Standard Chartered Platinum Credit Card
Easy Annual Fee Waiver
ICICI Instant Platinum Credit Card
Lifetime free credit card (limited time offer)
Amex Membership Rewards Credit Card
Get up to 1000 bonus reward points worth Rs 400 every month
Amex Platinum Travel Credit Card
Thousand worth welcome and bonus points
SBI Simply Save Credit Card Annual Fees
Annual Fee – Rs. 499.
You will get the next year annual fee waiver on spending Rs. 1 lakh in a year. So, the credit card is best if you would spend on an average 10K per month.
SBI Simply Save Credit Card Benefits
Get 2000 bonus points by spending 2000 or more within 60 days of receiving your card.
You would get Rs. 100 cash back on your first ATM cash withdrawal as a welcome gift.
I suggest you avoid taking this offer because ATM cash withdrawal has a cash advance fee of 2.5% subject to a minimum of Rs 300.
In clear words, you would need to pay a minimum fee of Rs. 300 to get Rs. 100 cashback, seems like a joke.
Reward Points & Other Benefits
- 10X Reward points on dining, movies, departmental stores and grocery spends
- 1 reward point per Rs. 100 on all other spends
- 1% fuel surcharge on transactions between Rs. 500 to 3000. The maximum waiver is Rs. 100 per statement.
Bank mentioned the redemption value of 4 reward points = Re 1.
But the actual redemption value varies from Re 0.15 to 0.25, depending on the product you choose against the reward points.
You will have the option to choose from accessories, electronics, homeware and gift vouchers from Amazon, Flipkart, Big Bazaar, Croma, Mac.
If we calculate the reward ration then the actual saving would be
|10X Category||1.5% to 2.5%|
|Other spends||0.15% to 0.25%|
Reward Points Redemption
You can redeem the accumulated SBI Simply Save rewards point against 370 products using SBI rewards program.
Note: You would also need to pay a rewards redemption fee of Rs. 99.
Annual Saving Calculation
For the calculation, I am taking the assumption of entire spend on 10X category and redemption value of Re 0.25.
|Expenses in Year 1||Suppose Rs. 80,000 in 1st year||Rs. 1.5 lakh spend for 1st year||Rs. 1.5 Lakh spend for 2nd year|
|10X category spend||80,000||150,000||150,000|
|Rewards Points on spends||8000||15000||15000|
|Reward point value (1RP= Re 0.25)||Rs. 2000||Rs. 3750||Rs. 3750|
|Total Benefits (Rs)||2000||3750||3750|
|Savings % age||1.88%||2.17%||2.5%|
*Annual fees waived off on spends of Rs. 1 Lakhs in the previous year.
My observations about SBI Simply Save Credit Card
What I Like
- 10X rewards points on spends
- Annual fee waiver option
What I Didn’t Like
- Unattractive joining benefit
- No milestone benefit
- Average reward redemption ratio
Comparison Between SBI Simply Save Vs Simply Click Credit Card
|Credit Card||Simply Save||Simply Click|
|Bonus Reward Points||10X on Departmental stores, Movie and Grocery||Up to 10X online shopping|
|Other Spends||1 Reward Point||1 Reward Point|
|Welcome Gift||Rs. 100 cash back on first ATM withdrawal||Rs. 500 Amazon voucher|
|Milestone Bonus Spend – Rs 1 lakh||0||Cleartrip voucher of Rs. 2000|
|Milestone Bonus Spend – Rs 2 lakh||0||Cleartrip voucher of Rs. 2000|
|Reward Ratio||Rs 0.25||Rs 0.25|
|Annual Fee||Rs. 499||Rs. 499|
|Waiver||On spending 1 Lakh||On spending 1 Lakh|
|Best For||Departmental & Grocery||Online Shopping|
SBI Simply Click credit card is the clear winner in every aspect. So if you want to choose one credit card in between SBI Simply Save and SBI Simply Click then you should go for SBI Simply Click credit card.
SBI Simply Save Credit Card Approval Process
You can apply online at SBI Cards website. The chances of approval are higher if you already have a salary account with SBI.
In any case, you will be required to submit the following documents
- Address Proof
- ID Proof
- Latest salary slips or IT returns
SBI Simply Save is a decent credit card for grocery and departmental stores shopping.
If grocery and departmental store shopping is your main requirement then you can go for my favourite card Standard chartered Manhattan credit card which offers 5% cashback.