Introduction
In today’s digital era, cashback credit cards have become a popular choice for shoppers looking to maximize value on everyday spends. The SBI Cashback Credit Card stands out as a simple yet rewarding option, especially for online shoppers and those who want easy-to-understand cashback benefits without complicated reward points or tiers.
This article covers everything you need to know about the SBI Cashback Credit Card, including its features, fees, eligibility criteria, and step-by-step application process.
Overview of SBI Cashback Credit Card
The SBI Cashback Credit Card is tailored primarily for individuals who spend a considerable portion of their budget on online shopping. It offers high cashback rates on online spends while also providing a reasonable return on offline transactions. The card is available at a moderate joining fee and an annual fee, which can be waived based on your yearly spend.
Key Features and Benefits
1. Cashback Rewards
- 5% cashback on online spends: This is applicable on a wide range of e-commerce platforms such as Amazon, Flipkart, Myntra, Zomato, Swiggy, BookMyShow, and many more. This makes the card especially attractive for regular online shoppers.
- 1% cashback on offline spends: Every purchase made at physical stores, whether groceries, dining, or retail, earns a 1% cashback, making it useful beyond just online purchases.
- Fuel surcharge waiver: The card offers a 1% waiver on fuel transactions between ₹500 and ₹3,000, capped at ₹100 per billing cycle.
- Monthly cashback cap: Cashback earnings are capped at ₹5,000 per month on combined online and offline spends.
2. Contactless Payments
The SBI Cashback Card supports contactless transactions, enabling quick and secure payments up to ₹5,000 without requiring a PIN, enhancing convenience for everyday transactions.
3. Global Acceptance
The card is widely accepted at over 24 million merchant outlets worldwide, giving you the flexibility to use it both in India and abroad.
4. Add-on Cards
You can add family members aged 18 and above as add-on cardholders, allowing you to consolidate spends and earn cashback faster. Add-on cards come free of cost.
Fees and Charges
| Charge Type | Details |
|---|---|
| Joining Fee | ₹999 + GST |
| Annual Fee | ₹999 + GST (waived on spends ≥ ₹2 lakh) |
| Add-on Card Fee | Nil |
| Finance Charges | 3.75% per month (~45% p.a.) |
| Late Payment Charges | ₹400–₹1,300 depending on outstanding amount |
| Cash Advance Fee | ₹300 + interest |
| Foreign Transaction Fee | 3.5% of the transaction amount |
Note: The annual fee waiver is beneficial for customers who maintain an annual spend of ₹2 lakh or more on the card, effectively reducing the cost of ownership.
Eligibility Criteria
To apply for the SBI Cashback Credit Card, you should meet the following conditions:
- Age: 21 to 70 years
- Employment Status: Salaried professionals or self-employed individuals with a stable income source
- Credit Score: Generally, a good credit score (700+) with no history of defaults or late payments
- Income: Varies based on employment status and bank policies; usually requires proof of regular income
Application Process
Step 1: Online Application
- Visit the official SBI Card website.
- Navigate to the credit cards section and select the SBI Cashback Credit Card.
- Click on Apply Now and fill in your personal details such as name, contact information, and PAN.
- Upload KYC documents, including PAN card, Aadhaar card, income proof (salary slips or ITR), and address proof.
- Submit the form for processing.
Step 2: Verification
- SBI Card team may conduct verification calls or physical verification to confirm the details.
- Once verified, the card is processed for approval.
Step 3: Card Dispatch
- Upon approval, the physical card is sent to your registered address.
- You may also receive a virtual card instantly for online use.
How to Maximize Benefits
- Use the card primarily for online shopping to take advantage of the 5% cashback.
- Utilize add-on cards for family members to pool spends.
- Pay your bill on time to avoid finance charges.
- Keep track of your monthly cashback cap to maximize rewards.
- Use contactless payments for quick purchases under ₹5,000.
Important Terms to Note
- Cashback earned is credited as statement credit every billing cycle.
- Cashback is capped at ₹5,000 per month.
- Certain spends like cash advances, insurance premium payments, and utility bill payments may not earn cashback.
- The card has a foreign transaction fee of 3.5%, so it may not be ideal for frequent international travelers.
| Step No. | Action | Details |
|---|---|---|
| 1 | Visit Website | Go to the official SBI Card website |
| 2 | Select Card | Choose the SBI Cashback Credit Card |
| 3 | Fill Application Form | Enter personal and financial details |
| 4 | Upload Documents | PAN, Aadhaar, Income proof, Address proof |
| 5 | Submit Application | Complete submission and wait for approval |
| 6 | Verification | SBI may do KYC verification via call or visit |
| 7 | Card Dispatch | Receive physical card at your address |
| 8 | Start Using Card | Activate and start earning cashback |
Customer Feedback and Reviews
Many users praise the SBI Cashback Credit Card for its straightforward cashback program and value on online spends. The 5% cashback on popular platforms is a big draw. However, some users mention that the ₹5,000 monthly cashback cap can be limiting for high spenders. The annual fee waiver threshold is achievable for many, making it a cost-effective option.
Conclusion
The SBI Cashback Credit Card is a solid option for anyone seeking a simple cashback structure with strong rewards on online shopping. With reasonable fees and extensive acceptance, it fits the needs of both digital-savvy users and those who shop in physical stores. Its value increases significantly if you can maintain the annual spend to waive off the annual fee.