KrisFlyer SBI Card Apex
SBI Card has introduced two new credit cards in partnership with Singapore Airlines’ KrisFlyer program: the KrisFlyer SBI Card and the premium KrisFlyer SBI Card Apex. The Apex card comes with a high annual fee of ₹9,999 and is best suited for high-income individuals who frequently travel with Singapore Airlines. It offers great rewards, including 10 KrisFlyer Miles (5% reward rate) for every ₹200 spent on the Singapore Airlines Group, which includes Scoot, SilkAir, Kris+, and KrisShop.
However, this card has some drawbacks. It does not offer any discount on forex charges, applying the standard 3.5% rate on international transactions. Additionally, there are no renewal benefits after the first year, making it less valuable over time. This card is ideal for those who often fly with Singapore Airlines and can make the most of its first-year rewards.
Rewards and Benefits
Fees & Charges
What should you consider before applying for a credit card in India?
Key Considerations Before Applying for a Credit Card in India:
- Eligibility Criteria: Ensure you meet the eligibility requirements, which typically include age, income, credit score, and employment status as defined by the issuing bank or financial institution.
- Credit Score: A strong credit score can significantly improve your chances of approval and result in more favorable terms, such as lower interest rates or higher credit limits. Verify that your credit score is healthy before applying.
- Interest Rates and Fees: Compare the annual percentage rates (APR), processing fees, late payment penalties, and foreign transaction charges associated with various cards. These costs can vary widely and impact the overall value of the card.
- Rewards and Benefits: Evaluate the rewards, cashback, discounts, or other perks offered by the card to ensure they align with your spending patterns. Some cards may provide better benefits in specific categories, such as travel, shopping, or dining.
- Credit Limit: Review the credit limit offered by the card to ensure it meets your financial needs. Avoid applying for cards with excessive limits if you are concerned about managing debt, as this can lead to higher interest charges.
- Repayment Terms: Understand the repayment structure, including the minimum payment amount, payment due dates, and any associated penalties. Being clear about these terms can help you manage payments effectively and avoid interest buildup.
- Card Type and Features: Choose a card type that matches your specific needs—whether standard, premium, or specialized cards like those offering travel rewards or dining privileges. Ensure the features of the card align with your lifestyle and spending habits.
- Bank’s Reputation: Opt for a financial institution with a proven reputation for customer service and transparency. Consider researching customer reviews and assessing their support channels to ensure reliable service.
- Hidden Charges: Be aware of any hidden fees, including annual fees, balance transfer charges, foreign transaction fees, or cash withdrawal charges. These can add up over time and affect the overall cost-effectiveness of the card.
- Credit Utilization: Maintain a balance within your credit limit to avoid high credit utilization ratios, which can negatively impact your credit score. Responsible use of credit is essential for maintaining financial health.
- Long-Term Financial Plans: Consider how the credit card fits into your overall financial strategy. Avoid accumulating unnecessary debt and choose a card that supports your long-term financial goals without adding financial strain.
What is the joining and annual fee for the KrisFlyer SBI Card Apex?
The card comes with a joining and annual fee of ₹9,999 plus GST.
Does this card offer any insurance coverage?
Yes, it includes ₹3.5 crore air accident insurance, ₹1 lakh baggage delay coverage, and ₹10 lakh fraud protection.
How long are KrisFlyer Miles valid?
KrisFlyer Miles remain valid for two years from the date they are earned.
Can I transfer the balance from another credit card to this card and pay in EMIs?
Yes, you can transfer outstanding balances from other bank credit cards to the KrisFlyer SBI Card Apex at a lower interest rate and repay through EMIs.
Can purchases made with this card be converted into EMIs?
Yes, any transaction above ₹2,500 can be converted into EMIs within 30 days of purchase.
Are lounge benefits available with this card?
Yes, you get two complimentary domestic airport lounge visits per quarter and a free Priority Pass membership for additional lounge access.
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