SBI SimplySAVE Credit Card: Believe it or not, for most people in India the word SBI is synonymous with “trust” in banking. The reasons are obvious, the amount of time it is around an the second thing is that it’s a govt. bank. Both these factors became instrumental in roping in huge number of customers when SBI decided to introduce it’s credit card services in India.
While we may be vocal in the lapses in customer care services from SBICard just as there are with other credit card companies like HDFC and Yesbank, however, no one can deny the fact that SBI with the sheer number of customers may very well be the largest credit card issuer in the country soon. I used to own a SimplyCLICK credit card but for totally personal reasons and not for much benefit, I have swapped it for SimplySAVE card.
If you consider embossed cards, no one can deny that SBI has some of the most beautiful looking cards in the industry. This card is not an exception too. The card is issued on two platforms- VISA and Mastercard. Earlier, the VISA one came with ‘VISA Platinum” written and Mastercard , came in with “Mastercard Titanium” written. I got this card just a few days ago. Since, I held a Mastercard variant of SimplyCLICK card, so when I swapped my card, I was given a Mastercard variant of SimplySAVE card.
It comes in wonderful blue colour with “₹” inside the design. It looks great. The card also flaunts the new Mastercard logo and is devoid of the “Titanium” branding.
The card comes with a welcome benefit of 2000 RPs if you spend more than ₹2000 within 60 days of card set issuance. This guarantees the amount of ₹500 as CB for the joining fees that you give (₹500 + GST).
You get 10X RPs for spends on Dining, Movies, Grocery and Departmental Stores. This is the biggest benefit of the card. If you are among the people who have the habit of purchasing stuff from local marts like Big Bazar or so, you’ll love this card for getting you flat 2.5% CB. And this is huge as no card with such low joining and annual fees allows such CB.
The Base Reward Earning rate is 1 RP for ₹100 spent (0.25% CB). This is not beneficial for those who spend more on other categories and online shopping. For the online expenditure, SBI SimplyCLICK Cards are more apt.
1% fuel surcharge waiver across ALL petrol pumps. The upper cap of surcharge waiver is ₹100/month for txn spends between ₹500 to ₹3000.
Membership fee of ₹500 + GST is waived off if your annual spends are more than ₹90,000. This is quite easily achievable.
As with other SBI Cards, you can apply for a maximum of 2 add on cards which come for free.
One of the biggest benefits of the card is that you can redeem the points accrued as statement credit. The minimum points required to redeem is 2000 RPs. This is a good way to redeem the points. However, what we don’t know is whether there is any redemption fee or not.
One of the biggest advantages of holding an SBI Credit Card is that SBI runs 10-15% off campaigns on websites like Flipkart, Amazon, Snapdeal etc all through the year during many sales. This kind of discounts itself warrants the need of keeping an SBI Credit Card in the wallet. I am sure many of us have used these discounts in the past.
Card Expert Rating: 3.5/5[yasr_overall_rating]
UPDATE: As many users are mentioning there is a redemption fee of ₹99 + GST. Please ask them before redemption.
What do you think of this card? Do you consider it better for low spenders? Have you owned this card in past or plan to own it for your parents? Do let us know in the comments section below.
5paisa.com is a leading online stockbroker offering discount brokerage servicesto retail investors in India. 5paisa Stock Capital Ltd is a publicly-traded and professionally managed company promoted by IIFL founders. As of March 2021, it has over 1.2 million clients.
5paisa online trading is available in equity, commodity, and currency at BSE, NSE, and MCX. It is a flat rate discount stockbroker. It charges a flat 20 Rs brokerage irrespective of the size of the trade, segment, or exchange.
5Paisa offers three subscription plans; Regular Account Pack, Power Investor Pack, and Ultra Trader Pack. These plans provide you the various benefits from Zero Account opening charges to Flat Fee reducing from Rs 20 to Rs 10.
5paisa Mutual Funds offering includes both Regular as well as direct mutual funds. 5paisa change flat Rs 10 per executed order for online mutual funds investment. An investor can invest in a lump sum or through SIP.
5paisa demat account is offered through its depository participant membership with CDSL. It is awarded as Premier Depository Participant by CDSL in March 2019.
5paisa trading platform includes Mobile Trading App, Trading Website, and Installable Trading Terminal. These platforms are built on the latest technology and recognized for the best use of mobile technology in financial services.
How 5paisa is different from other online brokers?
5paisa is a one-stop-shop for a range of financial investment products. Below are the reasons why 5paisa is a preferred choice for most investors.
Lowest charges: 5paisa charge flat Rs 20 per order executed. This charge becomes Rs 10 with our value add packs, which is the lowest in the industry.
Research Ideas: 5paisa is the only discount broker to provide exhaustive research and advisory on more than 4,000 companies. We provide short-term and long-term calls, Derivative strategies, and also portfolio-based investment ideas.
Margin Funding: 5Paisa provides the customer a facility of margin trade funding wherein a customer only pays a partial amount of the delivery bought in the cash segment. The balance is funded by 5paisa for a nominal rate of 0.06% per day.
Multi-Product App: 5paisa is not just a trading app, it is a one-stop-shop for all investment products including gold, peer-to-peer lending, insurances, mutual funds, and US investment.
Analytics Services: 5paisa offers Portfolio Analyzer – a tool to analyze the performance of your portfolio on your own and improve your investment strategy.
Value-add packs: With value-add packs, you can get the first 100 trades FREE every month and a flat fee of 10/executed order (50% discount) is charged from 101st trade for all segments.
Account Types
5paisa Trading & Demat Account : 5paisa is India’s fast growing discount broker offering investing and trading services in segments including stocks, derivatives (F&O) and currency. 5paisa is member of BSE and NSE. 5paisa trading account is backed by the experience and technology developed by its parent company IIFL for over 20 years in retail broking industry.5paisa.com offer trading services under a simple brokerage plan. Customers can trade across the segments for a flat rate of Rs 20/order in Optimum Plan and Rs 10/order in Platinum Plan and Free Equity Delivery in Titanium Plan. This brings saving up to 90% in comparison to traditional brokers who charge brokerage fee in % of the total turnover.5paisa trading account is well integrated with other products they offer including mutual funds, etf, bonds and insurance.
Mutual Fund Account: Online Mutual Funds Investment Account is a key offering from 5paisa. You can open just a Mutual Funds Investment Account with 5paisa for free of charges.5paisa also offers Systematic Investment Plans (SIP), an automatic periodic investment option in stock market though mutual funds.The ‘Auto Investor’ tool is available free of charge to its customer which helps with online MF advisory. This tool help in choosing the right funds based on their risk profile and return expectations.
5paisa Stock subscription plans
5Paisa offers three subscription plans – Basic, Power Investor and UltraTrader Plan. New customers can subscribe to the plans while opening the account. Existing customers can subscribe to the plans using 5Paisa website or mobile application.
Visit 5paisa Brokerage Charges Review for more detail.
5paisa Online Account Opening
5paisa’s 2-in-1 account (demat + trading account) gives its customer an option to invest and trade in the stock market as well as in mutual funds. If you are looking for only Mutual Funds as investment options, a separate Mutual Fund Account is available.
5paisa offers completely paperless account opening based on Aadhaar. If you have Aadhaar number and your Aadhaar number is mapped to correct mobile number, the account opening process is really fast. After completing the online application, the online trading accounts get activated in few hours.
You could also download the application form, print it, fill it up and send it to 5paisa Mumbai office to open the account.
The 5paisa Trading Platform is built on IIFL’s trading platform which is being used by many customers over last 2 decades. The trading platform of 5paisa is available on mobile app, browser (web) and install-able desktop trading application (Exe).
5paisa Trading Software
5paisa Mobile App: The 5paisa mobile trading app offers trading at BSE/NSE and Robo Advisory on the go. Customer can download this free app from Google App Store or Apple App Store. The simple intuitive app can be used to buy stocks, trade in stock and currency futures & options, invest in mutual funds, etf’s and bonds ect.
5paisa Web Trading (5paisa.com): 5paisa has a powerful trading website (www.5paisa.com) which can be accessed from any available web browser on computer, laptop, mobile devices or tablets. The website (also called 5paisa Trader Station) offers all trading and investment options under one domain.The web based trading platform is well integrated with payment gateway and banks for instant fund transfers.
5paisa Trade Terminal: 5paisa installable trading terminal is designed for frequent traders who need advance trading tools. The desktop application offers real time data, advance charts for intraday and historic stock prices.Variety of keyboard shortcuts are available to monitor the market on real-time basis and place orders faster.
Visit 5paisa Trading Software Review for more detail.
5paisa Pros and Cons
5paisa Pros (Advantages)
The following are the advantages of 5paisa. You must read 5paisa advantages and disadvantages before opening an account with 5paisa. 5paisa pros and cons help you find if it suits your investment needs.
Flat 20 Rs/order irrespective of size of trade, segment or exchange.
All in one account to invest in stocks, mutual funds, commodity, currency, research and advisory.
FREE and paperless account opening in 5 minutes.
Lowest DP Charges
Free Mutual Fund account
Multilingual trading app
Free trading platform including mobile app, website and desktop trading terminal. No software charges.
Provide Stock Investment Ideas and Research tools
Algo trading and Robo Advisory services
Offers free technical, derivative and fundamental research & advice to customers for additional cost.
Technical calls on both Email and Mobile.
Promoted by the IIFL promoters. IIFL is a premier non-banking financial institution in India with experience of over 2 decades.
The following are the cons of 5paisa. Check the list of 5paisa drawbacks.
Margin funding is given to the customers without notice. This cases major confusion and customer paying hefty interest charges.
Very high demat debit transaction charges. They charge Rs 25 or 0.025% in Optimum plan.
Higher exchange transaction charges in competition to other discount brokers.
Call & Trade is available at an additional cost of Rs 100 per call in Optimum plan. The customer can place any number of trades in one call for Flat Rs 100 fee.
Research & advisory services are not available in Optimum Plan.
