Cashback SBI Credit Card is a newly launched credit card by SBI. As the name suggests, it is a cashback rewards card that provides cashback on every transaction made with the card. It is an excellent card because you don’t have to track your rewards points or go through the hassle of redeeming points for different items. The card has an applicable annual fee of INR 999, which can be waived off on spending INR 2 lakh or more in the previous year.
With this card, you can earn cashback of up to 5% on all online and offline expenses made with the card. The cashback is automatically credited to the cardholder’s account, and you also get access to other benefits like fuel surcharge waivers and more. To learn more about its features and benefits, you can refer to our SBI Cashback Card review.
- Joining Fee- Rs. 999
- Renewal Fee-Rs. 999 (plus applicable taxes)
- Best Suited For- Shopping
- Reward Type-Reward Points
- Welcome Benefits- NA
Rewards and Benefits
- Movie & Dining- NA
- Rewards Rate- 5% cashback for every online transaction and 1% cashback on other offline transactions. You can earn a maximum of Rs. 5000 cashback in a single statement cycle.
- Reward Redemption- Cashback earned with the card will be automatically credited to next month’s statement.
- Travel- NA
- Golf- NA
- Domestic Lounge Access- NA
- International Lounge Access- NA
- Insurance Benefits- NA
- Zero Liability Protection- The cardholder will not be liable for any fraudulent transaction if the card is reported lost or stolen to the bank in a timely manner.
Fees & Charges
- Spend based Waiver- The annual fee can be waived on spending Rs. 2,00,000 or more in the previous year.
- Rewards Redemption Fee- NIL
- Foreign Currency Markup- 3.5% of the international transaction
- Interest Rates- 3.5% p.m. (42% p.a.)
- Fuel Surcharge- 1% fuel surcharge waiver for transactions between Rs. 500 and Rs. 3,000 at petrol pumps across India. (waiver capped at Rs. 100 per statement)
- Cash Advance Charge- 2.5% of the amount withdrawn or a minimum charge of Rs. 500.
- Add-on Card Fee- Nil
Product Details
- Get 5% cashback on every online transaction (maximum Rs. 5,000 cashback per month).
- 1% cash back on every offline transaction.
- Spend-based annual fee waiver.
- 1% fuel surcharge waiver capped at Rs. 100 per month.
Cashback SBI Credit Card Features & Benefits
The Cashback SBI Card comes with a great cashback reward rate and the cardholders can earn lots of cashback for every transaction. Following are the detailed features and benefits of the Cashback Card by SBI Bank:
| Transaction Types | Cashbacks |
| Online Transaction | 5% cashback. |
| Offline Transaction | You will get 1% of base card cashback. |
| Fuel payments | Nil. |
Exclusions on Cashback
Note that no cashback will be provided for Rent, Fuel, Wallet Loads, EMIs, Cash Advances, Balance Transfers, and Encash & Flexipay spends.
Also, transactions below Rs. 100 will not accrue any cashback.
The maximum cashback that can be earned on online transactions (5% cashback) and offline transactions (1% cashback) is capped at Rs. 5,000 every month.
The following spend categories are not eligible for cashback –
- Jewelry
- School and Educational services
- Insurance Services
- Utilities
- Railways
- Card, Gift, Novelty & Souvenir Shops
- Quasi Cash/Member Financial Institution
Cashback Calculation
With the SBI cashback card, you do not get the entire 5% cashback on your online spends. First, there is 1% cashback calculated on the spend, and then the remaining bonus 4% cashback is calculated.
For example, if you spent Rs. 3000 with the card and it is eligible to get the 5% cashback, then
- 1% of Rs. 3000 = Rs. 30
- 4% of Rs. 3000 = Rs. 120
The total cashback received by you will Rs. 150.
Also, there is max capping of Rs. 5000 on cashback per month including both online and offline spends.
Suppose, you made an online transactions worth Rs. 90000 which are eligible for 5% cashback, and offline transactions worth Rs. 60,000 in the month that are eligible for the 1% cashback. Your cashback will be calculated as –
- 5% of Rs. 90,000 = Rs. 4500
- 1% of Rs. 60,000 = Rs. 600
The total amount including both online and offline spends add up to Rs. 5100. However, you will only receive Rs. 5000 as there is maximum cap on the cashback you can earn. Even if you spend more money with the card on either online or offline spends, the cashback will be restricted to Rs. 5000 per month.
Annual Fee Waiver
The Annual Fee of Rs. 999 associated with the Cashback SBI Card can be waived on spending Rs. 2 Lakh or more in the last year.
Fuel Surcharge Waiver
Get a 1% waiver on the fuel surcharge applicable on fuel transactions between Rs. 500 and Rs. 3,000 at all petrol pumps across India. The maximum waiver that can be claimed is capped at Rs. 100 per month.
Other Benefits
The Cashback SBI Card offers many other benefits:
– Get up to 2 add-ons for family members free for a lifetime.
– Contactless payments for transactions below Rs. 5,000.
Reward Redemption
The cashback earned with the Cashback SBI Card is auto-credited within 2 days of the card’s next statement.
Therefore, if your statement is generated on the 6th of every month (let’s assume the 6th of September), then the cashback earned on the 7th of August – 6th of September cycle will be credited after 2 days of your statement generation, ie, on the 8th of September.
Cashback SBI Card Fees and Charges
The following are the most essential charges associated with a credit card:
Joining & Renewal fee: First Year is absolutely free to enjoy all the privileges and the annual charges are Rs. 999.
Spend-Based Reversal: Reversal of Renewal fees on annual spends of Rs. 2 lakhs.
Interest charges: The interest charges applicable on the card are 3.5% p.m. (42% p.a.).
Cash advance fee: For every cash withdrawn using the card from ATMs, you are charged 2.5% of the amount or flat Rs. 500.
Foreign currency markup: The card charges 3.5% as the international currency markup fee.
Late Payment Charges:
- Dues remaining less than 500 don’t have to pay any charges.
- Dues from Rs.500 to Rs.1,000 have to pay Rs.400.
- Dues from Rs.1,000 to Rs.10,000 will be charged Rs.750.
- Dues from Rs.10,000 to Rs.25,000 will be charged Rs.950.
- Dues from Rs.25,000 to Rs.50,000 will be charged Rs.1,100.
CashBack SBI Credit Card Eligibility Criteria
The basic eligibility requirements that you need to fulfill in order to get approved for the card are mentioned below:
- The age of the primary cardholder must lie between 21 years and 65 years.
- The applicant should be having a stable source of income.
- The applicant should have a decent credit history.
Documents Required
The documents that are required to apply for Cashback SBI Card are mentioned below:
- Identity Proof: Driving Licence, Aadhar Card, PAN Card, Voters’ Id, etc.
- Address Proof: Utility bills, Aadhar Card, Driving Licence, Passport, etc.
- Income Proof: Latest 3 months’ bank statements, latest 3 months’ salary slips, or latest audited ITR.
How to apply for the card?
If you are interested to get the Cashback SBI Card, then you can follow any of the online or offline methods. To apply offline, visit the nearest SBI Branch and fill in the application form available there. However, for the online procedure, follow the steps given below:
- Click on the Apply Now button on the top of the page
- Go to the Credit Cards page.
- Look for and select the Cashback SBI Card.
- Click on ‘Apply Now’.
- Proceed further by filling in all the required details
Conclusion
The SBI Cashback Credit Card offered by SBI is an excellent card in terms of cashback benefits. With this card, you can earn cashback of up to 5% on every online and offline expense. Therefore, it is a smart option for those who want to save immediately on their transactions. However, the annual fee associated with the card is slightly higher considering the benefits provided, but the annual fee waiver makes it reasonable.
There are several other excellent cashback credit cards that you should consider before making a decision, such as Axis Bank Ace Credit Card, HDFC MoneyBack Plus Credit Card, and Standard Chartered Super Value Titanium Card. Additionally, please share your thoughts in the comments section below regarding the card and let us know if you are planning to apply for the card or not.
