SBI SimplySAVE Credit Card vs ICICI Bank Platinum Chip Credit CardSBI SimplySAVE Credit Card vs ICICI Bank Platinum Chip Credit Card

SBI SimplySAVE vs ICICI Bank Platinum Chip Credit Card

The SBI SimplySAVE Credit Card and ICICI Bank Platinum Chip Credit Cards serve as introductory options for those venturing into the realm of credit cards. The SBI card allows you to accumulate reward points during general shopping and offers enhanced rewards in specific categories. On the other hand, the ICICI Bank Platinum Chip Credit Card is tailored for individuals who relish dining out, providing substantial discounts on restaurant expenses and additional reward points for specific purchases. The SBI SimplySAVE Credit Card entails a modest annual joining fee of Rs. 499, while the ICICI Bank Platinum Chip Credit Card is a lifelong free credit card, signifying no charges for joining or annual fees.

Features and Benefits of SBI SimplySAVE Credit Card vs ICICI Bank Platinum Chip Credit Card

SBI SimplySAVE Credit Card:

1. Entry-Level Card:

  • Designed for newcomers to the credit card arena.
  • Lacks premium benefits like lounge access and golf privileges.

2. Annual Fee:

  • Priced at Rs. 499 plus applicable taxes.

3. Earning Rewards:

  • 2,000 welcome points for spending Rs. 2,000 in the first 60 days.
  • 10x Reward Points for movie, dining, departmental store, and grocery expenses.
  • 1 Reward Point for every Rs. 100 spent in other categories.

4. Milestone Benefit:

  • Annual fee waiver for the following year upon spending Rs. 1,00,000 in the preceding year.

5. Fuel Surcharge Waiver:

  • Receive a 1% discount on transactions ranging from Rs. 500 to Rs. 3,000 at every fuel station across India.
  • Maximum waiver capped at Rs. 100 per statement cycle.

6. Redemption Options:

  • Redeem earned points for gift vouchers on www.sbicard.com or via the SBI Mobile Application.
  • Points can be used to pay credit card outstanding balance at a rate of 4 Reward Points = Re. 1.

ICICI Bank Platinum Chip Credit Card:

1. Entry-Level Card: Geared towards providing savings on transactions.

2. Fees: No joining fees or annual fees.

3. Reward Points:

  • 2 Reward Points for every Rs. 100 spent on retail transactions.
  • 1 Reward Point for every Rs. 100 spent on insurance and utilities.

4. Dining Discounts:

  • 15% off on dining bills at 2500+ restaurants in India under the ICICI Bank Culinary Treats Programme.

5. Fuel Benefits:

  • 1% fuel surcharge waiver at all HPCL fuel stations on transactions up to Rs. 4,000.

6. Redemption Choices:

  • Redeem reward points for various options, including cashback, where 1 Reward Point equals Rs. 0.25.

Comparison between SBI SimplySAVE vs ICICI Bank Platinum Chip Credit Card

SBI SimplySAVE Credit Card:

1. Reward Rate:

  • Earn ten times the Reward Points (RP) for each Rs. 100 expenditure on dining, groceries, departmental stores, and movie purchases.
  • 1 RP for every Rs. 100 spent on all other expenses.
  • 2 RP for every Rs. 100 spent on retail purchases.
  • 1 RP for every Rs. 100 spent on utilities and insurance.

2. Reward Redemption: Redeemable for gift vouchers on www.sbicard.com or SBI Mobile Application.

3. Fuel Surcharge Waiver:

  • 1% surcharge waived, limited to Rs. 100 per month.
  • Applicable at all HPCL fuel stations.

4. Welcome Benefits: Get 2,000 Reward Points when you make purchases totaling Rs. 2,000 within 60 days of receiving your card.

5. Milestone Benefits: Annual fee waiver on spending Rs. 1,00,000 in the previous year.

6. Dining Benefits:

  • 10x RP for dining expenses.
  • 15% off on dining bills under the Culinary Treats Programme.

7. Membership Fee: Rs. 499 + Taxes.

8. Renewal Fees: Rs. 499 + Taxes.

9. Eligibility:

  • Available for salaried or self-employed individuals.
  • Minimum salary of Rs. 20,000 per month.
  • Age between 18-65 years for salaried individuals.
  • Minimum income of Rs. 20,000 (as per ITR) for self-employed individuals.
  • Age between 21 – 65 years for self-employed individuals.

ICICI Bank Platinum Chip Credit Card:

1. Reward Rate: 1 RP for every Rs. 100 spent on all categories.

2. Reward Redemption:

  • Can be redeemed to pay the outstanding credit card bill.
  • 4 RP = Re. 1 for gifts and cashback.

3. Fuel Surcharge Waiver: 1% surcharge waived, applicable at all fuel stations.
4. Welcome Benefits: Not applicable.
5. Milestone Benefits: Not applicable.
6. Dining Benefits: Not specified.
7. Membership Fee: NIL.
8. Renewal Fees: NIL.

9. Eligibility:

  • Available for salaried or self-employed individuals.
  • Applicants must be at least 21 years old to apply.
  • Should have a stable source of income.
  • Should have a decent credit score.

Which credit card suits you best?

  1. SBI SimplySAVE Credit Card and ICICI Bank Platinum Chip Credit Cards are suitable choices for newcomers in the credit card arena.
  2. SBI SimplySAVE is ideal for those who frequently spend on dining, departmental stores, and groceries, offering rewards in these categories.
  3. ICICI Bank Platinum Chip Credit Card provides significant discounts on dining bills as its primary benefit.
  4. Both credit cards allow users to accumulate reward points on various other expenditures.
  5. SBI SimplySAVE has a user-friendly feature with no joining or renewal fees, making it a cost-effective option.
  6. On the other hand, ICICI Bank Platinum Chip Credit Card comes with a modest Rs. 499 per annum joining and renewal fee.
  7. With detailed insights into the features of both cards, the choice ultimately depends on the customer’s specific needs and preferences.

Frequently Asked Questions (FAQs)

Q1: What are the primary features of SBI SimplySAVE Credit Card?

A1: SBI SimplySAVE Credit Card is known for its suitability for new credit card users and offers rewards on dining, departmental store, and grocery spends. It comes with 0 joining and renewal fees.

Q2: What distinguishes ICICI Bank Platinum Chip Credit Card from SBI SimplySAVE?

A2: ICICI Bank Platinum Chip Credit Card focuses on providing substantial discounts on dining bills as its main benefit, making it stand out from SBI SimplySAVE.

Q3: Do both credit cards earn reward points on non-specific expenditures?

A3: Yes, both SBI SimplySAVE and ICICI Bank Platinum Chip Credit Cards allow users to accumulate reward points on various other expenditures beyond their specialized categories.

Q4: What is the fee structure for SBI SimplySAVE Credit Card?

A4: SBI SimplySAVE Credit Card comes with the advantage of no joining or renewal fees, making it a cost-effective option for users.

Q5: How much is the joining and renewal fee for ICICI Bank Platinum Chip Credit Card?

A5: ICICI Bank Platinum Chip Credit Card has a nominal joining and renewal fee of Rs. 499 per annum.

Q6: Which credit card is better for someone who spends a significant portion of their income on dining, departmental store, and groceries?

A6: SBI SimplySAVE Credit Card is better suited for individuals with significant expenditures in dining, departmental stores, and groceries.

Q7: What factors should a customer consider in choosing between these two credit cards?

A7: The customer should consider their spending patterns, preferences, and the specific benefits offered by each card to make an informed decision based on their needs.

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