SBI offers very few premium credit cards and SBI Elite Credit Card is one of them. It stands between Sbi Prime (semi-premium card) and SBI Card Aurum (super premium card).

It was previously issued as SBI “Signature” Credit Card long time ago, which I was holding for sometime before they devalued it and made it as SBI Credit Elite. Here’s everything you need to know about the SBI Elite Credit Card in it’s current form.

Overview

Type	Premium Credit Card
Reward Rate	0.5% – 2%
Best for	Milestone benefits
USP	Movie benefit

SBI Elite Credit Card is a decent premium credit card, which is good for those who prefer milestone benefits along with the lucrative monthly movie benefit.

However, SBI Elite Card shouldn’t be a choice for most, which you’ll know why shortly.

Joining Fees

Joining Fee	4,999 INR + GST
Welcome Benefit	Rs. 5,000 e-gift Voucher
Renewal Fee / Annual Fee	4,999 INR + GST
Renewal Benefit	Nil
Renewal Fee waiver	On spending >10 lakhs

• Welcome Gift Voucher Options: Yatra, Hush Puppies/Bata, Pantaloons, Aditya Birla Fashion and Shoppers Stop.

When it comes to renewal, if the renewal spend criteria is met, they usually charge the fee & then refund it back after a week. I wish they rather not charge at all, just to avoid confusion.

To apply, You’ll need to open the link on desktop (not mobile), click on “start apply journey” and click on “change card” and choose your preference.

Design

I’ve had a look at the SBI Elite Credit Card in person multiple times in the last few years and it looks beautiful for sure.

Rewards

SPEND TYPE	REWARD POINTS	REWARD RATE
Regular Spends	2 RP / 100 INR	0.50%
Dining, Departmental stores & Grocery Spends	10 RP / 100 INR	2.5%

• 1 Reward Point Value: Rs.0.25 (can be adjusted as statement credit)
• Category exclusions apply, just like most other SBI Cards

Milestone Rewards

Annual SPEND	MILESTONE Benefit	SAVINGS (Cumulative)	Reward Rate
3 Lakhs	10,000 Points (2,500 INR)	10,000 Points (2,500 INR)	0.8%
4 Lakhs	10,000 Points (2,500 INR)	20,000 Points (5,000 INR)	1.2%
5 Lakhs	15,000 Points (3,750 INR)	35,000 Points (8,750 INR)	1.7%
8 Lakhs	15,000 Points (3,750 INR)	50,000 Points (12,500 INR)	1.5%

The spend-linked milestone benefit is the key feature of the SBI Elite Credit Card, as this alone can offer a return of 1.5% on 8L annual spends.

And if you add the regular rewards, assuming 0.5% on regular retail spends, that’s a decent 2% reward rate.

Not to forget that SBI Signature credit card (no more available) used to offer a 3% reward rate with which I earned Rs.18,000 Cashback in the past.

Learn Also : Standard Chartered Super value titanium credit card 2024

Movie Tickets

• Max Tickets: 2 per month, 250 INR/ticket = 500 INR savings a month

Complimentary movie tickets worth Rs.500 per month is an excellent benefit on this card and is undoubtedly the favourite benefit for most Sbi Elite Cardholders.

Airport Lounge Access

ACCESS TYPE	ACCESS VIA	LIMIT
Domestic (Primary)	Visa / Mastercard	2/Qtr
International (Primary)	Priority Pass	6 (Max: 2/Qtr)

Remember, both lounge benefits applies only for Primary SBI Prime Credit Card holder and not to forget that the Priority Pass expires in 2 Years.

Other Benefits

• 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
• Club Vistara Silver & Trident Red Tier membership
• Golf sessions via Mastercard World benefit.
• Personal Concierge Service: Global Concierge Assistance for all your travel & other needs. Its kind of virtual assistant service over phone.

The concierge service available with this card is the same as that provided on SBI Aurum Credit Card. Though I’m unsure if they’re still providing it on Elite cards.

Should you get it?

• Quick answer: No

Long answer: If you’re a movie buff who can take advantage of the benefit every month, I think it’s a decent card. Let’s see how the reward rate changes with the Movie benefit:

• You get 2% return on 8L regular spends
• You get 1.35% return on 10L regular spends (with annual fee waiver)
• You get 2% return on 10L spend + if you avail movie benefit every month

So the maximum return that you could get from the card is only 2%, which is too low in 2024 for 10L annual spends.

In most cases that I’ve personally seen, if one has higher spends of about 10-12L a year and looking for a best SBI Card, then SBI Aurum Credit Card is a much better choice over SBI Elite Credit Card any day.

But of-course if you’re not eligible for Aurum Card and still need movie benefit, then SBI Elite Credit Card might just serve the purpose.

To apply, You’ll need to open the link on desktop (not mobile), click on “start apply journey” and click on “change card” and choose your preference.

Bottomline

• Rating: 3/5

While the SBI Elite Credit Card was a decent option in the past especially due to it’s movie benefits, I don’t think it’s a preferred choice in 2024.

The Cashback SBI Credit Card now offers a straightforward 5% cashback on online spends, and even the SimplyClick SBI Credit Card that comes at a very low fee provides a sweet 5% return on 2L annual spends.

These 2 cards are a gem not only within SBICards but also across the banks in India. If your spends are on the higher side, you should explore Aurum SBI Credit Card which comes at a pretty good reward rate on 1L monthly spend.

Do you think SBI Elite card is for you? Do share your views in comments below.