SBI Prime Credit Card: A Comprehensive 2024 Review
Is the SBI Prime Credit Card still worth it? In straightforward terms, the SBI Prime Credit Card remains a decent option but isn’t the standout it once was.
Overview of SBI Prime Credit Card
Initially launched in 2017, the SBI Prime Credit Card was well-loved for its numerous perks. However, substantial changes in 2021 and 2022 have altered its attractiveness.
- For a more recent offering, you may also want to explore the SBI Cashback Credit Card, which offers better cashback rewards on online spends.
| Aspect | Details |
|---|---|
| Type | Semi-Premium Credit Card |
| Reward Rate | 0.5% – 4% |
| Best For | Rewards on accelerated categories |
| USP | Quarterly/Annual Milestone Rewards |
Joining and Renewal Fees
The SBI Prime Credit Card comes with a joining fee of 2,999 INR plus GST, and the same renewal fee applies. However, the renewal fee is waived upon spending more than 3 lakhs annually.
Rewards and Benefits
Reward Points
The reward structure is categorized into Regular, Milestone, and Accelerated:
| Spend Type | Reward Points | Reward Rate |
|---|---|---|
| Regular Spends | 2 RP / 100 INR | 0.50% |
| Dining, Groceries, Departmental stores & Movies | 10 RP / 100 INR | 2.5% |
| Birthday Spends (one day before & after) | 10 RP / 100 INR | 2.5% |
Note that the value of 1 reward point is Rs.0.25. Redemption can be made for statement credits, but there’s a fee of Rs.99 per request.
Looking for a higher reward rate on everyday spends? Consider the SimplyClick SBI Card, which offers accelerated rewards on online purchases.
Milestone Benefits
| Spend | Milestone Benefits | Savings |
|---|---|---|
| 50,000 INR (per calendar quarter) | 1,000 INR (Pizzahut Voucher) | ~2% |
| 5 Lakhs (per Year) | 7,000 INR (Yatra/Pantaloons Voucher) | ~1.4% |
Milestone benefits are a key feature, offering approximately 2% value quarterly and 1.4% annually.
- Looking for a higher reward rate on everyday spends? Consider the SimplyClick SBI Card, which offers accelerated rewards on online purchases.
Airport Lounge Access
The card provides:
- Domestic: 2 visits per quarter via Visa / Mastercard
- International: 4 visits per year (Max: 2 per quarter) via Priority Pass
Note: This benefit only applies to the primary cardholder, and the Priority Pass expires in 2 years.
If you’re interested in more lounge access, check out the Axis Neo Credit Card for more frequent lounge visits.
Other Benefits
- Complimentary Club Vistara Silver membership (1 Upgrade Voucher)
- Bookmyshow benefit
- Complimentary Trident Privilege Red Tier Membership
- Golf Benefit with complimentary lessons and games
Alternatively, if travel and luxury are important for you, the ICICI Emeralde Credit Card may offer better perks in these categories.
Should You Get It?
If you spend around 5 lakhs a year and meet the annual milestone, you’ll get roughly a 2% return on regular spends and ~4% on dining/grocery spends. With fee waiver on 3L spend, lounge access, and other benefits, it’s a decent card for a 3K fee point, especially if your grocery/dining spends are high.
However, for better cashback and reward rates, consider the Cashback SBI Credit Card or the SimplyClick SBI Credit Card. For those with higher spends, the Aurum SBI Credit Card offers greater rewards.
Feel free to share your thoughts on the SBI Prime Credit Card below. What has your experience been like in its current form?
