How good are the reward points on the SBI Elite Credit Card? Do they offer good value compared to other premium cards?
The reward points on the SBI Elite Credit Card seem decent at first glance, but once you start using them, you realize they aren’t as rewarding as they look. The card gives 2 reward points per INR 100 spent on regular purchases and 5X points on dining, groceries, and department stores. That sounds promising, but the catch is in the redemption value—1 reward point is worth only INR 0.25. That means even if you accumulate thousands of points, their actual value is much lower than what other premium cards offer.
When I first got the card, I was excited about the 5X points on dining and groceries, thinking it would add up quickly. But when I went to redeem them, I was disappointed. A spend of INR 1 lakh on regular purchases would give me 2,000 points, which is just INR 500 in value. Even in the higher reward categories, spending INR 1 lakh on dining and groceries would only get me INR 2,500 worth of points, which isn’t great when compared to what other premium cards offer.
What frustrated me the most was the redemption process. Unlike HDFC’s SmartBuy or Axis Bank’s Travel Edge, where you can redeem points easily for flights or vouchers at a good value, SBI’s system felt slow and clunky. Some e-vouchers had restrictions, and using points for statement credit reduced their value even further. If you’re used to premium credit cards with smooth redemption options, this might feel outdated.
Comparing this with other cards, it’s clear that SBI Elite doesn’t offer the best value. Cards like Axis Magnus and HDFC Infinia offer much better rewards, both in terms of points earned and how you can redeem them. Even HDFC Regalia, which has a lower fee, offers a better reward-to-value ratio than SBI Elite.
After using the card for a while, I realized that if you’re looking for a credit card purely for rewards, this one isn’t it. The low redemption value and the hassle of using points make it less attractive compared to other premium cards. If you’re someone who wants to maximize rewards, Axis Magnus, HDFC Infinia, or even Amex Platinum Travel would be much better options. For me, the reward points on SBI Elite were simply not good enough to justify keeping the card.