By Bharti Bisht
Updated On April 27, 2022

The OLA Money SBI credit card, which is a card issued in partnership with OLAMoney, is one of the basic SBI Credit Cards. It comes with a zero joining fee and exciting welcome gifts, such as flight vouchers and EaseMyTrip vouchers. This card has a nominal renewal fee of Rs. 499, which can be waived off on spending Rs. 1 lakh or more in the previous year. Moreover, the card gives you 1% Reward Point on all your spends, and 7% Reward Points on Ola rides. These reward points can be redeemed easily as they are automatically credited to your OlaMoney wallet. Other than that, with your OLA Money SBI credit card, you get 5% cashback on flight bookings, 10% cashback on domestic hotel bookings, and 6% cashback on International hotel bookings on booking through Cleartrip. To know all about the OLA Money SBI credit card, its benefits, and fees & charges, refer to the detailed information given below:

Best Suited For

Travel |

Joining Fee

Nil

Reward Type

Reward Points |

Product Details

  • Earn 1% Reward Point on all your spending.
  • Earn 7% Reward Points on all OLA rides.
  • No Joining fee charged
  • 5% cashback on flight bookings.
  • Up to 10% cashback on hotel bookings.
  • A spend-based waiver on the renewal fee is provided.

Rewards and Benefits

Welcome Benefits

You get a flight voucher worth Rs. 300 and an EaseMyTrip voucher worth Rs. 2000.

Movie & Dining

NA

Rewards Rate

1% Reward Points on all spends.

Reward Redemption

The reward points are automatically credited to your OLA money wallet. Here, 1 Reward Point = Rs. 1.

Travel

NA

Golf

NA

Domestic Lounge Access

NA

International Lounge Access

NA

Insurance Benefits

NA

Zero Liability Protection

Zero Liability Protection is provided for a lost/stolen card if reported in a timely manner.

Fees & Charges

Joining Fee

Nil

Renewal Fee

Rs. 499

Spend based Waiver

Renewal fee waiver on a spend of Rs. 1 lakh or more in the previous year.

Rewards Redemption Fee

Rs. 99

Rewards Redemption Fee

Rs. 99

Foreign Currency Markup

3.5% on all foreign currency spends

Interest Rates

Up to 3.5% per month

Fuel Surcharge

1% fuel surcharge waiver at all fuel stations in India with a maximum surcharge benefit of Rs. 100 in a statement cycle.

Cash Advance Charge

2.5% or Rs. 500 (whichever is higher)

Add-on Card Fee

Nil

OLA Money SBI Card Features and Benefits

As suggested by its name, the Ola Money SBI Card is a co-branded card that is best suited for people who frequently take Ola rides. However, the card offers a lot of other features and benefits which are mentioned below in this article:

Welcome Benefits

  • You get a flight voucher worth Rs. 300 as a welcome gift.
  • Earn an EaseMyTrip voucher worth Rs. 2000 as another welcome gift by the OLA Money SBI credit card.

Other Benefits

You get exclusive Cleartrip offers that include:

  • 5% cashback on flight tickets when booked through Cleartrip. (for up to Rs. 5000 per transaction and up to Rs. 15,000 per transaction)
  • 10% cashback on domestic hotel bookings done through Cleartrip.
  • 6% cashback on international hotel bookings done through Cleartrip.
  • A cashback of 12% on all the activities booked via Cleartrip.

To avail of the offer, follow these steps:

  • Open the Cleartrip mobile app or website.
  • Log in using your mobile number that is registered with the OLA Money SBi credit card.
  • Select the flights/hotels for booking.
  • You must apply coupon code ‘OLACC’ to get the cashback.
  • Pay using your OLA Money SBI credit card

Joining and Renewal Fee Waiver

The renewal fee of Rs. 499 is waived off if you spend Rs. 1 lakh or more in the previous year.

Fuel Surcharge Waiver

You get a 1% fuel surcharge waiver on all your fuel transactions using your credit card. You get a maximum of up to Rs 100 per statement cycle.

SBI OLA Money Credit Card Rewards:

  • You get 1% reward points on all your spending.
  • You get 7% reward points every time you ride with an OLA.

Rewards Redemption

  • The reward points you earn through your SBI OLA Money credit card are automatically credited to your OLA money wallet.
  • 1 Reward Point = Re. 1.

How To Activate Your OLA Money Wallet?

In order to receive your earned points into your OLA Money wallet, you will have to activate it. The Ola Money wallet can be activated using the below-mentioned steps:

  • Complete your KYC by uploading your documents and then complete the physical verification process.
  • After KYC, open the Ola app.
  • Go to the Ola money section.
  • Click on the wallet and add money option.
  • Click the option ‘Activate your account.’
  • You will need to enter your PAN number for final verification.
  • Your account will be activated and you can use it.

OLA Money SBI Credit Card Fees and Charges

The Ola Money Credit Card comes with several fees and charges associated with it, of which, some of the most important ones are as follows:

  • The Ola Money SBI Card comes with a zero joining fee and an annual fee of Rs. 499, which is waived off if the cardholder has spent Rs. 1 lakh or more in the previous year.
  • The interest rate on this card can be up to 3.5% per month.
  • The cash advance fee on the SBI Ola Money Credit Card is 2.5% of the withdrawn amount subject to a minimum of Rs. 500.
  • The foreign currency markup fee of this credit card is 3.5% of the total transaction amount.

Eligibility Criteria Of Ola Money SBI Credit Card

The reliability requirements that the applicants need to fulfill in order to get approved for the Ola Money SBI Card are as follows:

  • The age of salaried individuals must be between 18 years and 65 years.
  • The age of self-employed people should be between 21 years and 60 years.
  • The applicant should be having a stable source of income.

Documents Required

You will also need a few documents to apply for this credit card. The list of required documents is given below:

  • Identity Proof: Aadhar Card, PAN Card, Voter ID, Passport, Driving Licence, etc.
  • Address Proof: Passport, Utility bills, Voter ID, Aadhar Card, Driving Licence, Rent agreement, Municipal or property tax receipt, House allotment letter issued by central or state government.
  • Income Proof: For self-employed individuals – Later ITR (Income Tax Return) / Form 16, For salaried employees – salary slip of latest months.

How To Apply For OLA Money SBI Card?

If you want to apply for the SBI OLA Money Credit Card, you can do it online as well as offline as per your comfort. To apply offline, you will have to visit your nearest SBI branch with all the required documents and fill in the physical application form there. If you wish to apply online, you can do it using the following steps:

  • Visit the SBI Card’s official website.
  • Click on the option ‘Apply.’
  • Select the ‘Ola Money SBI Card’ and click on Apply Now.
  • Fill in all the required details carefully and click on Submit.

OLA Money SBI Credit Card Limit

The credit limit that is offered to the Ola Money SBI Cardholders has not been disclosed by the card issuer as the limit can be different for everyone. An individual having a higher income & a good credit score is likely to get a higher credit limit as compared to a cardholder having an average income and credit score. Other than this, there might a be a few more factors determining your credit limit.

Conclusion

If you are a frequent OLA rider, the OLA Money SBI credit card would be the best choice for you. With a zero joining fee and a nominal renewal fee, the card provides its customers with an amazing opportunity to save in an incredible manner on most of their spending. Axis Bank also offers a general cashback card named Axis Bank Ace Credit Card, which is not co-branded, but earns you a decent cashback on your Ola rides. Not only OLA rides, but this card also gives exclusive cashback offers on flight bookings and domestic as well as international hotel bookings, which gives it a big plus. So, if you are looking for a credit card that would allow you to save on almost all your spending, you can definitely go with this card. This was our review on OLA Money SBI Card, do let us know your thoughts about this card in the comment section below!

FAQs:

The reward points you earn are automatically sent to your OLA money wallet. You just need to complete the KYC and activate your account by following some simple steps as mentioned above.

Yes, the renewal fee can be waived off if you spend Rs. 1 lakh or more in the previous year.

No, the OLA Money SBI credit card doesn’t provide any lounge access.

The interest rate on the OLA Money SBI credit card is 3.5% per month.

The maximum fuel surcharge benefit you can get is up to Rs. 100 in a month.

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