Just like the variation in features of different credit cards in the market, their annual or joining fee is also different. Every credit card has something different from each other and so as their features. In general, not even the cards from the same bank have the same fees and charges let alone annual fees.
Annual fee –
Also known as Membership Fee, Joining fee, or maybe Renewal fee is a fee that the applicant has to pay to get the card. All these names may sound different but they can have different meanings with different banks. The “joining fee” or the “membership fee” needs to be paid at the time when the applicant is given the Credit Card. This fee needs to be realized within 30 to 90 days of card issuance, depending on the bank.
The word “renewal” or the “annual fee” is usually used from the second year. These are based on the price differences from the first year of joining to renewing the credit card next year. The fee from the joining year can be different from the next year. This change is determined by the issuing bank itself.
Specifically talking about SBI Credit Card Annual Fees can range anywhere from being lifetime free to tens of thousands. Looking at a few examples of Credit Cards by SBI with their annual fee, you can make out the difference between the annual fee of each card. The cards with their annual fee are as follows –
SBI ELITE Credit Card –
Joining Fee – Rs. 4,999 plus applicable taxes
Annual Fee – Rs. 4,999 plus applicable taxes
SBI AURUM Credit Card –
Joining Fees – Rs. 10,000 plus applicable taxes
Annual Fee – Rs. 10,000 plus applicable taxes
Cashback SBI Credit Card
Joining Fee – Rs. 999
Annual Fee – Rs. 999
SBI Bank SimplyCLICK Credit Card –
Joining Fee – Rs. 499 plus applicable taxes
Annual Fee – Rs. 499 plus applicable taxes
SBI Prime Credit Card –
Joining Fee – Rs. 2,999 plus applicable taxes
Annual Fee – Rs. 2.999 plus applicable taxes
IRCTC Rupay SBI Credit Card
Joining Fee – Rs. 500 plus applicable taxes
Annual Fee – Rs. 300
OLA Money SBI Credit Card –
Joining Fee – Nil
Annual Fee – Rs. 499 plus applicable taxes
SBI Unnati Credit Card
Joining Fee – Nil
Annual fee – Rs. 499 applied from the fifth year onwards
These above-mentioned credit cards are different from each other and so is their annual fee and charges.
There are more than 70 SBI Credit cards in the market with are majorly divided into 4 categories. These categories are further expanded into three major divisions which are beginners, premium, and super-premium.
With all the differences in the categories such as shopping, travel, cashback, and fuel credit cards, it is unavoidable to have different charges and rates for the same. The joining fee and annual fee can also be different from each other just like in the OLA Money credit card by SBI.