Review of the Central SBI Select+ Plus Card
Coming closely on the heels of the Central SBI Select card, the Central SBI Select+ Card offers more rewards and has enhanced security features. Primarily aimed at Central shoppers, the card offers rich dividends for those who stay loyal to the brand. This is not to say that other transactions are not rewarded. They definitely are, but not on the same level as Central shoppers. While it is debatable which card is more advantageous to the average shopper, a deeper understanding of what this card entails will give consumers a clearer picture.
Central SBI Select Card
- E-gift voucher worth Rs.750 as a complimentary gi
- Rs.250 BookMyShow voucher
- Vouchers worth Rs.250 each for the first 3 mo
Chances of Approval:
Privileges and features on Central SBI Select+ Card
This credit card comes with a host of privileges and features that is aimed at consumers frequenting Central stores. For instance, take a look at the joining and complimentary benefits offered
- Gift vouchers worth Rs.3000 that can be redeemed at Central stores
- Rs.500 worth BookMyShow vouchers
- Free vouchers worth Rs.1500 in the first 3 months
One of the most attractive features of this card is its security. It has the latest contactless technology embedded in it which allows users to pay for stuff with just a wave of the card. The fact that you don’t have to hand over your card to complete strangers is something a lot of people would love. Apart from this, the Central SBI Select+ Card comes with the standard features like EMI conversion, Flexipay, easy bill pay facility, balance transfer on EMI and so on.
The Instant Redemption feature is another hallmark feature that allows consumers to redeem their accrued reward points at any time. There is no minimum reward points required to redeem the points.
This is where the Select+ variant scores heavily when compared to the Central SBI Select card.
- 20 Select points on every Rs.100 spent at Central stores (savings of Rs. 5)
- 10 Select points on Rs.100 spent on dining and movies (savings of Rs.2.5)
- 2 select points for every Rs.100 spent other than fuel ( Rs.0.5 saving)
Let us consider a heavy spender who spends Rs.10000 on Central stores and Rs. 5000 on dining and movies monthly. His monthly savings accrued from Select points will amount to Rs. 625, which translates into Rs.7500 a year!
Even an average spender can comfortably earn more than Rs.3000 every year by way of Select reward points. In addition to this, anyone who spends Rs. 6 lakh on their card annual earns 16000 select points, which amounts to Rs.4000! Therefore, it is quite clear that the Select+ card is highly beneficial for heavy spenders.
Fees and other charges
When compared to its predecessor, the annual fee as well as the renewal fee on Central SBI Select+ Card is almost 4 times that of the Select card and is priced at Rs.2999. Although the rewards accrued using the Select+ card is definitely higher than its predecessor, it is debatable whether this will accrue enough to compensate for the high charges in the case of light spenders. It is beyond doubt that for high spenders, the Select+ card is sure to rope in excellent benefits.
The Bottom line
Apart from the extra reward points assured in the Select+ card, there isn’t much of a difference between the two variants. The security features in the Select+ card is sure to find a lot of takers especially with the contactless option available. However, the relatively high annual and joining fee for the Select+ card is often a reason that prompts the consumer to think twice before opting for it. At the end of the day, his calculation will revolve around whether he shops enough at Central stores to break even with the rewards and the fees. Our honest opinion is that only people with a heavy shopping list at the Central stores month after month may go with the Central SBI Select+ Card while others can be content with the Select variant.
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