Cashback SBI Credit Card – Benefits, Fees & Eligibility

Cashback SBI Credit Card

Introduction

The Cashback SBI Credit Card is a popular offering from SBI Card, designed to provide straightforward cashback rewards on every transaction. This card eliminates the need to track reward points, as cashback is automatically credited to the cardholder's account. It offers a generous 5% cashback on online spends and 1% cashback on offline spends, making it an excellent choice for individuals seeking instant savings on their purchases. While carrying an annual fee of Rs. 999 plus taxes, this fee can be reversed upon achieving an annual spending milestone, justifying its value as a veteran and great entry-level credit card.

Fees

• Joining Fee (one-time): Rs. 999 + Taxes/GST
• Renewal Fee (Per Annum): Rs. 999 + Taxes/GST, from second year onwards.
• Spend-Based Waiver: Renewal Fee reversed on annual spends of Rs. 2,00,000 or more in the previous year.
• Add-on Fee (per annum): NIL
• Rewards Redemption Fee: ₹99
• Foreign Currency Markup: 3.5% of the international transaction
• Interest Rates: 3.75% per month (45% per annum)
• Fuel Surcharge: 1% waiver on fuel transactions. This is applicable on transactions of Rs. 500 - Rs. 3,000, exclusive of GST and other charges. The maximum surcharge waiver is capped at Rs. 100 per statement cycle per credit card account.
• Cash Advance Charges: 2.5% of the amount withdrawn or a minimum charge of Rs. 500, whichever is higher.
• Late Payment Charges:
  • Dues less than Rs. 500: Nil
  • Dues from Rs. 500 to Rs. 1,000: Rs. 400
  • Dues from Rs. 1,000 to Rs. 10,000: Rs. 750
  • Dues from Rs. 10,000 to Rs. 25,000: Rs. 950
  • Dues from Rs. 25,000 to Rs. 50,000: Rs. 1,100
  • Dues above Rs. 50,000: Rs. 1,300
• All applicable taxes (GST) would be charged on all the above Fees, Interest & Charges.

Rewards

• Cashback on Spends:
  • 5% Cashback on online spends without any merchant restriction.
  • 1% Cashback on offline spends.
• Maximum Cashback: The maximum cashback you can earn is capped at Rs. 5,000 per statement cycle, including both online and offline spends.
  • Cashback Calculation Example: If you made online transactions worth Rs. 90,000 (eligible for 5% cashback) and offline transactions worth Rs. 60,000 (eligible for 1% cashback) in a month, your cashback would be calculated as:
    • 5% of Rs. 90,000 = Rs. 4,500
    • 1% of Rs. 60,000 = Rs. 600
    • Total calculated cashback = Rs. 5,100.
    • However, due to the maximum cap of Rs. 5,000 per statement cycle, you will receive Rs. 5,000 cashback.
• Cashback Exclusions: Cashback is not applicable on Merchant EMI & Flexipay EMI transactions and on the following categories:
  • Utility
  • Insurance
  • Fuel
  • Rent
  • Wallet
  • School & Educational Services
  • Jewelry
  • Railways
  • Card, Gift, Novelty & Souvenir Shops
  • Quasi Cash/Member Financial Institution
• Fuel Surcharge Waiver:
  • Enjoy 1% Fuel Surcharge Waiver across all petrol pumps in India.
  • Applicable on transactions between Rs. 500 - Rs. 3,000, exclusive of GST and other charges.
  • Maximum surcharge waiver is Rs. 100 per statement cycle per credit card account.
• Contactless Advantage:
  • Make daily purchases easily by simply tapping your card at a secure reader.
  • Offers fast & convenient transactions, eliminating the need to hand over your card or use cash for small ticket purchases (below Rs. 5,000).
  • Enhances security as the card never leaves your hand, significantly reducing the risk of card loss and fraud due to skimming.
  • The unique security key feature of VISA PayWave ensures only one transaction is processed, even if the card is tapped multiple times.
• Worldwide Acceptance:
  • Your Cashback SBI Credit Card is accepted at over 24 million outlets across the globe, including 3,25,000 outlets in India.
  • The card supports VISA transactions.
• Add-on Cards:
  • Empower your family members (parents, spouse, children, or siblings above the age of 18) with add-on cards.
  • Up to 2 add-on cards are available free for a lifetime (NIL annual fee).
• Cash on the Go:
  • Withdraw cash from over 1 million VISA ATMs across the globe.
• Utility Bill Payment Facility:
  • Pay your electricity, telephone, mobile, and other utility bills conveniently using the Easy Bill Pay facility.
• Balance Transfer on EMI:
  • Save money by transferring outstanding balances from other banks’ credit cards to your Cashback SBI Credit Card.
  • Avail a lower rate of interest and pay back in Easy Monthly Instalments (EMIs).
  • This service can be accessed by logging on to sbicard.com with your user ID and password.

Rewards Redemption Guide

• The cashback earned will be auto-credited to your SBI Card account within two working days of your next statement generation.
• For example, if your statement is generated on the 6th of a month, the cashback for the previous cycle (e.g., August 7th - September 6th) will be credited around the 8th of September.

Card Eligibility Criteria

• The age of the primary cardholder must be between 21 and 65 years.
• The applicant should have a stable source of income.
• The applicant should possess a decent credit history.

Card Review

The Cashback SBI Credit Card is an excellent choice for individuals who prioritize direct savings on their expenditures, especially those primarily conducting online transactions. Its straightforward 5% cashback on online spends and 1% on offline spends, coupled with an automatic credit mechanism, makes it highly appealing for hassle-free rewards.

• Pros:
  • Offers a decent 5% cashback on online transactions and 1% on offline transactions.
  • The monthly cashback cap of Rs. 5,000 is generous compared to many other cashback cards in the market.
  • Particularly beneficial for online shoppers, as it provides a high cashback rate without merchant restrictions that some other cards might have.
• Cons:
  • A significant drawback is the exclusion of several common spending categories (e.g., Utility, Insurance, Fuel, Rent, Wallet, School & Educational Services, Jewelry, Railways) from cashback eligibility.
  • Achieving the annual spend-based waiver of Rs. 2 Lakhs might be challenging for some users, especially since many major spending categories do not accrue cashback.
  • Complimentary lounge access, a feature often desired by credit card users, has been discontinued on this card.
  • The card typically does not offer instant discounts during online sales, which might be a preferred benefit for some shoppers.

Important Product Details

• Earn 5% cashback on all online transactions, capped at a maximum of Rs. 5,000 per month.
• Receive 1% cashback on all offline transactions.
• The annual fee can be waived on annual spends of Rs. 2 Lakhs or more.
• Benefit from a 1% fuel surcharge waiver, capped at Rs. 100 per month, for transactions between Rs. 500 and Rs. 3,000.
• Supports contactless payment technology for quick and secure transactions, especially for amounts below Rs. 5,000.
• Add-on cards are available for family members (above 18) with no annual fees.
• The card offers worldwide acceptance, usable at over 24 million outlets globally.

Other Details

• How to Apply: Interested individuals can apply for the Cashback SBI Credit Card either online via the "Apply Now" button on the SBI Card website or offline by visiting the nearest SBI Branch and completing the application form.
• Terms and Conditions: For detailed Terms and Conditions and Usage Directions, please refer to the official SBI Card website.
• Exclusions List: A complete list of exclusions for cashback is available at www.sbicard.com/CashbackCardTnC.
• Customer Assistance: For any assistance, you can contact the SBI Card helpline at 1860 180 1290 or 39 02 02 02 (prefix your local STD code).
• Product Information: All information provided is subject to change at the discretion of SBICPSL.
• Usage Agreement: Your continued use of the card will be deemed as acceptance of any amendments to the Terms and Conditions.
• Card Usage: The Cashback SBI Credit Card is intended for personal use and cannot be used for business purposes. Using the card for business activities may result in the cancellation of card membership for both primary and add-on cardholders.