SBI Cards , one of India's leading credit card issuers, has announced a significant overhaul of its Card Protection Plan, set to take effect from September 16. The revamp introduces more affordable pricing and enhanced benefits, aiming to provide better value to its customers.

New Plan Structure

The revised structure introduces three distinct variants:

1. Classic
2. Premium
3. Platinum

Each variant comes with its own set of benefits and a notably reduced price point.

Pricing Revisions

SBI Card has implemented substantial price reductions across all plan variants:

Key Benefits

The revised Card Protection Plan offers a range of benefits:

1. One-Call Card Blocking: Quick and easy card deactivation in case of loss or theft.
2. SIM Card Blocking: Added protection for mobile-linked services.
3. Emergency Travel Assistance: Advances ranging from ₹80,000 to ₹1.6 lakh, depending on the plan.
4. Fraud Protection: Coverage up to ₹1 lakh for PIN-based frauds and phishing attempts.
5. Mobile Wallet Protection: Coverage ranging from ₹10,000 to ₹50,000.

Family Coverage

The extent of family coverage varies by plan:

• Classic: Covers only the primary member
• Premium: Extends to the member and spouse
• Platinum: Includes the member, spouse, and parents

Transition Process

SBI Card will migrate all active customers to the new plan variants on their respective renewal dates. Customers can expect to receive prior communication via SMS or email at least 24 hours before their plan renewal.

This strategic move by SBI Card aims to offer more value to its customers while potentially increasing adoption of the Card Protection Plan due to the more attractive pricing. The enhanced benefits, particularly in fraud protection and family coverage, reflect the company's commitment to addressing evolving customer needs in the digital payment landscape.

SBI Cards , one of India's leading credit card issuers, has announced significant changes to its reward program and card protection benefits, set to take effect in September. These modifications will impact various card variants and services offered by the company.

Reward Point Adjustments

Starting September 1, SBI Card will implement changes to its reward point system for three Lifestyle Home Centre SBI Card variants. Cardholders of these specific variants will no longer earn reward points on two categories of transactions:

1. Digital gaming transactions
2. Government-related payments

This adjustment may affect customers who frequently use their cards for online gaming or for paying government fees and taxes.

Card Protection Plan Updates

In a move that will affect all SBI Card customers with Card Protection Plan memberships, the company has announced a significant change effective September 16. On this date, existing memberships will automatically migrate to new plan variants. These new variants will come with:

• Updated features
• Revised pricing

It's important to note that the migration to the new plan will occur on each customer's individual renewal date, ensuring a smooth transition for all cardholders.

Removal of Complimentary Air Accident Insurance

Perhaps the most notable change is the removal of complimentary air accident insurance coverage from multiple co-branded cards. This adjustment affects several card variants:

• ELITE variants: Six ELITE card types will no longer offer the ₹1 crore air accident insurance cover.
• PRIME and Platinum co-branded cards: These cards, issued in partnership with various banks, will no longer provide the ₹50 lakh air accident insurance cover.

Impact on Cardholders

These changes represent a significant shift in the benefits offered by SBI Card. Customers, particularly those who frequently engage in digital gaming or make government payments, may need to reassess the value proposition of their cards. Similarly, those who relied on the complimentary air accident insurance coverage will need to consider alternative insurance options.

SBI Card's decision to revise its rewards and benefits structure comes at a time when credit card companies are adjusting their offerings to align with changing market conditions and customer behaviors. Cardholders are advised to review the updated terms and conditions of their specific card variants to understand how these changes will affect them personally.

As the changes are set to roll out in phases throughout September, SBI Card customers should keep an eye out for official communications from the company detailing the specific impacts on their individual cards and accounts.