The SBI Card has become the second largest credit card issuer in India, and it is rapidly gaining popularity among consumers. One simple reason for this is the incredible benefits it offers, particularly during Amazon/Flipkart sales where cardholders can enjoy a 10% instant discount. If you are an avid online shopper at these portals, having an SBI credit card is a must. Among the various options, the SBI SimplyCLICK credit card stands out as the best choice for online shopping enthusiasts. In this article, we will provide a detailed and hands-on review of the SBI SimplyCLICK credit card, helping you make an informed decision.
Eligibility Criteria: Who Can Apply?
SBI Card has intentionally kept the eligibility criteria low for the SimplyCLICK credit card, making it an excellent entry-level option. While specific information about eligibility is not mentioned on the application page, meeting the following standard requirements will increase your chances of approval:
- Credit Score: A credit score of 750 and above
- Occupation: Self-Employed or Salaried
- Income for Salaried Individuals: Above Rs 20,000 per month
- Income for Self-Employed Individuals: Above Rs 30,000 per month
Fees and Charges: A Closer Look
Before diving into the rewards and benefits, let’s explore the fees and charges associated with the SBI SimplyCLICK credit card:
- Joining Fee: Rs 499 plus applicable taxes
- Welcome Benefit: Rs 500 Amazon Gift Card
- Annual Fee: Rs 499 plus applicable taxes
- Annual Fee Waiver: Spend Rs 1 Lakh in a membership year
It’s important to note that the annual fee can be waived off if you reach the spending milestone of Rs 1 Lakh within a membership year.
Rewards: Maximizing Your Benefits
The SBI SimplyCLICK credit card offers three different reward rates based on the type of spend and merchant. Each reward point is valued at 25 paise across all redemption options. Let’s take a closer look at the rewards structure:
Offline Spends: 0.25% Return Rate
For every Rs 100 spent offline, you earn 1 reward point (RP), which translates to a return rate of 0.25%. Given the relatively low reward rate, it is advisable to utilize this card primarily for online purchases.
Online Spends (except 10X partners): 1.25% Return Rate
When you make online purchases (excluding 10X partners), every Rs 100 spent earns you 5 reward points (RP). This corresponds to a return rate of 1.25%. This rate makes the SBI SimplyCLICK credit card a lucrative option for regular online shoppers.
Online Spends (10X partners): 2.5% Return Rate
To sweeten the deal, the SBI SimplyCLICK credit card offers an impressive return rate of 2.5% for online spends with 10X partner merchants. These partners include Amazon, Apollo 24X7, BookMyShow, Cleartrip, Dineout, Lenskart, and Netmeds. For every Rs 100 spent with these partners, you earn 10 reward points (RP), making it an excellent choice for maximizing rewards.
Exclusions on 10X Rewards
While the 10X rewards program provides enticing benefits, certain transactions are excluded from earning additional rewards:
- Gift card purchases, utility bill payments, and recharges on Amazon
- Any purchase from Amazon during sales where SBI Card is offering an instant discount (effective from 01-Dec-2021)
- Cleartrip transactions from affiliate channels
Monthly Cap on Accelerated Rewards
To ensure fairness and balance in the rewards program, SBI Cards has implemented a monthly cap on accelerated rewards, effective from 1st October 2020:
- Cumulative 10X Reward Points on online spending with partners: Maximum of 10,000 RP every calendar month
- Cumulative 5X Reward Points on other online spends: Maximum of 10,000 RP every calendar month
Milestone Rewards: Extra Incentives
Apart from the regular rewards, the SBI SimplyCLICK credit card offers milestone rewards, which provide additional benefits based on your spending patterns. The milestones and corresponding rewards are as follows:
- Cleartrip Gift Voucher of Rs 2000 on spends of Rs 1 Lakh
- Cleartrip Gift Voucher of Rs 2000 on spends of Rs 2 Lakh
The milestone rewards significantly enhance the reward rate on 10X partner transactions to an impressive 4.5%, surpassing some premium credit cards available in the market.
Rewards Redemption: Flexibility and Convenience
SBI SimplyCLICK credit cardholders have two options for redeeming their rewards: Amazon or ClearTrip vouchers. Unfortunately, there is no statement credit option available at the moment. To redeem your rewards, you need a minimum of 2000 reward points, and each point is equivalent to 25 paise. Redemptions can be made in blocks of Rs 500 for Amazon or ClearTrip e-gift vouchers. It’s worth noting that SBI Card does not charge a redemption fee for SimplyCLICK.
Pros and Cons: Weighing the Options
Before making a decision, let’s summarize the pros and cons of the SBI SimplyCLICK credit card:
Pros
- Earn 4.5% rewards on 10X partner transactions
- Enjoy 3.25% rewards on online transactions
- Easy to achieve annual fee waiver
- Extensive range of partner merchants
Cons
- No option to get a statement credit against reward points
- Low reward rate of 0.25% on offline purchases restricts the card’s versatility
Final Thoughts: A Credit Card for Everyone
When considering a new credit card, it’s crucial to evaluate three key factors: ease of approval, favorable fees, and attractive rewards. The SBI SimplyCLICK credit card checks all these boxes, making it an excellent choice for almost everyone. The 10X rewards on Amazon India alone make it highly desirable. If you haven’t added an SBI card to your wallet yet, now is the perfect time to apply for the SBI SimplyCLICK card. As an alternative, you might also consider the Axis Ace card, which offers a default reward rate of 2% for all purchases.
In conclusion, with its outstanding rewards program, seamless redemption options, and low eligibility criteria, the SBI SimplyCLICK credit card stands out as a top contender in the market. Start enjoying the benefits and rewards that this credit card has to offer by applying for yours today.