SBI Spar Credit Card is a popular credit card that is issued by State Bank of India (SBI) to its customers. While the card comes with a host of benefits and rewards, there are also some pitfalls that you should be aware of. One of the most significant issues with the SBI Spar Credit Card is the Card Protection Plan (CPP) services that are offered along with it. In this blog, we will explore the benefits and pitfalls of the SBI Spar Credit Card, as well as the CPP services that are offered with it.
Benefits of the SBI Spar Credit Card
The SBI Spar Credit Card comes with a range of benefits that make it an attractive choice for customers. Here are some of the key benefits of the card:
Rewards and cashback: The SBI Spar Credit Card offers a range of rewards and cashback options to its customers. You can earn rewards points on your purchases that can be redeemed for a variety of benefits, including vouchers, gift cards, and more.
Fuel surcharge waiver: If you use your SBI Spar Credit Card to pay for fuel, you can enjoy a fuel surcharge waiver of up to 1%.
Annual fee waiver: If you spend a certain amount on your SBI Spar Credit Card each year, you can enjoy an annual fee waiver.
Contactless payments: The SBI Spar Credit Card comes with contactless payment options that make it easy and convenient to pay for your purchases.
Pitfalls of the SBI Spar Credit Card
While the SBI Spar Credit Card has many benefits, there are also some pitfalls that you should be aware of. Here are some of the most significant issues with the card:
High-interest rates: The SBI Spar Credit Card comes with high-interest rates, which can make it expensive to carry a balance on the card.
Late payment fees: If you miss a payment or make a late payment on your SBI Spar Credit Card, you may be charged a significant late payment fee.
Hidden fees and charges: The SBI Spar Credit Card may come with hidden fees and charges that you are not aware of, which can add to the overall cost of the card.
CPP services: The Card Protection Plan scam
The Card Protection Plan (CPP) services that are offered along with the SBI Spar Credit Card have come under scrutiny in recent years. Many customers have reported that the CPP services are a scam and that they have been charged for services that they did not sign up for. Some customers have also reported that it is difficult to cancel the CPP services once they have been activated.
To avoid falling victim to the CPP scam, it is important to be aware of the terms and conditions of the services that are offered with your SBI Spar Credit Card. If you are not interested in the CPP services, make sure to opt-out of them when you activate your card. If you have already been charged for CPP services that you did not sign up for, you should contact SBI immediately to dispute the charges and cancel the services.
In conclusion, the SBI Spar Credit Card has many benefits, but there are also some pitfalls that you should be aware of. If you decide to apply for the card, make sure to read the terms and conditions carefully and be aware of any hidden fees and charges. Additionally, it is important to be vigilant and avoid falling victim to scams like the CPP services that are offered with the card.
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