SBI Aurum Credit Card

[Ritika]

The SBI Aurum Credit Card is a luxury metal card for wealthy customers in India. It serves as an "all-in-one" solution for shopping, travel, leisure, and entertainment needs. Its elegant design reflects its premium status.

Unlocking Elite Privileges:
The SBI Aurum Credit Card is mostly available by invitation only. However, current SBI credit cardholders with a limit of ₹5 lakh or more can ask the bank to upgrade their card.

Why Consider This Card?
The YES Private Credit Card comes packed with perks tailored for high-net-worth individuals who are into luxury travel and exclusivity. Here’s what you can look forward to:

1. Welcome Benefits:

• Get 40,000 reward points when you pay the joining fee.
• Points are worth ₹10,000, covering the ₹9,999 fee.
• Enjoy a free one-year Club Marriott Membership.
• Receive a one-year digital subscription to Wall Street Journal and Mint at no cost.
• Get a free one-year Priority Pass Venture Membership, worth around ₹20,000.

2. Reward Earning and Redemption:

• Earn 4 reward points for every ₹100 spent.
• Each point is worth ₹0.25, making 4 points equal ₹1.
• Base reward rate is 1%.
• Redeem points for flights, hotels, or gift cards from popular brands.
• Transfer points to partner programs: 4 SBI Aurum points = 1 Club Vistara point.
• Other transfers include 5 SBI Aurum points = 1 Club ITC Green point and 4 SBI Aurum points = 1 AirAsia point.
• A ₹99 plus GST fee applies for each redemption.
• No extra fees for redeeming rewards mentioned.
• Statement credit cannot be used to redeem reward points.

3. Milestone Spending Benefits:

• Spend ₹1 lakh monthly to get ₹1,500 Tata CLiQ vouchers.
• Spend ₹5 lakh yearly to receive ₹5,000 Tata CLiQ luxury vouchers.
• Spend ₹12 lakh yearly for ₹10,000 Taj vouchers and fee waiver.
• Spend ₹20 lakh yearly to earn ₹20,000 in Luxury Experiences vouchers.
• Spending ₹12 lakh annually can give rewards up to 3.7%.

4. Travel Privileges:

• Enjoy free international airport lounge access with DreamFolks membership, plus one guest visit each quarter.
• Get four free domestic airport lounge visits every quarter.
• Receive one free spa access at select airports each quarter.
• Comprehensive travel insurance covers air accidents, lost card liability, and flight cancellations.
• Insurance includes up to ₹35,000 for refundable tickets and ₹3,000 for non-refundable tickets, twice a year.

5. Golf Privileges:

• Get 16 free golf rounds each year, four every quarter.
• Receive 12 free golf lessons each year.

6. Entertainment Benefits:

• Get four free movie tickets each month on BookMyShow.
• Maximum discount is ₹250 per ticket, up to ₹1,000 monthly.
• Claim up to two free tickets per booking.
• Wait 24 hours between bookings.
• Not a "Buy One Get One Free" offer.
• Convenience fees may apply for the second ticket.

7. Concierge Service:

• A top-notch concierge service helps with travel and reservations.
• It’s similar to services offered by premium cards like Amex Platinum.
• Cardholders can allow someone else to act for them.

8. Financial Flexibility and Savings:

• A 1% fuel surcharge is waived for transactions from ₹500 to ₹4,000.
• FlexiPay EMI Option allows you to turn big purchases into easy payments.
• There is a 1.99% fee for foreign currency transactions.

9. Security and Convenience:

• Eligible family members can get complimentary add-on cards.
• This includes siblings, parents, spouses, and children over 18.
• Zero liability protection keeps you safe from unauthorized transactions.
• This protection applies if your card is lost or stolen.

Things to Keep in Mind

• The SBI Aurum Credit Card targets high-net-worth individuals.
• It benefits those who spend ₹12 lakh or more annually.
• Spending this amount waives the annual fee and increases rewards.
• If you don’t reach this spending, the card may not be worth it.
• High fees and lower rewards make it less appealing for lower spenders.

Fees and Charges

This card does have some fees you should know about:

• Joining Fee:
  ₹9,999 plus GST when you first get the SBI Aurum Credit Card.
  Cardholders earn 40,000 reward points, worth ₹10,000, offsetting the fee.

• Annual/Renewal Fee:
  Annual fee is also ₹9,999 plus GST.
  Fee waived if spending exceeds ₹12 lakh in the previous year; some suggest a lower limit.

• Forex Markup Fee:
  1.99% charged on international transactions.
  Some view this as high for a premium card; ideally, it should be zero.

• Interest Charges:
  Monthly interest is 3.5%, leading to an annual rate of 42%, considered high.

• Cash Advance Fee:
  Charges 2.5% of the cash amount advanced, with a minimum fee of ₹500.

• Reward Point Redemption Fees:
  Each redemption incurs a fee of ₹99 plus GST.
  No statement credit option for redeeming reward points.

• Add-on Card Fees:
  Complimentary add-on cards for eligible family members at no extra cost.

• Fuel Surcharge Waiver:
  1% waiver on fuel transactions between ₹500 and ₹4,000.

In Short, the SBI Aurum Credit Card is great for people spending ₹12 lakh or more yearly. It offers good rewards and travel perks, plus waives the annual fee for high spenders. However, if you spend less than ₹5 lakh a year, the card might not be worth it due to high fees and low rewards. This card is best for wealthy individuals who can maximize its benefits. It's important to check if the card fits your spending habits and lifestyle before applying.