An In-Depth Analysis of the IRCTC SBI Platinum Credit Card: Benefits, Drawbacks, Fees, and Eligibility
- Abhijeet Saxena
- Dec 3, 2024
- 3 min read
SBI has launched a number of unique credit cards in India such as as the SBI Cashback Credit Card. IRCTC SBI Platinum Credit Card is another unique credit card coming from SBI Cards. The card comes on VISA network.
Apart from permanent offers and discounts associated with this card which are captured below it is also important to note that there are a number of offers and discounts which are offered by VISA independent of SBI. You can checkout all these offers on MyRupaya website by clicking here and entering the name of your credit card.
This post aims to provide a detailed review of the card, highlighting its benefits, drawbacks, fees, and eligibility requirements.
Overview of the IRCTC SBI Platinum Credit Card
The IRCTC SBI Platinum Credit Card is a joint venture between the Indian Railway Catering and Tourism Corporation (IRCTC) and the State Bank of India (SBI). It is designed with the Indian traveler in mind, offering a variety of perks that align with common travel needs, especially for railway journeys.
Benefits of the IRCTC SBI Platinum Credit Card
Reward Points on Travel
Creditcard holders on buying tickets through irctc.co.in & IRCTC Mobile App for AC1, AC2, AC3, executive chair car and chair car, users will get upto 10% value back as reward points.
1 reward point will be awarded on INR 125 on all other spends. Effective general cashback rate: 0.8%
Complimentary Railway Lounge Access
Another great feature is complimentary access to railway lounges at select stations across India. Cardholders can enjoy a comfortable waiting area, which can be particularly helpful during long layovers. Statistics show that travelers using lounge access save an average of 30% on food and services purchased in these areas, enhancing their travel experience significantly. Creditcard holders will get free 4 complimentary railway lounge access in a year with participating lounges in India (1 per quarter).
Welcome Benefits
Creditcardholders will get 350 activation bonus reward points on a single transaction of INR 500 or more within 45 days of card issuance.
Drawbacks of the IRCTC SBI Platinum Credit Card
Limited Use for Non-Travel Expenses
While the IRCTC SBI Platinum Credit Card shines for travel-related expenses, its benefits drop significantly for everyday purchases. For instance, transactions such as groceries or utility bills only yield 1 reward point per INR 125 spent. The effective general cashback rate is 0.8%. This limitation may not appeal to users seeking broader rewards for daily spending.
Limited Perks
The card does not offer any movie benefits, or free airport lounge visits, or dining benefits. Overall the credit card offers very few perks.
Fees and Charges
Annual Fee (one time): INR 500 + Taxes.
Renewal Fee (per annum): INR 500 + 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.
Eligibility Criteria for the IRCTC SBI Platinum Credit Card
Age Requirement
To be eligible for the IRCTC SBI Platinum Credit Card, applicants must be at least 21 years old, with a typical upper age limit of 70 years. This age range allows a diverse group of individuals to apply for the card.
Income Requirement
Applicants should also meet an income threshold. However, the SBI website does not disclose the minimum income threshold.
Credit Score
A healthy credit score is essential for approval. Generally, a score exceeding 750 is seen as favorable and increases the likelihood of acceptance. However, the SBI website does not disclose the cibil score threshold.
Documentation
To apply, applicants need to present various documents, including identity proof, address proof, income proof, and photographs. Having these documents prepared can streamline the application process and enhance approval chances.
Final Thoughts on the IRCTC SBI Platinum Credit Card
The IRCTC SBI Platinum Credit Card is a good credit card for individuals who travel from train frequently. However, it is a not an allrounder credit card and it will disappoint individuals who are looking for perks associated with credit cards such as free movie tickets and free airport lounge benefits.
For anyone pondering the addition of this card, it's vital to evaluate personal spending patterns and travel habits. If you travel often and frequently book railway tickets, this card could offer significant value. However, if general spending and versatility are a priority, exploring other credit card options may be more beneficial.
If you want to read a more detailed review of this card and find out its AI-powered unbiased rating click here.
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