SBI SimplySAVE UPI Rupay Credit Card
Gaurav
The SBI SimplySAVE is a great entry-level credit card with an annual fee of Rs. 499 and a welcome offer of 2000 bonus reward points. You can earn extra reward points on grocery, movie, and departmental store purchases, making it ideal for beginners who want to save on daily expenses. The card can also be linked to your UPI apps.
You can get the annual fee waived if you spend Rs. 1 lakh or more with the card, which is easy to achieve. While the card has limited travel, dining, and entertainment benefits, it’s mainly for people new to credit cards. To learn more about its features, benefits, and fees, keep reading.
Rewards and Benefits
Movie & Dining
10X Reward Points on movie and dining spends
Domestic Lounge Access
N/A
Rewards Rate
You earn 1 reward point for every Rs. 150 spent (reward rate = 0.25%). For spending on movies, groceries, dining, and departmental stores, you earn 10X reward points (reward rate = 2.5%).
Golf
N/A
Travel
N/A
Insurance Benefits
N/A
International Lounge Access
N/A
Reward Redemption
You can redeem your points for gift vouchers on sbicard.com or the SBI mobile app, or use them to pay your card balance. (1 Reward Point = Rs. 0.25)
Fees & Charges
Interest Rates
3.50% per month (or 42% annually)
Spend-Based Waiver
Renewal fee can be waived by spending Rs. 1 lakh in a card anniversary year
Rewards Redemption Fee
Rs. 99 (plus applicable taxes) per redemption request
Cash Advance Charges
2.5% of the amount withdrawn or Rs. 500 (whichever is higher)
Foreign Currency Markup
3.50 +GST
Fuel Surcharge
You get a 1% fuel surcharge waiver on transactions between Rs. 500 and Rs. 3,000, up to a maximum of Rs. 100 per month.
What should you consider before applying for a credit card in India?
Before applying for a credit card in India, consider the following factors:
- Eligibility Criteria: Check the age, income, credit score, and employment status requirements set by the bank or financial institution.
- Credit Score: A higher credit score increases your chances of approval and may result in better offers. Ensure your credit score is in good standing.
- Interest Rates and Fees: Compare annual percentage rates (APR), processing fees, late payment penalties, and foreign transaction fees. These can vary significantly between cards.
- Rewards and Benefits: Look for cards that offer rewards, cashback, discounts, or other perks that align with your spending habits.
- Credit Limit: Make sure the credit limit offered is in line with your financial needs. Avoid over-borrowing, which can lead to high-interest charges.
- Repayment Terms: Understand the repayment options, minimum payment amount, and due dates. Consider how easily you can manage timely payments to avoid interest accumulation.
- Card Type and Features: Choose a card type (e.g., standard, premium, travel, etc.) based on your requirements. Some cards offer more benefits for specific categories like travel, shopping, or dining.
- Bank’s Reputation: Opt for a bank with a good track record of customer service and transparency. Read reviews and consider their customer support accessibility.
- Hidden Charges: Be aware of any hidden fees, such as annual fees, balance transfer charges, and cash withdrawal fees.
- Credit Utilization: Ensure you can manage your spending within the credit limit to maintain a healthy credit utilization ratio, which impacts your credit score.
- Long-Term Financial Plans: Think about how the credit card will fit into your long-term financial goals and avoid accumulating unnecessary debt.
Add new comment