SBI Student Plus Advantage Card: See Benefits, Fees, How to Apply, Complaints, and More

Planning to manage your expenses and build a credit history while studying in India? The SBI Student Plus Advantage Card is designed specifically for students. However, with so many student credit card options available from various banks, it can be difficult to understand the unique benefits and eligibility criteria of this card.

After all, what makes the SBI Student Plus Advantage a smart choice for students? Primarily, it stands out because it is offered to those who have an education loan or a fixed deposit with SBI.

This article will help you understand all the features of the SBI Student Plus Advantage Card, exploring its key benefits, fees, and specific eligibility criteria. So you can decide if this card is the right option to start your financial journey.

SBI Student Plus Advantage Rewards Program

The benefits of the SBI Student Plus Advantage Card are very interesting, especially for students.

The rewards program is a highlight, working as follows:

• Normal transactions: Earn 1 reward point for every ₹100 spent.
• Supermarkets and department stores: Accumulate 10 reward points for every ₹100 spent. This is equivalent to 2.5% cashback.
• Points redemption: Use the points to pay your card balance or exchange them for items from the SBI rewards catalog. A minimum of 2,000 “Cash Points” is required for redemption.

Additional Everyday Advantages

In addition to the points program, the card offers other interesting benefits, keeping daily life in mind. Specifically:

• Cash advance: Access up to 80% of your total credit limit at ATMs.
• Flexipay: Convert purchases above ₹2,500 into monthly installments, ideal for larger expenses like laptops or study trips.

Fees charged on SBI Student Plus

Talking about fees is never pleasant, but it is fundamental for your decision-making.

The situation of the SBI Student Plus Advantage Card, in this regard, is more complex than it seems at first glance. Its main fees are:

• Joining fee and annual fee: In the first year, there is no joining fee or annual fee. A great attraction for students, minimizing initial costs. From the second year onwards, the charge will be ₹500. However, you can get an exemption if you spend at least ₹35,000 in the previous year. This policy encourages consistent card usage.
• Cash advance fee: 2.5% of the withdrawn amount or a minimum of ₹300, whichever is greater.
• Interest rate for cash withdrawals: 2.25% per month. This cost can be significant if the amount is not paid off quickly.

It is crucial to read the Schedule of Charges to understand all costs and avoid surprises. A detailed analysis ensures that your financial expectations are aligned with the reality of the charges.

How have customers rated the SBI Student Plus Advantage Card?

The customer experience should be taken into account. After all, in the future, you will be a customer of the bank.

Firstly, in theory, the SBI Student Plus Advantage Card may seem perfect. However, reports on forums and complaint websites show a different reality. The main problems are:

• Customer service:
  • Ineffective automated voice systems;
  • Long waiting times;
  • Support described as rude and unhelpful.
• Lack of transparency:
  • Customers report discovering hidden fees and charges only on the bill.
• Bureaucracy:
  • Slow internal processes.
  • Employees sometimes lack the knowledge or autonomy to solve customer problems.

This disconnect between marketing promises and the actual experience generates frustration and dissatisfaction, impacting the customer’s perception of the card.

Guide to applying for the SBI Student Plus Advantage Card

The card application process is simple and can be done in two ways, offering flexibility to the student. There will be two ways to apply.

The first way is online; let’s look at the steps:

• Visit the official SBI Card website or use the YONO app.
• The process is fully digital, allowing for online document submission.

Another way to apply is in person, by going to a physical branch. In this case, the steps change a little. Let’s see:

• Go to the nearest SBI branch;
• Fill out a form manually and attach all documents;
• Hand in the application to a bank employee.

The basic documents you should take to the bank are:

• Proof of identification: PAN Card or Aadhaar Card.
• Proof of residence: Utility bills.
• Specific documents:
  • Education loan statement or Fixed Deposit (FD) receipt with SBI.
  • A recent photo.
  • Your student ID card.

See how simple it is to apply for the SBI Student Plus Advantage Card? But is this card good when compared to competitors? Keep reading and find out.

How does SBI Student Plus compare with competitors?

The SBI Student Plus Advantage Card is not the only credit card for students in India.

Competitors like the ICICI Student Forex Card have been standing out in the market.

Most banks with these cards, including the SBI Student Plus Advantage, are secured by a Fixed Deposit (FD).

Along these lines, the main highlights of the card, compared to others, are:

• Rewards system: It is good, offering good returns.
• Cash withdrawals: Allows withdrawing up to 80% of your credit limit.

The competition stands out mainly by offering a period where the card has no interest and also by having a 100% free annual fee. If this card hasn’t fully convinced you and you want to know about other options, check out all the best student credit cards in India.

Conclusion

As you can see, the SBI Student Plus Advantage Card can be a great option, depending on your situation.

Its main positive points are:

• Relationship with SBI: Ideal if you already have an education loan or Fixed Deposit with the bank.
• Credit history building: A secure way to start building your credit history with a reliable institution.
• Benefits: Offers accelerated reward points and flexible payment options, valuable tools for students.

However, you should be aware of customer service, a point of great attention for the card.

You need to weigh the pros and cons. Evaluate whether the advantage of starting your credit history with SBI outweighs potential problems with customer support. The card itself is solid, but the support infrastructure behind it may need some adjustments.