SBI Cashback Credit Card Review: Benefits and Features, Eligibility and Apply Online

Do you want to save money on every online purchase you make? Do you want to get rewarded for paying your utility bills on time? Do you want to enjoy a low annual fee and a high cashback limit?

If you answered yes to any of these questions, then you might be interested in the SBI Cashback Credit Card.

In this article, We will explore SBI Cashback Credit Card review and tell you everything you need to know about its benefits and features, eligibility and apply online process.

Benefits and Features of SBI Cashback Credit Card

SBI Cashback Credit Card Review

The SBI Cashback Credit Card is designed for online shoppers who want to save money on every transaction. Here are some of the benefits and features of SBI Cashback credit card:

  • 5% cashback on online spends: You can earn 5% cashback on all online transactions made with this card, such as shopping, travel, entertainment, etc. The maximum cashback you can earn per month is Rs. 5000, which means you can save up to Rs. 60,000 per year.
  • 1% cashback on offline spends and utility bills: You can also earn 1% cashback on all offline transactions and utility bill payments made with this card, such as groceries, fuel, electricity, water, etc. The maximum cashback you can earn per month is Rs. 5000, which means you can save up to Rs. 60,000 per year.
  • Low annual fee: The annual fee of this card is Rs. 999 (plus applicable taxes), which is lower than many other cashback cards in the market. Moreover, you can get the annual fee waived off if you spend Rs. 2 lakh or more in a year with this card.
  • Easy cashback redemption: The cashback earned with this card will be automatically credited to your next month’s statement. You don’t have to worry about redeeming points or vouchers or meeting any minimum threshold. You can use the cashback to pay your outstanding balance or make new purchases.

The SBI Cashback Credit Card is a great option for anyone who wants to save money on online and offline spending.

It has a higher cashback rate and a higher cashback limit than most other cards in the market. It also has a low annual fee and an easy cashback redemption process.

However, there are some exclusions and limitations that you should be aware of before applying for this card. These are:

  • Cashback not applicable on certain categories: You will not get any cashback for rent payments, fuel spends, wallet loads, EMIs, cash advances, balance transfers, encash and flexipay spends. Also, transactions below Rs. 100 will not accrue any cashback.
  • Cashback reduced after exceeding monthly limit: If you spend more than Rs. 1 lakh per month on online transactions with this card, your cashback rate will be reduced from 5% to 1% for the excess amount.

    Similarly, if you spend more than Rs. 5 lakh per month on offline transactions and utility bills with this card, your cashback rate will be reduced from 1% to 0% for the excess amount.

The SBI Cashback Credit Card is still one of the best cashback cards in India, even with these exclusions and limitations.

However, if you want to compare it with other similar cards in the market.

Alternatives of SBI Cashback Credit Card

  • Axis Ace Credit Card: This card offers 5% cashback on bill payments and recharges via Google Pay, 4% cashback on Swiggy, Zomato and Ola, 2% cashback on all other spends. The annual fee is Rs. 499 (waived on spending Rs. 2 lakh) and the maximum cashback limit is Rs. 500 per month.
  • ICICI Amazon Pay Credit Card: This card offers 5% cashback on Amazon purchases for Prime members (3% for non-Prime members), 2% cashback on Amazon Pay partner merchants, 1% cashback on all other spends. The annual fee is nil and there is no maximum cashback limit.

Fees and Charges of SBI Cashback Credit Card

SBI Cashback Credit Card Review

The SBI Cashback Credit Card has a low annual fee of Rs. 999 (plus applicable taxes), which can be waived off if you spend Rs. 2 lakh or more in a year with this card.

However, there are some other fees and charges that you should be aware of before applying for this card. These are:

  • Interest rate: The interest rate charged on this card is up to 3.35% per month (40.2% per annum). This is applicable if you don’t pay your full outstanding balance by the due date or if you withdraw cash using this card.
  • Late payment fee: The late payment fee charged on this card is up to Rs. 950 (plus applicable taxes). This is applicable if you don’t pay your minimum amount due by the due date.
  • Cash advance fee: The cash advance fee charged on this card is up to 2.5% of the transaction amount (minimum Rs. 500). This is applicable if you withdraw cash using this card from any ATM or bank branch.
  • Overlimit fee: The overlimit fee charged on this card is up to 2.5% of the overlimit amount (minimum Rs. 500). This is applicable if you exceed your credit limit with this card.
Fees and ChargesAmount
Annual FeeRs. 999 (waived on spending Rs. 2 lakh in a year)
Joining FeeNIL
Cash Withdrawal Fee 2.5% of the transaction amount or Rs. 500, whichever is higher
Finance ChargesUp to 3.35% per month or 40.2% per annum
Late Payment FeeRs. 100 to Rs. 950 depending on the total outstanding amount.
Over Limit Fee2.5% of the overlimit amount or Rs. 500, whichever is higher
Cheque Bounce FeeRs. 500 per cheque
Card Replacement FeeRs. 100 per card
Foreign Currency Transaction Fee3.5% of the transaction amount

Eligibility Criteria for SBI Cashback Credit Card

To apply for the SBI Cashback Credit Card, you need to meet the following eligibility criteria:

  • Age: You should be at least 18 years old and not more than 65 years old.
  • Income: You should have a regular source of income (Min. 18000 per Month)
  • Credit score: You should have a good credit score (700+) that reflects your creditworthiness and repayment history.
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How to Apply Online for SBI Cashback Credit Card

If you meet these eligibility criteria, you can apply online for this card through the SBI Card website or app. Here are the steps involved in the application process:

  • CLICK HERE: to go to personalized page for Credit Card
  • Fill out the online application form: You need to provide your personal details such as name, date of birth, email address, mobile number, PAN number, etc.
  • Submit the required documents: You need to upload scanned copies of your identity proof (such as Aadhaar card or passport), address proof (such as electricity bill or rent agreement), income proof (such as salary slip or bank statement), etc.
  • Verify your details and submit your application: You need to verify your details using an OTP sent to your mobile number or email address and submit your application for approval.
  • Wait for approval and delivery: You need to wait for SBI Card to review your application and approve it based on their criteria. Once approved, you will receive an SMS or email confirmation with your application reference number. Your card will be delivered to your registered address within 7 working days.

SBI Cashback Credit Card Review: Final Verdict

The SBI Cashback Credit Card is one of the best cashback cards in India that offers up to 5% cashback on online spends and 1% cashback on offline spends and utility bills.

It has a low annual fee of Rs. 999 (waived on spending Rs. 2 lakh) and an easy cashback redemption process. It also has some exclusions and limitations that you should be aware of before applying for this card.

If you are looking for a credit card that can help you save money on every transaction, then the SBI Cashback Credit Card is a great option for you.

You can apply online for this card through the SBI Card website or app and get it delivered to your address within 7 working days.

But don’t wait too long. The SBI Cashback Credit Card has a limited time offer of first year free till 31st March 2023. So hurry up and apply now before the offer expires.

Are you ready to save money on every transaction with the SBI Cashback Credit Card?

If yes, then click here to apply online for this card right now.

If not, then let me know what’s holding you back in the comments below. I would love to hear from you and answer any questions you may have.

FAQs

How can I earn cashback with the SBI Cashback Credit Card?

You can earn cashback by making online and offline transactions using your card. You will get 5% cashback on online transactions and 1% cashback on offline transactions and utility bill payments. The maximum cashback you can earn in a statement cycle is Rs. 5,000.

How can I redeem the cashback earned with the card?

The cashback earned with the card will be automatically credited to your card account within two working days of your next statement generation date. You don’t have to do anything to redeem the cashback.

How can I apply for the SBI Cashback Credit Card?

You can apply for the card online through the SBI Card website or app or offline through the SBI branch. You need to meet the eligibility criteria and provide the required documents for verification.

What are the eligibility criteria for applying for the card?

The eligibility criteria for applying for the card are:
You should be an Indian citizen
You should be at least 18 years old
You should have a good credit score and history
You should have a stable source of income
The bank may also ask for some additional criteria depending on your profile and creditworthiness.

What are the documents required for applying for the card?

The documents required for applying for the card are:
Identity proof such as PAN card, Aadhaar card, passport, etc.
Address proof such as electricity bill, rent agreement, bank statement, etc.
Income proof such as salary slip, income tax return, bank statement, etc.
You should keep these documents handy while applying for the card and ensure that they are valid and updated.

What are the fees and charges associated with the card?

The fees and charges associated with the card are:
Annual fee: Rs. 999 (waived on spending Rs. 2 lakh in a year)
Joining fee: Nil
Cash withdrawal fee: 2.5% of the transaction amount or Rs. 500, whichever is higher
Finance charges: Up to 3.35% per month or 40.2% per annum
Late payment fee: Rs. 100 to Rs. 950 depending on the total outstanding amount
Overlimit fee: 2.5% of the overlimit amount or Rs. 500, whichever is higher
Cheque bounce fee: Rs. 500 per cheque
Card replacement fee: Rs. 100 per card
Foreign currency transaction fee: 3.5% of the transaction amount
You should try to avoid these fees and charges by using your card responsibly and paying your bills on time.

How can I check my cashback balance and statement?

 You can check your cashback balance and statement by logging in to your SBI Card account on the website or app. You can also get instant information by sending an SMS to 5676791 from your registered mobile number.

How can I contact SBI Card customer care for any queries or complaints?

You can contact SBI Card customer care through any of these channels:
Call: Dial 1860 180 1290 or 39020202 (prefix local STD code) from your phone
Email: Write to feedback@sbicard.com from your registered email ID
Chatbot: Chat with ILA (Intelligent Live Assistant) on sbicard.com or SBI Card app
Twitter: Tweet to @SBICard_Connect

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