The Cashback SBI Card is a newly launched credit card offered by SBI Card. As the name suggests, the card is a cashback reward card and provides cash back for every transaction down with the card. The card is issued with zero joining fee, however, the annual charges applicable on the card are Rs. 999. With this card, you can earn up to 5% cash back on all online and offline spending made with the card. Apart from this, you get many other benefits like in travel, where you can enjoy complimentary access to domestic airport lounges. The annual fee of the Cashback SBI card might seem a little higher but the same can be waived on spending Rs. 2 Lakh in a year. To know more about the new Cashback SBI Card, go through the review given below:
Cashback SBI Card
Best Suited For
- Zero Joining Fee.
- Get 5% cashback on every online transaction (maximum Rs. 10,000 cashback per month).
- 1% cash back on every offline transaction and utility bill payment.
- Spend-based annual fee waiver.
- 4 complimentary domestic lounge access annually.
- 1% fuel surcharge waiver.
Rewards and Benefits
Movie & Dining
5% cashback for every online transaction and 1% cashback on other offline transactions and utility bill payments
Cashback earned with the card will be automatically credited to next month’s statement.
Complimentary access to airport lounges.
Domestic Lounge Access
4 complimentary access to domestic airport lounges (1 per quarter).
International Lounge Access
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
Rs. 999 (plus applicable taxes)
Spend based Waiver
The annual fee can be waived on spending Rs. 2,00,000 or more in the previous year.
Rewards Redemption Fee
Rewards Redemption Fee
Foreign Currency Markup
3.5% of the international transaction
3.5% p.m. (42% p.a.)
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2.5% of the amount withdrawn or a minimum charge of Rs. 500.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
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. The card comes with exciting privileges like airport lounge visits and fuel surcharge waiver, and much more. Following are the detailed features and benefits of the Cashback Card by SBI card:
|Online Transaction||5% cashback.|
|Offline Transaction||You will get 1% of base card cashback.|
|Utility Bill Payment||You will be getting 1% of base card cashback on offline & utility bill payments.|
Note that no cashback will be provided for Rent, Fuel, Wallet Loads, EMIs, Cash Advances, Balance Transfers, and Encash & Flexipay spends.
And transactions below Rs. 100 will not accrue any cashback.
The maximum cashback that can be earned on online transactions (5% cashback) is capped at Rs. 10,000 every month. After reaching the limit, the usual 1% cashback will be applicable on all spends.
For better understanding let’s take an example, Assume you spent Rs. 2,10,000 in a month on eligible online spending, now with the 5% cashback, you will earn Rs. 10,500 cashback.
However, the maximum cashback that can be earned in the 5% category is Rs. 10,000, so the rest amount of Rs. 10,000 (out of 2,10,000) will accrue the cashback as per the 1% category.
So, in the end, you will earn cashback of Rs. 10,000 (5% on 2,00,000) and Rs. 100 (1% on the rest of Rs. 10,000)
The Cashback SBI Card offers 4 complimentary access to Domestic Airport lounges annually. You can access the lounge 1 time per quarter.
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.
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.
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.
Reversal of Renewal fees on annual spends of Rs. 2 lakhs.
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.
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:
- Visit the SBI Bank’s official website.
- 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.
Credit Cards Similar to Cashback SBI Card
|Benefits||Cashback SBI Card||Axis Bank Ace Credit Card||HDFC Bank MoneyBack Plus Credit Card||SBI SimplyClick Credit Card|
|Annual Fees||Rs. 999||Rs. 499||Rs. 500||Rs. 499|
5% cashback for every online transaction.
1% cash back on every other offline transaction and utility bill payment
5% cashback on utility bill payments and DTH & Mobile recharge via Google Pay.
4% cashback on Zomato, Swiggy, and Ola.
2% cashback on all other spends.
20 Cash Points for every Rs. 150 Spent on Amazon, Flipkart, Big Basket, Reliance Smart, and Swiggy,
10 Cash Points for every Rs. 150 spent on EMI spends.
2 Cash Points for every Rs. 150 spent on other spends.
10X Reward Points for every Rs. 100 spent on online purchases at partner merchants.
5X Reward Points for every Rs. 100 spent on all other online spends.
1 Reward Point for every Rs. 100 spent with the card on offline spends.
|Reward Redemption||Cashback earned will be auto-credited within 2 days of the next statement.||Cashback earned will be auto-credited to the credit card’s statement.||CashPoints earned are redeemable against statement as cash, flight or hotel booking, products, or Airmiles.||Reward Points earned are redeemable against products and gift vouchers or the card’s statement balance. (1RP = Rs. 0.25)|
4 complimentary access to Domestic Airport lounges annually.
Annual fee waiver on spending Rs. 2 Lakh in a year.
4 complimentary airport lounge access every year.
20% discount on dining bills under the Dining Delights program.
Annual fee waiver on spending Rs. 2 Lakh in a year.
500 Cash points on joining the card as a welcome benefit.
15% discount on dining bills at over 2,000 restaurants.
Annual fee waiver on spending Rs. 50,000 in a year.
Amazon gift voucher worth Rs. 500 as a welcome gift.
ClearTrip voucher worth Rs. 2,000 on spending Rs. 1 Lakh in a year.
The Cashback SBI Card offered by SBI Card is a great card in terms of the cashback benefit it provides. With this card, you can get up to 5% cash back on every online and offline spend. Therefore, this card would be a wise choice for someone who wants to save instantly for their transactions. Also, the card offers complimentary airport lounge access which adds to its value. However, the annual fee charged with the card is slightly on the higher side keeping in mind the benefits it provides, but the annual fee waiver justifies the same. There are many other great cashback credit cards that you must consider before making up your mind, these are- Axis Bank Ace Credit Card, HDFC Money Back Plus credit card, and Standard Chartered Super Value Titanium Card. Also, let us know your views on the card in the comment section below and whether or not you are going to apply for the card.
While you can earn unlimited cashback with this card, the 5% cashback on online spending, does come with a capping of Rs. 10,000 per month. After reaching the limit, you will still earn the 1% cashback on all spends.
Yes, the Cashback SBI card offers the contactless payment option, where you can make a transaction below Rs. 5,000 without entering the PIN.
No, the cashback earned with the card is automatically credited to card’s next statement.
No, you can only visit the lounge one time in a quarter.
No, the Cashback SBI Card is a personal Card and can not be used for business purposes. If the Cardholder is found to be using the card for such purposes, then the SBI has the right to cancel the card membership for the primary as well as for add-on cardholders.