How I Saved 12,000 INR From SBI Reward Points
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SBI Credit Card | Simply Click
People are scared of credit cards and most of them think that owning them is a trap as it makes you spend more than you normally would. SBI Credit Card | Simply Click
The above sentence is very very true and that is how the credit card company makes money. They allow you to spend money even if you do not have and for any reason, you fail to pay, you end up paying a hefty interest (2% per month or more), that can nullify all the savings you made from that card.
Like any other financial product, credit cards come with advantages and disadvantages.
Credit Card Vs No Credit Card
I will show here two scenarios. I am assuming that you would be spending a total of 1 lakh to purchase products online.
- You use your credit card to buy products
- You use your debit card or COD
SBI Simply Click comes with a joining fee of 499 INR, but if you spent 1,00,000 INR in a year then your annual fees are reversed. Let’s keep this as a bonus for us.
|Shopping||1,00,000 INR||10,000 (10% discount)|
|Reward Points||2,500 INR (10,000 Reward point, 10X)|
|Milestone Benefits||2,000 INR|
|Annual Charges||499 INR|
|Total||1,00,499 INR||14,500 INR|
So if you are spending 1 lakh per annum with this card, then you save almost 14-15%. If you are smart enough then you can avail the benefit of interest-free 45 days of the money spent.
Last but not least – I am sure you have not heard of this – Yaper – It’s a new way to start a second earning through your card. It’s been only a week with Yaper and I have earned 2,160 INR. Read more about Yaper here
Without Credit Card
|Reward Points||750 INR|
|Annual Charges||200 INR|
|Total||1,00,200 INR||750 INR|
If you opt for COD or debit cards, most probably you would be saving 750 INR through reward points. In some cases, you may get an additional 5,000 INR – 10,000 INR, if the same discount offer is there in the debit card too.
But still, Credit Card is a clear winner here. But you need to make sure you pay your bills in time. You can use the Autopay option
Requirements For SBI Credit Card – Simply Click
- Age – 21 to 60
- Income Requirement – Minimum of INR 18,000 per month
- Employment – Salaried or Self-Employed
Apply For SBI Credit Card Online
- Visit this page – SBI Credit Card Application
- You will have to enter your net banking customer id and mobile number.
To apply for an SBI credit card, you need to submit the following documents either online or you can ask them to pick up from your house.
- Address proof – Passport/ Driving Licence/ Voters ID etc.
- Identity proof – Bank Statement/ Voter Id/ Driving Licence/ Pension Book etc.
- Income Proof – Bank Statement/ Pay Slip/ Income Tax return
- Pan Card
- Passport size photo
My Saving From SBI Credit Card
In the last 1.5 years, in addition to discount offers at e-commerce sites, I have received
- 9 Amazon Voucher (500 INR each)
- 2 Clear Trip Voucher (2000 INR each, one more is pending for this month)
- 3 Airport Loung Visit (it usually cost 1,350+GST INR per visit)