SBI Gold Card:1 point for 100 rupees of spend. Points have an expiry date.
For a Lifestyle voucher worth 500 rupees, you need 2300 points plus 109.20 will be billed in next statement as fees.
So technically you are spending 230109.20 to get a voucher worth Rs. 500
For comparison’s sake, lets check Citibank IndianOil Card:
4 points for 150 rupees of spend(fuel). Points do not expire.
Once 500 points are accumulated, you can call their customer helpline and they deduct 500 rupees from your statement.
So technically you are spending 18750 to get a discount worth Rs. 500
SBI beats even the Private banks in this matter. To add insult to injury, I got an SMS that they will dispatch a cheque of 17200 when I had not requested any such thing. They also deducted 258 for service tax. What do you think I should do if the cheque arrives? Should I return it to the courier? Should I take the help of police?