As many card issuers have been reducing benefits recently, SBI has also altered the terms for one of its major credit cards — the SBI Signature. I had used this card for some time and was able to make the most of it, including earning Rs. 18,000 cashback by reaching the milestone rewards. Earlier this year, SBI had already reduced benefits on the Air India SBI Signature card, and now they’ve announced changes to the Signature variant as well.
SBI Card ELITE – Visa Signature Variant
SBI Signature is being converted to SBI Card ELITE Signature
The credit card market often shows that attractive benefits rarely last forever. After reports that new sourcing of the Signature card had been paused, SBI sent an official communication informing customers that the Signature card will be converted to the SBI Card ELITE from September 15 onward, and that the card will carry significant changes.
- Milestone requirements are higher, effectively reducing the reward rate from 3% to 2% for most users.
- Renewal fee waiver is available only if you spend Rs. 10 lakh annually (the milestone rewards, however, cap out at Rs. 8 lakh).
- Other features remain largely unchanged.
Note: Both Visa Signature and Mastercard variants are available under the ELITE branding. The Mastercard version may be preferable for frequent travelers because it typically includes access to a larger network of partner lounges.
Reward structure for SBI Card ELITE
SBI ELITE Card Reward Structure
The ELITE retains a milestone-based rewards model, but the spend required to unlock the top-tier benefits has increased to Rs. 8 lakh. If you reach that threshold you effectively receive around 2% value back, but many cardholders spend closer to Rs. 2–3 lakh a year. For that majority, the effective reward rate drops to about 1% or lower, which reduces the overall value delivered by the card compared with the older Signature terms.
One of my favorite benefits on this card has been the BookMyShow offer, but given the change in terms and the fact I received this card against a fixed deposit, I’m considering closing it by year end. Will you keep your ELITE card or close it after the conversion? Share your thoughts below.