Key Points
Learn all about the SBI Cashback Credit Card review. It covers features, benefits, fees, eligibility, and rewards. Get cashback on bills, dining, and groceries. Enjoy fuel surcharge waivers at petrol stations. Receive a welcome bonus and rewards for spending targets. Know about annual fees, late payment charges, and eligibility requirements. Apply online or at an SBI branch. Earn and redeem cashback wisely.
If you are a shopping lover, just like me, and you are told that there is a chance where spending and savings could be possible at the same time. You don’t believe it, right? But that is possible my dear. And SBI Cashback Credit Card is the solution. It gives you the great opportunity to earn a sweet cashback on your shopping, specially on every online purchase.
Sounds great right? Exactly. Before you swipe, let’s explore SBI Cashback Credit cards more deeply. In this article I will cover its features, benefits, fees, eligibility criteria. Not only good things, will give a closer look into its drawbacks too to see if this credit card aligns with you spending habits. So, please keep reading.
What is the SBI Cashback Credit Card? An Overview
The SBI Cashback Credit Card is a popular option among Indian consumers. It is offered by the State Bank of India. The SBI Cashback Credit Card is designed specially to provide its users with various cashback rewards, particularly on online purchases. Not only the users earn cashback on online transactions, this card earns cashback offline too. The card comes with a competitive cashback rate on online shopping. There are a number of benefits like fuel surcharge waiver and contactless payment technology. Though there is an annual fee for SBI Cashback Credit Card, but the potential for cashback rewards makes it an attractive option for Indian consumers. Especially those who frequently shop online and want to save money on their purchases.
| Card Type: | Cashback |
| Payment Gateway: | Visa |
| Annual Fee: | Rs 999+GST |
| Benefits: | Fuel Surcharge Waiver |
| Rewards: | 1% to 5% |
| Ideal for: | Online shoppers |
| Overall Rating: | 4 out of 5 |
How Does the SBI Cashback Credit Card Work?
The SBI Cashback Credit Card works just like any other credit cards. You simply use the card for your everyday spending, online and offline within your approved credit limit. Transactions are deducted from your credit balance. And you will need to pay for your transactions by the due date to avoid late fees. The story is quite familiar so far, right?
The key benefit of this card lies in its cashback program. With this card, you earn cashback on eligible purchases and that cash back amounts are later credited to your account.
5% Cashback: You receive 5% cashback on all online shopping transactions, with some exclusions (more on that later).
1% Cashback: Offline purchases made using the card earn a lower cashback rate of 1%.
Cashback is credited to your account within two working days of your statement generation.
SBI Cashback Credit Card Fees and Charges
| Joining fee | Nil |
| Annual Fee: | ₹999 + taxes (subject to change) |
| Late Payment Fee: | Up to ₹1,500 (depending on outstanding amount) |
| Cash Advance Fee: | 2.5% of the amount or ₹500 (whichever is higher) |
| Foreign Currency Markup: | 2% on all foreign transactions |
It is always better to review the SBI Card website or fee schedule for the latest details on these charges.
SBI Cashback Credit Card Credit Limit
The credit limit of a SBI Cashback Credit Card varies. Like all other credit cards around us, it depends on your purchasing ability and creditworthiness. For determining your eligibility, SBI Card considers a few factors like your income, credit score and also your existing debts. These SBI cards generally have the credit limit between ₹10,000 and ₹1,00,000. But that can be increased depending on your cibil score. Don’t worry.
You must remember that your credit limit determines your spending power with the card. To Maximize the cashback potential of your card you need to use most of your credit limit on online purchases that qualify for the 5% cashback.
Here are some tips for managing your credit limit effectively:
- Know Your Budget: Before you apply for anything, check out how much you spend online each month. This helps you figure out how much cashback you can really get.
- Keep Eye on Spending: Watch closely what you spend with your credit card. You might need to pay some extra fees for going over your limit.
- Pay Bills on Time: Paying your bills within the due date is super important. It helps to keep good credit score and will get your credit limit increased.
- Think Ahead for Big Buys: If you’re planning to buy something big online, think about using your SBI Cashback Credit Card.
- Use It for Regular Payments: Got subscriptions or regular bills to pay online? Using your card can get you cashback every time you pay.
- About Credit Scores: Your credit score is super important. Having a high credit score shows you’re good at managing credit. That means you can get more credit in the future.
- Your Income Matters: How much you earn is very important when it comes to getting credit. It helps decide how much credit SBI Card gives you.
- Watch Out for Debts: If you already owe money on loans or other credit cards, it could affect how much credit you get with your SBI Cashback Credit Card. They might give you less credit to make sure you don’t borrow too much.
SBI Cashback Credit Card Benefits
Not lets talk about he good things. Here is the key benefits that SBI Cashback Credit Card offers:
Great Cashback Program: This card gives you 5% cashback when you shop online. Lots of Indians are shopping online now, so this can help you save a lot of money.
Lots of Online Spending: You get cashback on almost all types of online purchases. Whether you are shopping, booking travel tickets, paying bills online or ordering food, you will ll earn cashback. (Though there are few exception for some categories).
Cashback for Offline Purchases: Even when you buy things in stores, you still get 1% cashback. So it is really good for both online and offline shopping.
No Fuel Surcharge: You don’t have to pay the extra 1% surcharge at the time of refueling your car with petrol or diesel. This means you save a bit on your fuel expenses.
Easy Payments: You can pay with just a tap. The card has contactless technology, making it safe and easy to use at places that accept NFC payments.
But wait, there’s more to the story
What are the Disadvantages of the SBI Cashback Credit Card?
The SBI Cashback Credit Card is great for getting cash back, but there are some things to think about:
Annual Fee: The SBI Cashback Credit Card takes ₹999 every year as its anual fee. Some people might not like that if they don’t shop online a lot. But if you can earn enough cashback to cover that fee then it could be worth having.
Cashback Exclusions: Remember, all online purchases do not get you cashback. You will not get cashback for using your card on paying utility bills, insurance, fuel (despite the fuel surcharge waiver), school fees.
Interest Rates: If you don’t pay off your full balance each month, you will get charged interest for the outstanding balance. That interest rate can be a bit high. So it is advisable to pay off the outstanding amount within the interest-free period.
Limited Use Overseas: Though the SBI cards are generally accepted internationally. But there are some international merchants or places where that is not honored . This might be a problem if you travel a lot.
Customer Service: Some people say the service isn’t always great. It depends on who you talk to.
SBI Cashback Credit Card Rewards
Apart from getting cashback, the SBI Cashback Credit Card doesn’t give you any other bonus points or special programs. But the big cashback rate you get on online shopping is like a great reward all on its own.
How to Apply for the SBI Cashback Credit Card?
Applying for the SBI Cashback Credit Card is easy. You can apply online through the SBI Card website or by visiting your nearest SBI branch. Here’s a quick guide:
Online Application: Visit the SBI Card website and navigate to the “Apply Now” section for the SBI Cashback Credit Card. Fill out the online application form with your personal details, income information, and employment details. Submit the application and wait for approval notification.
Offline Application: If you prefer offline, just visit your nearest SBI branch and ask about the SBI Cashback Credit Card. They will guide you through the process.
In both cases, you’ll need to provide your KYC documents, proof of income, and job details. SBI Card will check if you qualify before giving you the thumbs up.
SBI Cashback Credit Card Eligibility
To get the SBI Cashback Credit Card, you need to meet these requirements:
- Age: Your age should be between 18 and 70 years to qualify for SBI Cashback Credit Card.
- Income: The minimum income requirement varies depending on city of residence where do you live. It typically ranges between ₹25,000 and ₹50,000 per month.
- Job: You should have a salaried job or be self-employed with a minimum work experience of one year.
- Credit Score: A good credit score always helps your chances of getting the card.
- Employment: You should have a job or be self-employed or run a business with a minimum work experience of one year.
- Documents: You will need to give some documents like your PAN card, ID proof, address proof, and income proof when you apply.
SBI Cashback Credit Card Terms and Conditions
It is really crucial to know all the rules or terms and conditions of the SBI Cashback Credit Card. These rules include
- Check the cashback program rules to see how much cashback you can get, which types of purchases aren’t eligible, the lowest amount you need to spend to get cashback, and when you’ll get the cashback.
- Remember to know about the yearly fee, fees for paying late, and any other charges you might have to pay.
- Know how long you have to make payments without interest and the interest rate for any money you still owe.
- Learn about the steps to solve any problems with your bill or if there are any mistakes in your transactions.
Is the SBI Cashback Credit Card Lifetime Free?
Unfortunately no! The SBI Cashback Credit Card comes with an annual fee of ₹999 + taxes, which needs to be paid annually to retain the card.
SBI Cashback Rupay Credit Card
Yes, SBI Card also offers an SBI Cashback Rupay Credit Card. This variant functions similarly to the standard SBI Cashback Credit Card, offering a 5% cashback on online purchases and 1% cashback on offline transactions. However, there might be slight differences in terms of fees, acceptance network (Rupay cards might not be accepted everywhere Visa or Mastercard are), and reward program details. It is advisable to compare both cards on the SBI Card website before making your choice.
Alternatives to Consider:
- Flipkart Axis Bank Credit Card offers cashback on Flipkart purchases and reward points on other online spends.
- Amazon Pay ICICI Credit Card rewards cashback on Amazon purchases and other online transactions.
- HDFC Bank CashBack Credit Card provides cashback on various categories, including online shopping.
- Amazon Pay Later rewards cashback on Amazon purchases and bill payments.
Conclusion:
The SBI Cashback Credit Card is a great option for Indians who love online shopping and want to get lots of cashback. You can earn 5% cashback on online purchases which is really a good deal. It works for buying lots of different things online.
But before you sign up always remember to think about the annual fee and where you will not get any cashback. If you shop online a lot and can earn enough cashback to cover the yearly fee, this card could be a good choice for you.
Here’s a quick recap to help you decide:
| Ideal for: | Online shoppers who want to earn cashback on their online purchases. |
| Less Ideal for: | Individuals with limited online spending or those who dislike annual fees. |
| Benefits: | Lucrative 5% cashback on online spending, 1% cashback offline, fuel surcharge waiver, contactless payments. |
| Drawbacks: | Annual fee, cashback exclusions, no airport lounge access. |
Final Verdict: Is the SBI Cashback Credit Card Right for You?
The SBI Cashback Credit Card is great option for the online shoppers. So many people in India love shopping online. So it is a smart way to earn some cashback with your purchases. But at the same time also keep in mind the annual fee for the card. So this might not be for everyone. Take a close look at your spending habits and compare it with other cashback cards before deciding.
Disclaimer: The information provided in this article is for informational purposes only and should not be construed as financial advice. Please consult a financial advisor before making any credit card-related decisions.
Sources:
- Cashback SBI Card – https://www.sbicard.com/en/personal/credit-cards/rewards/cashback-sbi-card.page
- Cashback SBI Card: From eligibility criteria to benefits; all you need to know – https://www.livemint.com/money/personal-finance/sbi-cashback-card-from-eligibility-criteria-to-benefits-all-you-need-to-know-11701415276458.html
I’m Pratyush, but you can call me Prat. I’m a web developer, but in my off-hours, I’m a part-time blogger. I’m passionate about simplifying finance topics from credit cards to UPI, making them easy to understand for everyone.
