SBI Prime Credit Card vs IDFC First Select Credit CardSBI Prime Credit Card vs IDFC First Select Credit Card

SBI Prime vs IDFC First Select Credit Card

SBI Card and IDFC First Bank stand out as prominent card issuers in the country, with SBI Card being widely regarded as the most trustworthy. On the other hand, IDFC Bank has gained popularity as a card issuer, particularly due to its attractive cards that come with no annual fees. When faced with the decision of selecting a premium credit card, individuals often find themselves torn between these two issuers and their respective offerings.

Highlighted in the array of options are the Prime Credit Card by SBI and the Select Credit Card offered by IDFC First Bank. The purpose of this article is to guide individuals who are considering obtaining either of these cards towards a well-informed decision.

The IDFC First Select Card stands out for its lack of an annual fee, which is a clear advantage. However, securing approval for this card may pose its own set of difficulties. On the other hand, the SBI Prime Credit Card comes with a substantial annual fee, yet this can be waived by fulfilling the necessary annual spending criteria. When comparing their reward rates and extra perks, both cards offer attractive benefits.

Particularly noteworthy is the SBI Prime Credit Card’s suitability for frequent international travelers, as it includes complimentary access to international lounges.

Features and Benefits of SBI Prime Credit Card and IDFC First Select Credit Card

SBI Prime Credit Card:

1. Annual Fee: Rs. 2,999

  • Welcome gift vouchers up to Rs. 3,000 from popular brands.

2. Reward Points:

  • Earn 10 Reward Points on every Rs. 100 spent.
  • Earn 2 Reward Points for every retail purchase, and enjoy 5 times the Rewards on dining, groceries, movies, and department store purchases.
  • Redeem points at 1 RP = Re. 0.25.

3. Travel Privileges:

  • Complimentary memberships to airline and hotel programs.
  • Free domestic and international lounge access.

4. Additional Benefits:

  • 25% off on dining at participating restaurants.
  • Air accident insurance cover of Rs. 50 lakhs.
  • Credit liability cover of Rs. 1 lakh.
  • 1% fuel surcharge waiver on fuel spends, capped at Rs. 250.

IDFC First Select Credit Card:

1. Annual Fee: Lifetime-free

  • Rs. 500 gift voucher for spending Rs. 15,000 within the first 90 days.

2. Reward Points:

  • Up to 25 Reward Points on every Rs. 125 spent.
  • Earn 3 Reward Points for every purchase made offline, and 6 Reward Points for each transaction conducted online.
  • 10 Reward Points for every Rs. 125 spent after reaching Rs. 25,000 in a month.
  • Redeem points at 1 RP = Re. 0.25.

3. Travel Luxuries:

  • Enjoy free entry to lounges at domestic airports and railway stations as part of our special offer.
  • Receive a complimentary movie ticket when you book one on BookMyShow, saving up to Rs. 250 on the second ticket.

4. Additional Benefits:

  • Air accident cover of Rs. 1 Crore.
  • Personal accident cover of Rs. 5 lakhs.
  • Various travel-related insurance covers.
  • Low foreign currency markup fee of 1.99%.
  • 1% fuel surcharge waiver on all fuel purchases, capped at Rs. 300 per month.

Comparison between SBI Prime Credit Card vs IDFC First Select Credit Card

SBI Prime Credit Card:

1. Annual Fee: Rs. 2,999
2. Rewards Rate:

  • 2 Reward Points (RPs) for every Rs. 100 spent on retail purchases.
  • 3 RPs on every offline spend of Rs. 125.
  • 10 RPs on every Rs. 125 spent after achieving a monthly spend of Rs. 25,000.

3. Reward Redemption: Earned Reward Points redeemable at a rate of 1 RP = Re. 0.25.

4. Travel Benefits: 8 complimentary domestic and 4 international lounge visits annually.

5. Protection for personal accidents: Coverage specifically for air accidents valued at Rs. 50 lakhs.

6. A Spend-Based Waiver allows you to have the annual fee waived if you spend Rs. 3 lakhs or more in the preceding year.

IDFC First Select Credit Card:

1. Annual Fee: Nil

2. Rewards Rate:

  • 10 RPs for every spend of Rs. 100 on groceries, dining, movie, and departmental stores.
  • 3 RPs on every offline spend of Rs. 125.
  • For every online purchase worth Rs. 125, you earn 6 reward points.
  • 10 RPs on every Rs. 125 spent after achieving a monthly spend of Rs. 25,000.

3. Reward Redemption: 1 RP = Re. 0.25 for redemption against various products and other options.

4. Travel Benefits:

  • Free Trident Privilege Red Tier membership.
  • Complimentary Club Vistara Silver membership.
  • 4 free domestic airport lounge access and 4 railway lounge access annually.
  • Low forex markup fee of 1.99% only.

5. Insurance Cover Against Personal Accident:

  • Air accident cover worth Rs. 1 Crore.
  • Personal non-air accident cover worth Rs. 5 lakhs.

6. Spend-Based Waiver: Not Applicable (NA).

Which credit card suits you best?

  1. Comparing the fees of SBI Prime and IDFC First Select Credit Cards, the IDFC Select Card appears to be a more economical choice.
  2. Achieve an annual spend of Rs. 3 lakhs to transform your SBI Prime Card into a zero annual fee card.
  3. For higher reward rates, especially on online purchases, the IDFC First Select Card is recommended.
  4. For those who often travel internationally and desire premium indulgences, the SBI Prime Card stands out as an ideal choice. Its extensive global lounge access and complimentary travel memberships make it highly preferable for luxury-seeking travelers.
  5. The IDFC First Select Card is beneficial for those frequently involved in international transactions, thanks to its low forex markup fee.
  6. Before deciding, assess your individual needs to ascertain which card best suits your requirements.

Frequently Asked Questions (FAQs)

1. What are the key differences between the SBI Prime Credit Card and IDFC First Select Credit Card?

The primary differences revolve around yearly charges, reward percentages, perks for travel, and capabilities for international transactions.

2. How can I make the SBI Prime Card a zero annual fee card?

To transform the SBI Prime Card into a zero annual fee card, aim to reach a yearly expenditure of Rs. 3 lakhs.

3. Which card is more suitable for online purchases – SBI Prime or IDFC First Select?

The IDFC First Select Card is recommended for higher reward rates on online purchases.

4. What travel benefits does the SBI Prime Card offer?

The SBI Prime Card provides free lounge access worldwide and various complimentary travel-related memberships.

5. Is the IDFC First Select Card recommended for making purchases abroad?

Certainly, the IDFC First Select Card stands out as an excellent option for frequent international transactions, primarily because of its minimal forex markup fee.

6. Are there any specific perks for international travelers with the SBI Prime Card?

Yes, the SBI Prime Card offers free lounge access worldwide and additional benefits to enhance international travel experiences.

7. How should I decide between the two cards based on my needs?

Assess your needs thoroughly, considering factors like your spending habits, travel routines, and desired perks, to identify the credit card that best suits your lifestyle.

8. Can I switch between these credit cards later if my preferences change?

Credit card issuers typically permit customers to switch between different card tiers, either upgrading or downgrading, contingent upon meeting certain eligibility requirements. However, it’s advisable to consult the individual bank for precise details regarding their policies.

9. Are there any special promotions or incentives available with these credit cards for newcomers?

Check with the respective banks for current promotional offers, as credit card benefits may be subject to change.

10. Are there particular prerequisites or qualifications needed when applying for these credit cards?

Both SBI and IDFC First may impose certain eligibility criteria for credit card applications, such as income thresholds and credit history. It’s recommended to verify with the banks directly for the latest and most precise details.

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