SBI Signature Card, Review, Benefits and Offers

0
1132

SBI Visa Signature credit card is not only a great rewards credit card, it is an amazing travel credit card which offers plethora of benefits and offers for the frequent travelers and the international travelers.

sbi signature card
sbi signature card

In This Article:

  1. What are the key benefits of SBI Signature credit card?
  2. What is the application procedure for this card?
  3. What is the annual membership fee for this credit card?
  4. What are the other tariffs and charges for this card?
  5. What is the eligibility for this credit card? What are the documents required ?
  6. Is there any reward program? What are the products and services I can redeem the reward points for?
  7. What Is The Annualised Percentage Rate For This Card?
  8. What is the interest-free (Grace) period for this card?
  9. How is the Balance calculated for this card?
  10. Is Balance transfer facility available on this card?
  11. Frequently Asked Questions
  12. Reference

What are the key benefits of SBI Signature card?

Some of the key benefits of SBI Visa Signature credit card are

  • Welcome gift voucher worth Rs 5000/-. Choose from Yatra, Hush Puppies / Bata, Marks & Spencer, Westside, Shoppers Stop.
  • Earn 5X Reward Points on Grocery, Departmental stores, Dining and any International spends that you do.
  • Earn 2 Reward Points for every Rs. 100 spent.
  • 2.5% fuel surcharge waived off, with a maximum monthly waiver of Rs 250/-.
  • Bonus reward points 10,000 on if your annual spends are above Rs 2 Lakh and 20,000 bonus reward points on Rs 5 Lakh annual spends.
  • Rs 500 off on booking 2 movie tickets every month on BookMyShow.
  • Up to 75% discount on 55,000 partner hotels & villas across the world.
  • 10% on Hertz Car Rental Program
  • 30% discount on green fees at partner Golf clubs
  • Free airport lounge at Indian airports
  • Free priority pass membership – standard plan
  • Complimentary credit card fraud liability cover of Rs. 1 lakh

What is the application procedure for this card?

You can apply for the credit on the SBI card website here and this is an easy 3-step procedure.

In the first step you fill out your contact details and full name, which includes your mobile number and email id, here you will also be required to authorize the bank by checking a box so that the bank representatives can call you or send you an SMS regarding your credit card application.

SBI Signature Card Application
SBI Signature Card Application

Then as shown in the next screen below, you are made to fill more details, such as whether you already posses an SBI credit card, your complete name including your first name, middle name (optional) and last name, then the city of your residence, your occupation i.e., your source of income, your total annual income, your qualification, your date of birth, your PAN number, mobile number and email id.

Once you provide your mobile number , you need to verify your mobile number by clicking on Verify mobile number button and then entering the OTP that is sent to the said mobile number.

SBI Signature Card Application
SBI Signature Card Application

Then you are taken to the third step of your credit card application, where in you fill your other personal details, such as your residence address, pincode of your area of residence, your city of residence and the landline number of your residence (including the STD code). You choose your gender.

Then you fill out your professional details in the second part of this screen, which includes your Company name ( If you are an employee, you mention your employer company name or if you run your own business, you write that here), your office address, your designation in this company, pincode, city of your office address , years at current employment, office landline number( including STD code).

SBI Signature Card Application
SBI Signature Card Application

Once you finally submit your application, a bank representative will give you a call in few days for any other details that are needed , before communicating the decision.

What is the annual membership fee for this credit card?

The one time annual membership fee for SBI signature card is Rs 4999/- and the renewal fee charged from the second year of membership is also Rs 4999/-.

What are the other tariffs and charges for this card?

Fees
Annual Fee (one time) Rs. 4,999/-
Renewal Fee (per annum) Rs. 4,999/- charged from the second year of account opening
Add-on Fee (per annum) Nil
Extended Credit
Interest free credit period Interest free grace period varies from person to person and it is generally between 20-50 days, the grace period for you will be communicated by the company. Note that the grace period is applicable only on retail purchases and if previous month’s outstanding balance is paid in full
Finance charges The finance charges or Annual Percentage Rate for this card is 40.2% per annum ( 3.35% per month) , which is generally charfed from the date of transaction
Minimum Amount Due 5% of outstanding amount on the credit card (With a minimum of Rs 200/-) + taxes + EMI payment ( in case you have done a purchase on EMI or converted a transaction into EMI payments) + Over Limit Amount on the card (In case you crossed your credit card limit)
Cash Advance
Cash advance limit Cash advance limit on signature card is up to 80% of the available credit limit, with a maximum cash advance limit of Rs. 15,000 per day
Free credit period Zero
Finance charges Finance charges on cash advance is up to 40.2% per annum (i.e., 3.35% per month), from the date of transaction.
Cash Advance Fee
SBI ATMs or other ATMs 2.5% of withdrawal amount, With a minimum Rs 300/- cash advance fee
International ATMs: 3% of withdrawal amount, With a minimum Rs 300/- cash advance fee
Other Charges
Cash payment fee INR 100/- is the cash payment fee on this card
Cheque pickup INR 90/- if you opt for cheque pick up
Payment dishonor fee With a  minimum of Rs. 450, the payment dishonor fee charged is 2% of the payment amount.
Statement retrieval Rs. 100 per statement , if the statement retrieved is more than 2 months old
Cheque fee INR 100/-
Charge slip retrieval INR 225/- per charge slip retrieval
Late payment There is no late payment if the total amount due is less than Rs. 200
The late payment fee is Rs. 100 if the total amount due is less than Rs 500
The late payment fee is Rs. 400 if your total Amount due is greater than Rs. 500 and up to Rs. 1,000
The late payment fee is Rs. 500 if your total Amount due is greater than Rs. 1000 and up to Rs. 10,000
The late payment fee is Rs. 750 if your total Amount due is greater than Rs. 10,000
Over limit Over limit fee is 2.5% of over limit amount, with a minimum fee charged being Rs 500/-
Card replacement INR 100/-
Emergency card replacement, while travelling abroad With a minimum fee of $175, actual cost is charged for emergency card replacement while travelling abroad
Foreign currency transaction Conversion markup fee charged on this card is 3.50%
Rewards redemption fee INR 99/-
Surcharges
Railway tickets through counters A surcharge of Rs. 30 per booking + 2.5% of ticket amount
Railway tickets through irctc.co.in A surcharge of 1.8% of ticket amount + service charge, as applicable
Petrol and other products or services sold at petrol pumps There is fuel surcharge waiver of 1% for each transaction between Rs. 500 and Rs. 4,000, exclusive of all the taxes, and all other charges.

Maximum surcharge waiver of Rs. 250 per credit card account cycle, per statement cycle,  accounts 1% of transaction amount (Min. 10) for transaction amount between Rs. 500 to Rs. 4,000

Payments of Customs duty A surcharge of 2.25% of transaction amount, with a minimum fee being charged is INR 75/-

What is the eligibility for this credit card? What are the documents required ?

[the_ad id=”197″]

SBI Bank credit card eligibility is

  1. Your age should be between 21 and 65
  2. You should have a stable monthly income
  3. 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, SBI offers Shop-and-smile reward program for the signature card users, you can redeem your reward points against gift vouchers or lifestyle products,electrical appliances, accessories from the catalogue.

What is the minimum amount due (MAD) for this credit card?

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)

What is the Annualised Percentage Rate for this card?

[the_ad id=”197″]

Annualised percentage Rate (APR) charged on this card is decided by the Bank and is up to 40.2% per annum (3.35% per month)

What is the interest-free (Grace) period for this card?

The interest free grace period is decided by the bank and it is between 20 to 50 days and is applicable only on retail purchases, provided you have paid your outstanding completely.

How is the Balance calculated for this card?

SBI uses daily balance method to calculate the balance on this credit card.

Is Balance transfer facility available on this card?

Yes, Balance transfer facility is available on SBI signature card.

Frequently Asked Questions

What is a Cash Point?
A Cash Point is a point you earn whenever
you use your Signature Card.

How much is a Cash Point worth?
4 Cash Points are equal to 1 Rupee. E.g. If you have 2000 Cash
Points in your account you can use them to pay `500 from your
credit card balance.

How is a Cash Point different from a Reward Point?
Traditionally Reward Points refer to points you can
redeem only on items in a gift catalogue. Cash Points
can be redeemed to pay the outstanding balance on
your credit card account and also redeem attractive
gifts from the Signature Book of Rewards.

How do I encash my Cash Points?
To encash your Cash Points just call the SBI Card helpline and ask
the Customer Service Executive to redeem your Cash Points, it’s
as simple as that.

How much do I need to spend to earn Cash Points?
You earn 2 Cash Points for every `100 spent on your
Signature Card.

What are the minimum Cash Points needed to encash?
You can start encashing your Cash Points after you have
earned 2000 Cash Points.

Reference

SBI Bank website