SBI Cashback Credit Card is one of the most popular cashback credit cards in India, offering 5% cashback on all online purchases. If you are comfortable shopping online, this card can reward you on almost all your purchases. Cashback credit cards are easy to understand since the redemption process is very straightforward , the cashback amount is simply paid into your credit card statement.
Brief Summary
Our View :
SBI Cashback Credit Card is one of the best cashback cards available in the marketplace. It offers 5% cashback on all online spends & purchases. But this card is not suitable for those who are not comfortable doing online transactions.
CASHBACK SBI Card
Special Benefits
5% on all online spends
Other Benefits
–
Minimum Income
Not specified
Annual Fee
₹ 999
Annual Fee Offers
Renewal fee waiver at ₹2 lakhs annual card spend
CASHBACK SBI Credit Card : Summary Table
| ■ 5% cashback on all online spends ■ 1% cashback on all other spends | You earn ₹5 , on every ₹100 you spend on online transactions. You earn ₹1 , on every ₹100 you spend on all other purchases. Exceptions : no cashback given on the following purchases & payments – rent, fuel, utility bills, insurance, wallet loads, school & educational services, jewelry, railways, EMI transactions, cash advances, balance transfer, returns & refunds. Maximum cashback given is restricted to ₹5,000 per monthly card statement cycle. So if you use the card only in the 5% cashback category, you will get cashback on spends upto ₹1 lakh per month. |
| 1% fuel surcharge waiver | Fuel surcharge waiver at all fuel stations is applicable : – Only on fuel transactions between ₹500 and ₹3,000 AND – On upto fuel purchases of ₹10,000 per month only (since the waiver amount is restricted to ₹100 per monthly card statement cycle) – Both the above conditions need to be met to avail fuel surcharge waiver |
| ₹999 annual fee | Annual fee offer Renewal fee offer : Annual fee is not charged from the second year onwards, if you spend ₹2 lakhs or more in the previous year |
Pros and Cons of CASHBACK SBI Credit Card
Pros
- Good card for those comfortable with online shopping – high rate of 5% special cashback on all online purchases. Other cashback cards normally have some restrictions in terms of offering cashback only on certain merchants OR only on a certain category like fuel, bill payments etc.
- Although the card does not have welcome offers, and a high renewal fee spend waiver of ₹2 lakhs per year, the high cashback rate on a very wide category of purchases makes it possible to achieve this renewal fee waiver target of ₹2 lakhs, as well as make up for lack of welcome offers
Cons
- Not a good card for those who are not comfortable with online shopping , since cashback rate of 1% is low for such purchases
- High annual spend target (₹2,00,000) to get renewal fee waiver.
Comparing with Competitor Fuel Credit Cards
| Features |
Flipkart Axis Bank Credit Card
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Amazon Pay ICICI Bank Credit Card
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HDFC Millennia Credit Card
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Axis Bank Ace Credit Card
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|---|---|---|---|---|
| Rewards Rate |
1.5% – 5%
|
1% – 3%
|
1% – 5%
|
2% – 5%
|
| Other benefits | Fuel Surcharge Waiver | Fuel Surcharge Waiver | Fuel Surcharge Waiver | Fuel Surcharge Waiver |
| Annual Fee |
₹500
|
No Annual Fees
|
₹1,000 + Applicable Taxes
|
₹499
|
| Annual Fee Offers |
Annual fee waived off on annual spends greater than ₹ 2,00,000.
| – |
Annual Fee Reversal on meeting ₹1,00,000 spends
|
Annual Fee waived off on annual spends greater than ₹. 2,00,000
|
| Minimum Income | Not Specified | Not Specified | Not Specified | Not Specified |
Full Review of the SBI CASHBACK Credit Card
Features & Benefits of CASHBACK SBI Credit Card
5% special cashback on all online purchases || 1% cashback on all other purchases
Earning cashback :
– You earn ₹5 on every ₹100 you spend on all online purchases.
– You earn ₹1 on every ₹100 spent on all other purchases.
– For example, if you make a purchase of ₹1,000 on Amazon, you will get cashback of ₹50, but if you make a purchase of ₹1,000 in a restaurant, you will get cashback of ₹10.
Redeeming cashback : Cashback will be paid into your credit card statement, within 2 days of card statement generation
Monthly limit on 5% special cashback – ₹5,000 per monthly card statement cycle : For example, if you spend only within the 5% cashback category (of online purchases), then you can earn 5% on purchases upto ₹1 lakh per month.
Important exceptions / terms & conditions –
– Cashback is not eligible for following payments & spends – rent, fuel, utility bills, insurance, wallet loads, school & educational services, jewelry, railways, AND on merchant EMIs, cash advances, balance transfer, encash & flexipay
– Non-customer initiated debits – like annual fees and other fees,
– No rewards on returns, refunds & cancellations – Cashback is calculated based on purchases made during the statement period minus any returns or refunds. If a purchase or transaction is returned, cancelled, or reversed after the statement generation date, cashback for that transaction will be debited on the reversal date.
– MCC Codes govern rewards on particular purchase categories: How the merchants are registered with various payment networks like Visa, Mastercard etc. determine whether the purchase is eligibile for 5% OR 1% cashback
For a full list of terms and conditions, please click here
Other Cardholder Benefits
| 24/7 customer support | Please click here for all the options to contact the bank for various issues and escalations – – Lost and Stolen cards : you can block on your mobile app or internet banking OR through SMS option OR by calling customer care – Complaints and Grievances : including steps on how to escalate to higher levels in case your issue is not resolved – Raise and manage disputes – Contact information : Phone numbers , email option |
| Security features | Chip and PIN technology – security for offline transactions : In the past, credit cards typically used a magnetic stripe located on the back of the card to store and transact data. However, the latest generation of credit cards includes a CHIP and PIN feature, which provides enhanced security. Only you know your PIN, so even your card is lost it is unlikely to be misused since BOTH the physical credit card and the PIN is required to spend on the card Two-factor authentication – security for online transactions : When making an online transaction, you approve your online transaction through using a One-time Password (OTP) which you get on your mobile phone . Since only you know the OTP, the card is unlikely to be misused unless someone has access to BOTH your card details AND your mobile phone. This ensures a safe online purchase experience. SMS alerts and notifications – for both offline and online transactions : For your peace of mind, you get free SMS alerts and notifications for all your credit card transactions. Hence you will know about all transactions on your card. In the unlikely scenario of your card being misused, you would still get these alerts and notifications – which will help you to immediately block your credit card. |
Card Fees and Charges
Annual fee & annual fee offers
| Annual fee | Annual fee offers | |
|---|---|---|
| 1st year joining fee | ₹999 | Nil – Sometimes the card issuer announces special annual fee offers for certain channels, like online application channel |
| Renewal fee from 2nd year onwards | ₹999 | Renewal fee offer : Annual fee is not charged from the second year onwards, if you spend ₹2 lakhs or more in the previous year. |
Late payment fee
Please refer to the below table for details
| Pending card bill amount | Late fee |
|---|---|
| Less than ₹100 | Zero |
| ₹100 to ₹500 | ₹100 |
| ₹501 to ₹1,000 | ₹400 |
| ₹1,001 to ₹10,000 | ₹750 |
| ₹10,001 to ₹25,000 | ₹950 |
| ₹25000 to ₹50000 | ₹1100 |
| Over ₹50000 | ₹1300 |
Foreign currency markup fee : 3.5% of the transaction value
Finance charges : 3.65% per month (43.8% p.a.)
Important note –
– Fees and charges given above do not include GST.
– To view all/updated fees & charges on this card, please click here
Eligibility Criteria
Some basic criteria is mentioned below. Eligibility is based on multiple parameters, which is assessed by SBI Cards once you apply for the card.
| Minimum age | Salaried individuals – 21 years or above Self-employed individuals – 25 years or above |
| Maximum age | 70 years |
| Occupation | Salaried , self-employed, retired pensioner |
| Income requirements | Minimum income not specified, should have regular source of income |
| Other criteria | Good credit score, preferably above 750 |
Application Process & Tracking Your Application Status
Application process and tracking application status : step-by-step guide –
| Online application process | The easiest way is to click here – APPLY NOW , you shall be taken to the card application page on the SBI Card website. You can also visit official website of SBI Card and fill out the application form. Steps : – Fill out the Online Application form – personal details, mobile phone number, income, Aadhar / PAN number, along with some of the documents listed below. – Click ‘Submit’ and you will receive an instant decision on the application basis the information provided. – If your application is approved, you will receive a call from SBI Card team for verification. – Post necessary verification, the card is issued to you. – You will receive your physical credit card in approximately 15 working days post submission of all the requisite documents. – Virtual card : In addition to this, SBI Card team will send an SMS on your registered mobile number with a link to generate your e-card. With this e-card you can view your credit card details digitally, even before your physical card reaches you, and start shopping online instantly. |
| Offline (face to face) application process | You can visit any of the nearest branches of the bank and talk to an executive regarding the process. |
| Tracking your application | You can track the status of your application in ‘Track Application’ section. You can see this section on : – the home page (at the top section of the page titled – ‘Track your application’) OR – on the e-apply page (at the bottom of the page titled – ‘Track Credit Card Application’). Steps : – Enter the application number/ reference number you would have received when applying for the card . Click on the Track button to check the status of your SBI Card application – If you do not remember your application number/ reference number, then you have another option of retrieving your application number – by entering your first name and mobile number, and then pressing the button ‘Retrieve’. |
| Timelines & process | Once your credit card application is approved, you will receive your physical credit card in approximately 15 working days after submitting all the requisite documents. In addition to this, SBI Card team will send an SMS on your registered mobile number with a link to generate your E-card. With this E-card you can view your credit card details digitally, even before your physical card reaches you, and start shopping online instantly. |
Necessary documents and verification –
| Required documents | – PAN Card – Address proof : Copy of Aadhaar Card or any valid government address proof – Income documents : Salary slip, income tax return etc. (depending upon the credit card eligibility & policy) In addition to these, you may be asked to provide additional documents. Please click here for full details |
Choosing the right card for your needs
As you have seen, the best fuel card depends on your personal circumstances. Some of the main points you should look at –
| Eligibility | While some banks do not disclose all of their approval criteria, we have given you a rough guide on how the process works. Your income, stability of income, credit scores (repayment history, length of repayment history, credit utilization), and past relationship with the bank are some critical factors that play a role. |
| Your shopping habits – online shopping OR in-store shopping | Credit cards normally have certain promotion categories on which they give higher benefits, compared to their normal rewards rate. These higher benefits normally come with a monthly spend limit upto which these higher benefits are given CASHBACK SBI Card has one promotion category – 5% cashback on ALL online shopping. If you are comfortable with online shopping, then CASHBACK SBI Bank Credit Card is one of the best cards in the market, since it offers 5% cashback on all purchases. |
| Are you comfortable having more than 1 card ? | If you are not very comfortable with online shopping, then you should consider getting other credit cards to maximize benefits on your credit card spending. CASHBACK SBI Card also does not give any rewards on categories like fuel spending. For example if you are a heavy fuel spender, then you should consider getting a specialized fuel credit card. |
| Annual fee | Credit cards often charge an annual fee for holding the credit card. But many also offer attractive incentives like welcome and renewal offers, which often make these cards virtually free. Although the SBI Cashback Card does not have welcome offers, and a high renewal fee spend waiver of ₹2 lakhs per year, the high cashback rate on a very wide category of purchases (all online spending) makes it possible to achieve this renewal fee waiver target of ₹2 lakhs, as well as make up for lack of welcome offers. |
Once you look at the above factors in detail, you should be able to decide if this is the right card for you.
Conclusion
As you can see, your personal circumstances would dictate the best credit card for you. CASHBACK SBI Credit Card is a great card who are comfortable with online spending. However those not very comfortable with online shopping would need to look for other credit cards in the market.
Apply Nowon SBI Card website
Frequently Asked Questions
How can I apply for the SBI Cashback Card?
The easiest and most convenient option is to apply by clicking here . You can also apply on SBI Card website OR at an SBI branch. We have covered the process in detail in the above review.
What are the benefits of the SBI Cashback Card, do I get 5% cashback on all purchases?
SBI Cashback Card is a great card choice for online spends/ purchases. You get 5% cashback on all online spends, on other spends you get only 1% cashback.
What are the eligibility criteria for SBI Cashback Card?
While the minimum income criteria is not specified, you should have a regular source of income, your age should be between 21 years and 70 years, you should have a good credit score (preferably above 750).
How can I track SBI Cashback Card application status?
You can easily track your application status by visiting either of these 2 pages – the Home page (at the top section of the page titled – ‘Track your application’) or on the Eapply page (at the bottom of the page titled – ‘Track Credit Card Application’).