SBI recently launched a new credit card which is SBI Cashback Credit Card, it offers 5% cashback on most of the online spends. After using Amazon ICICI credit card for more than a year I decided to try this card. The issue with the Amazon ICICI credit card was that it offered 5% cashback only for items purchased on the Amazon website/app but there is no such restriction with the SBI cashback credit card. Here is my hands-on experience with Cashback SBI Card to help you decide whether you should also get it.
|Type||Cashback Credit Card|
|Reward Rate||Upto 5%|
|Annual Fee||999 INR+GST|
|Best use||5% Cashback on online purchases, 1% Cashback on offline purchases|
|Best Feature||Maximum monthly Cashback among cashback category credit cards|
|Helpline number||1860 180 1290|
The SBICard Cashback Credit Card is without a doubt the top Cashback Credit Card. This is the only card you’ll ever need if you prefer entry-level cards and want to maximize cashback from online purchases.
If you only consider the reward rate on online purchases, it is even better than super premium credit cards as it has 5% cashback rate.
|Joining Fee||999 INR+GST|
|Renewal Fee||999 INR+GST (Reversal of Renewal Fee on annual spends of Rs.2 Lakh)|
|Add on card fee||Nil|
|Cash Withdrawal Fee||2.5% or Rs. 500 whichever is higher|
|Card Replacement fee||Rs. 100 (Maximum 250)|
|Renewal Fee waiver||Spend 2 Lakhs|
|IRCTC Booking||1% of transaction amount + all applicable taxes|
Just like most SBI credit cards, this card doesn’t give a welcome or renewal benefit. But this should not be a problem for most users because you can get Rs. 1000 cashback with just Rs. 20000 online purchase which would not be a problem for cardholders.
|SPEND TYPE||CASHBACK %|
|Online Spends (>1L per stmt cycle)||1%|
|Fuel surcharge waiver||1%|
Maximum Cashback that can be earned on online and offline spends in a statement cycle will be capped at Rs.5,000.
*Cashback is not applicable on Merchant EMI & Flexipay EMI transactions and on the following categories: Utility, Insurance, Fuel, Rent, Wallet, School & Educational Services, Jewelry, Railways, etc.
Cashbacks earned from these spends are credited to SBI Card account within two days of the next statement generation.
Earlier the limit for monthly cashback used to be Rs. 10,000 but now it has been reduced to rs. 5,000. But even at this limit, it is the best cashback credit card in India as it offers 5% cashback on online transitions whereas most other crest cards offer 2-3%.
This card gives you the combined benefits of the Amazon ICICI credit card and the Flipkart Axis credit card.
There is no lounge access available with this card which is a huge negative point for this card. Earlier complimentary lounge access was provided with this card but This has been discontinued with the devaluation from the 5th of May 2023.
Pros and cons
|5% cashback on online merchant spends||Too many categories don’t even get 1% cashback now|
|The monthly 5% cashback cap at Rs 5000 is quite good||Rs 2 Lakhs for spend waiver may be difficult as major purchases like utilities, insurance, etc. don’t get any cashback|
|Great for high spending on online merchants as other cashback cards have lower rewards cap||No complimentary airport lounge access!|
|Cashback card is not eligible for the instant discount during online sales|
Who should get SBI Cashback Credit Card?
This card is a good option for people who carry most of their purchases online and want to earn cashback from it. This card gives you 5% cashback on most of your online spending without any restrictions on merchants or brands.
How to apply for SBI Cashback Credit Card?
Step 1: Visit the https://www.sbicard.com/sprint/cashback
Step 2: Fill out the online application form with your personal and financial details.
Step 3: Upload the required documents, such as identity proof, address proof, and income proof.
Step 4: Review the information and submit the application.
Step 5: Wait for the bank to process and approve your application.
Step 6: Once approved, the credit card will be dispatched to your registered address.
If you join through below referral link you will get Rs. 500 E-voucher after a successful transaction of Rs. 500 on the card.
- Proof of identity: PAN Card, Aadhaar card, Driver’s License, Passport, Voter’s ID, Overseas Citizen of India Card, Person of Indian Origin Card, Job card issued by NREGA, Letters issued by the UIDAI or any other government-approved photo ID proof.
- Proof of Address: Aadhaar card, Driver’s License, Passport, Utility Bill not more than 3 months old, Ration Card, Property Registration Document, Person of Indian Origin Card, Job card issued by NREGA, Bank Account Statement, or any other government-approved address proof.
- Proof of Income: The latest one or two salary slips (not more than 3 months old), the latest Form 16, and the last 3 months’ bank statement.
What is the eligibility criteria for SBI cashback credit card?
You must be aged between 21 years and 70 years. You must be a salaried or a self-employed professional. You must have a good credit score. You must have a regular source of income.
What are the benefits of SBI cashback credit card?
You get 5% cashback on most of the online spending.
What is the joining fee for SBI cashback credit card?
The joining fee for the SBI cashback credit card is rs. 999+GST.