SBI SimplySAVE Credit Card Review

SBI SimplySAVE Credit Card Review

SBI is linked with “integrity” in the Indian banking industry for a lot of reasons. The obvious consideration is that it is a trusted public sector bank. While SBI Card is a separate entity, it still carries the trust and experience of the decades-old bank that has been part of the industry as a major player since its inception.

In March 2018, SBI came out with the SimplySAVE credit card to meet the needs of its young clients who like dining out, shopping, and frequent visits to malls and movie theatres. This card offers the same benefits for offline buying as the SBI SimplyCLICK card does for online shopping. Here is our review of the SBI SimplySAVE 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?

Pros & Cons

Pros
  • If you spend up to Rs 1 lakh on your credit card every year, your annual fees are waived.
  • You will receive 2,000 bonus Reward Points if you spend Rs 2,000 or more in the first 60 days. This deal is only valid for new cards; upgrades, re-issued, replaced, and renewed cards are not eligible.
  • For transactions between Rs 500-3,000, a 1% fuel surcharge will be waived off.
  • On EMIs, you can make a balance transfer- This same feature is offered with the SBI SimplyCLICK Credit Card, which allows cardholders to transfer outstanding balances from other credit cards to SimplySAVE and pay them back at a cheaper interest rate for a set period.
  • You can have a cheque in the amount of your credit limit delivered to your mailing address whenever you need it. This can be requested through an online form.
Cons
  • Low default reward rate: The 0.25% reward rate on online purchases and other categories is nothing but a promotional tactic.
  • There are no spend-based milestone bonuses with the SBI SimplySAVE Credit Card, which is a disappointment. This feature is available on other SBI credit cards too.

Rewards and Cashback

  • Spend Rs 100 on dining out, movies, department stores, and groceries to get 10X Reward Points.
  • 1 Reward Point for Rs 100 spent on all other purchases.

Fees and Charges

LableFees
Joining fees Rs. 499
Renewal fees Rs. 499 (waived off on spends of over Rs 90,000 in a year)
Interest rate 3.50% per month (42% per annum)

Who Should Get an SBI SimplySAVE Credit Card?

For those searching for a basic credit card with a low annual fee and a low fee waiver threshold, the SBI SimplySAVE credit card is a suitable choice. Cardholders who want to save money on everyday grocery and department store purchases offline can benefit from this card. If the majority of your expenses are online, SimplyCLICK should be a better choice.

Eligibility Criteria

1. Income

  • Salaried applicants must have a monthly income of at least Rs. 20,000.
  • Self-employed applicants must have a monthly income of Rs. 30,000.

2. Location

  • The applicant should be a Resident of India

3. Document

  • Identity proof
  • Address proof
  • PAN card
  • Passport size photographs
  • Income proof document
  • Bank statement

Ratings and Reviews

Source: SBI Bank

Cashback and Rewards 4/5 Spending on Dining, Movies, Grocery, and Department Stores can earn you 10X RPs. This is the card’s most important feature. If you buy things from supermarkets, you’ll appreciate this card because it gives you a flat 2.5% cashback (10X rewards). And this is significant because no other card with such a low annual fee can get you such a high cashback rate.

Fees and charges 4/5 If your annual spending exceeds Rs. 90,000, fee of Rs.500 + GST is waived. This is rather easily reachable given you spend only about Rs 7-8,000 per month.

Eligibility 4/5 You can apply with an income of Rs 20,000 per month. You can also get a maximum of two free add-on cards.

Overall 4/5 Throughout the year, during several promotions, SBI Card runs 10-15% off campaigns on websites like Flipkart, Amazon, TataCLIQ, and others. These kind of savings are reason enough to carry an SBI Credit Card in your wallet, especially the SBI SimplySAVE.

Conclusion

SBI SimplySAVE Credit Card is the offline version of SBI SimplyCLICK. With offline purchases, there is a 2.5% cashback, which makes up for a great return on your spends that are exempt from high rewards on most other basic credit cards like the Axis Flipkart or the Amazon Pay ICICI. There are added benefits on dining, movies, department stores, and grocery shopping which is the cherry on top.

If you are looking for something more premium, we will suggest the SBI Prime which has a lot more benefits, or the SBI Elite which has a steeper annual fee albeit with super premium features.

FAQs

Is SBI SimplySAVE a good Credit card?

For those searching for a simple card with a low annual fee, the SBI SimplySAVE credit card is a suitable choice. Cardholders who want to save money on everyday grocery and department shop purchases can benefit from the card.

What is the credit limit for SBI SimplySAVE Credit Card?

The credit limit on your SBI SimplySAVE credit card depends upon your credit score, income, and history of repayments.

How can I increase my SBI SimplySAVE Credit Card limit?

Log in to sbicard.com and go to the left-hand menu to ‘Offers or Benefits.’ If you are qualified for a credit limit increase, you will have an option to do so. Check your account for any Credit Limit Increase offers and click the ‘Submit’ button.

How to activate SBI SimplySAVE credit card?

To activate your SBI Card, log in to your account at sbicard.com or send an email at sbicard.com/Email. You can also activate your card by calling the toll-free number. Alternatively, you can activate your card by logging in to Chatbot ILA with your online account user ID and password.

How to close SBI SimplySAVE credit card?

By writing or contacting the SBI Card Helpline, you can close your credit card account. You must cut your credit card(s) diagonally after submitting your request for account termination. The add-on cards will be automatically terminated as a result of your request.

How to upgrade SBI SimplySAVE credit card?

Users can acquire the upgraded card by logging into their SBI card account and clicking the “Upgrade Now” option. Cardholders can contact customer service to seek a credit card upgrade. 1860 180 1290 or (STD Code) 39 02 02 is the customer service number.

How to redeem SBI SimplySAVE credit card in cash?

These points can be redeemed to pay down a credit card balance or to purchase items from the SBI website.

Will the SBI SimplySAVE credit card be accepted outside India?

Yes. SBI credit cards can be used internationally with ease, although there is a foreign currency markup cost that varies depending on the type of card used.

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