SBI Elite Credit Card

Joining fee: N/A

Renewal fee: Rs. 4999

Rewards: Earn 2 Reward Point Per spend on Rs. 100 except fuel

Welcome Benefits: Welcome Gift worth Rs.5000*

Get the Best Credit Card offers to choose from

SBI ELITE Credit Card is a prestigious offer from the State Bank of India, designed for users seeking an exceptional banking experience. This luxurious card provides exclusive privileges, unparalleled benefits, and a passport to a world of extraordinary services.

Features of SBI ELITE Credit Card:

Rewarding Tier-based Program: The card offers a tier-based rewards program where you earn more rewards points as you spend more. The tiers are Entry, Classic, Premium, and Elite.

Fuel Surcharge Waiver: You get a waiver on the fuel surcharge levied by petrol pumps across India, which can save you a decent sum of money annually.

Complimentary Air Accident Insurance Cover: The card provides complimentary air accident insurance of up to Rs. 1 crore when you buy air tickets using the ELITE card.

Golf Program Privileges: As an ELITE cardholder, you get special privileges at select golf courses across India, such as free green fee waivers and discounts on merchandise.

Airport Lounge Access: You can access domestic airport lounges in India for a nominal fee using your ELITE card.

Exclusive Dining and Entertainment Offers: The card offers special deals and discounts at select restaurants, movies, and entertainment venues across India.

Benefits of SBI ELITE Credit Card:

Earn Accelerated Rewards: The tier-based system allows you to earn more reward points as your spending increases, which can be redeemed for attractive merchandise, gift vouchers, or air miles.

Save on Fuel Costs: With the fuel surcharge waiver, you can save a significant amount annually, especially if you are a frequent traveler or have a long commute.

Travel Protection: The complimentary air accident insurance cover provides financial security and peace of mind when you travel by air.

Exclusive Lifestyle Privileges: The golf program and dining/entertainment offers give you access to a premium lifestyle and help you save money on leisure activities.

Convenient Airport Access: The airport lounge access facility allows you to relax and rejuvenate during long journeys or layovers.

Rewards on Everyday Spends: Besides the accelerated rewards based on tier, you also earn rewards points on all your regular purchases using the ELITE card.

EXPLORE OTHER SBI BANK CREDIT CARD

Fees and Charges of SBI ELITE Credit Card

Fees:

Annual Fees: The SBI ELITE Credit Card comes with an annual fee of Rs. 4,999 for the primary card and Rs. 2,499 for each add-on card. However, this fee is waived off for the first year.

Joining Fees: There is a one-time joining fee of Rs. 1,000 that you need to pay when you apply for the SBI ELITE Credit Card.

Renewal Fees: The annual fee is applicable every year when you renew your SBI ELITE Credit Card.

Cash Advance Fees: If you use your SBI ELITE Credit Card for cash withdrawals, you’ll be charged a cash advance fee of 2.5% of the transaction amount, subject to a minimum of Rs. 500.

Late Payment Fees: In case you miss your credit card payment due date, you’ll be charged a late payment fee of Rs. 1,000 or the minimum amount due, whichever is lower.

Over-Limit Fees: If you exceed your credit limit, you’ll be charged an over-limit fee of 2.5% of the amount over the limit, subject to a minimum of Rs. 500.

Charges:

Interest Charges: The SBI ELITE Credit Card has a monthly interest rate of 3.35% (40.2% annualized) on all outstanding balances.

Foreign Currency Transaction Charges: For any international transactions made with your SBI ELITE Credit Card, you’ll be charged a foreign currency mark-up of 3.5% on the total amount.

Fuel Surcharge: There’s a surcharge of 2.5% applicable on all fuel transactions made using your SBI ELITE Credit Card.

GST Charges: All the fees and charges mentioned above are subject to applicable Goods and Services Tax (GST) as per the government regulations.

Eligibility for applying SBI ELITE Credit Card

Minimum Age: To apply for the SBI ELITE Credit Card, you must be at least 21 years old. This is a standard requirement across most credit cards offered by banks in India.

Residential Status: You need to be a resident of India to be eligible for this credit card. Both salaried individuals and self-employed professionals can apply.

Income Criteria: SBI has set a minimum annual income requirement of ₹6 lakhs for salaried individuals and ₹8 lakhs for self-employed individuals to be eligible for the ELITE Credit Card.

Credit Score: A good credit score is crucial. SBI typically considers applicants with a CIBIL score of 750 or above for this premium credit card offering.

Employment Status: Salaried applicants should have been in their current job for at least 12 months, while self-employed individuals must have been running their business for a minimum of 3 years.

Existing Relationship with SBI: Existing SBI customers, especially those with a good banking history and maintained average quarterly balance, may have a higher chance of getting approved for the ELITE card.

Documentation: Applicants must provide necessary documents like identity proof, address proof, income proof (salary slips, Form 16, ITR for self-employed), bank statements, and any other documents as required by the bank during the application process.

EXPLORE OTHER BANK’S CREDIT CARD

Documents Required for SBI ELITE Credit Card

Passport Size Photographs – You’ll need to submit a couple of recent passport-size photographs when applying for the SBI ELITE credit card.

Identity Proof – Acceptable identity proofs include a copy of your PAN card, Aadhaar card, voter ID, passport, or driving license. Make sure the copies are clear and legible.

Residence Proof – Provide a copy of a recent utility bill (electricity, telephone, gas) or bank statement with your current residential address to serve as residence proof.

Salary Slips – If you’re a salaried employee, you must submit your last 3 months’ salary slips as income proof.

Bank Statements – For self-employed or business owners, latest 6 months’ bank statements showing your income credits will be required.

Income Tax Returns – Along with bank statements, furnish copy of your latest 2 years’ Income Tax Returns if you’re self-employed.

Form 16 – Salaried applicants can also submit their Form 16 from the previous 2 financial years.

Business Proof – Self-employed individuals must provide proof of their business like partnership deed, sale deed, etc.

Existing Loan Details – Have handy the particulars of any existing loans you may have like home loan statements.

How to apply for SBI ELITE Credit Card?

Eligibility Check: Before applying, ensure you meet the eligibility criteria for the SBI ELITE Credit Card. This includes minimum age, income requirements, and credit score.

Gather Required Documents: Have the necessary documents ready, such as your PAN card, address proof, income proof (salary slips, bank statements, etc.), and any other documents specified by SBI.

Online Application: Visit the official SBI website and navigate to the credit card section. Look for the “Apply Now” or “Apply Online” option for the SBI ELITE Credit Card.

Fill in Personal Details: Complete the online application form with your personal information, including name, date of birth, contact details, and employment details accurately.

Income and Expense Details: Provide your monthly income and expense details, along with sources of income and existing loan/credit card obligations.

Submit Documents: Upload the required documents as per the instructions on the website. Ensure the documents are clear and legible.

Review and Submit: Carefully review all the information you’ve provided before submitting the application form. Double-check for any errors or omissions.

Track Application Status: SBI will process your application, and you can track its status online or through the designated customer care channels.

Video KYC or Branch Visit: Depending on SBI’s requirements, you may need to complete a video KYC process or visit the nearest SBI branch for document verification and biometric capture.

Card Delivery: If your application is approved, the SBI ELITE Credit Card will be dispatched to the registered address within the specified timeline.

SBI ELITE Credit Card Limit

The SBI ELITE Credit Card comes with a credit limit that caters to the needs of high-net-worth individuals and frequent travelers.
The minimum credit limit for the SBI ELITE Credit Card is set at Rs. 3 lakh, ensuring that cardholders have ample purchasing power for their premium lifestyle expenses.
However, the credit limit can go up to a maximum of Rs. 25 lakh, depending on the cardholder’s income, credit history, and overall eligibility.
SBI determines the credit limit for each applicant based on a comprehensive evaluation of their financial profile, including factors like income, existing debt obligations, and credit score.
Existing SBI customers with a strong banking relationship and a good repayment track record may be eligible for a higher credit limit upon request and subject to approval.
Cardholders can request an increase in their credit limit after maintaining a satisfactory payment history for a certain period, usually six months to a year.
The credit limit on the SBI ELITE Credit Card is reviewed periodically, and SBI may adjust it based on the cardholder’s usage patterns, income changes, and overall credit behavior.
It’s important to note that maintaining a good credit score and responsible credit card usage are crucial factors in determining the credit limit and ensuring a positive credit experience with the SBI ELITE Credit Card.

Rewards and Cashback SBI ELITE Credit Card

Rewards:

- - SBI ELITE Credit Card offers an attractive reward program that allows you to earn reward points on every eligible purchase you make.
  - You can earn 10X reward points on online spends, dining, and movie ticket purchases.
  - For other categories like utilities, groceries, and fuel, you earn 4X reward points.
  - The reward points can be redeemed for a wide range of options, such as merchandise, gift vouchers, airline tickets, and hotel stays.
  - Additionally, you can also redeem your reward points for cash credits or statement credits, which can be used to offset your outstanding credit card balance.

Cashback:

- - The SBI ELITE Credit Card also offers a lucrative cashback program that allows you to earn cashback on various spending categories.
  - You can earn up to 25% cashback on online spends, dining, and movie ticket purchases, making it an ideal card for entertainment enthusiasts.
  - For other categories like utilities, groceries, and fuel, you can earn up to 5% cashback.
  - The cashback is credited directly to your credit card account, reducing your outstanding balance and making it easier to manage your finances.
  - The cashback program is designed to reward you for your everyday spending, encouraging you to use your SBI ELITE Credit Card for all your transactions.

How to Redeem Earned Rewards and Cashback Points?

Rewards:

- - SBI ELITE Credit Card offers a wide range of rewarding options for cardholders to redeem their earned reward points.
  - Cardholders can log in to the SBI Card website or mobile app, navigate to the “Reward Redemption” section, and browse through the available options.
  - Reward points can be redeemed for merchandise from a vast catalog, including electronics, home appliances, fashion accessories, and more.
  - Cardholders can also opt to redeem their points for gift vouchers from popular brands, ranging from e-commerce platforms to restaurants and entertainment venues.
  - Another convenient option is to redeem reward points for air miles or hotel stays, making travel more affordable and rewarding.
  - For those seeking a more practical approach, reward points can be utilized to pay off outstanding credit card balances or utility bills.

Cashback:

- - The SBI ELITE Credit Card offers attractive cashback opportunities on various spending categories.
  - Cardholders can earn cashback on online purchases, dining expenses, fuel transactions, and more, depending on the specific card variant they hold.
  - To redeem the earned cashback, cardholders need to log in to their SBI Card account and navigate to the “Cashback Redemption” section.
  - Here, they can choose to either receive the cashback as a credit to their card account or opt for a direct bank transfer to their linked savings or current account.