SBI Elite Credit Card vs American Express Platinum Reserve Credit CardSBI Elite Credit Card vs American Express Platinum Reserve Credit Card

SBI Elite vs American Express Platinum Reserve Credit Card

Individuals who lead a luxurious lifestyle and seek exclusive privileges often opt for a premium credit card. Among the prominent card issuers globally, American Express stands out, being highly regarded not only in India but worldwide. The Platinum Reserve credit card is positioned as the second-highest tier of premium offerings, requiring a joining fee of Rs. 5000 plus applicable taxes, along with a renewal fee amounting to Rs. 10,000.

Conversely, the SBI Elite credit card necessitates a payment of Rs. 4999 along with applicable taxes from the cardholder, granting a plethora of additional perks across diverse spending sectors. This card boasts an impressive array of benefits including a generous welcome package, travel perks, access to airport lounges, complimentary rounds of golf, and various other privileges. One noteworthy feature that sets it apart is its remarkably low foreign exchange markup fee, totaling just 1.99% of the transaction amount.

Comparison of Features and Advantages: SBI Elite Credit Card versus American Express Platinum Reserve Credit Card

SBI Elite Credit Card:

1. Welcome Benefit:

  • Receive gift vouchers valued at Rs. 5000 from a range of renowned brands.

2. Milestone Benefit:

  • Bonus reward points on reaching spend milestones.

3. Travel Benefits:

  • Enjoy the benefits of both Club Vistara Silver and Trident Privilege Red Tier memberships at no extra cost.
  • Access exclusive lounges, avail discounts at Lalit hotels, enjoy savings on car rentals, and gain access to Tablet Plus membership perks.

4. Movie and Dining Benefit:

  • Monthly discount on movie tickets and restaurant discounts.
  • Up to 25% off at partner restaurants with Amex card variant.

5. Golf Benefit:

  • Up to 50% off on golf games, 4 complimentary green fees rounds, and a monthly golf lesson.

6. Renewal Fee Waiver:

  • Waived off on spending Rs. 10 Lakhs or more in the previous year.

7. Fuel Surcharge Waiver:

  • 1% fuel surcharge waiver on transactions between Rs. 500 to Rs. 4000.

American Express Platinum Reserve Credit Card:

1. Welcome Benefit:

  • Bonus 11,000 Membership reward points on spending Rs. 30,000 within 3 months.

2. Milestone Benefit:

  • Choose a voucher (Flipkart, BookMyShow, or others) worth Rs. 500 on spending Rs. 25,000 in a month.
  • Taj Hotels stay voucher worth Rs. 10,000 on spending Rs. 5 Lakhs in a year.

3. Reward Rate:

  • Get 1 Membership Rewards (MR) point for every Rs. 50 spent, excluding transactions on insurance, fuel, cash, wallet reloads, and EMI spends.

4. Reward Redemption:

  • Redeem MR points for e-vouchers, online store purchases, and card bill payments.
  • Transfer MR points to partner airline and hotel programs.

5. Travel Benefit:

  • 12 complimentary domestic lounge accesses quarterly.
  • Priority Pass membership for international lounge access.
  • Taj Epicure membership with exclusive privileges.
  • $100 credit and room upgrade through Hotel Collection program.

6. Movie and Dining Benefit:

  • Voucher worth Rs. 500 on spending Rs. 25,000 in a month.
  • Taj Epicure membership with dining benefits.
  • Complimentary EazyDiner Prime membership.

7. Golf Benefit:

  • Receive two free rounds of golf every month at prestigious golf courses across India.
  • Additionally, primary and add-on cardholders can enjoy discounted rates on golf lessons.

8. 24×7 Concierge Services:

  • Support is available for arranging dining reservations, delivering gifts, scheduling golf rounds, booking spa sessions, and more.

9. Insurance Benefit:

  • Personal air accident cover worth Rs. 1 Crore.
  • Purchase protection cover in partnership with ICICI Lombard.

10. Fuel Surcharge:

  • Zero fuel surcharge at HPCL on transactions up to Rs. 5000.
  • 1% surcharge at IOCL and BPCL, 2.5% at other outlets.

Comparison of Fees and Charges: SBI Elite Credit Card versus American Express Platinum Reserve Credit Card

SBI Elite Credit Card:

  1. Joining and renewal fee: Rs. 4999 + taxes, waived off on spending Rs. 10 Lakhs.
  2. Interest rate: 3.5% per month.
  3. Forex markup fee: 1.99% of transaction amount.
  4. Cash advance fee: 2.5% or Rs. 500, whichever is higher.

American Express Platinum Reserve Credit Card:

  1. Joining fee: Rs. 5000 + taxes, Renewal fee: Rs. 10,000 + taxes.
  2. Interest rate: 3.5% per month.
  3. Forex markup fee: 3.5% of transaction amount.
  4. Cash advance fee: 3.5% or minimum Rs. 250.

Contrasting SBI Elite Credit Card with American Express Platinum Reserve: A Comprehensive Analysis

SBI Elite Credit Card:

1. Joining/Annual Fees: Rs. 4999 plus taxes.

2. Welcome Benefits: Gift vouchers valued at Rs. 5000 available from leading brands like Yatra, Hush Puppies, Shoppers Stop, Pantaloons, and more.

3. Reward Earning:

  • 2 RPs per Rs. 100 spent on retail.
  • Earn five times the reward points (RPs) when you shop at departmental stores, dine out, purchase groceries, and more.

4. Reward Redemption: RPs can be redeemed against different choices on the SBI Card website or against the outstanding card balance.

5. Movie and Dining Benefits:

  • Complimentary movie tickets per month with a maximum benefit capped at Rs. 250 per ticket.
  • Dining offers with a 25% discount at partner restaurants.

6. Travel Benefits:

  • Complimentary CV Silver tier membership.
  • Complimentary Trident Privilege Red Tier membership.
  • Complimentary domestic and international lounge access.

7. Renewal Fee Waiver: Not Applicable (NA).

American Express Platinum Reserve Credit Card:

1. Joining/Annual Fees: Rs. 5000 plus taxes.

2. Welcome Benefits: Receive an additional 11,000 Membership Rewards Points when you make purchases totaling Rs. 30,000 within the initial three months of card activation.

3. Reward Earning: You earn 1 MR Point for every Rs. 50 spent, with the exception of specific spend categories where this rule does not apply.

4. Reward Redemption: MR points can be redeemed against shopping vouchers, offline purchases, transfer to airmiles, card bill payment, etc.

5. Movie and Dining Benefits:

  • Get Rs. 500 worth of BookMyShow vouchers every month by spending Rs. 25,000.
  • Complimentary Taj Epicure membership.
  • Complimentary EazyDiner Prime membership.

6. Travel Benefits:

  • Enjoy access to both domestic and international lounges courtesy of the Priority Pass, with no duplications.
  • Complimentary Taj Epicure membership.

7. Renewal Fee Waiver: Enjoy a renewal fee exemption by spending Rs. 10 Lakhs or more.

Which credit card suits you best?

  1. SBI Elite and American Express Platinum Reserve stand out as top options for individuals in search of high-end credit cards.
  2. Both cards have a joining fee of Rs. 4999 plus taxes, but the Platinum Reserve has a higher renewal fee of Rs. 10,000 from the second year.
  3. Perks and benefits offered by both cards are abundant.
  4. The Platinum Reserve card offers a competitive reward rate, perks for travel enthusiasts, access to airport lounges, a complimentary Taj Epicure membership, as well as opportunities for golf outings and exclusive privileges.
  5. SBI Elite, with the same joining and renewal fee, offers CV Silver Tier and Trident Privilege Red Tier membership.
  6. SBI Elite provides more golf rounds, lounge access, and other benefits compared to the Platinum Reserve.
  7. SBI Elite is recommended, especially for those who frequently make foreign currency spends, as it offers a 1.99% forex markup fee on the card.

Frequently Asked Questions (FAQs)

Q1: What sets apart the SBI Elite Credit Card from the American Express Platinum Reserve Credit Card?

A1: The main contrasts emerge in their renewal fees, perks, and privileges. Although both cards entail a joining fee of Rs. 4999 plus taxes, the American Express Platinum Reserve demands a higher renewal fee of Rs. 10,000 starting from the second year onwards.

Q2: What perks and benefits come with the American Express Platinum Reserve Credit Card?

A2: The Platinum Reserve card offers a decent reward rate, travel benefits, lounge access, complimentary Taj Epicure membership, complimentary golf rounds, and various premium privileges.

Q3: Why is the SBI Elite Credit Card recommended over the American Express Platinum Reserve?

A3: The SBI Elite card is recommended for several reasons, including comparable joining and renewal fees, additional benefits such as CV Silver Tier and Trident Privilege Red Tier membership, more golf rounds, and enhanced lounge access.

Q4: How does the SBI Elite Credit Card cater to those making foreign currency spends?

A4: The SBI Elite card proves beneficial for those who frequently spend in foreign currencies due to its attractive feature of charging only a 1.99% forex markup fee.

Q5: Do both credit cards have the same joining and renewal fees?

A5: Certainly! While both the SBI Elite Credit Card and the American Express Platinum Reserve Credit Card share the same joining fee of Rs. 4999 plus applicable taxes, the American Express Platinum Reserve Card incurs a higher renewal fee of Rs. 10,000 starting from the second year onwards.

Q6: Which levels of membership are available with the SBI Elite Credit Card?

A6: With the SBI Elite Credit Card, you gain access to the CV Silver Tier and Trident Privilege Red Tier memberships among its various perks.

Q7: Can you elaborate on the travel benefits provided by the American Express Platinum Reserve Credit Card?

A7: The Platinum Reserve card offers various travel benefits, including lounge access, complimentary Taj Epicure membership, and the provision of complimentary golf rounds, making it an attractive option for travelers.

Q8: What are the differences in reward rates offered by the SBI Elite Credit Card and the American Express Platinum Reserve Credit Card?

A8: Both cards offer competitive reward rates, but the specific rates may vary. It is recommended to check the latest reward rate details for each card.

Q9: What extra perks does the SBI Elite Credit Card offer?

A9: The SBI Elite Credit Card provides exclusive privileges like increased golf rounds, improved lounge access, and various premium advantages, catering to specific preferences and making it a preferred option for many.

Q10: What aspects should individuals ponder when deciding which of these two credit cards to choose?

A10: Factors to consider include renewal fees, specific benefits and privileges offered, personal spending habits, travel requirements, and the individual’s preference for either the SBI Elite or American Express Platinum Reserve Credit Card.

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