SBI Prime Credit Card Review

SBI Prime Credit Card Review

SBI Prime Card was launched in mid-2017, and it has quickly established itself as one of India’s top premium credit cards for a variety of reasons, including rapid acceptance, milestone incentives, lounge access, fee waiver on expenditure, and more.

The SBI Prime Credit card competes with HDFC Regalia, a premium card given by India’s largest credit card issuer. Both credit cards provide appealing offers and cater to the needs of their respective clients. However, the SBI Prime Credit Card is easier to obtain than the HDFC Regalia because no specific income or Net Relationship Value (NRV: average monthly balances maintained with the bank) is required to obtain the card, whereas the HDFC Regalia has precise income restrictions.

Here is our review of the SBI Bank Prime Credit Card, where we delve deep into the pros, cons, rewards, cashback, and more. We attempt to answer the question of whether you should get one for yourself or not?

Fees and Charges

LableFees
Joining Fee Rs. 2,999 + GST
Annual Fee Rs. 2,999 + GST (one-time)
Interest rate Up to 3.35% per month

SBI Prime Credit Card Pros & Cons

Pros
  • For every Rs100 purchase, you can earn up to 20 reward points. The total number of points gained is determined by the spending category.
  • 4 free visits to Priority Pass airport lounges worldwide & 8 free visits to Priority Pass airport lounges in India
  • Milestone rewards include e-gift certificates for quarterly and annual spending of 50,000 and 5 lakhs, respectively.
  • On transactions between 500 and 4,000, there is a 1% fuel surcharge waiver across all petrol bunks, up to 250 every statement cycle.
  • Club Vistara Silver membership is free.
  • For every Rs 100 spent on Vistara flights, you’ll earn 9 Club Vistara Points.
Cons
  • The annual charge for the SBI Prime card is Rs 2,999 + GST. The annual fee waiver threshold is also substantial, requiring Rs 3 lakhs in spending. If you don’t want to pay such a large annual charge, there are alternative credit cards with lower annual fees that offer similar perks.
  • Movies and Entertainment – Most premium credit cards give you a free movie ticket if you buy one every month. With the SBI Prime credit card, however, this is not the case. This card is not for you if you are a movie buff who goes to the movies at least once a month.

Rewards and Cashback

  • For every Rs 100 spent on dining, groceries, departmental stores, and movies, you will receive 10 reward points.
  • Credit card dues can be paid with Reward Points.
  • 1 reward point is equal to Rs 0.25.

Who Should get an SBI Prime Credit Card?

The SBI Prime Credit Card is one of the top premium credit cards for customers who want a card with a variety of features but don’t want to pay a massive annual fee. The benefits that this card provides are extremely outstanding for a cost of Rs 2,999. On utility bill payments, the card gives a 5% reward rate (20 points per Rs 100 spent; 4 points = Re 1), as well as a 2.5 percent reward rate (10 points per Rs 100 spent) on restaurants, grocery, department stores, and movies.

SBI Prime Credit Card eligibility

1. Age

  • The Add-on cardholder must be at least 15 years old.
  • The main cardholder should be 18 to 70 years of age.

2. Location

  • The cardholder does not have to be a resident of India.

3. Income

  • Not specified

4. Documents

  • Registration form
  • A copy of your PAN card or Form 60 is required.
  • PAN, driver’s license, Aadhaar Card, and other forms of identification are acceptable.
  • Proof of income – most recent payslips, Form 16, IT return.
  • Passport, Ration Card, Electricity Bill, Aadhaar, etc. are all acceptable forms of evidence of residence.
  • Passport sized color photographs

Rating and Reviews

Source: SBI Bank

Cashback and Rewards – 3/5 When compared to the SBI Prime, the HDFC Regalia allows you access to more airport lounge visits if you travel frequently. This card offers a 10% discount on participating Trident Hotel bookings and a 2.25% booking reward rate for Air Vistara tickets in the travel category.

Fees and charges- 3.5/5 Although the Rs 2,999 fee is quite steep, a Rs 3 lakh fee waiver are decent given you make most of your spending through the credit card. As an effectively free card, this one is a good all-rounder.

Eligibility- 3.5/5 In terms of serviceability, SBI has the biggest network of branches and customers in India. Additionally, income and general approval for this card should be swift enough, provided you are not an existing SBI credit cardholder.

Overall – 4/5 This card may be an excellent choice if you often book flights and require airport lounge access, or if you want to take advantage of premium services such as car rentals, hotel stays, and airport transfer services.

This card is perfect for consumers who want a single card that can be used for a range of things at a low cost, such as utility bill payments, grocery, eating, and travel.

Conclusion

SBI Prime is the ideal alternative for you if you want a premium credit card but don’t want to pay a steep annual fee. It will give you better prices on travel bookings, access to airport lounges, hotel stays, and premium concierge services, among other things. You can choose from a variety of cards if you want a card that matches your needs for movies, online shopping, and so on.

If you don’t want to pay the Rs 2,999 renewal charge, you can go for the SBI SimplyCLICK credit card, which has an annual fee of Rs 499 with significantly fewer benefits, or the SBI SimplySAVE credit card that lets you save a ton offline. If SBI Prime does not match your entire needs, you can choose the SBI Elite credit card too, which offers greater benefits albeit with a higher annual fee and as part of a more premium tier.

If you do decide to get an SBI Prime, get an SBI IRCTC Premier credit card to complement it for savings on train bookings.

FAQs

What is the credit limit of SBI Prime credit card?

The credit limit on the SBI Prime Credit Card can vary from Rs 50,000 to Rs 5 lakhs per month. It depends entirely on your credit history, relationship with bank, and account balances.

How can I waive SBI Prime annual fee?

You can get a Waiver of Renewal Fee on annual spending of Rs 3 lakhs, a threshold which comes to about Rs 25,000 per month.

How can I increase my SBI Prime credit limit?

You can increase your SBI Prime credit card limit by logging onto SBI Bank’s dedicated credit card website, www.sbicard.com.

What is SBI Prime credit card?

The SBI Prime is one of SBI’s premium credit cards, designed primarily for frequent travelers and those who make the majority of their expenditures online.

What are the benefits of SBI Prime credit card?

Pros
1. Up to 5% rewards rate and accelerated incentives for birthday purchases.
2. Lounge access is available both internationally as well as domestically.
Cons
1. The annual charge may not be appropriate for everyone.
2. The incentive rate for general spending is low, at only 0.5 percent.

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