One look at the list of credit cards offered by SBI Card and one can get confused on which card to apply for. There are too many options to choose from which makes the card decision a tad difficult. This is where we try to help by reviewing cards to find which offers the best benefits for your spends. In this post, we will review one of the entry-level cards – SBI SimplySAVE credit card.
SBI SimplySAVE Eligibility Criteria
SBI Card does not state the eligibility criteria on the application page for this card. Below is what I could gather from users who got an approval from SBI Card.
| Credit Score | 750 and above |
| Occupation | Self Employed or Salaried |
| Income for Salaried | Above 20K per month |
| Income for Self Employed | Above 30K per month |
SBI Card has kept the eligibility criteria low as SimplySAVE is an entry-level card. Just like the SimplyCLICK, this card design is elegant with a printed pattern and feels good to hold.
Approval chances are higher if we already have a SBI savings account or other credit cards.
SBI SimplySAVE Fees and Charges
SBI SimplySAVE credit card comes with a joining/annual fee of Rs 499 plus GST. SBI Cards provides an Amazon gift card worth Rs 500 as a welcome gift. This makes the card free for the first year.
From the 2nd year onwards, the annual fees are waived on spends of Rs 1L.
| Joining/Renewal Fee | Rs 499 plus GST |
| Welcome Benefit | Spend Rs 2000 in first 60 days and get 2000 RP ~Rs 500 Value |
| Renewal Fee Waiver | Spend Rs 1 Lakh in a membership year |
SBI SimplySAVE Rewards
SBI SimplySAVE has three reward rates depending on the type of spend and merchant. Each reward point(RP) is worth between 20-25 paise for redemption.
| TYPE OF SPEND | REWARD POINTS | RETURN RATE @25 PER RP |
|---|---|---|
| Dining, Movies, Departmental Stores and Grocery Spends | 10 RP/Rs 100 | 2.5% |
| Other Spends | 1 RP/Rs 100 | 0.25% |
SBI SimplySAVE Rewards Redemption
SBI SimplySAVE has multiple options for redemption. We can get e-vouchers or products from the catalogue over here. The best option however is to get a statement credit by calling SBI credit card team.
My View
SBI SimplySAVE can be considered as the offline cousin of the SimplyCLICK card. But, the SimplySAVE card misses out on the great rewards offered by SimplyCLICK. The 0.25% reward rate on other spends category is redundant in today’s credit card offerings. I always prefer credit cards that offer consistent cashback/rewards on all spends. Ace, Flipkart Axis in the cashback space and Ultimate, Regalia are some great credit cards.
I would not recommend going for this SimplySAVE card in today’s times when we have much better options.
