It is said, “The SBI SimplySAVE Credit Card is a solid choice for individuals seeking a credit card with reasonable fees and decent rewards.” Let’s see, is this proverb correct?
Joining fees and Annual Fees
The SBI Simply Save Credit Card has the following joining and annual fees:
- Joining Fee (First Year): Rs. 499
- Annual Fee (Subsequent Years): Rs. 499 (waived if you spend more than Rs. 1 lakh in a year)
- Add-on Fee (per annum): Nil.
SBI Simply Save Credit Card Interest Rates
Payment Terms
Full Payment by Due Date: No interest charged if you pay your balance in full by the due date.
Interest Rates
Outstanding Balance for Regular SBI Simply Save Card: 3.50% per month (42% per annum) on outstanding balances for transactions of Rs. 1,000 or more.
Eligibility of SBI Simply Save Credit Card
Age
- Salaried: Minimum 21 years, Maximum 70 years
- Self-employed: Minimum 25 years, Maximum 70 years
- Retired: 40-70 years
Occupation: Salaried, self-employed, or retired with a pension
Income: Regular source of income (minimum income requirement not publicly available) but it is approximately 25,000 Indian rupees.
Creditworthiness
Having a good credit score will definitely improve your chances of approval.
Please note that while SBI doesn’t disclose a specific credit score requirement for the Simply Save Credit Card, meeting these general eligibility criteria is essential for consideration.
Sign-Up Bonus
Sign-up Bonus
- Offer: Receive 2,000 bonus reward points worth ₹500 as a sign-up bonus.
- Qualification: Spend ₹2,000 or more using the credit card within 60 days of receiving it.
- Reward Delivery: Bonus points will be credited to your account within 60 days after meeting the spending requirement.
Cashback Offer
- Offer: Enjoy ₹100 cashback on your first ATM cash withdrawal within 30 days of card issuance.
- There’s no cashback bonus directly offered.
- You can redeem these points for various rewards, including cashback (with a conversion rate of 4 points = Rs. 1).
Benefits and Perks of SBI Simply Save Credit Card
Savings
Fuel Surcharge Waiver: Save 1% on fuel surcharge for transactions between Rs. 500 and Rs. 3,000 at any petrol pump in India, with a maximum waiver of Rs. 100 per month.
Benefits
Contactless Payments: Convenient and secure transactions with contactless payments at enabled terminals.
Insurance Coverage: Personal accident cover of Rs. 2 lakh and lost card liability cover of Rs. 25,000.
Roadside Assistance: Assistance for flat tires, jump starts, or towing up to Rs. 1,399.
Airport Lounge Access: Enjoy one complimentary domestic airport lounge access per quarter with a minimum monthly spend of Rs. 5,000.
Movie Discounts: Get 25% off up to Rs. 100 on movie tickets once a month.
Complete Fuel Freedom: No more 1% fuel surcharge at any petrol pump in India. Transact between ₹500 to ₹3,000 to avail this offer.
Rewards Program and Features of SBI Simply Save Credit Card
Bonus Categories
Earn 10x reward points for every Rs. 150 spent on:
- Movies
- Departmental stores
- Groceries
- Dining
- Maximize your rewards in these categories.
Other Spends
Earn 1 reward point for every Rs. 150 spent on all other categories.
Redemption
- Redeem your points for various rewards, including cashback:
- Conversion rate: 4 points = Rs. 1.
Hidden Fees SBI Simply Save Credit Card
The SBI Simply Save Credit Card doesn’t have many hidden fees, but there are some charges.
Cash Advance Fee
- A hefty 2.5% fee (minimum Rs. 500) for cash withdrawals at ATMs.
- Not recommended due to high fees and potential credit score impact.
Foreign Currency Transaction Fee
- 3.5% fee for most cards.
- Reduced to 1.99% for SBI Elite and Aurum cards.
Late Payment Fee and Other Charges
Standard SBI Card charges for late payments, exceeding credit limit, etc.
Is SBI Simply Save Credit Card Worth It?
The SBI SimplySAVE Credit Card is a solid choice for individuals seeking a credit card with reasonable fees and decent rewards.
Good for
Regular spenders on groceries, dining, and entertainment:
- Earn bonus reward points in these categories.
- Points can accumulate over time.
People seeking a low annual fee:
- Relatively low annual fee (Rs. 499).
- Fee can be waived with qualifying spending.
Those desiring basic benefits:
Offers perks like fuel surcharge waiver, insurance coverage, and limited airport lounge access.
Not ideal for
High spenders:
- Reward rate on non-bonus categories is low (1 point per Rs. 150).
- Other cards may offer higher reward rates for overall spending.
People who frequently withdraw cash with their credit card:
High cash advance fee applies.
Frequent international travelers:
Foreign currency transaction fee can accumulate on overseas purchases.
