SBI KrisFlyer Credit Cards - Does it warrant a place in your wallet?

Does SBI finally offer a card that deserves a place in your wallet?

SBI Cards has launched two Singapore Airlines KrisFlyer co-branded credit cards: the KrisFlyer SBI Card and the KrisFlyer SBI Card Apex. Let's examine their product offerings and benefits, then evaluate for whom these cards might make sense—if anyone.

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KrisFlyer SBI Card

💰 Annual Fee: ₹2999 + GST Welcome Gift: 3000 KrisFlyer Miles.
🎫 Welcome Gift: 3000 KrisFlyer Miles.
🪙 Rewards: 5 KrisFlyer Miles per ₹200 spent on Singapore Airlines and on International spending. 2 KrisFlyer miles per ₹200 spent on other eligible spends. The usual exclusions on Rental, Fuel and Wallet apply.
✅ Milestone Benefits: 3,000 KrisFlyer Miles on annual spends of ₹3L. Plus Tier upgrade to KrisFlyer Silver Elite, which translates to Star Alliance Silver on spends of ₹2.5L on Singapore Airlines.
🛋️ Lounge Benefits: 1 complimentary domestic and international lounge visit per quarter.

💬 Thoughts: The joining fee is likely offset by the welcome bonus, but there's little else enticing about this card. The seemingly attractive earning rate on international spending is undermined by the 3.5% foreign exchange markup. Overall, this card is not recommended.

KrisFlyer SBI Card Apex

💰Annual Fee: ₹9,999 + GST
🎫 Welcome Gift: 10,000 KrisFlyer Miles
🪙 Rewards: 10 KrisFlyer Miles per ₹200 spent on Singapore Airlines and 8 per ₹200 on International spends. 6 KrisFlyer miles per ₹200 spent on other eligible spends. The usual exclusions on Rental, Fuel and Wallet apply.
✅ Milestone Benefits: 10,000 KrisFlyer Miles on annual spends of ₹5L. Plus Tier upgrade to KrisFlyer Gold Elite, which translates to Star Alliance Gold on spends of ₹7.5L on Singapore Airlines. Plus 3,000 KrisFlyer miles on a total spend of 10L in a year.
🛋️ Lounge Benefits: 2 complimentary domestic and international lounge visits per quarter.

💬 Thoughts: Once again, the joining fee is offset by the sign-up bonus, and this card fares slightly better on international spending by offering 8 KrisFlyer miles per ₹200 spent.

Let's analyze a scenario where you spend ₹10 lakh in a year on this card, with 20% being international purchases:

• Total eligible domestic spending: ₹8 lakh
• Reward Points Earned: 24,000
• Total eligible international spending: ₹2 lakh
• Reward Points Earned: 8,000 (Note: There's a 3.5% foreign exchange markup fee on international spending)
• Welcome Bonus: 10,000
• ₹5 lakh Milestone: 10,000
• ₹10 lakh Milestone: 3,000

Total KrisFlyer Miles Earned: 55,000. This is quite good for non-accelerated spending and earnings. If we value 1 KrisFlyer Mile at ₹1, it translates to a 5.5% reward rate.

The KrisFlyer Gold/Star Alliance Gold status requires a significant commitment and will appeal to very few customers. Whether you should get this card depends on your existing card portfolio and your ability to meet the spending milestones. Without achieving these milestones, the card offers limited value. Personally, I'm not applying for it.

It's disappointing that despite co-branded partnerships with Air India, Etihad, Vistara, and now Singapore Airlines, SBI Card has failed to launch a card that's easy to recommend. Their best offering was probably the SBI Vistara co-branded cards, which no longer exist. While one could argue that SBI's wide distribution network means they don't need to be aggressive with their products, launching a standout "hero" product could substantially benefit the brand—as we've seen with Axis Bank's product lineup.

Questions, comments, suggestions - leave them below. 👇