SBI SimplySAVE Credit Card and SBI SimplyCLICK Credit Card and two of the most popular credit cards offered by SBI Card in the Indian credit card market space. In an email sent to SBI SimplySAVE Credit Cardholders, SBI Card announced a major devaluation in the reward rate of the SBI SimplySAVE Credit Card.

SBI SimplySAVE Credit Card

See Also: SBI SimplySAVE Credit Card Review

SBI SimplySAVE Credit Card Reward Rate Devaluation

Until now, SBI SimplySAVE Credit Cardholders used to earn 10 Reward Points per Rs. 100 on spends on dining, movies, departmental store and groceries categories and 1 Reward Point per Rs. 100 on all other spends with the card.

As per a recent email sent by SBI Card to SimplySAVE cardholders, instead of 10 Reward Points per Rs. 100 on dining, movies, departmental store and groceries categories, and 1 Reward Point per Rs. 100 on all other spends categories, SBI SimplySAVE Credit Cardholders will now earn 10 Reward Points per Rs. 150 on dining, movies, departmental store and groceries and 1 Reward Point per Rs. 150 on all other categories of spends with the card. This change in the reward rate shall be applicable with effect from 1st March 2022.

This translates into a decrement of reward rate from 2.5% to 1.67% on dining, movies, departmental store and groceries categories and from 0.25% to 0.17% on all other spends categories.

The email further clarified that all other benefits on the card will continue as is including the 1% fuel surcharge waiver and annual fee waiver on a minimum annual expenditure of Rs. 1 lac with the card.

Bottom Line

While it is not expected, SBI Card seems to be devaluing two of its most popular offerings in the entry-level segment- SBI SimplyCLICK Credit Card and SBI SimplySAVE Credit Card. Last year, SBI Card withdrew the 10x reward rate benefit on utility bill payments via Amazon with SBI SimplyCLICK Credit Card. Now, after this devaluation of the SBI SimplySAVE Credit Card, it won’t be surprising if SBI Card makes a similar announcement for the SBI SimplyCLICK Credit Card as well.

If you are considering applying for an entry-level credit card, it might be a good idea to also have a look at its competitors like HDFC Millennia Credit Card and HDFC MoneyBack+ Credit Card before making up your mind.

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