The SBI Cashback Credit Card, a popular offering from SBI Card, stands out as a convenient and rewarding credit card option. True to its name, this cashback reward card simplifies the reward process by automatically crediting cash back for every transaction, eliminating the need for tracking complex points systems. Priced with an annual fee of Rs. 999, users have the opportunity to have this fee waived by meeting a spending threshold of Rs. 2 Lakhs or more in the previous year, providing an incentive for higher card usage. With an emphasis on simplicity, the card offers up to 5% cashback on online spending and 1% on offline transactions. Its additional features, such as a fuel surcharge waiver, make it an attractive choice for those seeking a straightforward entry-level credit card experience.
Ideal for individuals who appreciate hassle-free cashback rewards, the SBI Cashback Card is well-regarded as a veteran credit card. The card's appeal lies in its user-friendly approach, making it suitable for those new to credit cards or seeking a straightforward rewards program. As a versatile option, it encourages cardholders to maximize their online and offline spending to enjoy the automatic benefits of the cashback credited directly to their accounts. However, it's essential for potential cardholders to stay informed about any updates or changes in the card's terms and conditions to make informed decisions based on their individual financial preferences and lifestyle.
Fees and Charges
- Fees: - Joining Fee (one-time): Rs. 999 + GST Renewal Fee (Per Annum): Rs. 999 GST
- Best Suited For: - Shopping
- Reward Type: - Cashback
- Welcome Benefits: - NA
- Interest Rates: - 3.5% per month (42% annually)
- Spend Based Waiver: - Renewal Fee waived if last year's annual spends total Rs. 2,00,000.
- Fuel Surcharge: - The SBI Cashback Card provides a 1% fuel surcharge waiver on petrol transactions between Rs. 500 and Rs. 3,000, capped at Rs. 100 per statement.
- Foreign Currency Markup: - 3.5% of the total transaction amount (plus applicable taxes)
- Cash Advance Charges: - 2.5% of the total transaction value, with a Rs. 500 minimum fees
- Add-on Card Fee: - Nil
Reward and Benefits
- Movie & Dining: - NA
- Rewards Rate: - Up to Rs. 5000 in cashback can be earned in a single statement cycle, with 5% cashback on all online transactions and 1% cashback on other offline transactions.
- Rewards Redemption: - Any cashback earned with the card will be added to the statement for the following month.
- Travel: - NA
- Domestic Lounge Access: - NA
- International Lounge Access: - NA
- Insurance Benefits: - NA
- Golf: - NA
- Zero Liability Protection: - If the card is reported lost or stolen to the bank promptly, the cardholder will not be held responsible for any fraudulent transactions.
Product Details
- Get up to Rs. 5,000 in cashback per month on all online transactions.
- Every offline transaction earns you 1% cash back.
- Renewal Fee waived if last year's annual spends total Rs. 2,00,000.
- 1% fuel surcharge waiver on petrol transactions between Rs. 500 and Rs. 3,000, capped at Rs. 100 per statement
Pros/Cons
Pros
- Great 1% cashback on offline purchases and 5% cashback on online shopping.
- In comparison to other reward cards, the Rs. 5,000 monthly cashback maximum is a large amount.
- Excellent for online purchases because most cashback credit cards have lower rewards and don't give 5% back.
Cons
- Several types of categories are not eligible for the 1% cashback.
- Reaching the spend-based waiver can be challenging because a lot of the key spend categories aren't in cashback.
- On the card, complimentary lounge access has been discontinued.
- You do not receive an instant discount on the cashback card with online shopping.
SBI Cashback Credit Card Features and Benefits
Understand Cashback:
The maximum cashback amount per month, which includes both online and offline purchases, is Rs. 5000. Assume you spent Rs. 60,000 on offline purchases during the month, which are eligible for 1% cashback, and Rs. 90,000 on online purchases, which are eligible for 5% cashback. This is how your cashback will be figured out:- If you take 5% of Rs. 90,000, the value is Rs. 4,500.
- Similarly, 1% of Rs. 60,000 = Rs. 600.
Renewal Fee Waiver:
- To avoid the Rs. 999 Annual Fee for the Cashback SBI Card, you can qualify for a waiver by spending Rs. 2 Lakh or more in the previous year.
Fuel Surcharge waiver:
- At petrol pumps in India, receive a 1% waiver on the fuel surcharge that is applied to fuel purchases that cost between Rs. 500 to Rs. 3,000. There is a cap of Rs. 100 on the maximum waiver per statement cycle that can be claimed.
Redemption of Reward:
- Within two days of the card's following statement, the cashback earned with the SBI Cashback Card is automatically credited.
- So, if your statement is made on the 6th of every month (let's say September 6th), the cashback you earned between August 7th and September 6th will be credited to your account on September 8th, two days after your statement is generated.
Cashback does not apply to certain purchases or situations:
- Institution
- Railways
- Gift Cards
- Rental
- Wallet
- Utilities
- Jewelry
- Fuel
- Novelty & Souvenir Shops
- Insurance Services
- School and Educational Services
- Quasi Cash/Member Financial
SBI Cashback Credit Card Fees and Charges
- Joining and Annual fees: The SBI Cashback Credit Card has joining and renewal fees of Rs. 999.
- Annual fees waiver: Renewal fees are reversed for annually spent of Rs. 2 lakhs.
- Interest rate: card's interest rates are 3.5% per month (42% per year).
- Cash Withdrawals: You are charged 2.5% of the total amount or a flat Rs. 500 for each cash withdrawal from ATMs using the card.
- Foreign Currency exchange: The international currency markup fee on the card is 3.5%.
Charges on late payments:
- Dues up to Rs. 500 - Nil.
- Dues between Rs. 500 and Rs. 1,000 - Rs. 400.
- Dues from Rs. 1,000 to Rs. 10,000 - Rs. 750.
- Dues from Rs. 10,000 to Rs. 25,000 - Rs. 950.
- Dues from Rs. 25,000 to Rs. 50,000 - Rs. 1,100.
- Dues above Rs. 50,000 - Rs. 1,300.
SBI Cashback Credit Card Eligibility Criteria
- Age of the primary cardholder: 21 to 65 years.
- Stable source of income.
- Decent credit history showcasing responsible credit management.
SBI Cashback Credit Card Apply Process
- Click the “Apply Now” button on the page.
- Proceed by filling in all the required details.
Required Documents:
- Proof of identity, you can use your passport, driver's license, PAN card, Aadhar card, or voter's ID.
- Proof of Address, Utility bills from the most recent month, a passport, or an Aadhar card.
- Proof of Income, most recent bank statements, audited ITR, and salary slips must be submitted.
Review of the SBI Cashback Credit Card
FAQs:
Can I use the SBI Cashback Credit Card to conduct business transactions?
The SBI Cashback Credit Card cannot be used for business reasons; it is a personal card. Both the primary and add-on cardholders' card memberships may be cancelled by SBI if it is discovered that the cardholder is using the card for improper purposes.
Can I purchase products using Cashback or use it to book tickets?
No, the following statement of the card automatically credits the cashback earned with the card.
Can I use the card to make contactless transactions?
Yes, you can use the SBI Cashback Credit Card's contactless payment option to make purchases under Rs. 5,000 without needing to input a PIN.
Is there a cap on the cashback offered with the SBI Cashback Credit Card?
- Yes, there is a cap of Rs. 5000 on the highest cashback you may receive with the card for both online and offline transactions per statement cycle.
SBI Cashback Credit Card
Rating: 4.8/5
SBI CashbackCredit Card
