SBI Simply Save Credit Card is among the most sought-after and accessible credit cards in India, renowned for its user-friendly structure and rewarding advantages. If you frequently shop or enjoy dining out, the SBI Simply Save Credit Card may be an ideal financial partner for you. In this comprehensive guide, we will cover all essential aspects of this credit card, including its benefits, features, eligibility requirements, and more.
Table of Contents
Introduction to the SBI Simply Save Credit Card
As one of India’s premier banking institutions, SBI offers a diverse array of financial products and services, with credit cards representing a significant segment of their offerings. The SBI Simply Save Credit Card distinguishes itself within this portfolio, particularly due to its appealing benefits geared towards individuals who incur regular shopping and dining expenses. This entry-level credit card is specifically designed for individuals seeking exceptional rewards, convenience, and value.
Key Features:
Annual Fee: ₹499 (waived upon achieving an annual spending of ₹1 Lakh or more)
Welcome Bonus: 1,000 reward points upon the first transaction.
Reward Points: 10X on online purchases, 5X on dining and grocery transactions.
Interest Rate: 3.50% per month (equivalent to 42% annually)
Cashback and Promotions: Available across select categories and brands.
Advantages of the SBI Simply Save Credit Card (1)
1.Reward Points for Everyday Expenses
One of the primary incentives for choosing the SBI Simply Save Credit Card is its lucrative rewards program. Cardholders can earn up to 10X reward points on online shopping, covering purchases made on e-commerce sites such as Amazon, Flipkart, and others.
Moreover, users can accumulate 5X reward points on dining and grocery expenditures. This makes the card well-suited for those who regularly shop online or dine out, as rewards accumulate rapidly.
2.Welcome Gift and Additional Rewards
The SBI Simply Save Credit Card offers a welcome benefit of 1,000 reward points following your initial transaction. This provides an excellent starting point to earn rewards without needing to spend extensively. Additionally, the collected reward points can be redeemed for a range of products, vouchers, or even cashback.
3.Cashback on Dining Activities
The SBI SimplySAVE Credit Card affords users cashback for their dining expenditures. This benefit is particularly advantageous for those who frequently dine out, ensuring that you maximize value for your dining expenses.
4.Waiver on Fuel Surcharge
For individuals who regularly drive and refuel, this card offers a 1% waiver on fuel surcharges at Indian Oil outlets. This helps lower overall fuel expenses, especially for those who frequently refuel their vehicles.
5.Affordable Annual Fee with Waiver Option
The SBI Simply Save Credit Card has an annual fee of ₹499. However, this fee can be waived by spending ₹1 lakh or more within a year, making it even more appealing for regular users.
6.EMI Scheme and Flexi Pay Option
This card also allows the transformation of purchases into convenient EMI payments utilizing the FlexiPay feature. This option is helpful for spreading payments over several months without significant financial strain.
7.Contactless Payment Capability
In response to the rising demand for expedited and secure transactions, the SBI Simply Save Credit Card supports contactless payments. This functionality enables you to easily tap and pay at any point of sale (POS) terminal, making transactions quicker and more efficient.
8.Global Acceptance
The SBI Simply Save Credit Card is recognized globally wherever MasterCard is accepted, allowing usage for both domestic and international transactions. Whether you are traveling abroad or shopping online, this card is suitable for worldwide use.
Redemption of Reward Points (2)
Upon accumulating reward points, you can efficiently redeem them for an extensive assortment of options:
Gift vouchers from well-known retailers such as Amazon, Flipkart, and more.
Merchandise including electronics, home appliances, and fashion accessories.
Cashback applied towards your statement credit.
The SBI Simply Save Credit Card provides multiple redemption methods for reward points, ensuring you maximize the value of your points.
Interest Rates and Associated Charges
It is essential to comprehend the interest rates and fees prior to applying for any credit card. With the SBI SimplySAVE Credit Card, the monthly interest rate is 3.50%, translating to an annual percentage rate of 42%.
Late Payment Fee: Ranges from ₹100 to ₹1,300, depending on the outstanding balance.
Cash Withdrawal Fee: 2.5% of the withdrawn amount or ₹300, whichever is greater.
Foreign Transaction Fee: 3.5% of the transaction value.
The charges associated with this card are competitive when compared to other credit cards in the same category; however, it is crucial to timely settle your bills to avoid incurring late fees or additional interest.
Eligibility Requirements for the SBI Simply Save Credit Card
To be eligible for the SBI SimplySAVE Credit Card, applicants must meet the following criteria:
Age: Applicants must be aged between 21 and 60 years.
Income: A reliable source of income is necessary (either salaried or self-employed).
Credit Score: A credit score of 750 or above is advisable to enhance the likelihood of approval.
The application process is straightforward; you can apply online via the SBI Card website or at a physical branch. Required documentation includes identity verification, proof of address, and income information.
Advantages and Disadvantages of the SBI Simply Save Credit Card
Advantages
Generous Reward Program: Earn 10X reward points on online purchases and 5X on dining and grocery transactions.
Affordable Annual Fee: ₹499, which can be waived with a minimum annual spend of ₹1 lakh.
Fuel Surcharge Waiver: Enjoy a 1% waiver on fuel surcharges at Indian Oil petrol stations.
Welcome Reward: Receive 1,000 reward points as a welcome bonus.
EMI and FlexiPay Options: Flexibility to convert your purchases into manageable EMIs.
Disadvantages :
Limited Travel Perks: The card does not offer as extensive travel-related benefits compared to premium options.
Currency Conversion Fees: A 3.5% fee applies to foreign currency transactions.
High Interest Rates: Monthly interest rate of 3.50%, which can accumulate significantly if payments are delayed.
Application Process for the SBI Simply Save Credit Card
-To apply for the SBI SimplySAVE Credit Card, adhere to the steps below:
-Navigate to the official SBI Card website.
-Complete the online application form with your personal details.
-Provide necessary documentation, including income proof, identity verification, and address verification.
-After the verification process, await approval, which typically takes between 7 and 10 business days.
-You may also opt to apply in person at any SBI branch.
Conclusion
The SBI Simply Save Credit Card serves as an excellent choice for individuals seeking a credit card that offers valuable rewards, minimal fees, and beneficial everyday perks such as cashback, fuel surcharge waivers, and dining discounts. Its uncomplicated features make it suitable for consumers aiming to earn rewards on everyday expenses like groceries and online shopping.
While it may lack premium benefits such as access to travel lounges or exclusive luxury privileges, the SBI Simply Save Credit Card provides remarkable value within its category. If you enjoy online shopping, dining out, and prefer a straightforward, user-friendly credit card, this option could be ideal for you.
What is the SBI Simply Save Credit Card?
The SBI Simply Save Credit Card is an entry-level credit card offered by SBI that provides reward points and benefits on everyday expenses such as shopping, dining, groceries, and more. It is designed for individuals who want to earn rewards and save on routine transactions.
What are the key benefits of the SBI Simply Save Credit Card?
-10X reward points on online spends.
-5X reward points on dining, groceries, and departmental store spends.
-Welcome bonus of 1,000 reward points on your first transaction.
-Fuel surcharge waiver of 1% at Indian Oil outlets.
-Easy EMI conversion with FlexiPay.
How can I redeem reward points earned on the SBI Simply Save Credit Card?
Gift vouchers from partner merchants.
Shopping for products like electronics or home appliances.
Cashback .
What is the annual fee for the SBI Simply Save Credit Card?
The annual fee is ₹499, which can be waived off if you spend ₹1,00,000 or more in a year.
What is the interest rate on the SBI Simply Save Credit Card?
The monthly interest rate is 3.50%, which is equivalent to an annual percentage rate (APR) of 42%. It is recommended to pay your bills on time to avoid interest charges.
Is there any joining fee for the SBI Simply Save Credit Card?
Yes, the card has a joining fee of ₹499, and you receive 1,000 reward points as a welcome bonus after your first spend.
What is the fuel surcharge waiver on the SBI Simply Save Credit Card?
The SBI SimplySAVE Credit Card provides a 1% fuel surcharge waiver on fuel transactions between ₹500 and ₹3,000 at Indian Oil petrol stations. The maximum waiver is capped at ₹100 per billing cycle.
How do I apply for the SBI SimplySAVE Credit Card?
You can apply online through the official SBI Card website or visit a nearby SBI branch. You’ll need to provide basic details and submit documents like proof of income, identity, and address.
What are the eligibility criteria for the SBI Simply Save Credit Card?
Age: 21 to 60 years.
Income: Stable income (either salaried or self-employed).
Credit Score: A good credit score (preferably above 750).
How can I pay my SBI Simply Save Credit Card bill?
-Online through the SBI Card website or mobile app.
-NEFT or RTGS transfer.
-Auto-debit from your SBI bank account.
-Offline at SBI branches or via cheque.
Can I use the SBI Simply Save Credit Card for international transactions?
Yes, the SBI SimplySAVE Credit Card can be used for international transactions wherever MasterCard or Visa is accepted. However, foreign currency transactions attract a fee of 3.5% of the transaction amount.
What happens if I miss a payment on my SBI Simply Save Credit Card?
Late payment fees ranging from ₹100 to ₹1,300, depending on your outstanding balance.
Interest charges on the unpaid amount (3.50% per month).
How do I contact SBI Card customer care for queries related to the SBI Simply Save Credit Card?
-Toll-free number: 1860 180 1290 or 3902 0202.
-Email: Use the official SBI Card website’s contact form.
-SBI Card mobile app or online portal for self-service.
Is there a limit on reward points earned with the SBI Simply Save Credit Card?
No, there is no maximum cap on the number of reward points you can earn. However, specific terms and conditions may apply to different categories of spending.
Can I convert my transactions into EMIs?
Yes, transactions above ₹2,500 can be converted into EMIs using the FlexiPay feature. You need to apply for EMI conversion within 30 days of making the purchase.
How secure is the SBI Simply Save Credit Card?
The card is equipped with an EMV chip for secure transactions and supports contactless payments, ensuring a safe and fast payment experience.
Are there any dining benefits with the SBI Simply Save Credit Card?
Yes, you earn 5X reward points on dining spends, making it a great card for food lovers who dine out frequently.
Can I add an add-on cardholder for the SBI Simply Save Credit Card?
Yes, SBI offers the option to get add-on credit cards for your family members, such as parents, spouse, children (above 18 years), or siblings.
What should I do if I lose my SBI Simply Save Credit Card?
If you lose your card, you should:
-Call SBI Card customer care immediately to report the loss.
-Block your card via the SBI Card app or website.
-Request a replacement card if needed.
How does the SBI Simply Save Credit Card compare with other SBI cards?
The SBI SimplySAVE Credit Card is an entry-level card best suited for individuals with everyday expenses like groceries, dining, and online shopping. For premium features such as lounge access or travel benefits, SBI offers other cards like the SBI Elite Card or SBI Prime Card.
