Update: This card no longer issued by SBI, it has been changed to SBI Card Elite and here are the changes

I’ve been recently checking out as many credit cards as possible and had always ignored SBI as their high end cards has joining fees. Finally i got right time to grab one as i plan to shop at Jabong and its good to see that SBI issue Jabong gift cards as a welcome gift if you sign up for Visa Signature Credit card. You can select e- Gift Voucher worth Rs. 5,000 from any of the following brands: Yatra, Jabong, Marks & Spencer, Westside, Shoppers Stop

Joining Fee/Annual Fee of the card: Rs.4999 + S.Tax = Rs. 5,725

SBI Signature Credit Card Application Process:

It took nearly 20 Days to receive my card after applying. It was pretty long, but worth the wait. The courier comes with a pretty big box that includes the card and all other catalogs. To my surprise, they kept the card inside a nice personalized credit card holder with my name on it. It was simply awesome with a bit of personal touch. And now it became my fav card holder to store other premium cards. Here are some snaps 🙂

Personalized Card Holder from SBI

SBI Visa signature Credit Card

They charged my joining fee on first month statement and its sad that they will issue Gift voucher only after 28 days of payment and they will take another 15 days to deliver the voucher. Typically it takes almost 2 months for you to have hands on the gift vouchers from the date of applying the card. That’s way too long.

SBIcard Customer Service Review:

Except these long delays of card issuance and welcome gift issuance, i’m just amazed at how professional and neat rest of their process is. Once i received the card, card activation, pin activation and rest of the stuffs were just breeze. They have very good net-banking user interface unlike SBI bank. (note that sbicard & sbi bank are completely different wings)

Sbi Cards Net banking

Customer service experience is equally good. If you need to talk to customer care, all you need to do is drop a message and you get a call within 24 hrs. Infact they called me within 12 hrs when i raised a request. Loved the speed.

Signature Rewards

One of the major reason for me to go with SBI Signature card is that due to its generous bonus reward points apart from the regular rewards you earn. Here are the highlights

  • 1 Reward Point = 0.25 INR
  • Regular RP Earn Rate: 2 reward points per Rs.100 spent (0.5% in value)
  • Accelerated Earn Rate: 10 reward points per Rs.100 spent (2.5% in value)
  • Earn 10,000 bonus Reward Points on achieving annual spends of Rs. 2 lakhs, 3 lakhs and 4 lakhs
  • Earn 20,000 bonus Reward Points on crossing annual spends of Rs. 5 lakhs

So if you’re a person who spend a lot on card, this should be in your wallet. Here’s why: If you spend 5 Lakhs, you get 10,000 RP(regular) + 50,000 RP (total annual spend bonus) = 60,000 RP = 15,000 INR (3% savings in value)

This beats hdfc regalia by 1% in savings which is one of my most favorite card for quite a time. The best part is that i can convert RP to cash credit against my statement. There are hardly few cards in India that has such cash redemption options.

Complimentary Movie Tickets

Another excellent offer here is that you are eligible for complimentary movie tickets worth Rs.500. Unlike other bookmyshow buy1get1 offer, this is little different.

If customer buys 2 tickets and each tickets is for Rs 300. Total transaction value will be Rs. 600. Discount amount will be Rs 500 ( as discount on each ticket is Rs 250). Customer will pay only Rs 100. This is an unbelievably awesome offer and you can save Rs.6000 with movie tickets Every year.

However, i have no idea how many overall quota they have per day for this offer. I’ll update here if i happen to face any issues with it.

Features of SBI Visa Signature Credit Card:

  • CardExpert Rating: 4.5/5
  • Reward rate: ~0.5%  normally, upto ~3% on accelerated rewards
  • Accelerated Rewards: You can earn 5X Reward points on Dining, Departmental stores, Grocery and International spends.
  • Complementary Airport lounge access: Yes, through Visa Signature Lounge Access program. Also you get complimentary membership for Priority Pass, but no free access allowed via Priority Pass card.
  • Fuel Surcharge Waiver: Enjoy 0% surcharge (Minimum transaction of INR 500. Maximum waiver of INR 250 per statement cycle)
  • Foreign Exchange Markup fee: 3.5% + Service Tax
  • Special Features: Complimentary movie tickets, Accelerated rewards feature.
  • Personal Concierge Service: Global Concierge Assistance for all your travel & other needs. Its kind of virtual assistant service over phone.

Final Words on SBI Signature Credit card:

I’m more than happy to see SBI with such wonderful offers around. SBIcard appears to have one of most talented team with latest technology in place. Right from their website design to card usage, they’re one of the best in the industry i’ve seen so far.

As far as signature card is concerned, its a great money saver if you spend anywhere between 5L-6L per annum, above or below than that won’t give you an effective utilization of the card benefits. Hope the review helps you save a lot in 2016 🙂

Do you hold SBI Signature Card or planning to get one? Drop your comments below!

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