Overview
SBI Cashback credit card offers flat 5% rewards with high monthly capping on all online spends was somewhat surprising from SBI. But as Axis and HDFC, known as industry leaders for offers and cashback, have streamlined their process for targeting existing savings account customers with a suitable card as per requirement, the SBI card, on the other hand, is an entirely independent arm of SBI, unaware of the account stature of existing customers.
This can be served as the only card that most card users need as it is packed with a high and straightforward reward structure, low fees/fee waiver criteria and lounge benefits.
Table of Contents
Fees
| Joining Fees | Rs. 999 + GST = Rs. 1180 |
| Joining Bonus | Nil |
| Annual Fees | Rs. 999 + GST = Rs. 1180 |
| Renewal Bonus | NIL |
| Fee Waiver Criteria | Annual spend of Rs. 2 Lakh and above |
Rewards
5% on all online spending up to Rs. 10,000/month. Need to use Rs. 2,00,000 online for full utilisation. 1% cashback on offline spending similarly, and 1% cashback on online spending after the monthly threshold of Rs. 10,000 is reached.
UPDATE: 5% on all online spending up to Rs. 5000 / month. Need to use Rs. 100000 online for full utilisation. 1% cashback on offline spending similarly, and 1% cashback on online spending after the monthly threshold of Rs. 5000 is reached.
Cashback will be credited in the next statement as a statement credit and will be reflected within two working days of the statement generation of your respective cycle.
No cashback redemption fees as it is processed as a statement credit.
Cashback processing is similar to Axis Bank Ace Credit Card, but this stands above as it gives cashback on all online spending compared to only utility bill payments through GPay in Axis Ace Card.
| Reward Rate | 1% – 5% |
| Reward on online spends | 5% |
| Reward on offline spends | 1% |
| Excluded categories | Rent payment, wallet load, EMI and Fuel |
| Online rewards capping | Rs. 5000 / month |
| Post Rs. 10,000 rewards | 1% on all online spends |
| Reward redemption | As statement credit in next statement. (No redemption fees) |
Airport Lounge Access
Four (4) complimentary lounge access capped at 1 per quarter.
UPDATE: SBI Cashback credit Card now do not get any complimentary airport lounge. Lounge access has been discontinued with the devaluation from the 5th of May ’23.
Check lounge access in your existing cards from here.
Application process
As I already have two SBI cards, I applied through the app, but it got rejected in a matter of few days after a fresh home and office verification. Surprisingly around a month later, I got a call from SBI stating this was a phone verification call regarding your SBI Cashback Credit card and asked for basic details that were mentioned during the application. The same day I saw a reduction of Rs. 10k in the credit limit of my existing SBI card, and the next day I saw a new card in the app. A week later, the card was delivered.
Apart from the SBI cashback card, I already have SBI SimplyClick and SBI SimplySave cards. I have contacted customer care and requested to reduce the limit of both cars and transfer the remaining limit to the SBI cashback card but still waiting for confirmation.
Also, in the FAQ of the SBI cashback credit card, it is mentioned that an existing SBI card can be upgraded to an SBI cashback credit card. Reward points can be transferred from the existing SBI card to the sbi cashback credit card as per rupees conversion norms, but still, customer care and the branch were unaware of the process.
Card be applied through the existing SBI Card App / Website. Not recommended to apply through the branch as it is still a new product and branch sales executives are still aggressive for the SBI Pluse Credit Card.
Similarly, SBI cashback cards can also be applied through the YONO app, but as YONO is managed by SBI bank and not SBI cards, applications are likely to get stuck.
Final Thoughts
SBI Cashback Card
Summary
Considering no joining fees and an unmatched reward structure, this card should always be handy for online purchases. Also, one need not worry about reward structures such as travel, eCommerce, and food, as this has a whopping 5% reward on all such spending. Combined with Axis Bank Ace Credit Card for utility bill payment through GPay will give you 5% on almost all spending. It is recommended to apply now; considering the high reward structure, new onboarding may be strict, just like Axis Bank Ace Credit Card.
Pro Tip For SBI Cashback Credit Card
Fuel gift cards could be purchased from Amazon, which can be redeemed at HP fuel stations and give 5% cashback on fuel purchases.
You need to verify the bill generated to see where you get the points.
UPDATE: HDFC Swiggy Credit Card also gives similar 5% on almost all online spends.