Cashback SBI Credit Card – Benefits, Fees & Eligibility

Introduction

The Cashback SBI Card is an entry-level cashback credit card issued by SBI Card, designed to deliver straightforward savings on everyday spending without the complexity of tracking or redeeming reward points. It stands out for its flat 5% cashback on online spends and 1% cashback on offline spends, alongside a 1% fuel surcharge waiver, making it a practical choice for cardholders seeking direct cashback benefits on regular transactions.

Welcome Benefits

• No specific welcome benefits or joining perks are listed for this card.

Fees

• Joining Fee: Rs. 999 + taxes (also referred to as Annual Fee).
• Renewal Fee: Rs. 999 + taxes per annum from the second year onwards.
• Spend-Based Waiver: Annual fee is reversed if annual spends in the previous year are Rs. 2,00,000 or more.
• Add-on Card Fee: Nil.
• Rewards Redemption Fee: Not applicable.
• Foreign Currency Markup: 3.5% + GST.
• Interest Rates: 3.75% per month (45% per annum).
• Fuel Surcharge Waiver: 1% fuel surcharge waiver on transactions between Rs. 500 and Rs. 3,000 at petrol pumps across India, capped at Rs. 100 per statement cycle.
• Cash Advance Charges: 2.5% of the amount withdrawn or a minimum charge of Rs. 500.
• All taxes are applicable as per prevailing rates on fees, interest, and charges.

Rewards

• Movies: Not applicable.
• Dining: Not applicable.
• Travel: Not applicable.
• Domestic Lounge Access: Not applicable.
• International Lounge Access: Not applicable.
• Golf: Not applicable.
• Insurance Benefits: Not applicable.
• Lifestyle: Not applicable.
• Cashback:
  • 5% cashback on online spends, capped at Rs. 2,000 per statement cycle.
  • 1% cashback on offline spends, capped at Rs. 2,000 per statement cycle.
  • Maximum combined cashback of Rs. 4,000 per statement cycle.
  • Cashback is auto-credited to the SBI Card account within two working days of the next statement generation.
  • Cashback is not applicable on spends related to Utilities, Insurance, Fuel, Rent, Wallets, Education, Jewellery, Railways, Card/Gift/Novelty/Souvenir Shops, Quasi Cash/Member Financial Institutions, Digital Gaming Platforms/Merchants, Tolls, and Government-related transactions.

Rewards Redemption Guide

• Cashback earned is automatically credited to the cardholder’s statement in the following month.
• No manual redemption process is required; cashback reflects directly on the credit card account.

Card Eligibility Criteria

• Not specified on the webpage.

Card Review

• Who Should Apply: This card is suitable for individuals seeking a simple, no-frills cashback card with strong returns on online spending and decent returns on offline transactions. It is best for those who can utilize the annual fee waiver by meeting the Rs. 2 lakh annual spend threshold.
• Pros:
  • Decent 5% cashback on online spends and 1% on offline spends.
  • High monthly cashback cap of Rs. 4,000 across categories.
  • Strong option for online spending compared to other cashback cards.
  • Contactless payment facility available.
  • Global acceptance in over 24 million outlets.
• Cons:
  • Several categories are excluded from cashback eligibility.
  • Annual fee is relatively high compared to the benefits for low spenders.
  • Spend-based waiver may be difficult to achieve if major spends fall in excluded categories.
  • No instant discounts during online sales.
• Value: Offers good value for cardholders with significant online and eligible offline spending who can meet the annual fee waiver threshold.

Important Product Details

• 5% cashback on every eligible online transaction, up to Rs. 2,000 per month.
• 1% cashback on every eligible offline transaction, up to Rs. 2,000 per month.
• Spend-based annual fee waiver on spending Rs. 2,00,000 or more in the previous year.
• 1% fuel surcharge waiver capped at Rs. 100 per statement cycle on fuel transactions between Rs. 500 and Rs. 3,000.
• Cashback auto-credited within two days of statement generation.
• Contactless payments enabled for transactions below Rs. 5,000 without PIN entry.
• Add-on cards available at no annual cost for family members above 18 years.
• Cash access available at over 1 million Visa or Mastercard ATMs globally.
• Utility bill payment facility available via Easy Bill Pay.
• Balance Transfer on EMI available for outstanding balances from other banks’ credit cards.

Other Details

• Terms and Conditions apply; details available in the Most Important Terms & Conditions and Cardholder T&C documents.
• Cardholders must submit CTS 2010-compliant account payee cheques for timely payment processing.
• Continued use of the card implies acceptance of amendments in Terms and Conditions.
• SBI Card Helpline available at 1860 180 1290 or 39 02 02 02 (with local STD code).
• Information is accurate as of July 2023 and is subject to change at the discretion of SBICPSL.
• The card is a personal card and cannot be used for business transactions; misuse may result in cancellation.