Cashback SBI Credit Card Review: Eligibility, Benefits, and How to Apply

With innumerable ways to spend money both online and offline, choosing the best-suited credit card is not an easy affair. Cashback SBI Credit Card stands apart from the rest of the crowd as one of those options, especially for people who aim for instant savings without much ado about managing reward points. The simplicity of its cashback structure, attractive benefits, and eligibility criteria make it one of the most coveted cards among a large number of people in India. From online shopping to making purchases from brick-and-mortar stores, the Cashback SBI Credit Card will let you earn substantial rewards on your daily spending.

Let’s dig deep into this Cashback SBI Credit Card review to find out about its features, benefits, eligibility, fees, and ways to apply for this SBI credit card.

Cashback SBI Credit Card Overview

This versatile Cashback SBI Credit Card will reward you for making purchases online as well as offline. While most of the cards provide accumulation of points which you have to redeem manually, this keeps things simple and automatically credits your cashback to your card statement, saving you the headache of keeping track of your rewards and redeeming them.

Some key features of the Cashback SBI Credit Card are:

Cashback Calculation Example

To understand cashback calculation, let’s take an example:

Suppose in one cycle, you spend Rs. 90,000 online and Rs. 60,000 offline. Here’s how your cashback will be calculated:

• 5% of Rs. 90,000 = Rs. 4,500 (online purchases)
• 1% of Rs. 60,000 = Rs. 600 (offline purchases)

So, your Cash back earned would be a sum of Rs. 5,100. Yet, this card has a maximum cashback on Rs. 5,000 in one statement cycle. Hence, you earn Rs. 5,100 as Cash back but the maximum Cash back you will receive is Rs. 5,000.

The cashback earned is automatically credited to your next month’s statement. There’s no need for you to redeem it manually, as it gets reflected in your bill, further enhancing the card’s ease of use.

Cashback SBI Credit Card Features & Benefits

The Cashback SBI Credit Card offers a variety of features and benefits designed to provide a great value proposition to cardholders:

1. Cashback on Purchases

• It is the perfect card for online shoppers, where 5% cashback is given for every purchase done online. Be it buying something from the e-commerce giants of Amazon and Flipkart to even paying for utilities, insurance, and rent-there are a few exclusions-the 5% cashback definitely assures huge savings.
• 1% cashback on offline spending makes sure you save even at physical stores.

2. Fuel Surcharge Waiver

• The Cashback SBI Credit Card offers a waiver of 1% fuel surcharge on fuel transactions between Rs. 500 and Rs. 3,000. This can be availed at all petrol pumps across the country, thereby ensuring that someone who is a frequent traveler or has long commutes can save a bit on fuel expenses.
• Maximum waiver per billing cycle is Rs. 100.

3. Annual Fee Waiver

• This, on the face, looks quite high upfront, and so, there is a very attractive spends-based waiver. If you spent Rs. 2 Lakhs or more in the previous year, the annual fee gets waived off, thus making the card free for a high spender.

4. Add-On Cards

• The Cashback SBI Credit Card allows the issuance of up to two add-on cards for family members at no additional cost throughout your lifetime. This is especially beneficial for families who want to consolidate their expenditures under one account with the ultimate objective of acquiring cash back on all purchases.

5. Contactless Payments

• The card, therefore, supports contactless payments for below Rs. 5,000 transactions, the ultimate in fast and secured ways to pay without the need to swipe or insert your card.

Exclusions on Cashback

While the Cashback SBI Credit Card offers impressive cashback on most transactions, certain spending categories are excluded. The following are not eligible for cashback:

• Purchases of jewelry
• Payments towards rent
• Wallet loading transactions
• Fuel purchases (despite the fuel surcharge waiver)
• School and educational services
• Utility bills
• Insurance services
• Railway ticket purchases
• Card, gift, novelty, and souvenir shops
• Quasi-cash/member financial institution transactions

Knowing these exclusions upfront is essential to ensure you maximize your cashback and avoid disappointment.

Fees and Charges

Understanding the fees and charges associated with the Cashback SBI Credit Card is crucial before applying. The following are the most important charges:

1. Joining and Renewal Fee

• Joining Fee: Rs. 999 + GST
• Renewal Fee: Rs. 999 + GST
• Spend-Based Reversal: If you spend Rs. 2 Lakhs or more in a year, the renewal fee is waived.

2. Interest Rates

• The card charges 3.5% per month (or 42% per annum) as the interest on overdue amounts.

3. Cash Advance Fee

• If you withdraw cash using your card from ATMs, you’ll be charged 2.5% of the amount withdrawn or Rs. 500 (whichever is higher).

4. Foreign Currency Markup Fee

• For international transactions, a 3.5% foreign currency markup applies. This charge is relatively standard for most credit cards in India.

5. Late Payment Charges

• Late payment charges vary based on the outstanding dues:
  • Less than Rs. 500: No charge
  • Rs. 500 to Rs. 1,000: Rs. 400
  • Rs. 1,000 to Rs. 10,000: Rs. 750
  • Rs. 10,000 to Rs. 25,000: Rs. 950
  • Rs. 25,000 to Rs. 50,000: Rs. 1,100
  • Above Rs. 50,000: Rs. 1,300

Cashback SBI Credit Card Eligibility Criteria

To be eligible for the Cashback SBI Credit Card, you must meet the following criteria:

1. Age Requirement:
   • The primary cardholder must be between 21 to 65 years old.
2. Income Requirement:
   • The applicant must have a stable and consistent source of income. While SBI Card doesn’t specify a minimum income requirement, applicants with a higher and stable income stand a better chance of approval.
3. Credit History:
   • A good credit score is a must to avail of the approval. A score above 750 can be considered good for approval for credit cards, but applicants who fall marginally below are also approved considering other aspects of their score on income and repayment history.

How to Apply for the Cashback SBI Credit Card

There are two primary ways to apply for the Cashback SBI Credit Card—online and offline.

1. Online Application:

Log on to the SBI Card official website and redirect to the Cashback SBI Credit Card Page. 

• Click on the option saying, “Apply Now”. 
• Fill out the application form by giving all details ranging from personal information, income details, and employment status. 
• Send in the required documents in support of the necessary verification.
• After your application, it will be put to process, during which regular updates on the status of your application will be forwarded to you; on approval, a card will be dispatched to your registered address.

2. Offline Application:

If you desire an in-person application, you can do so by visiting your nearest SBI Branch:

• You can ask for an application form regarding Cashback SBI Credit Card.
• Fill in your details and submit the same along with the documents regarding the said form.
• The bank itself will sanction and approve the application, and the status will also be informed to you.

Similar Cards for Comparison

In case you want to apply for this Cashback SBI Credit Card, the following is a few similar cards you may want to refer to and apply after considering your needs and comparing all the card options:

1. Axis Bank Ace Credit Card:

• Cashback-oriented card offering 2% cash back on all spends at an upper cap and 5% cashback on bill payments and recharges via Google Pay

2. HDFC Millennia Credit Card:

• Offers 5% cashback on online spends, including Amazon and Flipkart; 2.5% cashback on PayZapp and SmartBUY; 1% cashback on all other transactions.

3. SBI SimplyClick Credit Card:

• Best for online shoppers in the form of 10x rewards on e-commerce spends, though cashback is not as direct, such as in the case of Cashback SBI Credit Card.

Conclusion

The Cashback SBI Credit Card would be a versatile option for those seeking simplicity and appreciating the convenience of automatic cashback rewards. The features of this card are truly valuable for frequent online shoppers, with 5% cash back on online transactions. 1% cashback on offline purchases, along with the fuel surcharge waiver and annual fee waiver, make this card one of the strongest selling points for daily usage.

However, the exclusion list and the interest rates are the downsides one has to consider before applying. This card would be a good option for timely bill payers who would like to earn the most from their savings without the redemption hassle of points. For high spenders, there is also an incentive to have the annual fee and maximum cashback limit waived.

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