SBI Simply Save Credit Card Review, Features, Benefits

There are almost all credit cards that claim they will help you save, but when you get a credit card that is called Simply Save, you are sure to get more that you imagine. SBI has launched the Simply Save Credit Card and given a tough competition to many other credit cards that claimed to be the favorite of customers in the market. This credit card is sure to make you save every time you spend, thus making it a great addition to your wallet.

SBI Simplysave Credit Card detail information

SBI Simply Save Credit Card Benefits

With the Simply Save Credit Card, SBI has made sure that their customers get benefits with every swipe. The amazing offers are available on your everyday expenditures as well the special experiences that you want to have with your loved ones. Read on to find what is in store for you if you are in planning to get this credit card.

1) Reward Points

While almost all credit cards reward you with some points on all transactions, SBI has taken the reward game a step further.

SBI gives you 10 reward points on every Rs 100 spent through the Simply Save Credit Card when spending on Dining, Movies, Departmental Stores and Grocery shopping.

For all other expenditures, there is 1 reward point on spending Rs 100. Also, if you are spending Rs 2000 or more within the first 60 days of getting your credit card, you will be awarded a bonus of 2000 reward points that amount to Rs 500.

These reward points are not only very easy to earn but the attractive redeem value also makes it the favorite credit card of young Indians. 4 reward points are equal to 1 rupee and you can add up your reward points to either pay the outstanding balance on your credit card bill or choose to buy a product from a wide range of gift options available from SBI.

2) Best deal on Fuel

The SBI Simply Save Credit Card offers you probably the best deal on your fuel expenditures by waiving off the 1% surcharge on fuel at all petrol pumps in India.

This is applicable on spending an amount more than Rs 500 and less than Rs 3,000 and the maximum that you can save on this offer in a month is Rs 100.

This added with the 10x reward points makes this credit card the best choice for making payment every time you stop at a petrol pump.

3) Bill Payments

Through the Easy Bill Pay facility on this credit card, you can pay your electricity, water, telephone and other utility bills online without attracting any extra convenience fee. 

4) World wide access

This credit card allows you to withdraw cash from any ATM around the world.

Also, this card can be used to make payments at all the stores in the world that accept Visa or Master cards directly.

Hence, it can make your travel free from the hassle of carrying a lot of cash when you are travelling within the country or even to foreign lands.

5) Fee waiver

Even tough the membership fee for this card is not much, SBI waives off even that if you spend more that Rs 90,000 in the first year of your membership. That means there won’t be any annual fees on your SimplySAVE SBI Card, therefore it’s FREE!

The fee will be waived off automatically when you renew your membership at the beginning of the second year of your subscription to this card.

6) Welcome Offer

SBI Simply Save Credit Card gives you a handsome cashback of Rs 100 for your first cash withdrawal.

You can make the transaction from any ATM within 30 days of receiving this card to avail this offer.

7) Easy Money

The Easy Money option on this card allows you to get a draft or cheque against your cash limit.

You can apply for Easy Money for a minimum amount of Rs 5,000 to a maximum of 75% on your cash limit.

What is best is that you can apply for it online or from SBI helpline and the cheque or draft will be delivered to you at your home.

8) Flexipay

Flexipay option helps you convert your expenditures into installments and reduce your financial burden.

Any purchase made for Rs 2,500 or above by Simply Save Credit Card can be converted into EMI within 30 days of making the purchase by logging in to your credit card account online.

9) Balance transfer options

SBI allows you to pay your outstanding dues on credit cards from other banks with the unique balance transfer options in installments over a period of either 3 months or 6 months with very low interest rates.

You can also choose the time duration and your interest rate which is 0.75% for 3 months and 1.27% for 6 months.

10) Add on cards

A single account holder can apply for add on Simply Save Credit Cards also.

You can get separate credit cards for your family members from the same account, provided they are 18 years or above in age.

All expenditures on any of them can be easily monitored by SMS and email alerts that will be sent on the registered phone number immediately after every transaction.

11) Interest free credit period

You can enjoy an interest free credit period of 20-50 days if you are a Simply Save Credit Card holder.

The condition to enjoy this offer is that you should have no outstanding balance for the previous months and it will be applicable only on retail purchase.

Eligibility Criteria & Documents Required for SBI Simply Save Credit Card

Eligibility

You are eligible to apply for SBI Simply Save Credit card if you are 21 years or older in age and have a regular income.

Salaried Person21 to 70 years
Businessman21 to 70 years
Pensioners40 to 70 years
Self-Employed21 to 70 years

Documents Required

You will need the following documents to support your application

  • Xerox of ID proof
  • Xerox of Income proof
  • Xerox of address proof
  • One passport size photograph

So, if you are a frequent shopper and still looking for a credit card that suits your interests, SBI Simply Save Credit Card is the best option for you.

SBI SimplySAVE Credit Card Fee and other charges

Annual Membership feeRs 499
Monthly Interest Rate3.35%
Yearly Interest Rate40.2 %
Membership fee waived off if spend overRs 90,000 (In financial year)
Credit time frame without % rate20 – 50 days
Membership Renewal  FeeRs 499

The annual membership fee for SBI Simply Save Credit Card is Rs 499 which includes the joining fee as well. To renew your membership at the end of 1 year, you need to pay Rs 499 but that will be waived off by the bank if you have spent more than Rs 90,000 from this credit card in the previous year.

The interest rate on this credit card is 3.35% per month which adds up to 40.2 per annum if you are paying your bill after the interest free credit period of 20-50 days from the date of issue of your statement. Please note that you will have to pay the interest fee on all expenditures apart from retail transactions.

How to apply for SimplySAVE SBI Card Online

Open the following link to apply online and keep the documents ready for a speedy processing. After your application is accepted, you will receive your credit card within 10 working days.

Apply Online here

If you are using the SimplySAVE card then do let me know your experience by rating and leaving your valuable comment.

Category: Credit Cards

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Article by: Ankita

Ankita is the main person behind Cashkanjoos.com. She keep trying to figure out unique ways to save money using card, online etc.