Co-branded credit cards are becoming increasingly popular in India, especially among frequent travelers. The latest entrant is the IndiGo SBI Credit Card, launched in partnership between SBI Card and IndiGo Airlines. The card is available in two variants, the basic IndiGo SBI Credit Card and the premium IndiGo SBI Credit Card Elite. Both promise rewards through IndiGo’s BluChips loyalty program, airport lounge access, and travel-related benefits. But the big question remains: is it worth adding to your wallet?
The Offer in Detail
The IndiGo SBI Credit Card comes with a dual-network setup, which means cardholders receive both a RuPay and a Mastercard variant under a single account. This allows you to use the card domestically, internationally, and even for UPI transactions.
The Elite variant, targeted at heavy spenders and frequent flyers, is designed to maximize IndiGo-related spending. Cardholders earn 7 IndiGo BluChips for every Rs 100 spent on IndiGo’s website or mobile app and 3 BluChips per Rs 100 spent on hotel and travel bookings through other platforms. A key milestone benefit is the ability to earn up to 25,000 extra BluChips when spending Rs 12 lakh in a year.
Industry experts have pointed out that the value of these BluChips is not fixed. According to Sumanta Mandal of TechnoFino, BluChips usually range between Rs 0.40 and Rs 0.60 per point, with the value depending on when you book. Early bookings typically deliver better value compared to last-minute redemptions.
Ankur Mittal of Card Insider noted that one standout feature of the Elite variant is complimentary airport lounge access across the country, which fills a gap left by other co-branded IndiGo cards like the IDFC FIRST IndiGo credit card. In addition, the Elite version comes with valuable insurance coverage, which the base card lacks.
Charges
The basic IndiGo SBI Credit Card has a joining and renewal fee of Rs 1,499 plus GST. The Elite variant comes with a much steeper fee of Rs 4,999 plus GST for both joining and renewal.
If you carry an outstanding balance, the interest rate is 3.75 per cent per month, or 45 per cent annually, which is standard for most Indian credit cards. For foreign transactions, the forex markup is 3.50 per cent on the basic card and 1.99 per cent on the Elite card. While 1.99 per cent is competitive, it still does not beat options like the IDFC Mayura Credit Card, which has zero forex markup, or the IDFC FIRST IndiGo card that charges 1.49 per cent.
Rewards and Benefits
The Elite card offers stronger benefits than the basic one, but the gap is noticeable. On IndiGo flight bookings, the basic card earns 3 BluChips per Rs 100, while the Elite earns 7 BluChips per Rs 100. For hotel, travel, and other bookings, the base card earns 2 BluChips per Rs 100, while Elite gives 3 BluChips. For all other spending, the base card offers 1 BluChip per Rs 100, while Elite offers 2 BluChips.
Both variants include milestone rewards, but Elite rewards are clearly better structured. For example, if you spend Rs 3 lakh in a year on the Elite card, you earn 6,000 BluChips. At Rs 6 lakh, you earn another 6,000 BluChips, and additional rewards kick in at Rs 9 lakh and Rs 12 lakh. In contrast, the base card offers smaller milestone rewards like 2,500 BluChips at Rs 2 lakh, Rs 4 lakh, and Rs 6 lakh in annual spending.
Another benefit of the Elite card is travel insurance coverage. It offers protection up to Rs 3,000 per ticket for four cancellations and up to Rs 72,000 for loss of checked baggage. The base variant does not offer such coverage, making Elite the stronger option for those who fly often.
What Works Well
For frequent IndiGo flyers, the Elite card can make sense. The higher reward rate on IndiGo bookings, access to domestic and international lounges, and insurance coverage provide tangible value. You also receive BluChips equivalent to the joining fee: 2,500 for the base card and 5,000 for the Elite card, along with vouchers. While this does not waive the annual fee, it helps soften the blow.
Where It Falls Short
The biggest drawback is the limited reward structure. The cards exclude everyday spending categories like insurance, rent, utilities, government transactions, and fuel from earning rewards. This significantly reduces practicality for users who want a versatile card.
Another issue is that the value of BluChips is dynamic. While they can be redeemed for flights, seats, meals, and other IndiGo services, the redemption value changes depending on route and demand. Mandal estimates that the Elite card offers around a 3.5 per cent return on IndiGo bookings, assuming Rs 0.50 per BluChip, but only about 1 per cent on general spending. For a premium card with a Rs 5,000 fee, this feels modest.
Lastly, while the forex markup on the Elite card is lower than the base card, it still does not match some competing cards in the same price range. Alternatives like the Axis Atlas Credit Card or HDFC Regalia Gold provide better flexibility, higher milestone rewards, and lower fees, making them strong contenders.
Comparison with Other IndiGo Co-Branded Cards
When compared to IndiGo IDFC FIRST and IndiGo Kotak XL credit cards, the SBI variants hold their ground but are not necessarily the best. The Kotak XL card, with an annual fee of Rs 3,000, offers up to 21 BluChips per Rs 100 spent on IndiGo bookings, which is significantly higher than the 7 BluChips offered by the SBI Elite card. The IDFC FIRST card charges a lower forex markup of 1.49 percent and offers a more flexible milestone rewards structure.
This means that while the IndiGo SBI Credit Card Elite has its advantages, especially with insurance and domestic lounge access, it does not outshine competitors in terms of overall value.
Should You Apply?
If you are loyal to IndiGo and fly with them frequently, the IndiGo SBI Credit Card Elite can add value, particularly through lounge access, BluChips rewards, and insurance benefits. However, if your travel habits span across multiple airlines or if you want stronger returns on non-travel spending, there are better alternatives available in the same price bracket.
For light travelers or those who want a card for general use, the basic IndiGo SBI Credit Card is less compelling. The modest rewards structure and exclusions mean it is unlikely to become your go-to card for everyday expenses.
Final Thoughts
The IndiGo SBI Credit Card launch is a welcome addition to the co-branded card space, but it comes with mixed value. Elite travelers who prioritize IndiGo flights and lounge access may find it worthwhile, while others may do better exploring alternatives like Axis Atlas or HDFC Regalia Gold.
If you are considering applying, carefully evaluate your spending patterns, especially how often you fly with IndiGo, before committing to the fees.
If you would like personalized guidance on choosing the right credit card or building a money strategy that aligns with your financial goals, feel free to book a 1-on-1 consultation with me here.
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