SBI has luanched a number of unique credit cards in India such as SBI Titan Credit Card. IRCTC SBI Card is another unique credit card coming from the SBI stable. The IRCTC SBI Card Premier stands out in the crowded credit card landscape, particularly for those who frequently travel by train in India. This specialized credit card, developed through a collaboration between the Indian Railway Catering and Tourism Corporation (IRCTC) and the State Bank of India (SBI), provides numerous benefits tailored specifically for train travelers.
However, like any financial product, it has its pros and cons that prospective cardholders should consider carefully. In this comprehensive review, we will dissect the benefits and drawbacks, along with fees, charges, and eligibility requirements associated with the IRCTC SBI Card Premier.
Benefits of the IRCTC SBI Card Premier
1. Reward Points
Creditcard holders on buying tickets through irctc.co.in & IRCTC Mobile App for AC1, AC2, AC3, executive chair car and chair card, users will get upto 10% value back as reward points.
3 reward points on every 125 spent at dining, and on standing instructions on utility bill payment. Dining & bill cashback rate: 2.4%.
1 reward point on INR 125 on all other spends. Effective general cashback rate: 0.8%
2. Travel Benefits
The card comes with a number of travel related benefits:
Creditcard holders will get free rail accident insurance of INR 10 Lakhs.
Creditcard holders will get free air accident insurance of INR 50 Lakhs.
Creditcard holders will get fraud liability cover of INR 1 Lakh.
Creditcard holders will get free 8 complimentary railway lounge access in a year to participating lounges in India (2 per quarter).
3. Milestone Benefits
The cards also provides certain milestone benefits:
Creditcardholders will get 2,500 reward points on annual travel spending of INR 50,000.
5,000 reward points on annual travel spend of INR 1,00,000.
Reversal of annual fee on spends of INR 2 Lakhs.
4. Welcome Benefit
Creditcard holders will get 1500 bonus reward points worth INR 1500 on payment of annual fees.
Cons of the IRCTC SBI Card Premier
1. Low General Cashback Rate
The card comes with a low general cashback rate. The card is most suitable for individuals who travel from train frquently.
2. Limited Perks
The card offers limited non - travel perks. The card does not offer free movie tickets or dining benefits.
Fees and Charges
Understanding the associated fees and charges is vital for potential cardholders. Below are the main charges users may encounter:
Annual Fee (one time): INR 1499 + Taxes.
Renewal Fee (per annum): INR 1499 + 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
To apply for the IRCTC SBI Card Premier, certain criteria must be met. Clarity on these requirements can save time in the application process:
1. Age Requirement
Applicants must be at least 21 years old and no older than 70 years, ensuring a wide range of applicable ages.
2. Income Criteria
This card targets individuals with stable incomes. The SBI website however, does not specify minimum income threshold.
3. Credit History
A strong credit history is crucial. This requirement can pose challenges for those with lower scores.
5. Documentation
Applicants must submit necessary documents, including identity, address, and income proof. Ensuring all documentation is in order can lead to faster processing.
Final Thoughts
The IRCTC SBI Card Premier offers the highest cashback on train tickets. It also offers great travel benefits. However, it also important to note that it has a low general cashback rate. Overall it is not an all-rounder credit card. It has been designed for Individuals who travel by train frequently.
Ultimately, individuals must assess their travel habits, spending patterns, and financial responsibility to determine if the IRCTC SBI Card Premier aligns with their needs. By making an informed choice, cardholders can enjoy enhanced travel experiences and better financial health.
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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