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Last updated on December 17th, 2020
SBI Visa® College Real Rewards Card
2,500 Bonus Points After the First Purchase
- Regular Purchase APR 14.49% to 23.49% variable based on creditworthiness and the Prime Rate
- Balance Transfer APR 14.49% to 23.49% variable based on creditworthiness and the Prime Rate
- Cash Advance APR 25.99% variable based on the Prime Rate
- Annual Fee None
- Credit Needed Fair , No Credit Required
- Intro Purchase APR 0% for 6 months from account opening date
- Processing Network Visa
- No annual fee
- 1.5X points on everyday purchases
- 0% intro APR on balance transfers and purchases
- No cap or limit on the points you can earn, plus you have five years to redeem points for rewards
- Intro Purchase APR: 0% for 6 months from account opening date
- Regular Purchase APR: 14.49% to 23.49% variable based on creditworthiness and the Prime Rate
- Intro Balance Transfer APR: 0% for 6 months from account opening date
- Balance Transfer APR: 14.49% to 23.49% variable based on creditworthiness and the Prime Rate
- Balance Transfer Transaction Fee: Either $5 or 3% of the amount of each transfer, whichever is greater
- Cash Advance APR: 25.99% variable based on the Prime Rate
- Cash Advance Transaction Fee: Either $10 or 4% of the amount of each cash advance, whichever is greater
- Foreign Transaction Fee: Up to 3% of the transaction amount in U.S. dollars
- Late Payment Penalty Fee: Up to $40
- Return Payment Penalty Fee: Up to $40
At a Glance
The SBI Visa® College Rewards Card is a flat-rate rewards card that offers great value for no annual fee. The card earns 1.5X points on every purchase, plus an easy-to-achieve introductory bonus haul of 2,500 points.
Ideal for Those Who:
- Live or go to college in California
- Want a card that lets them off-set the cost of buying textbooks over an entire semester
- Prefer a card that earns a flat rate of rewards over rotating categories
- Don’t want to pay an annual fee
SBI Visa® College Real Rewards Card Review
The SBI Visa® College Rewards Card helps students offset the costs of college thanks to a generous introductory offer. This offer, 0% intro APR for six months, enjoys further enhancement through bonus points after making the first purchase.
2,500 Bonus Points
The SBI Visa® College Rewards Card comes with an easy-to-earn introductory bonus. Students receive 2,500 points just for making a purchase with their new card. There are no spending requirements for this reward. This means students can purchase something as little as one cent. The cash value of the 2,500 bonus points is $25. This reward is redeemable for the usual rewards with SBI (seen below). These include cash back, statement credits, merchandise, or gift cards. Awards typically take six-to-eight weeks to enter the account.
How to Earn Rewards
The SBI Visa® College Rewards Card offers quality rewards with every purchase. Students earn a flat rate of 1.5X points on every net purchase. There is no limit on the total amount of rewards students can earn. Points expire after five years. This 1.5X rate is a great value, placing the card on par with the Chase Freedom Unlimited. That card, however, is not a student card.
Benefits of a Student Credit Card
Why does this matter? The purpose of a student credit card is to help college students establish a positive credit history. Most students have no prior credit experience. This means they may struggle to get a credit card, like the Chase Freedom. A student card, like the SBI Visa® College Rewards Card, is available to much wider credit ranges. This includes those with no credit history at all. As such, they are easier to obtain.
Why Choose a Student Card from State Bank of India (California)?
The default choice of many students is to go with a credit card from a larger bank. Cards like the Chase Freedom Student Card or Discover it Cash Back for Students are exceedingly popular choices. Why then, choose a card from State Bank of India (California)? Credit unions and smaller, regional banks often offer better rates than larger banks, like Chase. The SBI Visa® College Rewards Card, for instance, has an APR almost 1% lower than the Chase Card. It also comes with 0% intro APR for the first six months.
Use the Intro APR to Purchase Textbooks
That introductory interest-free period extends to both purchases and balance transfers. While many students won’t have existing balances to transfer, they will need schoolbooks. The 0% intro APR for six months on purchases lets them buy books and pay the balance down over time. They can even use the card to buy dorm supplies and repay that cost over the next semester. Not bad. Of course, taking advantage of the introductory-APR requires paying the balance off. Failure to do so will incur interest after the six months’ finishes. Always ensure you have a financial game plan before undertaking any such payment plans. Also, never spend more than you can afford to repay.
How to Redeem Points
Enough about the interest rates, how do you redeem points? Reward options with State Bank of India (California) credit cards are the same as many other rewards programs. Points are redeemable as travel (airfare, hotels, and more), gift cards, or merchandise. Cash back options include statement credit or deposits into State Bank of India (California) savings or checking accounts.
Other Card Features
Other features with the SBI Visa® College Rewards Card include the usual Visa® credit card protections. This suite consists of Visa®’s Zero Fraud Liability coverage, extended warranty protection for purchases, Roadside Dispatch should a student break down on the roadside, and Visa® auto rental collision damage waiver.
Should You Apply for the SBI Visa® College Rewards Card?
The SBI Visa® College Rewards Card offers significant value for California students. The 1.5X points the card earns on every purchase is competitive with regular cash back cards. In fact, the 1.5X points the higher daily value than the 5% back on rotating categories seen elsewhere. Cards like the Discover It Student Card or Chase Freedom for Students earn more in rotating categories, but less with everyday use The SBI Visa® College Rewards Card, on the other hand, offers extraordinary value every day. The card also offers 0% intro APR, which can help students offset the costs of moving into their dorm. The introductory period also helps purchase books and pay back the cost over the semester. Value like this isn’t available with other cards from bigger issuers.
Overall, the SBI Visa® College Rewards Card is ideal for California students that prefer a lower APR and easy-to-follow rewards structure. It also benefits Indian nationals who want to send or receive money from India, as SBI California greatly reduces the friction of transferring money abroad, thanks to the bank’s relationship with its parent, State Bank of India.