As the name suggests, applicants can save while they splurge with this unique co-branded credit card by Lakshmi Vilas Bank and SBI. Combining the best features offered by both banks, the SimplySave credit card, offers unparalleled privileges and benefits. Read on, to know all about this fantastic card.
One of the foremost banks in the country, Lakshmi Vilas Bank was founded in Karur in 1926. This bank was founded with the purpose of giving financial assistance to individuals around Karur who were in the trading or farming sector. As part of their retail banking portfolio, Lakshmi Vilas Bank provides loans such as auto loan, home loans and others, along with debit and credit cards.
When customers spend over Rs.2000 on their Lakshmi Vilas Bank SBI SimplySave credit card within the first 2 months, they receive 2000 Reward Points. These points can be redeemed for a host of exciting gifts. Also, customers receive Rs.100 cashback within a month of receiving their card, on their very first ATM cash withdrawal.
For every Rs.100 charged to their Lakshmi Vilas Bank SimplySave credit card, customers earn one Reward point. These points can be utilized to pay all credit card dues or even redeem them against the catalogue for some fantastic gifts.
Every time individuals spend on groceries or items from the departmental store using their Lakshmi Vilas Bank SBI SimplySave credit card, they will receive up to 2.5% value back.
Spending between Rs.500 to Rs.3000 at any petrol pump in the country, on their credit card, will exempt customers from paying the 2.5% fuel surcharge.
Cash can be withdrawn from more than 1 million ATMs affiliated to Visa, across the globe by using the SimplySave credit card by Lakshmi Vilas Bank and SBI.
Customers can avail the Easy Bill Pay facility and forget about missing deadlines, every again. This facility can be procured at no extra costs and bill payments can be made each month, on time. Instructions need to be given for the bills to be paid through the Auto Bill pay feature.
All transactions, especially the extravagant ones can be converted to convenient monthly installments using this feature. A plethora of plans are available, for customers to choose from.
All outstanding balance from other credit cards can be transferred to the Lakshmi Vilas Bank SBI SimplySave credit card and a reduced rate of interest can be availed. This amount can be repaid in EMIs. In order to procure this option, applicants will have to log in to the SBI website.
A cheque or draft can be availed against their cash limit by customers, who opt for the Easy Money Facility. They can also have this delivered to their home.
Railway tickets can be booked online by visiting the IRCTC website. Customers will have to register themselves there and follow the instructions given. They will have to pay for their tickets using their Lakshmi Vilas Bank SBI SimplySave credit card. Individuals should note that transactions on the IRCTC website are governed by the website’s terms and conditions.
The Lakshmi Vilas Bank SBI SimplySave credit card is accepted in more than 2 million Visa affiliated outlets throughout the world and including over 2 lakh outlets in India.
Add-on cards can be procured by cardholders for their parents, siblings and children who are above the age of 18, and benefits of the Lakshmi Vilas Bank SBI SimplySave credit card can be shared with them.
The eligibility for procuring an Lakshmi Vilas Bank SBI SimplySave Credit Card will be determined based on the applicant’s employment and income, among other factors.
|Type of Fee||Amount|
|A one time Annual Fee||Rs.499|
|Annual renewal fee||Rs.499|
|Add-on Fee per annum||Nil|
|Extended credit - Interest Free Period||20 - 50 days is the interest free period and is true on retails spends, only if the previous month’s outstanding balance amount from the previous month has been completely paid.|
|Extended credit - Finance Charges||Maximum of 40.2% per annum or 3.35% per month, from the date of transaction|
|Extended credit - Minimum Amount Due||A minimum of Rs. 200 or 5% of the outstanding total amount, with Government Service Tax and in case of loans this includes EMI|
|Cash Advance Limit||A maximum of 80% of the credit limit.|
|Cash Advance - Free Credit Period||Nil|
|Cash Advance - Finance Charges||A maximum of 3.35% per month or 40.2% per annum from the date of transaction.|
|Cash Advance Fees - State Bank of India ATMs and other Domestic ATMs||Rs. 300 or 2.5% of the amount withdrawn, for each transaction|
|International ATMs||Rs. 300 or 3% of the the amount withdrawn, for every transaction|
|Statement Retrieval||If over 2 months, then Rs. 100 for each statement|
|Chargeslip Request||For each chargeslip, Rs. 225 is charged|
|Overlimit||A minimum of Rs. 500 or 2.5% of the overlimit amount|
|Rewards Redemption Fee||Rs 99|
|Cash OTC fee||Rs. 100|
|Replacing the card||Rs. 100|
|Surcharge - Railway Ticket at the counter||Rs. 30 plus 2.5% of the transaction amount|
The basic documents required are -
Cardholder will have to call the SBI credit card customer care number to avail the benefits and to convert their transaction to Flexipay. This should be done within a month or 30 days of making the purchase.
The charges applicable for late payment, are as given in the table below:
|Amount Due||Fee Applicable|
|0 to Rs.200||Nil|
|Rs.201 to Rs.500||Rs.100|
|Rs.501 to Rs.1,000||Rs.400|
|Rs.1,001 to Rs.10,000||Rs.500|
There is no fee charged for emergency replacement of credit card, while abroad.
Fee applicable for pick up of cheque is Rs.90.
Yes, LVB SimplySAVE SBI Credit Card holders can get a waiver of up to Rs. 100 for a single statement cycle of a credit card account.
No, add-on card holders cannot use this facility. This is available only to primary card holders.
The following online services can be used by LVB SimplySAVE SBI Credit Card holders -
The following offline services can be used by LVB SimplySAVE SBI Credit Card holders -
Yes, accumulated rewards points have a validity of 24 months, after which they will expire and cannot be used for redemptions.
You can track the status of your credit card application by visiting the SBI Card official website where you will the find the option to track the status of your credit card application. Enter your application or reference number and click on ‘Track’. You will be able to view the status of your credit card application.
You can visit the nearest branch of SBI along with all the necessary documents and application form where a representative from the bank will take you through the process of applying for the credit card. Once you have submitted the documents and the application form, it will go through a verification process. If all the details entered by you is found to be correct, the bank will send the credit card to your mailing address within a few working days.
If you lose your credit card then you must immediately contact the bank’s customer care executive and request for your credit card to be blocked. You may have to file an FIR and submit a copy of it to the bank. Once that is done, the bank will issue you a duplicate credit card.
If you find your card after you have gotten it blocked, you must immediately destroy it by cutting it across the magnetic strip. Do not use the card at all once you have found it.
You can check the statement of your credit card by either logging to your SBI net banking or mobile banking account where under the ‘Credit Card’ option you will be able to view your credit card statement. You will have to provide the time period and check the usage of your credit card. You can also avail the option where the statement will be sent to your email ID every month by the bank.
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