OLA Money SBI Credit Card – Benefits, Fees & Eligibility

OLA Money SBI Credit Card

Introduction

The OLA Money SBI Credit Card is a co-branded offering designed to cater to frequent Ola users and general spenders. It stands out with a zero joining fee and a nominal annual renewal fee, which can be waived upon achieving a specified annual spending threshold. Cardholders benefit from accelerated reward points on Ola rides and a standard reward rate on all other expenditures, with points conveniently credited directly to their OlaMoney wallet and redeemable at a value of 1 Reward Point equaling Re. 1. This card aims to provide significant savings on daily commute and regular purchases.

Welcome Benefits

• The card features a Zero Annual Fee for the first year, providing an immediate saving to new cardholders.

Fees

• Joining Fee: Nil
• Renewal Fee (per annum): Rs. 499 (from the second year onwards), plus applicable GST.
• Spend-Based Waiver: The renewal fee of Rs. 499 is reversed if the annual spends for the preceding year are Rs. 1 Lakh or more.
• Add-on Fee (per annum): Nil
• Rewards Redemption Fee: Rs. 99
• Foreign Currency Markup: 3.5% on all foreign currency spends.
• Interest Rates: 3.75% per month (equivalent to 45% per annum).
• Fuel Surcharge: 1% fuel surcharge waiver.
  • Maximum surcharge waiver of Rs. 100 per statement cycle, per credit card account.
• Cash Advance Charges: 2.5% of the withdrawn amount, or a minimum of Rs. 500 (whichever is higher).
• Taxes: All applicable taxes will be charged on all fees, interest, and other charges.

Rewards

• Ola Rides: Earn 7% Reward Points on all Ola rides.
  • Reward points on Ola rides are capped at 500 Reward Points per month.
• All Other Spends: Earn 1% Reward Points on all other eligible spends.
• Reward Point Value: 1 Reward Point = Re. 1.

Rewards Redemption Guide

• Reward Points earned with the OLA Money SBI Credit Card are automatically credited to your OLA Money Wallet.
• To activate your OLA Money Wallet and receive your earned points:
  • Complete your KYC process, which includes uploading documents and physical verification.
  • Open the Ola app and navigate to the "Ola money" section.
  • Select the "Wallet" and "Add Money" option.
  • Click on the ‘Activate your account’ option.
  • Enter your PAN number for final verification.
  • Once these steps are completed, your account will be activated, and you can utilize your reward points.

Card Eligibility Criteria

• Age for Salaried Individuals: The applicant's age must be between 18 years and 65 years.
• Age for Self-Employed Individuals: The applicant's age should be between 21 years and 60 years.
• Income: The applicant should possess a stable source of income.

Documents Required

• Identity Proof: Acceptable documents include Aadhaar Card, PAN Card, Voter ID, Passport, or Driving Licence.
• Address Proof: Acceptable documents include Passport, utility bills, Voter ID, Aadhaar Card, Driving Licence, rent agreement, municipal or property tax receipt, or a house allotment letter issued by the central or state government.
• Income Proof:
  • For self-employed individuals: Latest Income Tax Return (ITR) or Form 16.
  • For salaried employees: Salary slip of the latest months.

Card Review

The OLA Money SBI Credit Card is an optimal choice for individuals who are frequent users of Ola services, offering significant savings on their rides. The card features a zero joining fee and a modest annual fee that is easily reversible by spending Rs. 1 lakh or more annually. Beyond Ola rides, it provides a consistent 1% reward rate on other expenditures and includes a fuel surcharge waiver, making it a well-rounded option for everyday use. However, it does not offer premium benefits such as lounge access, movie, dining, golf, or insurance perks. For those whose primary focus is saving on Ola travel and general purchases, this co-branded card delivers substantial value.

Important Product Details

• Positive Highlights:
  • Zero Joining Fee.
  • Renewal fee waiver available on annual spends of Rs. 1 Lakh or more.
  • High reward rate of 7% on Ola rides.
  • 1% reward points on all other eligible spends.
  • Reward points are automatically credited to the Ola Money Wallet, with each point valued at Re. 1.
  • Includes a 1% Fuel Surcharge Waiver, capped at Rs. 100 per statement cycle.
  • The card offers worldwide acceptance at over 24 million outlets globally, including 3,25,000 outlets in India, supporting Visa and MasterCard.
  • Option to issue Add-on cards for family members (parents, spouse, children, or siblings above 18 years).
  • Provides Easy Bill Pay facility for utility bill payments (electricity, telephone, mobile).
  • Offers Balance Transfer on EMI to transfer outstanding balances from other credit cards at a lower interest rate.
  • Flexipay feature allows conversion of transactions of Rs. 2,500 or more into easy monthly installments.
  • Easy Money facility provides a draft or cheque against your cash limit delivered to your doorstep.
• Negative Highlights:
  • A Rewards Redemption Fee of Rs. 99 is applicable.
  • A Foreign Currency Markup of 3.5% is charged on international transactions.
  • The card carries a relatively high Interest Rate of 3.75% per month (45% per annum).
  • Cash Advance Charges are 2.5% of the withdrawn amount or a minimum of Rs. 500, whichever is higher.
  • Reward points earned on Ola rides are capped at 500 points per month.
  • Does not offer specific benefits for Movies, Dining (beyond general spends), Domestic Lounge Access, International Lounge Access, Golf, or dedicated Insurance coverage.

Other Details

• How to Apply:
  • Online: Applicants can apply online by clicking the ‘Apply Now’ option, filling in all required details, and submitting the form.
  • Offline: Alternatively, applications can be made by visiting the nearest SBI branch with all necessary documents and completing a physical application form.
• Card Limit: The credit limit offered to Ola Money SBI Cardholders is not publicly disclosed by the issuer, as it is determined individually. Factors such as a higher income and a strong credit score are likely to result in a higher credit limit, among other determining factors.
• Payment Methods Accepted: The Ola Money SBI Card is an international credit card and can be used for payments at any outlet that accepts Visa or MasterCard.
• Cheque Payment Policy: Cheques payable outside clearing zones are not accepted. Only local cheques or drafts payable in Delhi are accepted for payments.
• Co-brand Product Funding: The value proposition of this co-brand product may be jointly funded by SBI Card and its co-brand partner, which may involve fee and revenue sharing arrangements between the parties.
• Customer Assistance: For any assistance, cardholders can contact the SBI Card helpline by dialing 39 02 02 02 (prefix local STD code) or 1860 180 1290.
• Third-Party Services: SBICPSL may engage agents and/or other third parties to provide marketing, sales, or other related services on its behalf, and customers may interact with these service providers.
• Terms and Conditions: Detailed Terms and Conditions for the card are available via provided links. All information is subject to change at the discretion of SBICPSL, and continued use of the card will be deemed as acceptance of any amendments.