Fee
Joining Fee: 999
Annual Fee:
999, LTF
Type
Cashback
Return
1%-5%
Rating
Payment Network
Visa
Cashback cards have consistently been a favorite among credit card users due to their straightforward reward structures and easy reward redemption processes. Among the various cashback cards offered by different banks, the SBI Cashback Card stands out as the most popular choice. Despite several devaluations since its inception, the SBI Cashback Card remains one of the best cashback cards available.
In this blog post, we’ll explore the various categories where you can earn cashback and help you determine if the SBI Cashback Card is the right choice for you.
Eligibility and Applying for the SBI Cashback Credit Card
To be eligible for the SBI Cashback Credit Card, applicants must meet the bank’s internal policy criteria. However, salaried individuals generally have a high chance of approval. To apply online, you will need to provide your PAN card, Aadhaar card, and the last three months’ salary slips.
Apply for the SBI Cashback Credit Card
Fees
| Joining Fee | 999 |
| Welcome Benefits | NIL |
| Annual Fee | 999, but waived off for several customers based on banks policy |
| Annual Fee Waiver | 2L annual spends |
When the SBI Cashback Card was first launched, its joining and annual fees were considered reasonable. However, after several devaluations, the annual fee of ₹999 seems a bit high. Fortunately, SBI offers an annual fee waiver if you meet a certain spending threshold over the past year. To request a fee waiver, email customercare@sbicard.com or call 1800 180 1290.
Benefits of SBI Cashback Credit Card
The SBI cashback credit card offers 5% cashback on online spend and 1% cashback on offline spends. However several categories are excluded from availing the cashback. The categories and corresponding MCCs on which we will not earn cashback on the SBI cashback card are listed below. All other online transaction will yield 5% cashback.
- Fuel - 5172, 5541, 5542, 5983
- Wallet - 6540, 6541
- Rent - 6513, 7349
- Jewellery - 5051, 5094, 7631, 5944
- Educational Fee - 5111, 5192, 5942, 5943,8211, 8220, 8241, 8244, 8249, 8299, 8351
- Utility - 4900, 4814, 4816, 4899, 9399
- Insurance - 5960, 6300, 6381
- Gift Card - 5947
- Railways - 4011, 4112
- Financial Institutions - 6011, 6012, 6051
The 5% cashback now has a cap of ₹5,000 per statement cycle, reduced by 50% from the previous cap of ₹10,000. However, this is still reasonable, as you would need to spend ₹1 lakh per month to reach the cap. Most users are unlikely to have such high monthly expenditures to max out this cap on 5% cashback.
Other Benefits of SBI Casback Credit Card
SBI Cashback credit card offers 1% Fuel Surcharge Waiver across all petrol pumps in India. Other than that this card doesn’t offer any other benefits such as lounge access. It is worth noting that the HSBC Cashback card and Axis Ace offers 4 complimentary domestic lounge visits per year
Rewards Redemption
Card Cashback will be auto-credited to the SBI Card account within two working days of the next statement generation.
Cons of the SBI Cashback Credit
Below are some of the cons of the SBI Cashback credit card.
- Too many categories don’t even get 1% cashback
- No complimentary airport lounge access,spa or other benefits
- Cashback card is not eligible for the instant discount during online sales. This point is worth noting since we cant club instant discount along with 5% cashback.
Should You Apply for the SBI Cashback Credit Card?
Major e-commerce sites like Amazon, Flipkart, Myntra, and many more continue to offer 5% cashback on spends with the SBI Cashback Card. This makes it a great alternative to many paid co-branded credit cards such as the Flipkart Axis and Myntra Kotak cards. While the Amazon Pay ICICI Bank Credit Card is lifetime free (LTF), it only offers 5% cashback to Prime members. For non-Prime members, the SBI Cashback Card is a better option as it provides 5% cashback on Amazon purchases.
Even though gift card purchases from major platforms such as Gyftr are excluded from cashback it is worth noting that purchasing gift cards from Amazon and other shopping platforms still earn 5% cashback for this card. This trick can be used to purchase Amazon Pay gift cards from Amazon and use it to pay utility bills to earn 5% savings.
The Reward Realm Score
FAQ
All amazon shopping purchases including Gift cards, jewellery and amazon fresh are eligible for 5% cashback. However bill payments and wallet loading on Amazon Pay will not earn any cashback
SBI Cashback card does not earn cashback for utility transactions. However purchasing Amazon Pay gift card from Amazon will yield 5% cashback. Users can then use this gift card to pay utility bills.
3 add-on cards.
