SBI Card Prime Review: Should You Opt for this Credit Card?

Welcome to our review of the SBI Card Prime, a lifestyle credit card offered by SBI Card. If you’re looking for a credit card that combines value, convenience, and exclusive benefits, the SBI Card Prime might be the perfect fit for you. This card offers a host of features and rewards that make it stand out from the crowd.

With a membership fee of Rs. 2,999 per annum, the SBI Card Prime provides a compelling proposition. It shares many similarities with the SBI ELITE Credit Card, which comes with a higher membership fee of Rs. 4,999. However, the Prime Card offers a more affordable option while still delivering a range of value-added benefits.

One of the standout features of the SBI Card Prime is the access it provides to airport lounges, both domestic and international. Additionally, you can enjoy discounted hotel bookings and movie tickets, making your lifestyle experiences even more enjoyable. These benefits add a touch of luxury and convenience to your everyday transactions.

When it comes to earning rewards, the SBI Card Prime doesn’t disappoint. You earn 2 Reward Points per Rs. 100 spent on the card, with a higher rate of 10 Reward Points per Rs. 100 for dining, groceries, and departmental store purchases. Each Reward Point is valued at Rs. 0.25, which translates to an effective reward rate of 2.5% on dining, groceries, and departmental store expenses, and 0.5% on all other categories.

The SBI Card Prime is available in three variants: MasterCard, American Express, and VISA. While the reward rates and benefits are similar across all variants, each payment network offers its own exclusive advantages. These unique perks make it worth exploring the different options available to find the one that suits your preferences and lifestyle best.

In this review, we will delve into the various aspects of the SBI Card Prime, providing you with a comprehensive understanding of its features, benefits, and how it compares to other credit cards in the market. Whether you’re a frequent traveler, a food enthusiast, or someone who appreciates great rewards, this review will help you determine if the SBI Card Prime is the right choice for you.

SBI Prime Card Benefits and Features

• Welcome Benefits: Upon acquiring the SBI Prime Card, cardholders are greeted with a generous welcome gift. They can enjoy a shopping or travel gift voucher worth Rs. 3,000 from renowned brands like Bata/Hush Puppies, Aditya Birla Fashion, Pantaloons, Yatra, and Shoppers Stop. This allows for a delightful start to the cardholder’s journey.
• Milestone Benefits: The SBI Prime Card rewards cardholders for their spending milestones. By achieving a quarterly expenditure of Rs. 50,000, they receive a Pizza Hut e-voucher worth Rs. 1,000. For an annual expenditure of Rs. 5 lakh, cardholders are rewarded with an e-voucher worth Rs. 7,000 from Yatra or Pantaloons. Additionally, on an annual expenditure of Rs. 3 lakhs, the membership renewal fee is waived off, providing further savings.
• Travel Benefits: The SBI Prime Card elevates the travel experience for cardholders with an array of benefits. It includes complimentary Club Vistara Silver Membership, granting access to exclusive privileges within the Vistara airline’s loyalty program. Cardholders also receive complimentary Trident Privilege Red Tier membership, opening doors to luxurious hotel experiences. Moreover, they can enjoy both domestic and international airport lounge visits, ensuring a comfortable and relaxing pre-flight experience. Depending on the card variant, there are additional benefits like up to 15% discount on room rates at Lalit and F&B hotels (MasterCard), up to 10% off on Hertz car rentals and up to 35% off on Avis Car Rentals (Visa), and exclusive benefits at 900 luxury hotels (Visa). The American Express variant provides a complimentary Tablet plus membership for access to VIP upgrades and benefits at hotels in India and abroad.
• Airport Lounge Access: Cardholders can enjoy the privilege of airport lounge access. They are provided with 2 complimentary visits to domestic airport lounges per quarter through MasterCard, Visa, or American Express. Additionally, the Priority Pass membership entitles them to 4 complimentary international airport lounge visits annually, with a maximum of 2 visits per quarter.
• Dining and Movie Benefits: Indulging in dining and entertainment experiences is even more rewarding with the SBI Prime Card. Cardholders earn 5X Reward Points, equivalent to 10 Reward Points per Rs. 100 spent on movie purchases. Moreover, the American Express variant offers up to a 25% discount at partner restaurants, enhancing the dining experience with savings.
• Golf Benefits: For those passionate about golf, the SBI Prime Card with the MasterCard variant presents exclusive benefits. Cardholders can enjoy 4 rounds of complimentary green fees, avail up to a 50% discount on golf games, and receive 1 complimentary golf lesson per month, adding value to their golfing pursuits.
• Insurance Benefits: The SBI Prime Card provides valuable insurance benefits. Cardholders receive a complimentary air accident liability cover worth Rs. 50 lakh, ensuring financial protection. Additionally, a fraud liability cover worth Rs. 1 lakh is applicable from 48 hours prior to 7 days post reporting the loss of the card to the bank, providing security and peace of mind.
• Zero Liability Protection: The SBI Card offers zero liability protection to its credit cardholders. In the event of unauthorized or fraudulent purchases made on a misplaced or stolen card, cardholders are not held responsible if they promptly report the loss to the bank. This feature ensures that cardholders can confidently use their SBI Prime Card without worrying about fraudulent transactions.

SBI Prime Card Rewards Benefits

Enhanced Reward Points on Categories: With the SBI Prime Card, cardholders can earn Reward Points at an accelerated rate. For every Rs. 100 spent on dining, movies, groceries, and departmental store purchases, they earn 10 Reward Points. This means that indulging in delicious meals, enjoying a movie night out, and stocking up on groceries and household items contribute significantly to earning rewards.

• Reward Points on Retail Spends: The SBI Prime Card also rewards cardholders for their everyday retail purchases. For every Rs. 100 spent on all other retail transactions, cardholders earn 2 Reward Points. This includes a wide range of expenses, such as shopping for clothing, electronics, online purchases, and more.
• Birthday Bonus Rewards: Celebrating birthdays becomes even more rewarding with the SBI Prime Card. Cardholders earn 20 Reward Points for every Rs. 100 spent during their birthday period, which includes one day before, on the birthday, and one day after. However, the Reward Points earned on birthday spends are capped at 2,000 Reward Points per calendar year. This feature allows cardholders to enjoy extra benefits during their special time of the year.
• Flexible Redemption Options: Accumulated Reward Points can be redeemed for a diverse range of options, including gift vouchers, merchandise, airline miles, and more. Cardholders have the flexibility to choose rewards that align with their preferences and interests, enhancing the value of their earned rewards.
• Maximizing Value: With 1 Reward Point valued at Rs. 0.25, the SBI Prime Card offers an effective reward rate of 2.5% on dining, movies, groceries, and departmental store spends. For all other retail spends, the effective reward rate is 0.5%. This ensures that cardholders can maximize the value of their purchases by earning significant Reward Points and enjoying attractive benefits.

Reward Points Redemption

• Flexible Redemption Options: The SBI Prime Card provides cardholders with a variety of options to redeem their accumulated Reward Points. They can choose from the following redemption options:
• Gift Vouchers: Cardholders have the option to redeem their Reward Points for gift vouchers. These vouchers can be obtained conveniently through the sbicard.com website or the SBI mobile app. By redeeming points for gift vouchers, cardholders can enjoy shopping or experiences at partner brands, adding value to their rewards.
• Outstanding Balance Settlement: Another convenient option for Reward Points redemption is the ability to use them towards settling the outstanding balance on the SBI Prime Card. By utilizing their Reward Points in this way, cardholders can reduce their credit card bill, effectively saving money on their expenses.
• Value of Reward Points: Each Reward Point earned with the SBI Prime Card holds a value of Rs. 0.25. This conversion rate allows cardholders to assess the worth of their accumulated Reward Points and make informed decisions when redeeming them. By knowing the value of their points, cardholders can maximize the benefits and value they receive from their rewards.

The SBI Prime Card’s Reward Points Redemption program offers cardholders flexibility and choice when it comes to utilizing their earned rewards. Whether it’s through gift vouchers or settling the outstanding balance, cardholders have the power to make the most of their Reward Points and enhance their overall credit card experience.

SBI Card Prime Fees & Charges

• Joining and Renewal Fee: The SBI Card Prime carries a joining fee of Rs. 2,999 (plus applicable taxes), which cannot be waived. However, the renewal fee of Rs. 2,999 can be waived off if the cardholder has spent Rs. 3 lakhs or more in the previous year. This renewal fee waiver provides an opportunity for cardholders to enjoy continued benefits without incurring additional charges.
• Interest Charges: In case the outstanding bill is not settled before the due date, the SBI Card Prime charges an interest rate of 3.5% per month (equivalent to 42% annually) on the due amount. It is important for cardholders to manage their payments responsibly and avoid accumulating interest charges.
• Cash Advance Fees: When utilizing the cash advance feature of the SBI Card Prime to withdraw cash, a fee of 2.5% of the cash amount is applicable, subject to a minimum fee of Rs. 500. Cardholders should consider this fee when considering cash withdrawals and explore alternative payment methods if possible.
• Foreign Currency Markup Fee: For purchases made in a currency other than the card’s default currency, the SBI Card Prime charges a foreign currency markup fee of 3.5% of the transaction amount. It is advisable to keep this fee in mind while using the card for international transactions and consider currency conversion options that offer better rates if available.

SBI Card Prime Eligibility & Documentation

To be eligible for the SBI Card Prime, individuals need to meet certain criteria related to age, income, and credit history. The eligibility criteria for the SBI Card Prime are as follows:

• Age Criteria: The SBI Card Prime is available to individuals who fall within the age range of 18 years to 65 years. Both salaried and self-employed individuals can apply for the card within this age bracket.
• Income Criteria: In terms of income, the SBI Card Prime sets a minimum requirement. For both salaried and self-employed individuals, a monthly income of at least Rs. 32,000 is required to be eligible for the card. This income criterion ensures that applicants have a certain level of financial stability to manage the credit card responsibilities.

When applying for the SBI Card Prime, applicants will also need to provide certain documents for verification and processing. The specific documentation requirements may vary, but typically include:

• Identity Proof: Valid identification documents such as Aadhaar card, PAN card, passport, or driver’s license.
• Address Proof: Documents that establish the applicant’s residential address, such as utility bills, bank statements, or rental agreement.
• Income Proof: Salaried individuals may be required to provide salary slips, bank statements, or income tax returns (ITR) to demonstrate their income. Self-employed individuals need to provide ITR or other relevant financial documents to verify their income.

Meeting the eligibility criteria and providing the necessary documentation are essential steps in the application process for the SBI Card Prime. By fulfilling these requirements, individuals can increase their chances of being approved for the card and enjoy the benefits and features it offers.

How To Apply For SBI Card Prime?

Applying for the SBI Card Prime is a simple and convenient process, offering applicants the flexibility to choose between online and offline methods. Here are the steps to apply for the SBI Card Prime:

Offline Application:

• Visit the nearest SBI branch to apply for the SBI Card Prime.
• Request and fill out the application form available at the branch.
• Ensure that you have all the required documents, including identity proof, address proof, and income proof, with you.
• Submit the completed application form along with the necessary documents for verification.

Online Application

• Visit the official website of SBI Card.
• Look for the ‘Apply’ section on the website and click on ‘Apply Now.’
• A list of available SBI Credit Cards will be displayed on the screen.
• Select the SBI Card Prime from the options and click on ‘Apply Now.’
• Proceed to fill out the online application form with the required details.
• Upload all the necessary documents, including identity proof, address proof, and income proof, as requested.
• Review your application carefully to ensure all information is accurate.
• Once you have reviewed the application, submit it online.

By following these steps, applicants can easily apply for the SBI Card Prime and initiate the process of acquiring this credit card. Whether choosing the offline or online method, it is essential to provide accurate information and submit all the required documents to expedite the application review and approval process.

Pros and Cons of SBI Prime Credit Card

When considering the SBI Prime Credit Card, it’s important to evaluate its advantages and disadvantages to make an informed decision. Here are the pros and cons of the SBI Prime Credit Card:

Advantages

• Complimentary Lounge Access: The card provides complimentary access to both domestic and international airport lounges, making it an excellent choice for frequent travelers seeking comfort and convenience.
• Waiver of Annual Fee: By meeting the minimum spending requirement, the annual fee of Rs. 2,999 can be waived off, offering potential cost savings for cardholders.
• Wide Range of Lifestyle Privileges: The SBI Prime Credit Card offers attractive privileges across various lifestyle categories, including dining, entertainment, and golf, making it an appealing option for individuals who enjoy indulging in these activities.

Disadvantages

• Annual Fee Requirement: The card may not be suitable for those unwilling to pay an annual fee of Rs. 3,000. Individuals who prefer fee-free credit cards might find this aspect less appealing.
• Moderate Reward Rate: The basic reward rate of 2 Reward Points per Rs. 100 spent is not considered highly rewarding compared to other credit cards available in the market. Cardholders looking for a higher reward rate might find this aspect less satisfactory.

Is This The Right Card For You?

Determining whether the SBI Card Prime is the right credit card for you depends on your specific spending behavior and requirements. As a premium-level card, it offers a wide range of benefits across various categories. However, it is essential to assess if these benefits align with your needs. Here are some factors to consider when deciding if this card is suitable for you:

• Spending Habits: Understand your spending habits and identify the categories where you most frequently spend. Evaluate if the card’s benefits, such as reward points, travel perks, dining privileges, and golf benefits, align with your spending patterns.
• Requirements and Preferences: Consider your specific requirements and preferences when it comes to credit card features. Determine if the SBI Card Prime’s exclusive privileges and benefits cater to your needs and lifestyle. It’s important to match your requirements with the card’s features and benefits.
• Value for Money: Assess the cost-effectiveness of the card. Compare the annual fee, interest rates, and other charges with the benefits you expect to receive. Ensure that the value you receive from the card’s features justifies the associated costs.

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FAQs

How can I waive off the renewal fee for the SBI Card Prime?

The renewal fee of Rs. 2,999 can be waived off if you have spent Rs. 3 lakhs or more in the last year.

Is there a foreign currency markup fee for international purchases made with the SBI Card Prime?

Yes, there is a foreign currency markup fee of 3.5% of the transaction amount for purchases made in a different currency.

Is SBI Card Prime suitable for individuals who don’t want to pay a high annual fee?

SBI Card Prime provides favorable benefits and reward rates given its annual fee of Rs. 2,999. It is an attractive option for individuals seeking value in shopping and travel categories without a high membership fee.

Can I enjoy exclusive golf benefits with SBI Card Prime?

Yes, the Mastercard variant of SBI Card Prime offers benefits such as complimentary green fees, discounts on golf games, and a complimentary golf lesson per month.

Conclusion

The SBI Card Prime is a more streamlined alternative to the SBI ELITE Card, catering to individuals who prioritize shopping and travel expenses in their monthly budget. It is an ideal choice for those who seek valuable benefits and rewards without the burden of a high annual membership fee. With an annual fee of Rs. 2,999, the SBI Card Prime offers substantial benefits and attractive reward rates, making it a compelling option for budget-conscious individuals.

Author: Vedanti KiranVedanti is a female finance writer, currently pursuing her studies at Hansraj College. She has a passion for writing and travelling, and her articles on the stock market, finance, investment, and cryptocurrency are well-researched and informative. With her unique perspective on the world of finance, Vedanti is a go-to source for those seeking insights into the world of finance.