SBI SimplySAVE Credit Card by Bank is an entry-level credit card made for those who want to start their credit card journey with a basic card. Though the card is basic, it still offers many ways to maximize savings. The SimplySAVE Credit card comes with an annual fee of Rs. 499 only, which makes it a good choice for new credit card users. While applying and understanding the card, you must have been confused about whether to go for it or not. Well, worry not as in this article, we are going to discuss the pros and cons of the SBI SimplySAVE Credit Card. Let’s start with the pros of the card.
PROS:
- Welcome Benefits:
The SimplySAVE card comes with 2,000 Bonus reward points which are worth Rs. 500. The points are credited to the account, incurring Rs. 2,000 or more within the 60n days of card activation.
- Great Reward Points:
The SimplySave Card offers reward points for every transaction you do with the card. The card offers 10X reward points for every Rs. 100 spent on dining, movies, departmental stores, and grocery transactions. For all other categories, the card offers 1 reward point for every Rs. 100 spent.
- Spend-based annual fee waiver:
On spending Rs. 1 Lakh or more in the previous year, the annual fee of Rs. 499 would be waived off. This way cardholder can save the annual fee every year.
- Fuel surcharge wavier:
The card also offers a 1% fuel surcharge waiver for fuel transactions between Rs. 500 and Rs. 3,000. The maximum waived amount of fuel transactions is capped at Rs. 100 per statement cycle.
- Low-Income requirement:
The Income requirement for the SBI SimplySAVE Credit card is just Rs. 20,000. This is very beneficial for low-income earners as they can now get their hands on a credit card.
CONS:
- High-interest rates:
Though the SimplySAVE card offers ample opportunity to save, the finance charges associated with the card are very high. Therefore, if you default on any transaction, you would face heavy finance charges.
Bottom Line:
The SimplySave credit card as mentioned is a good option for new card holders. There are not many disadvantages of the card. The card offers a good reward rate and also provides the benefit of an annual fee waiver. Moreover, you can also get a fuel surcharge wavier with the card which is capped at Rs. 100 per month. Apart from this, the card offers a great reward point redemption option where you can redeem the reward points for a wide number of options. Therefore, if you just started a job with low income or you are about to start your credit card journey, then the SBI SimplySAVE credit card is a good choice.
Additional Reading: Reasons Why Your Credit Card Application Can Be Rejected