SBI Prime Credit Card

Joining fee: N/A

Renewal fee: Rs. 2,999+Taxes

Rewards: Receive 10 Reward Point on Dining, Groceries.

Welcome Benefits: Gift Voucher Rs. 3,000

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SBI Prime Credit Card emanates sophistication through its elegant design, seamlessly melding form and function. Beyond its striking aesthetics, it unlocks a world of privileged rewards, from lucrative cashback on expenditures to exclusive discounts at luxury brands and fine dining destinations.

Features and Benefits of SBI Prime Credit Card

Features:

- - Complimentary airport lounge access: Enjoy complimentary access to domestic and international airport lounges, providing a comfortable and relaxing experience during your travels.
  - Fuel surcharge waiver: Save on fuel costs as SBI Prime Credit Card offers a waiver on fuel surcharges, making your fuel purchases more cost-effective.
  - Accelerated reward points: Earn accelerated reward points on various spending categories like dining, travel, and online purchases, allowing you to accumulate rewards faster.
  - Exclusive golf privileges: Avail exclusive privileges at premium golf courses across the country, including discounted green fees and access to clubhouse facilities.
  - Concierge services: Enjoy personalized concierge services for various needs, such as travel arrangements, restaurant reservations, and event ticketing.
  - Comprehensive insurance coverage: Get peace of mind with complimentary insurance coverage, including air accident insurance, purchase protection, and lost card liability protection.

Benefits:

- - Exclusive discounts and offers: Enjoy exclusive discounts and offers from a wide range of merchants, including restaurants, hotels, travel, and entertainment.
  - Hassle-free transactions: Experience seamless and secure transactions worldwide, thanks to the widespread acceptance of the SBI Prime Credit Card.
  - Flexible payment options: Choose from various flexible payment options, including the option to convert your outstanding balance into easy EMIs.
  - Personalized card design: Customize your SBI Prime Credit Card with your name or initials, adding a personal touch to your card.
  - Dedicated customer support: Receive prompt and efficient customer support from a dedicated team, ensuring all your queries and concerns are addressed promptly.
  - Reward redemption flexibility: Redeem your accumulated reward points for a variety of options, including merchandise, gift vouchers, or statement credits, providing you with greater flexibility.

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Fees and Charges of SBI Prime Credit Card

Fees:

Annual Membership Fee: The SBI Prime Credit Card comes with an annual membership fee that varies based on the card variant you choose. For instance, the Prime Credit Card has an annual fee of Rs. 499, while the Prime Billed Credit Card carries a fee of Rs. 999.

Add-on Card Fee: If you wish to issue an add-on card for your family members or supplementary cardholders, SBI charges a nominal fee for the same. This fee may differ based on the card variant and the number of add-on cards requested.

Cash Advance Fee: In case you need to withdraw cash using your SBI Prime Credit Card, you’ll be charged a cash advance fee, typically a percentage of the withdrawn amount or a fixed fee, whichever is higher.

Over-Limit Fee: If you exceed your credit limit on the SBI Prime Credit Card, you may be charged an over-limit fee. This fee aims to discourage cardholders from going beyond their assigned credit limits.

Late Payment Fee: Failing to make the minimum due payment on your SBI Prime Credit Card by the due date will result in a late payment fee. This fee serves as a reminder to make timely payments and maintain a good credit history.

Charges:

Interest Charges: If you carry a balance on your SBI Prime Credit Card beyond the due date, you’ll be charged interest on the outstanding amount. The interest rate may vary based on factors like your credit history and the card variant you hold.

Foreign Currency Transaction Charges: When you use your SBI Prime Credit Card for transactions in a currency other than Indian Rupees, you’ll be charged a foreign currency transaction fee, typically a percentage of the transaction amount.

Fuel Surcharge: Certain merchants, such as fuel stations, may levy a surcharge for accepting credit card payments. SBI may pass on this surcharge to you as a separate charge on your credit card statement.

GST and Other Taxes: Applicable taxes, such as Goods and Services Tax (GST), may be levied on the fees and charges associated with your SBI Prime Credit Card.

Eligibility for applying SBI Prime Credit Card

Minimum Age: The applicant must be at least 21 years old to be eligible for the SBI Prime Credit Card.

Resident Status: The card is open to Indian residents, including salaried individuals, self-employed professionals, and businesspersons.

Income Requirements: The applicant must have a minimum annual income of Rs. 3 lakhs if salaried and Rs. 4 lakhs if self-employed or a businessperson.

Credit History: A good credit score and a clean credit history are essential for approval. SBI may reject applications with defaulted loans or credit card dues.

Employment Status: Salaried applicants should have been employed with their current employer for at least 1 year, while self-employed individuals and businesspersons should have been running their venture for at least 2 years.

Document Requirements: Applicants must submit their latest salary slips, bank statements, ITR forms, and other income proofs along with the application form.

Existing Relationships: Existing SBI customers with a satisfactory banking relationship may have an advantage during the approval process.

Location: The eligibility criteria may vary slightly based on the applicant’s city or region of residence.

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Documents Required for SBI Prime Credit Card

Duly filled and signed SBI Prime Credit Card application form.
Passport-sized photographs of the applicant.
Proof of identity: A copy of your PAN card, Aadhaar card, voter ID card, or passport.
Proof of residence: A copy of your latest utility bill (electricity, gas, or landline telephone), bank statement, or rent agreement.
Proof of income:
- - For salaried individuals: Latest salary slip or Form 16.
  - For self-employed individuals: Income Tax Returns (ITR) for the last two years, along with computation of income and balance sheet/profit and loss account.
Bank account statement: The latest six months’ bank statement from your SBI or any other bank account.
Employment details: A letter from your employer stating your designation, date of joining, and current gross annual income.
Age proof: A copy of your birth certificate, PAN card, or passport.
If you’re a student, you’ll need to provide a copy of your current and valid student ID card, along with proof of income (if applicable).

How to apply for SBI Prime Credit Card?

Visit the SBI website or your nearest SBI branch to initiate the application process for the Prime credit card.
You’ll need to fill out an application form providing personal details like name, date of birth, residential address, income details, etc. Have your documents like ID proof, address proof, and income statements handy.
As a prime customer, you may be eligible for an expedited application process if you maintain a high-value relationship with the bank.
SBI may conduct employment verification, residence verification, and other checks to assess your creditworthiness and repayment capacity.
Once your application is approved, you’ll receive the physical SBI Prime credit card via courier at your communication address within 7-10 working days.
Activate the card by calling the number given in the welcome kit or through net banking/mobile app. Set your 4-digit PIN for secure transactions.
You can start using the Prime card for purchases at stores, online payment gateways, etc. and earn rewards on qualifying spends.
Ensure you pay at least the minimum due amount before the payment due date to avoid late payment fees and credit score impacts.
Manage your credit limit, outstanding balance, transactions through the SBI Card account online or the mobile app.

SBI Prime Credit Card Limit

The SBI Prime Credit Card offers a credit limit ranging from ₹25,000 to ₹10,00,000, depending on your eligibility and credit profile.
For salaried individuals, the credit limit is typically determined based on your monthly income, existing obligations, and credit history.
For self-employed individuals or professionals, the credit limit is based on factors such as your income from business/profession, net worth, and credit history.
If you have an excellent credit score and a stable income, you may be eligible for a higher credit limit, which can go up to ₹10,00,000.
In case you require a higher credit limit, you can request for a limit enhancement after maintaining a good repayment track record for a certain period.
SBI also offers the option of a temporary credit limit increase for a nominal fee, which can come in handy during emergencies or larger expenses.
The credit limit on your SBI Prime Credit Card is subject to periodic review by the bank, and it may be revised based on your credit behavior and income profile.

Rewards and Cashback on SBI Prime Credit Card

Rewards:

- - Enjoy accelerated reward points on various categories such as dining, groceries, and online shopping with the SBI Prime Credit Card.
  - Earn 10X reward points on dining and grocery spends, making it an ideal card for foodies and families.
  - Get 5X reward points on online shopping and utility bill payments, perfect for tech-savvy individuals and those who prefer the convenience of online transactions.
  - Accumulate 2X reward points on all other spends, ensuring you earn rewards on every purchase you make.
  - The reward points can be redeemed for a wide range of options, including merchandise, gift vouchers, and even air miles.

Cashback:

- - The SBI Prime Credit Card offers a generous cashback program, allowing you to save money on your everyday expenses.
  - Enjoy a flat 5% cashback on dining and grocery spends, up to a maximum of Rs. 1,000 per month.
  - Get a 2.5% cashback on online shopping and utility bill payments, capped at Rs. 500 per month.
  - Receive a 1% cashback on all other spends, providing you with savings across various categories.
  - The cashback is credited directly to your credit card account, making it convenient to track and utilize your savings.
  - With no minimum spend requirement, you can start earning cashback from your very first transaction.

How to Redeem Earned Rewards and Cashback Points?

Rewards:

- - Log in to your SBI Prime Credit Card account via the SBI website or mobile app.
  - Navigate to the ‘Rewards’ section and select the desired reward option (e.g., merchandise, gift vouchers, airline miles, or statement credit).
  - Browse through the available rewards and choose the one you want to redeem your points for.
  - Confirm the redemption details, including the required number of points and any additional charges or fees.
  - Complete the redemption process by entering the necessary information (e.g., delivery address for physical goods or account details for statement credit).
  - You can also redeem your points for charitable donations or transfer them to someone else’s SBI Prime Credit Card account.
  - Keep track of your remaining points balance and plan your future redemptions accordingly.

Cashback:

- - SBI Prime Credit Card offers cashback on various categories of purchases, such as groceries, dining, fuel, or online shopping.
  - The cashback earned is automatically credited to your SBI Prime Credit Card account as reward points or direct cash credits (depending on the offer).
  - To redeem the cashback points, follow the same process as redeeming rewards points (as mentioned above).
  - For direct cash credits, the cashback amount will be automatically adjusted in your next billing statement, reducing the outstanding balance.
  - Some cashback offers may require you to activate them beforehand or meet certain spending criteria to be eligible.
  - Check the SBI website or mobile app regularly for the latest cashback offers and promotional campaigns.