The SBI Simply Save Credit Card is designed to for consumers who spend a lot on dining, movies, and shopping at supermarkets. But is this for you? Let's find out.
Gone are the days when banks would offer a standard credit to all their customers. As the credit card market has become more competitive, banks have come up with a specific credit card to target specific spending patterns of the consumer.
The SBI Simply Save Credit Card is one such example, which is designed to for consumers who spend a lot on dining, movies, and shopping at supermarkets.
Features of SBI Simply Save Credit Card
Let’s discuss some of the benefits the SBI Simply Save Credit Card offer.
10X Rewards Points
As an SBI Simply Save Credit Card user, you can earn 1 reward point for every Rs. 100 spend. However, if you’re spending on dining, movies or groceries, you will earn 10 reward points for every Rs. 100.
To put that in perspective, you get 1 rupee for every 4 points earned.
Comparatively, it’s better because, in most other credit cards, you must spend Rs. 125 to earn 1 point.
Moreover, it goes to show the card is designed for consumers who tend to spend a lot on these categories. But then you earn higher reward points by spending more.
0% Fuel Surcharge
If you’re someone who tends to travel a lot using your personal vehicle, the SBI Simply Save Credit Card can help you save a great deal in terms of fuel surcharge waiver.
If you’re spending anything between Rs. 500 to Rs. 3000 on fuel at any fuel station (petrol pump), you get a waiver on your spending.
That’s a lot of saving for people who spend quite a bit on refueling their vehicle every now and then.
There are times when your credit is not accepted at some outlets because your banks don’t have a tie-up. With the SBI Simply Save Credit Card, you don’t wave to worry about that.
The International credit card is accepted at over 2 million Visa outlets worldwide and more than 2,85,000 outlets in India.
Whether you’re at a domestic airport or traveling abroad, you don’t worry about carrying cash as long as you carry the SBI Simply Save Credit Card with you.
Apart from rewards points, many credit card providers offer spend based reversal feature to their customers these days. It’s an attractive incentive that encourages users to spend more and more.
The SBI Simply Save Credit Card is no exception to this marketing norm.
It reverses your annual membership fee (Rs. 499 + taxes) from the second year of your subscription if your annual spending goes above Rs. 75000.
Note: There’s no reversal in the first year of your subscription, meaning even if you spend Rs. 75000 or more in the first year, you will get no waiver. However, if you spend over Rs. 2000 within the first sixty days after receiving the card, you earn 2000 bonus reward points, which essentially translates into Rs. 500 – the sum that nearly equals to your first year’s annual subscription fee.
While everything sounds attractive about the SBI Simply Save Credit Card, there’s only one thing that may turn you off, especially if you frequently deal with foreign currencies. It charges 3.5% for foreign currency transaction conversion fee. Some consider this to be a little higher than what other competitors in the market offer.
Cash Back: If you withdraw cash from any SBI ATM using your credit card within the first 30 days, you will get Rs. 100 cash back.
Add-on Cards: You can offer add-on cards to any of your family members including spouse, parents, kids and siblings if they are above the age of 18.
How to Avail SBI Simply Save Credit Card?
The qualification for getting the SBI Simply Save Credit Card is quite simply. You have to be an income earning person and be above the age of 21.
• Photocopy of your ID proof (such as Aadhar Card, Driving License, PAN Card)
• Photocopy of Income Proof (Salary Slip or Bank Statement)
• Photocopy of Address Proof (Electricity Bill or Landline Phone bill)
• One Passport Size Photograph
SBI Simply Save Credit Card – Fees & Charges
Annual Fee – Rs. 499 (Plus taxes)
Additional Fee – Nil
Card Period – 20 to 50 days
Interest – 3.35 percent per month (40.2 per annum)
If you’re planning to apply for the SBI Simply Save Credit Card, I’d recommend reading all the information on the official website before taking the final discussion.
SBI Simply Save Credit Card: Demerits
I visited MouthShut.com to see what users say about their experience with the SBI Simply Save Credit Card. While everybody was happy with the features of the card, they are only disappointed with the customer services. However, if you’re going use your credit card judiciously and pay your due in time, I don’t think it’s going to have to speak to the customer care very often.
I hope you find this review helpful. If you have any questions or you think I have missed any important points, please, let me know in the comments below.