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Santa Claus comes around just once a year. In the meantime, there are Credit Cards.
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.
| Welcome Gift | On spending Rs.2,000 within the first two months of card issuance, you receive 2,000 reward points. |
| Rewards Point Benefits |
|
| Fuel Benefits | Applicants can enjoy the freedom from paying the fuel surcharge of 1% on fuel purchases that cost Rs.500 to Rs.4000. |
| Cash Withdrawal Benefits | Cardholders can withdraw cash using their Lakshmi Vilas Bank Platinum SBI credit card from more than 1 million ATMs affiliated to Visa, across the globe. |
| Easy Bill Pay Facility | Customers can ensure that bills payments are made on time every month with the Easy Bill Pay facility. |
| Flexipay Benefits | Using the Flexipay feature, applicants can convert all their transactions into convenient monthly installments. They can choose from a variety of available plans. |
| Add-on Card Benefits | The primary cardholder can opt for add-on credit cards for his or her family members who are above the age of 18. |
| Balance Transfer Benefits | Customers can get the outstanding balances on their other credit cards transferred to their Lakshmi Vilas Bank Platinum SBI credit card and enjoy benefits such as a lower interest rate. |
| Easy Bill Pay Facility | Customers can ensure that bills payments are made on time every month with the Easy Bill Pay facility. |
| Worldwide Acceptance | The Lakshmi Vilas Bank Platinum SBI credit card is accepted in more than 2 million Visa outlets throughout the world and in more than 2 lakh outlets in India. |
| 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 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.
The basic documents required are:
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.
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.
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.
There is no fee charged for emergency replacement of credit card, while abroad.
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.
Yes, accumulated rewards points have a validity of 24 months, after which they will expire and cannot be used for redemptions.
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 into your SBI credit card 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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