SpiceJet-SBI Titanium Credit Card - probably worth it!

A few months back, SpiceJet announced a co-branded MasterCard credit card with SBI, the SpiceJet-SBI Titanium Credit Card. I didn't give it much importance then, maybe simply because I didn't fly SG all that much. However, I've been flying them more, of late, and I find this card interesting. Plus, in a bit of a twisted way, this is in effect, a Frequent Flyer Program, but isn't advertised as one per se. Here's the dope:

The card costs Rs 499 (~US$ 8-9) as joining fees, and a similar amount of annual fees. The benefits, however, seem to make it worth the while, which are:

• 5% cash back on total fare
• Rs 500 gift vouchers (redeemable on SG flight bookings)
• 5 in-flight meal vouchers (value unsure, though)
• 5 vouchers of excess baggage waiver up to 5kgs (can you use them all at once? I don't know)
• Mastercard lounge access 
• Fuel surcharge waiver on all fuel stations for amounts between Rs 500 and Rs 3000 (limited to Rs 100 per month per card; surcharge is normally 2.5%)
• Reward points @ 1 point per Rs 100 of spend. Valued at 1 point = Rs 0.25, these points can be used to redeem tickets on SG
• Every Rs 25k spent earns a Rs 1000 voucher, redeemable against purchase of SG return tickets

In all, I find this quite reasonable, and the benefits are decent enough not to pass up - particularly if you otherwise do not have lounge access and/or a "proper" mileage / rewards earning credit card. Of course, YMMV.

Conclusion

I have enough cards that earn miles, which I'm happy with. However, for those who fly SG often, or indeed, have travel plans to some of their exclusive stations (Guangdong and Kabul, to name two) or sectors, this may be a good option. There is a drawback, though, in that, any credit card application means a reduction of credit scores (on the basis that you are "credit hungry"). So if you want to keep your score in check, this is probably something you wouldn't want to apply for.