SBI Cashback Credit Card Review
The SBI Cashback Credit Card is designed to offer significant rewards for both online and offline spending, making it an attractive choice for diverse cardholders. Issued by SBI Card, one of India's leading credit card issuers, this card provides substantial cashback benefits along with additional features that enhance user convenience and savings. It caters especially to those who frequently shop online and prefer a straightforward rewards structure without merchant restrictions.
Joining Benefits of SBI Cashback Credit Card
- Welcome Bonus: โน750 cashback on spending โน2,000 within the first 30 days.
- Cashback on Online Spends: 5% cashback on all online transactions (excluding select categories).
- Cashback on Offline Spends: 1% cashback on all offline transactions.
- Fuel Surcharge Waiver: 1% waiver on fuel transactions.
- Annual Fee Reversal: Annual fee reversed on spending โน2 lakhs in a year.
- Interest-Free Period: Up to 50 days of interest-free credit.
- Easy EMI: Option to convert big-ticket purchases into easy monthly installments.
- Zero Liability: Protection against fraudulent transactions if the card is reported lost or stolen.
SBI Cashback Credit Card Features
The Cashback SBI Card features an array of benefits tailored to enhance the user experience. Here are some of the primary features:
- SBI Cashback Rewards:
- 5% Cashback on Online Spends: Enjoy a generous 5% cashback on all online transactions, making it ideal for frequent online shoppers.
- 1% Cashback on Offline Spends: Earn 1% cashback on offline transactions, ensuring consistent rewards for everyday purchases.
- Fuel Surcharge Waiver:
- Get a 1% waiver on fuel transactions across all petrol pumps in India on transactions between Rs. 500 and Rs. 3,000, with a maximum waiver of Rs. 100 per statement cycle.
- Interest-Free Period:
- Benefit from up to 50 days of interest-free credit, helping you manage your finances better.
- Easy EMI Conversion:
- Convert big-ticket purchases into easy monthly installments, making high-value purchases more manageable.
- Zero Liability Protection:
- Enjoy protection against fraudulent transactions if the card is reported lost or stolen.
SBI Cashback Credit Card Eligibility
To apply for the SBI Cashback Credit Card, you need to meet specific eligibility criteria:
- Age: The primary cardholder should be between 21 and 60 years old.
- Income: Applicants should have a steady source of income, with a minimum annual income of Rs. 3,00,000.
- Credit Score: A good credit score is essential for approval, usually 750 and above.
SBI Cashback Card Benefits
The SBI Cashback Credit Card benefits extend beyond cashback rewards, offering a range of additional perks:
- Annual Fee Reversal: The annual fee is waived if you spend Rs. 2,00,000 in the previous year.
- Contactless Payment: Supports contactless transactions via VISA PayWave, enhancing convenience and security.
- Worldwide Acceptance: Accepted at over 24 million outlets globally, including 325,000 outlets in India.
- Add-on Cards: Issue add-on cards for family members at no additional annual fee.
SBI Cashback Card Lounge Access
While the SBI Cashback Card does not primarily offer lounge access, it focuses on maximizing cashback rewards and convenience for everyday transactions. For those seeking lounge access, other premium cards from SBI may be more suitable.
SBI Cashback Credit Card Limit
The SBI Cashback Card limit is determined based on various factors such as your income, credit score, and overall financial profile. The credit limit can be adjusted over time based on your usage and repayment history.
How to Apply for SBI Cashback Card
Here's a step-by-step guide on howย to apply for the SBI Cashback Card:
- Visit the SBI Card Website: Navigate to the official SBI Card website and find the SBI Cashback Credit Card page.
- Fill in the Application Form: Provide your personal details, income information, and contact details.
- Submit Required Documents: Upload necessary documents such as identity proof, address proof, and income proof.
- Submit the Application: Once all details are filled in and documents uploaded, submit the application for review.
- Approval and Card Issuance: Upon approval, the card will be sent to your registered address.
Comparative Analysis
To provide a clearer understanding, let's compare the SBI Cashback Credit Card with a similar product, the HSBC Cashback Credit Card & SBI Money Back Credit Card:
SBI Cashback Credit Card:
- Online Cashback: 5% on all online transactions.
- Offline Cashback: 1% on offline transactions.
- Annual Fee: Rs. 999 (waived on annual spends of Rs. 2,00,000).
- Additional Benefits: Fuel surcharge waiver, contactless payments, worldwide acceptance, and easy EMI conversion.
- Ideal For: Frequent online shoppers looking for high cashback rates.
SBI Money Back Credit Card:
- Online Cashback: 2.5% on online spends.
- Offline Cashback: 1% on other retail spends.
- Annual Fee: Rs. 500 (waived on annual spends of Rs. 1,00,000).
- Additional Benefits: Reward points convertible to cash, fuel surcharge waiver, and utility bill payments.
- Ideal For: Those seeking moderate cashback with lower fees and additional reward flexibility.
HSBC Cashback Credit Card:
- Online Cashback: 1.5% on all online transactions.
- Offline Cashback: 1.5% on other retail spends.
- Annual Fee: Rs. 750 (waived on annual spends of Rs. 1,00,000).
- Additional Benefits: No joining fee, no fuel surcharge waiver, and extensive global acceptance.
- Ideal For: Users preferring a simple cashback structure with lower fees and no joining cost.
SBI Cashback Card Review
The SBI Cashback Credit Card Review highlights its strength in offering high cashback rewards and user-friendly features. Users appreciate the straightforward cashback structure, making it easy to understand and benefit from. The card's wide acceptance and additional perks like fuel surcharge waiver and contactless payment options add to its appeal.
However, some users have noted the high-interest rates on unpaid balances and the joining/renewal fees as potential drawbacks. Overall, the card receives positive feedback for its value proposition, especially for those who can maximize the cashback benefits.
Additional Perks and Benefits
Beyond the core features, the SBI Cashback Credit Card offers several additional perks designed to enhance overall value:
- Cash Withdrawal Facility: Withdraw cash from over 1 million VISA ATMs globally.
- Utility Bill Payment Facility: Use the card to pay for electricity, telephone, mobile, and other utility bills through the Easy Bill Pay facility.
- Balance Transfer on EMI: Transfer the outstanding balance from other bank credit cards to your SBI Cashback Credit Card at a lower interest rate.
Pros and Cons
Pros
- High Online Cashback: The 5% cashback on online spends is one of the highest in the market.
- Consistent Offline Rewards: 1% cashback on offline transactions provides value for everyday purchases.
- Annual Fee Waiver: High spenders can enjoy the card without an annual fee.
- Fuel Surcharge Waiver: Additional savings for those who drive frequently.
- Wide Acceptance: Reliable for both domestic and international use.
- No Add-on Card Fees: Extra value for households.
Cons
- Joining and Renewal Fees: Could be a deterrent for low spenders.
- Exclusions on Cashback: Certain categories are excluded from earning cashback.
- High Interest Rate: Significant costs if the balance is not paid in full each month.
- Foreign Transaction Fee: Can be quite high for frequent international purchases.
Conclusion and Overall Rating
The SBI Cashback Credit Card stands out for its substantial cashback rewards, making it an excellent choice for frequent online shoppers. Its additional features, such as the fuel surcharge waiver, contactless payment convenience, and global acceptance, further enhance its value. While it has some drawbacks, such as high interest rates and specific exclusions on cashback, the overall benefits make it a compelling option.
The SBI Cashback Credit Card earns a high rating for its excellent cashback benefits, user-friendly features, and strong value for frequent online shoppers. It is a worthwhile consideration for anyone looking to optimize their spending rewards.
