SBI platinum credit card is now called SBI Card prime or SBI prime card, is another great general rewards credit card from State Bank of India which offers good reward points on shopping through this credit card.
In This Article:
- What are the key benefits of SBI Platinum credit card?
- What is the application procedure for this card?
- What is the annual membership fee for this credit card?
- What are the other tariffs and charges for this card?
- What is the eligibility for this credit card? What are the documents required ?
- Is there any reward program? What are the products and services I can redeem the reward points for?
- What Is The Annualised Percentage Rate For This Card?
- What is the interest-free (Grace) period for this card?
- How are the Minimum amount due(MAD) and Balance calculated for this card?
- Is Balance transfer facility available on this card?
- Frequently Asked Questions
What are the key benefits of SBI Prime credit card?
Some of the key benefits of SBI Prime credit card are :
- Benefits worth Rs 12,000/- every year
- Great card to pay utility bills with, you get 20 Reward Points per Rs. 100 spent on standing instructions of Utility Bills payments.
- Great for shopping too, you get 15 Reward Points per Rs. 100 spent on Reliance Trends,BigBasket,Reliance Footprint, Reliance Fresh, Reliance Smart and Sahakari Bhandar stores.
- 10 Reward Points per Rs.100 spent shopping Groceries,Dining, Departmental stores and buying movie tickets.
- 2 Reward Points per Rs. 100 on all other retail spends
- You can pay your card bill with reward points where 4 Reward Points = Rs. 1, i.e., each point is worth Rs 0.25 in cash
- There is a 1% Fuel Surcharge Waiver on transaction amount ranging from Rs.500-Rs.4000 across all petrol pumps. (Taxes extra). Here the maximum Surcharge Waiver SBI offers is Rs.250 per month, per credit card account
- Welcome e-gift Voucher worth Rs. 3,000 from any of the following brands: Bata/Hush Puppies, Marks and Spencer, Pantaloons, Shoppers Stop and Yatra.com
- Complimentary membership to the Priority Pass program worth $99, which gives you free access to airport lounges
What is the application procedure for this card?
Applying for SBI card prime or SBI platinum card is very easy, all you have to do is fill an application online on the prime card page here and it is a three step process.
In the first step you fill out your name and contact details, including mobile number and email id as shown below and then you authorize SBI bank to call you or send SMS with reference to your application by checking the box below and then click on I want to apply now button.
You are then taken to the second screen, where you fill out your other details such as the ownership of any other SBI credit card, Your full name, the city you live in, your occupation i.e, your source of income and your qualification, date of birth, your annual income and Permanent Account Number (PAN) and then at last you are asked to verify your mobile number with an OTP that is sent to the mobile number provided.
In the third and final step, you are asked to share your personal details and professional details, which include your gender, the address of residence, residence city, pincode of the same and residence landline number where the bank can contact you.
In Professional details you need to fill, the name of your company, your office address, the nature of the company you work for, your designation in the said company, the city and pincode of your office, number of years you’ve worked for this company, the landline number where the bank representatives can reach out to you.
Once you fill all these details, a bank representative will give you a call for any other information that is required , before communicating the bank’s decision on issuing the credit card.
What is the annual membership fee for this credit card?
The one-time annual membership fee for SBI card prime is Rs 2,999/- and the annual renewal fee from the second year is also Rs 2,999/-.
What are the other tariffs and charges for this card?
|Annual Fee (one time)||₹. 2,999/-|
|Renewal Fee (per annum)||₹ 2,999/- charged from second year of opening the account|
|Add-on Fee (per annum)||Nil|
|Interest free credit period||20-50 days, only applicable on retail purchases and if you have paid previous month’s outstanding balance in full|
|Finance charges||Upto 40.2% per annum or 3.35% per month, from the date of transaction|
|Minimum Amount Due||5% of Total Outstanding Amount (Min. Rs. 200) + taxes + EMI (in case you have converted any transaction into EMI or have made a purchase on EMI) + OVL (if any)|
|Cash advance limit||Cash advance limit on this card is up to 80% of your credit limit, while the maximum cash advance limit per day is ₹. 15,000/-|
|Free credit period||Zero days|
|Finance charges||Up to 40.2% per annum i.e., Upto 3.35% per month , from the date of transaction|
|Cash Advance Fee|
|Domestic ATM’s||2.5% of withdrawal amount, while minimum cash advance fee being Rs. 300|
|International ATMs:||3% of withdrawal amount,while minimum cash advance fee being Rs. 300|
|Cash payment fee||Rs. 100|
|Cheque pickup||Rs. 90|
|Payment dishonor fee||2% of the payment amount, with a minimum penalty of Rs. 450|
|Statement retrieval||Rs. 100 per statement, if the requested statement is more than 2 months old|
|Cheque fee||Rs. 100|
|Charge slip retrieval||Rs. 225 per charge slip retrieval|
|Late payment:||Zero if the Total Amount Due is between Rs. 0 and Rs. 200|
|Rs. 100 if the Total Amount Due is between Rs. 200 and Rs. 500|
|Rs. 400 if the Total Amount Due is between Rs. 500 and Rs. 1,000|
|Rs. 500if the Total Amount Due is between Rs. 1,000 and Rs. 10,000|
|Rs. 750 if the Total Amount Due is greater than Rs. 10,000|
|Over limit||2.5% of over limit amount, subject to a minimum of Rs. 500|
|Card replacement||Rs. 100|
|Emergency card replacement, when abroad||Actual cost (subject to a minimum of $175)|
|Foreign currency transaction: Conversion markup||3.50%|
|Rewards redemption fee||Rs. 99|
|Railway tickets through counters||Rs. 30 + 2.5% of transaction amount|
|Railway tickets through irctc.co.in||1.8% of transaction amount + service charge, as applicable|
|Petrol and other products or services sold at petrol pumps||1% fuel surcharge waiver for each transaction between Rs. 500 and Rs. 4,000, exclusive of taxes, and all other charges. Maximum surcharge waiver per credit card account is of Rs. 250 per statement cycle, there after 1% of transaction amount (Min. 10) for purchase between Rs. 500 to Rs. 4,000|
|Payments of Customs duty||2.25% of transaction amount (subject to a minimum of Rs. 75)|
What is the eligibility for this credit card? What are the documents required ?
SBI Bank credit card eligibility is
- Your age should be between 21 and 65
- You should have a stable monthly income
- You should be Salaried or Self-Employed
Document Requirement for Credit Card application:
The documents necessary to process your credit card application include :
1. Pan Card copy/Letter from IT dept
2. Identity Proof (one of the below):
- Pan Card (back & front)
- Voter ID(back & front)
- Mapin card copy
- Driving License (copy of name,add,photo pages)
- Valid Passport(copy of name,add,photo pages)
3. Address Proof (one of the below):
- Bank statement, Passbook( not>3months)
- Voters ID
- Flat maintenance Bill(Not>2 months)
- Rent Agreement
- Driving Licence
- Passport, Visa
- Ration Card
- Electricity Bill,Phone Bill(not more than 2 months old)
4. Salary slip of last 3 months or latest bank statement showing at least last 3 months of salary credit to your account
5. Passport size photograph.
Is there any reward program? What are the products and services I can redeem the reward points for?
Yes, with SBI card prime, you can use State Bank of India’s Shop-and-Smile Rewards Program, which has an extensive catalogue of lifestyle products,electrical appliances, accessories & gift vouchers you can redeem against your reward points.
What is the Annualised Percentage Rate for this card?
The Annualised Percentage Rate(APR) for the SBI Platinum Card is up to 3.35% per month or 40.2% per annum.
What is the interest-free (Grace) period for this card?
The interest free grace period for SBI card prime is 20-50 days. The interest free grace period for this card is applicable only on retail purchases and if you have paid the previous month’s outstanding balance in full
How are the Minimum amount due(MAD) and Balance calculated for this card?
SBI uses daily balance method and the minimum amount due is calculated by the below formula.
Monthly minimum amount due = 5% of Total Outstanding (Min. Rs. 200) + taxes + EMI (in case you have converted any of your transactions to EMI) + Over Limit Amount (if any)
Is Balance transfer facility available on this card?
Yes, Balance transfer facility is available on this card.
Frequently Asked Questions
What are the different options available to redeem the reward points on my credit card?
You can either use SBI shop-and-smile rewards catalogue to redeem your reward points against products or you can also redeem your points against cash or gift voucher.
How to check the reward points summary of my credit card?
You can check the reward points summary in the following ways:-
- Check your latest credit card statement
- Check it online on sbicard.com , Go to your Dashboard and at the bottom there is a summary of reward points displayed.
- You may check it on sms by sending SMS – REWARDS XXXX (where XXXX is the last 4 digits of your credit card number) to 5676791 from your registered mobile number
- or log into SBI Card mobile app.
How can I redeem my reward points through Website?
- Go to State Bank of India credit card website sbicard.com
- Log in to your account
- Click on the button that reads Rewards and then click the button Redeem Rewards.
- You are taken to the SBI shop-and-smile rewards catalogue where you can choose the product of your choice for redemption.
- Then Click on “Redeem now” and confirm.
What are the charges of redemption fee on SBI Card?
We hereby inform you that on redemption of Reward Points Rs.99.00 plus applicable taxes will be levied on your SBI Card account towards the redemption of Reward Points.
I have multiple SBI credit cards, is it possible to transfer reward points from one card to another?
No, SBI doesn’t allow to transfer the reward points from one card to another
Do the reward points expire on this card ?
Yes, Reward points on prime card expire in 24 months from the date of accrual, you cannot use these points once they expire.
Do I need to register separately for redeeming the reward points I have earned ?
No, you do not have to register again. You can use the same login and password to redeem your points.
What is the validity of the gift voucher, if I redeem my credit card reward points for a gift voucher?
The gift voucher is usually valid for 3 months after it reaches you, you can check the validity information on the gift vouchers, which is printed on the same.
Where can I find the list of outlets where the voucher can be used?
The information of the shops that you can use the gift vouchers is printed on the gift voucher.
What is points + pay option?
Points + Pay is an option provided by SBI that gives you the freedom to redeem your Reward Points partly through the usual redemption of Reward Points and partly through the balance on your Credit Card.
Are there any charges associated with the reward point redemption process?
Yes, SBI levies a rewards redemption fee of ₹ 99+ taxes which is debited from your account for each redemption request.
I had received damaged or wrong products, what do I do?
For all disputes related to rewards’ redemption such as receiving wrong or damaged gifts or vouchers, contact the SBI bank helpline at 39 02 02 02 (prefix the STD code of your city), within 3 working days of receiving your gift or voucher.
Can I pay my SBI Card outstanding using my Reward Points?
Yes, you can settle your outstanding amount through your Reward Points. You can use your Reward Points only in the multiples of 2,000 for the same.
I have recently updated my address, can I redeem my reward points?
As per the policy the gift items are only sent at the registered address. If you have changed your address, we suggest you to update it at the earliest with the SBI Card and then go for reward redemption.