or Visa privileges, wherein the SBI Card ELITE holder can enjoy 4 rounds of free access and a maximum of 50% discount on golf games. Moreover, they get 1 complimentary lesson per month at selected golf courses across India.

SBI Card ELITE: Fees and Charges

Being a high-end card, SBI charges an entry fee and an annual from the cardholders of SBI Card ELITE.

Entry Fee: Cardholders have to pay an entry fee of Rs. 4,999 at the time of joining.

Annual Fee: An annual membership fee of Rs. 4,999 also needs to be paid.

SBI Card ELITE: Documents Needed to Apply

SBI requires applicants to submit certain documents when they apply for the Credit Card.

Identification Proof: Applicants have to submit their ID proof to apply for the card. These include a copy of any one of the following documents-

  • Aadhaar Card
  • PAN Card
  • Passport
  • Voter’s ID Card
  • Driving licence
  • Any other document mentioned by the bank

Residence Proof: Address proof is mandatory for credit card approval. Applicants have to submit a photocopy of any of the following-
 

  • Aadhaar Card
  • Passport
  • Voter’s ID Card
  • Driving Licence
  • Telephone Or Electricity Bill
  • Any other document mentioned by the bank

Salary Slip: The applicant should have a regular salary and needs to submit the salary slips with the application. In certain cases, the bank may ask for a letter from the HR of the company where the individual is working stating the salary drawn by the individual.

SBI Card ELITE: Things to Keep in Mind When Applying

Use for the Requisite Amount: This card is primarily meant for individuals who use the card for large spending. The applicant must use the card for larger purchases to make the most of the card. Also, the reward points on dining, departmental stores and grocery are earned at a rate of 5X. The SBI Card ELITE should definitely be used for such purchases.

Seek a Consultant’s Advice: It works to an applicant’s benefit if they consult a finance expert before committing to anything. The expert will guide you through the nitty-gritty of the whole process and also help in applying for the card.

Pay Back on Time: The amount of credit given on a credit card charges a rate of interest after the due date. Borrowing money on credit card is one of the most expensive forms of debt. It is better if the customer pays back the due amount by the due date.

Get Free Credit Report