Explore the SBI Cashback Credit Card – detailed review on rewards, benefits, fees, pros & cons. Earn cashback on spends, enjoy exclusive perks, and make informed decisions. Perfect for savvy shoppers! Learn more about features, eligibility, and how to maximize savings. Apply now for smart spending!
The Cashback SBI Credit Card, offered by SBI Card, is designed for individuals seeking straightforward cashback rewards on everyday spending, particularly online transactions. With a focus on simplicity and instant savings, this card eliminates the need to track or redeem reward points, making it an attractive option for beginners and frequent online shoppers. Below is a comprehensive overview of its product details, rewards, benefits, fees, charges, and pros and cons.
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Product Details
The Cashback SBI Credit Card is a cashback-focused credit card that provides rewards on both online and offline transactions. It is accepted at over 24 million outlets globally, including 3.25 lakh outlets in India, and supports contactless payments via Visa PayWave for quick and secure transactions up to ₹5,000 without a PIN. The card also offers features like balance transfer on EMI, utility bill payments through the Easy Bill Pay facility, and the option to issue up to three add-on cards for family members at no extra cost.
- Age: Primary cardholder must be between 21 and 70 years.
- Income: Minimum monthly income of ₹30,000 (salaried or self-employed).
- Credit Score: A credit score of 650+ with no delayed payments in the past 12 months is recommended.
- Documents: Aadhaar card, PAN card, driving license, voter’s ID, recent three months’ bank statements, salary slips, or audited ITR for income proof.
- Visit the official SBI Card website (sbicard.com).
- Navigate to the “Credit Cards” section and select “Cashback SBI Card.”
- Click “Apply Now” and fill out the online application form.
- Submit required documents and undergo verification (telephonic or physical).
- Track application status via the SBI Card portal or mobile app.
The Cashback SBI Credit Card offers a simple and rewarding cashback structure, credited automatically to the cardholder’s account within two working days of statement generation. Key rewards and benefits include:
- Cashback Rewards:
- 5% Cashback on Online Spends: Applies to all online transactions without merchant restrictions, capped at ₹5,000 per statement cycle (combined for online and offline spends). Examples include purchases on Amazon, Flipkart, Zomato, Swiggy, Ola, Uber, and travel bookings.
- 1% Cashback on Offline Spends: Applies to point-of-sale transactions, also capped at ₹5,000 per statement cycle.
- Exclusions: No cashback on fuel, utility bills, insurance, rent, wallet reloads, merchant EMIs, Flexipay EMIs, jewelry, school/educational services, railways, gift cards/vouchers, or government services (MCC 9399).
- Automatic Crediting: Cashback is credited to the account and reflected in the next monthly statement, with no redemption fee or expiry.
- Fuel Surcharge Waiver:
- 1% waiver on fuel transactions between ₹500 and ₹3,000 at any petrol pump in India, capped at ₹100 per statement cycle (exclusive of GST and other charges).
- Contactless Payments:
- Supports tap-to-pay transactions for quick and secure payments, reducing the risk of card loss or fraud. The Visa PayWave feature ensures only one transaction is processed even if the card is tapped multiple times.
- Balance Transfer on EMI:
- Transfer outstanding balances from other banks’ credit cards to the Cashback SBI Card at a lower interest rate, repayable in flexible EMIs.
- Utility Bill Payments:
- Pay electricity, telephone, mobile, and other bills conveniently via the Easy Bill Pay facility.
- Global Acceptance:
- Accepted at over 24 million outlets worldwide, including Visa ATMs for cash withdrawals.
- Welcome Offer:
- Earn ₹1,400 in rewards upon card activation, subject to a minimum transaction of ₹100 within 30 days.
Note: Complimentary domestic lounge access (four visits annually) was previously offered but has been discontinued.
The card comes with a moderate fee structure, with opportunities for waivers based on spending. Below are the key fees and charges:
- Joining Fee: ₹999 + GST (one-time).
- Annual/Renewal Fee: ₹999 + GST from the second year onwards, waived if annual spends in the previous year are ₹2,00,000 or more.
- Finance Charges: 3.75% per month (45% annually).
- Cash Advance Fee: 2.5% of the withdrawn amount or ₹500, whichever is higher.
- Foreign Currency Markup Fee: 3.5% + GST (approximately 4.13%).
- Late Payment Charges:
- ₹0 for dues less than ₹500.
- ₹400 for dues between ₹500 and ₹1,000.
- ₹750 for dues between ₹1,000 and ₹10,000.
- ₹950 for dues between ₹10,000 and ₹25,000.
- ₹1,100 for dues between ₹25,000 and ₹50,000.
- ₹1,300 for dues above ₹50,000.
- Additional ₹100 per cycle if the minimum amount due is unpaid for two consecutive billing cycles.
- Card Replacement Fee: ₹100–₹250.
- Other Charges: All taxes are applicable on fees, interest, and charges as per government regulations.
- High Cashback Rate: 5% cashback on online spends is among the highest in the market, with no merchant restrictions, making it ideal for frequent online shoppers.
- Automatic Cashback: Cashback is credited directly to the account without manual redemption, simplifying the reward process.
- Contactless Convenience: Tap-to-pay functionality enhances speed and security for small transactions.
- Fuel Surcharge Waiver: Saves up to ₹100 per month on fuel transactions, a practical benefit for vehicle owners.
- Fee Waiver Opportunity: The ₹999 annual fee can be waived with ₹2,00,000 in annual spends, achievable for moderate to heavy spenders.
- Versatile Use: Accepted globally and supports utility bill payments, balance transfers, and add-on cards for family members.
- Beginner-Friendly: Simple reward structure makes it suitable for those new to credit cards.
- Cashback Exclusions: No cashback on key categories like fuel, utilities, insurance, rent, jewelry, and government services, limiting overall reward potential.
- Monthly Cashback Cap: The ₹5,000 cap per statement cycle restricts earnings for high spenders (e.g., max cashback on ₹1,00,000 online spends at 5%).
- High Annual Fee for Benefits: The ₹999 joining and renewal fees are relatively high for an entry-level card, especially without lounge access or other premium perks.
- No Lounge Access: Discontinuation of complimentary lounge access reduces its appeal compared to competitors like Axis Ace.
- Lack of Transaction-Wise Breakdown: Monthly statements do not provide a detailed cashback breakdown, requiring manual calculations to verify rewards.
- High Interest Rates: The 3.75% monthly (45% annual) finance charge is steep if balances are not paid in full.
- Limited Offline Rewards: 1% cashback on offline spends is modest compared to online rewards, reducing value for in-store purchases.
- No Instant Discounts: Transactions eligible for instant discounts during online sales may forfeit cashback, reducing benefits during promotional periods.
Comparison of Cashback SBI Credit Card with some of its Prominent Peers
Below is a comparison table of the Cashback SBI Credit Card with some of its prominent peers in the cashback credit card category. The peers included are Axis Bank Ace Credit Card, Amazon Pay ICICI Credit Card, HDFC Bank Millennia Credit Card, and HSBC Live+ Credit Card, based on their popularity and competitive cashback offerings. The table compares key features, fees, cashback rates, and additional benefits to help you evaluate which card best suits your needs.
| Feature | Cashback SBI Credit Card | Axis Bank Ace Credit Card | Amazon Pay ICICI Credit Card | HDFC Bank Millennia Credit Card | HSBC Live+ Credit Card |
| Joining Fee | ₹999 + GST | ₹499 + GST (waived if ₹10,000 spent within 45 days) | Nil (Lifetime Free) | ₹1,000 + GST | ₹999 + GST |
| Annual Fee | ₹999 + GST (waived on ₹2 lakh annual spends) | ₹499 + GST (waived on ₹2 lakh annual spends) | Nil (Lifetime Free) | ₹1,000 + GST (waived on ₹1 lakh annual spends) | ₹999 + GST (waived on ₹2 lakh annual spends) |
| Cashback on Online Spends | 5% on all online spends (no merchant restrictions, capped at ₹5,000/month) | 5% on bill payments via Google Pay, 4% on Swiggy/Zomato/Ola | 5% on Amazon (Prime members), 3% on Amazon (non-Prime), 2% on Amazon Pay partners | 5% on Amazon, Flipkart, BookMyShow, Swiggy, etc. (capped at 1,000 points/month) | 1.5% on online spends (unlimited) |
| Cashback on Offline Spends | 1% on all offline spends (capped at ₹5,000/month combined with online) | 1% on offline spends | 1% on all other spends | 1% on offline spends | 1.5% on offline spends (unlimited) |
| Category-Specific Cashback | None | 5% on utility bills via Google Pay, 4% on select merchants | 2% on Amazon Pay partner merchants | 5% on select brands (movies, dining, shopping), 1% on EMI/wallet spends | 10% on dining, grocery, food delivery (capped at ₹1,000/month) |
| Cashback Exclusions | Education, fuel, jewelry, insurance, rent, utilities, wallets | Education, fuel, jewelry, government payments, insurance, rent, wallets | Limited to Amazon and partner merchants for higher cashback | Exclusions apply for non-partner merchants | Fuel, rent, education, government, jewelry, insurance, toll fees |
| Cashback Redemption | Auto-credited to card account within 2 days of statement generation | Credited as statement credit | Credited as Amazon Pay balance | Redeemed as cash points (1 RP = ₹1) against statement or other categories | Credited as statement credit |
| Fuel Surcharge Waiver | 1% (₹500–₹3,000 transactions, max ₹100/month) | 1% (max ₹100/month) | None | 1% (max ₹250/month) | None |
| Lounge Access | None | None | None | 8 domestic lounge visits/year (max 2/quarter) | None |
| Welcome Benefits | None | Joining fee reversal on ₹10,000 spend within 45 days | None | 1,000 cash points as welcome gift | ₹250 Amazon e-gift voucher, BOGO movie tickets on Saturdays (max ₹250, first 2,000 users) |
| Interest Rate | 3.75% per month (45% annually) | 3.6% per month (43.2% annually) | 3.5%–3.8% per month (42%–45.6% annually) | 3.6% per month (43.2% annually) | Not specified (typically ~3.6% per month) |
| Foreign Currency Markup Fee | 3.5% + GST | 3.5% + GST | 3.5% + GST | 3.5% + GST | 3.5% + GST |
| Cash Advance Fee | 2.5% of amount or ₹500 (whichever is higher) | 2.5% of amount or ₹500 (whichever is higher) | 2.5% of amount or ₹500 (whichever is higher) | 2.5% of amount or ₹500 (whichever is higher) | 2.5% of amount or ₹500 (whichever is higher) |
| Best Suited For | Online shoppers seeking unrestricted 5% cashback across all platforms | Young professionals using Google Pay and select merchants | Amazon shoppers (especially Prime members) | Millennials shopping on partner brands and seeking lounge access | Dining, grocery, and food delivery enthusiasts |
| Drawbacks | No lounge access, no welcome benefits, cashback capped at ₹5,000/month | Limited to specific merchants for higher cashback, no lounge access | Benefits heavily tied to Amazon ecosystem | Cashback capped at 1,000 points/month, high annual fee for benefits | Lower online cashback rate, dining/grocery cashback capped at ₹1,000/month |
Key Observations:
- Cashback SBI Credit Card:
- Strengths: Offers a flat 5% cashback on all online spends without merchant restrictions, making it versatile for online shoppers. The cashback is auto-credited, simplifying redemption. Annual fee waiver on ₹2 lakh spends and a 1% fuel surcharge waiver add value.
- Weaknesses: No lounge access or welcome benefits. Cashback is capped at ₹5,000/month (combined for online and offline). Exclusions like education, fuel, and utilities limit its scope.
- Axis Bank Ace Credit Card:
- Strengths: Competitive 5% cashback on utility bills via Google Pay and 4% on select merchants like Swiggy and Zomato. Low joining/annual fees with easy waiver conditions.
- Weaknesses: Higher cashback is restricted to specific platforms, and there’s no lounge access.
- Amazon Pay ICICI Credit Card:
- Strengths: Lifetime free with no annual fees, ideal for Amazon Prime members (5% cashback on Amazon). Offers 2% cashback on Amazon Pay partners.
- Weaknesses: Benefits are heavily Amazon-centric, with only 1% cashback on non-Amazon spends, limiting versatility. No lounge access or fuel benefits.
- HDFC Bank Millennia Credit Card:
- Strengths: 5% cashback on popular platforms like Amazon, Flipkart, and Swiggy, plus 8 domestic lounge visits/year. Good for millennials with diverse online spends.
- Weaknesses: Cashback capped at 1,000 points/month, and the ₹1,000 annual fee is higher than peers. Lounge access is limited to domestic airports.
- HSBC Live+ Credit Card:
- Strengths: 10% cashback on dining, grocery, and food delivery (capped at ₹1,000/month) is ideal for food enthusiasts. Unlimited 1.5% cashback on other spends and BOGO movie ticket offers add value.
- Weaknesses: Lower 1.5% cashback on online spends compared to SBI’s 5%. No lounge access or fuel benefits.
Recommendations:
- Choose Cashback SBI Credit Card if you shop online frequently across various platforms and want a high, unrestricted 5% cashback rate. It’s ideal for those who can maximize online spends up to ₹1 lakh/month to hit the ₹5,000 cap.
- Choose Axis Bank Ace for utility bill payments via Google Pay or spends on select merchants like Swiggy and Zomato, especially if you prefer lower fees.
- Choose Amazon Pay ICICI if you’re an Amazon Prime member and most of your spends are on Amazon or its partners. Its lifetime-free status is a big plus.
- Choose HDFC Millennia if you want a mix of online shopping benefits and domestic lounge access, particularly for brands like Amazon, Flipkart, and BookMyShow.
- Choose HSBC Live+ if dining, groceries, and food delivery are your primary spending categories, and you value additional perks like movie ticket offers.
Final Thought
The Cashback SBI Credit Card is a solid choice for frequent online shoppers due to its 5% cashback on online spends and hassle-free reward system. Its contactless payment feature, fuel surcharge waiver, and global acceptance add practical value. However, the ₹5,000 monthly cashback cap, exclusions on major spending categories, and lack of lounge access may limit its appeal for high spenders or those seeking premium perks. The ₹999 annual fee, while waivable, is a consideration for low to moderate spenders. To maximize benefits, cardholders should focus on online transactions and ensure annual spends exceed ₹2,00,000 for fee reversal. Always review the latest terms and conditions on the SBI Card website (sbicard.com) before applying.
Note: Always analyze your spending patterns (online vs. offline, specific categories) and check for exclusions before choosing a card. For the latest offers and terms, visit the respective bank websites (e.g., SBI Card, Axis Bank, ICICI Bank, HDFC Bank, HSBC India).
