In today’s busy market, where every penny counts, cashback credit cards have emerged as a clever tool for regular spenders. They reward you for your everyday spending by giving back a percentage of the money you spend on purchases. This means you get a discount on every transaction. Whether shopping online or dining out, using a cashback credit card allows you to save money while you spend. This makes these cards essential for anyone looking to maximize their financial efficiency.

Cashback SBI and HSBC Cashback Credit Cards are two of India’s best cashback card options. The Cashback SBI Credit Card rewards every swipe with cashback, making shopping more enjoyable and economical. It features a simple structure of 5% cashback on online shopping and 1% on all other eligible spends, including offline spending, capping a combined monthly cashback at ₹5,000. With an annual fee of ₹999, waived off on spending ₹2 lakhs, and additional benefits like a fuel surcharge waiver, it’s an excellent pick for those looking to maximize their savings on every transaction.

SBI Vs HSBC Cashback Credit Card

On the other hand, the HSBC Cashback Credit Card is a great choice for those who indulge in shopping and enjoy the finer things in life. With a joining and annual fee of ₹999 (waived on spending over ₹2 lakhs annually), it offers a range of benefits, including introductory Amazon vouchers, BOGO offers on movie tickets, discounts on dining, and discounts on food delivery. It rewards every purchase by offering cashback on dining, online transactions, and more, enhancing your spending experience.

Cashback SBI Credit Card

The SBI Cashback Credit Card is all about giving you more value with every swipe. Imagine getting money back every time you shop online or walk into a store. This is what this card does. You shop, and it rewards you with cashback, making your purchases feel a little lighter in your wallet. If you’re someone who spends quite a bit throughout the year, you won’t have to worry about the annual fee after making transactions worth ₹2 lakhs or more. This card is a good companion for anyone looking to make their spending smarter and more rewarding.

Fees

  • Cashback SBI Credit Card has an annual fee of ₹999 plus taxes.
  • The annual fee will be waived on spending ₹2 lakhs or more in the previous year.

Reward Rate

  • For online transactions, you will get a cashback of 5%.
  • On offline transactions, 1% cashback will be credited to the cardholder.
  • Every cardholder will earn ₹5,000 as cashback for both online and offline transactions in every single statement cycle.
  • Cashback is not available on transactions for utilities, insurance, jewelry, rent, fuel, railways, wallets, schools, and educational services.
  • The cashback earned will be credited automatically to the cardholder’s account in next month’s statement.

Fuel Surcharge Waiver

  • A 1% fuel surcharge waiver on fuel transactions between ₹500 and ₹3,000 at all petrol pumps across India.
  • The maximum waiver is capped at ₹100 per statement cycle.

HSBC Cashback Credit Card

The HSBC Cashback Credit Card is a perfect companion for those who love to shop and savor life’s various pleasures. It rewards every purchase, whether you’re eating out, buying groceries, or going to the movies, by giving you money back. It offers special discounts and cashback in different categories to improve your shopping experience and give you meaningful benefits. Whether you prefer shopping online or eating out, the HSBC Cashback Credit Card aims to make every experience more rewarding.

Fees

  • The joining and annual fee of the HSBC Cashback Credit Card is ₹999 plus taxes.
  • Cardholders can waive their annual fee if they spend ₹2 lakh or more in the previous year.

Reward Rate

  • Cardholders will get 10% cashback on dining, grocery, and food delivery expenses capped at ₹1,000 every statement cycle.
  • An unlimited cashback of 1.5% can be availed on other spends.
  • Cashback is not included for fuel, rent, education & government, jewelry, insurance, toll fees, etc.

Introductory Benefits

  • On spending ₹10,000 within the first 30 days of card issuance, you will get a voucher from Amazon worth ₹1,000.
  • On applying for the HSBC Cashback Credit Card online and verifying yourself by video, you will receive an Amazon e-gift voucher worth ₹250 till 30th June 2024.

Entertainment Perks

  • Cardholders will get BOGO offers on movie tickets every Saturday.
  • The maximum price of the complimentary movie tickets is ₹250.
  • The first 2000 HSBC credit cardholders who booked a movie ticket on Saturday can only avail of this offer.

Dining Discounts

  • Up to 15% off on EazyDiner on a minimum transaction of ₹2,500 once every month.
  • HSBC cardholders can avail themselves of a 12% discount on Zomato up to ₹500 on Fridays and Saturdays with a minimum transaction of ₹2,500 once every month.
  • Once every month, Swiggy offers a flat 15% discount up to ₹150 on orders above ₹499.

Travel Benefits

  • Complimentary domestic airport lounge access can be availed through the HSBC Cashback Credit Card.
  • Four lounge visits every year, that is, 1 visit every quarter across India.

Insurance Coverage

Cardholders will receive up to ₹3 lakhs insurance coverage for any card misuse within 24 hours of reporting it lost.

Quick Comparison Between Cashback SBI and HSBC Cashback Credit Card

Features Cashback SBI Credit Card HSBC Cashback Credit Card
Joining/Annual Fee ₹999 + GST ₹999 + GST
Reward Rate
  • 5% cashback on online transactions
  • 1% cash back on offline transactions
  • 10% cashback on dining, food delivery, etc.
  • 1.5% cashback on online transactions
  • 1% cash back on offline transactions
Reward Redemption Cashback will be credited to next month’s statement Cashback will be credited within 45 days of the card’s statement
Welcome Benefits N/A Amazon voucher worth ₹1,000
Movie/Dining N/A
  • BOGO offers on movie tickets every Saturday
  • Discount of up to 15% at 1000+ restaurants
Travel Benefits N/A One complimentary airport lounge visit every quarter
Insurance Benefits N/A Insurance coverage worth ₹3 lakhs against misuse of cards
Fuel Surcharge Waiver 1% waiver on fuel transactions at all petrol pumps in India 1% fuel surcharge waiver

Cashback Exclusions

Cashback SBI Credit Card HSBC Cashback Credit Card
  • Wallet
  • Fuel
  • Rent
  • Jewelry
  • Government Related Transactions
  • EMI (All Types)
  • Cash Advantages
  • School & Educational Services
  • Interest Charges and Penalties
  • Purchase of Foreign Currency and Fees
  • Fuel
  • Rent
  • Education
  • Jewelry and Antique Items
  • Toll and Bridge Fees
  • Business to Business
  • Education & Government Related Transactions
  • Insurance
  • Gambling
  • Financial and Non-Financial Institutions

Bottom Line

When comparing the Cashback SBI Credit Card with the HSBC Cashback Credit Card, it’s clear that both cards deliver distinct shopping and lifestyle preferences. The SBI card is great for people who shop online as it gives a good amount of cash back when you buy things online or make other transactions. This straightforward reward structure, coupled with the annual fee waiver on spending ₹2 lakhs, makes it an excellent choice for frequent online shoppers aiming for maximum savings.

On the other hand, The HSBC card is versatile and attractive because it provides a wide range of benefits. These include discounts at restaurants, special offers on movie tickets, and Amazon vouchers when you sign up. It also rewards various spending categories, making it suitable for those who enjoy diverse perks and online and offline shopping.

With the Cashback SBI Credit Card cardholders will get a cashback of ₹60,000 annually but for that one needs to spend ₹1 lakh every month (₹12 lakhs yearly), whereas with the HSBC Cashback Credit Card even though you will get ₹12,000 as annual cashback, but you will have other benefits included.

The Cashback SBI Credit Card is best for dedicated online shoppers, while the HSBC Cashback Credit Card is more suitable for those looking for rewards across different categories. Both cards offer great value, but choosing the right one based on your lifestyle and spending habits can help you maximize your benefits.

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