PSB SimplySAVE SBI Card
MyRupaya Ratings
Product Details
Credit Card Name :
PSB SimplySAVE SBI Card
Bank Name :
Punjab and Sindh Bank
Type :
Rewards Credit Card
Interest Rate :
3.50% per month (42% per annum) from the transaction date.
Eligibility :
Age: You must be minimum 21 and maximum 70 years old.
Income: You must have a stable source of income.
Credit score: A good credit score is generally required.
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Pros
Welcome Benefit: On spending INR 2,000 or more in the first sixty days and users will get 2,000 reward points.
Reward System: Users will get 10 points for every INR 150 spent on dining, movies, departmental stores and grocery spending. Value of 1 point = INR 0.25. Effective cashback rate: 1.6%. 1 reward point on all other spend per INR 150. Effective general cashback rate: 1.25%. 1 reward point on INR 100 on all other spends. Effective general cashback rate: 0.16%
Annual fee reversal on spending INR 1,00,000 on the card.
Cons
Low general cashback rate.
No free movies.
No free airport lounge visits.
Pros & Cons
Welcome Benefits
Spend INR 2,000 or more in first sixty days and get 2,000 reward points
Rewards System
Users will get 10 points for every INR 150 spent on dining, movies, departmental stores and grocery spending. Value of 1 point = INR 0.25. Effective cashback rate: 1.6%. 1 reward point on all other spend per INR 150. Effective general cashback rate: 1.25%. 1 reward point on INR 100 on all other spends. Effective general cashback rate: 0.16%
International Forex Markup
3.5%.
Welcome Benefits and Reward System
Special Features
Users will get 10 points for every INR 150 spent on dining, movies, departmental stores and grocery spending. Value of 1 point = INR 0.25. Effective cashback rate: 1.6%. 1 reward point on all other spend per INR 150. Effective general cashback rate: 1.25%. 1 reward point on INR 100 on all other spends. Effective general cashback rate: 0.16%
Eligibility Criteria
Age: You must be minimum 21 and maximum 70 years old.
Income: You must have a stable source of income.
Credit score: A good credit score is generally required.
Benefits
Card gives cashback on dining, movies, departmental stores and grocery spends.
Speical Feature, Eligibility and Benefits
How to apply for Credit Card?
1. Online: This is the faster and more convenient method:
Visit the SBI Card website: Head to the official SBI Card website.
Navigate to the SimplySave SBI Card page: Find the "Personal" category and choose "Shopping" as the sub-category.
Click "Apply Now": Look for the prominent "Apply Now" button on the card page.
Fill out the application form: Provide your personal details, income information, and KYC documents like PAN, etc.
Review and submit: Carefully review the application details.
Await decision: You'll receive an instant preliminary decision based on the information provided.
2. Offline: This method involves visiting a Punjab and Sindh Bank branch and completing the application process:
Visit an Punjab and Sindh Bank branch: Find a nearby Punjab and Sindh Bank branch and express your interest in applying for the SimplySave SBI Card.
Fill out the application form: A bank representative will assist you with the form and guide you through the process.
Submit the form and documents: Provide all requisite documents such as PAN, Aadhaar, and income proof along with the completed application.
Await decision: The bank will process your application and inform you about the final decision through your preferred communication channel.
Contact Details
l 1860 500 1290, 1860 180 1290, 39 02 02 02(Prefix local the STD code) or 1800 180 1290 (Toll Free)
Account Opening and Procedure
Recommended Credit Cards
Pros:-
Change the text to include your own content. Adjust the font, size or scale to customize the style.
Cons:-
Welcome Benefit: On spending INR 2,000 or more in the first sixty days and users will get 2,000 reward points.
Reward System: Users will get 10 points for every INR 150 spent on dining, movies, departmental stores and grocery spending. Value of 1 point = INR 0.25. Effective cashback rate: 1.6%. 1 reward point on all other spend per INR 150. Effective general cashback rate: 1.25%. 1 reward point on INR 100 on all other spends. Effective general cashback rate: 0.16%
Annual fee reversal on spending INR 1,00,000 on the card.
Low general cashback rate.
No free movies.
No free airport lounge visits.
Card has low cashback rate and does not offer good value add benefits. Overall this card is suited only for individuals who have a low cibil score and are not eligible for other credit cards.
PSB SimplySAVE SBI Card
Abhijeet Saxena
Abhijeet Saxena
Nalsar University of Law
Ex- Senior Associate, Shardul Amarchand Mangaldas, Delhi
Ex - Khaitan & Co. Bengaluru,
Ex - National Stock Exchange, Mumbai,
Ex - Argus Partners, Mumbai
Product Review
Fees & Charges
Annual Fee (one time): INR 499 + Taxes.
Renewal Fee (per annum): INR 499 + Taxes.
Cash Advance fees: 2.5% or Rs. 500.
Interest Rate: Up to 3.50% per month (42% per annum).
Late Payment charges: 0 to 1300
Reward Redemption Fees: INR 99/- per redemption.
Fuel Surcharge
1% Fuel surcharge waiver for each transaction between INR 500 and INR 4,000. Maximum surcharge waiver of INR 100 per statement cycle, per credit card account.
Billing Cycle
30 days.