Exploring Its Credit Card Options

SBI Card Hits 2-Crore Milestone: SBI Card recently announced that it has surpassed 20 million credit cards in circulation, marking a significant milestone since the company began its credit card operations in 1998. The press release revealed that SBI Card has experienced robust growth, with a compound annual growth rate (CAGR) of around 25% in cards issued and 26% in spending between FY19 and FY24.

SBI Card is now the second-largest credit card issuer in India, following HDFC Bank, which reached the same 20 million milestone earlier in January 2024. As of October 2024, SBI Card had nearly 19.8 million cards in circulation, a slight increase from 19.58 million in September. In comparison, HDFC Bank had 22.64 million cards in circulation during the same period.

According to Business standard, The overall number of credit cards in India rose 12.85% year-on-year (YoY), totaling 106.88 million, with HDFC Bank contributing the highest number of new cards, followed by SBI Card, which added 220,265 cards.

Abhijit Chakravorty, MD & CEO, SBI Card, said: “The SBI Card brand is based on the value proposition of ‘Make Life Simple’. Crossing the 2 crore cards in force milestone is a testament to the trust and confidence that our customers place in us. It reflects our relentless focus on innovation, superior customer service, and our vision of empowering every Indian with convenient, secure, and rewarding payment solutions. We remain committed to delivering unmatched value to our growing customer base as we continue to address their evolving needs.”

Exploring Its Credit Card Options

Here is a breakdown of some of the popular SBI credit card offerings:

1. AURUM by SBI Card: A super-premium card for those seeking luxury and exclusivity. Benefits include luxury dining, international airport lounge access, golf privileges, and concierge services. The card provides 40,000 reward points (worth ₹10,000) as a joining benefit. The annual fee is ₹9,999, which is reversed if a spending milestone of ₹12 lakh is met during the membership year.
2. SBI Card MILES: This card is ideal for frequent travelers, offering travel credits that can be converted into air miles and hotel points. It provides up to ₹20,000 in travel credits for ₹12 lakh in spending and access to airport lounges. The card has variants like MILES ELITE, MILES PRIME, and MILES, with renewal fees ranging from ₹1,499 to ₹4,999 plus taxes.
3. CASHBACK SBI Card: This card is perfect for those who prioritize cashback on daily purchases. It offers 5% cashback on online spending and 1% on offline transactions, along with a fuel surcharge waiver. The renewal fee is ₹999, which is waived for annual spends of ₹2 lakh.
4. SBI Card Elite: Targeted at premium users, this card offers extensive perks, including 50,000 bonus reward points annually, 5x points on dining and grocery spends, golf rounds, movie tickets, and access to domestic and international lounges. The annual renewal fee is ₹4,999, reflecting the wide range of benefits provided.
5. KrisFlyer SBI Card: A co-branded card with Singapore Airlines, ideal for frequent flyers. It offers up to 80,000 KrisFlyer miles annually and additional bonus miles for high spends. Cardholders also enjoy airport lounge access and comprehensive travel insurance. The annual renewal fee is ₹2,999, while the premium KrisFlyer SBI Card Apex has a renewal fee of ₹9,999.

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