SBI Card review

The annual fee is INR 499, on a card that is a credit product rather than a charge card. Interest builds only if a balance is carried, so clearing the statement in full avoids the rate. The balance transfer route adds 2% on top, and that fee is the figure to weigh against the annual cost.

The APR is 45%, which is high against the wider credit card set, where the card ranks 128 out of 138. Paying in full each month means the rate is never charged. Anyone planning to carry a balance should treat 45% as the true cost of this card.

A balance transfer costs 2% and runs for 2 months, and it is the only lower interest option on this card. It suits someone already carrying a balance on another card and wanting a pause. The transfer fee applies either way, so the saving depends on clearing the moved amount inside the low interest window.

The credit bar is excellent, the highest grade on the scale, and only 5.6% of cards in the credit card comparison ask for as much. Applicants building a thinner record may find the bar out of reach and should consider a secured card instead. The issuer has been issuing cards since 1998.

Support runs on phone, so a phone call is the only listed route to the issuer. That suits cardholders who want to talk through a transfer fee or the rate on a carried balance. Anyone who prefers a written answer or an online help centre has no listed channel to turn to.

The issuer is SBI Cards and Payment Services Limited, based in India and issuing cards since 1998. The card itself is a credit product, so a balance can revolve rather than being settled in full each month. The offer is aimed at the Indian market rather than at UK or European applicants.

On annual fee it ranks 223 out of 312, and plenty of rival cards charge nothing at all. The bigger figure to check is the APR of 45%, which applies whenever a balance is carried. Cards with a free annual fee make more sense for everyday spending that is paid off in full.