Editor’s note: This is a recurring post, regularly updated with new information and offers. Last Updated 26th March 2024.
SBI Cashback – an insanely rewarding and unbelievably simple no-nonsense credit card that has taken all credit card users by storm. After Axis, it seems like SBI Cards has taken the lead to bring good days for all the plastic money enthusiasts. No one would have ever believed that one day some bank would offer products better than HDFC Bank in the market. From here the competition is only going to get fiercer for the banks and better for consumers.
So let’s have a quick look at what this card offers!
Contents
Charges and Welcome Benefits
| Joining Fees | NIL |
| Welcome Benefits | NA |
| Annual Fees | ₹999 + GST |
| Annual Fee Waiver | Spend ₹2L on your card in a year for an annual fee waiver. |
| Add-on Card Charges | NIL (2 Add-ons Allowed) |
Currently, this card is being offered at absolutely zero joining fees with no welcome benefits. The annual fee waiver condition is also not too high keeping in mind that the full threshold of ₹2L will give you accelerated rewards when spending is done online. This card is so simple to understand and use that you simply don’t need to remember anything while using it.
Reward Rate
| Spends Area | Cashback |
| Online Spends* | 5% |
| Offline Spending* and Utility Bill Payments | 1% |
- *Cashback is not applicable on Education, Fuel, Jewelry, Insurance, Rent, Utilities, Wallets, Merchant EMIs, Cash Advances, Balance Transfer, Encash & Flexipay.
- Cashback is not applicable on any spending done below ₹100.
- Cashback will always be rounded down to the nearest integer on every transaction.
- Maximum Cashback in a month is restricted to a total of ₹5,000 per month.
- Card Cashback will be auto-credited to your SBI Card account within two days of your next statement generation.
Surprised? So am I! Straightforward 5% cashback credited to your statement without any redemption charges with an insanely high monthly capping. What more do you expect from a card? Let’s see how long can SBI sustain it.
So make hay till the sun shines!
Click on the banner below to apply for this card and get a voucher worth ₹500 on making your first transaction of ₹500 and above.
TechnoFino Maximum
Spend ₹1L per month online to reach the huge threshold of ₹5,000 per billing cycle! As simple as that but won’t be easy to touch month on month.
Other Benefits
Lounge Access
- Domestic Airport Lounge Access: 1 Complimentary Visit/Quarter using the Visa Lounge Access Program.
Fuel Surcharge Waiver
1% Fuel Surcharge Waiver across all petrol pumps on transactions of ₹500 – ₹3,000, exclusive of GST with a maximum surcharge waiver of ₹100 per statement cycle per credit card account.
TechnoFino Recommends
This card is a delight for cashback lovers and I highly recommend it! All those who are worried about its fee should think that to break even you need to spend just ₹23,600 in a year and above that, all the cashback is nothing but your net gain if you don’t cross the ₹2L mark!
Still, SBI Cashback can replace all the cashback cards like ICICI Amazon Pay, RBL Zomato Edition, and Standard Chartered Smart and even beats Standard Chartered Ultimate handsomely if you are a heavy online-only spender and hardly use cards offline. And if you get this one then why even keep paid cards like Axis Flipkart and HDFC Millennia in your portfolio?
This card also gives a serious run for money to BOB Eterna which is offered for a hefty fee of ₹2500 + GST but be mindful that Eterna rewards wallet loads. So I would not recommend weeding out all the winning cards from your portfolio in haste since the reward rate of this card is not sustainable in the long run so replace only what you are confident of getting back in case a devaluation happens.
Initially, this card was grabbed by everyone with a lot of enthusiasm which has now fizzed out since SBI has announced that this card will not work in online sales where SBI cards are already running an instant discount offer. So keep this in mind before replacing this with the above cards from your portfolio.
Though this card doesn’t give accelerated rewards on Utility Bill Payments like Axis Ace but then you always have the option of routing those spend through any online platform which can help you mask the merchant. 😉
Click on the banner below to apply for this card and get a voucher worth ₹500 on making your first transaction of ₹500 and above.
Are you also planning to grab an SBI Cashback card ASAP? Share your thoughts below!
Chief Editor, TechnoFino.
Personal finance nerd! Physics enthusiast and trainer. When not into Physics, he is minting points and hunting for the next best credit card for himself.
Can you suggest some methods for routing utility bill payment to some other merchants..
I tried to pay my jio bills via amazon wallet. I think I got 5% CB in SBI Cashback card.
Does IRCTC ticket booking count as online spending?
Yes it should.
Yes, I did it on Amazon and got 5%
no. got 1% @irctc
will this work on buying amazon gift cards? if yes, then bill payments are sorted..
Yes. 🙂
Are you sure?
Is insurance covered for cash back ?
Exclusions dont mention about it.
No. Tried paying insurance premium on official page of insurer. Received only 1% CashBack.
paid lic 12k by this card.didnot get a penny
Hey .. any more details about “Through any online platform which can help you mask the merchant. ” .. could you suggest some? I know of PayZapp, but not sure if that would be helpful here.
Does SBI allow one to hold more than one of its cards? I already have SBI IRCTC Rupay, and want to get this Cashback card too.
max 3 cards are allowed
Yes, you can have more than 1 card
Any1 able to apply or get a handon..
My application kept saying invalid credentials for a long time..
I got the same error, but then received call from SBI credit card team, and then application process went through.
Do not waste your time.. Me and one of friend have all required capabilities, but still SBI rejected our application on final step. When we enquired, they are not aware why our application got rejected. Pathetic and time wasting
I applied at Rcity mall, mumbai. They can’t apply for this card yet. Remember, they are 3rd party salesmen working on behalf of SBI card. Asked him to process my application for Prime card. His phone app showed – ‘soft approval no docs required’. SBI card usually calls twice before applying, one from the local SBI office, and once again from their head office (gurgaon?) to confirm your application details. You can ask to change the card during the final call, and they’ll do it. Let’s ee
During the verification call of credit card approval, the executive said that 5% reward rate is not applicable on online utility bills payment, is that true? Because can’t find that anywhere in T&C. And I checked with the executive, LIC/Insurance premiums are counted in utility bills hence, won’t get 5% on LIC premium payments etc. Please do share any information if you have on this. Thank you.
Its written that utility bills will earn 1%
What about Insurance Premium payments online ?? Will that also be in 5% Catagory ??
No clarity on the same from SBI.
MITC clearly says Utilities payments are defined and determined basis MCC categories communicated by Networks and include the following MCCs 4900, 9399, 4814, 5960 and 6300. Two of these MCCs are insurance so insurance will get only 1%
[…] Friends, SBI Card recently launched it’s first ever pure cashback credit card SBI cashback credit card. You’ll get flat 5% cashback on your all online spends. In this video I’ll tell you about all the benefits of SBI cashback credit card, how to apply for this card, my opinion about sbi cashback credit card and many more information. Apply for SBI Cashback credit card – https://www.sbicard.com/sprint/cashback?CS=sbic SBI cashback credit card review – https://www.technofino.in/sbi-cashback-credit-card-review/ […]
I applied for this card and it immediately got rejected the very next day.
Not sure why this happened as I already hold another SBI credit card.
Has anyone else also faced such issue?
P.S: I did not even got a call from any SBI representative to process my application. That’s strange.
Got the virtual card this morning.
Physical card should reach in 2-3 days
how to route utility bill and rent payment?
You can get some Amazon GVs and pay bills.
Booking tickets on paytm counts as wallet load or ticketing?
Entertainment category
As of now cashback is fast and shows as earned post billing. T+2 days.
And they are posting it 5% per transaction and rounding off to lower rupee.
Yes.. Same observation.
Can you give some tips to route off the trasactions on sbi cashback card?
Buy Apay vouchers.
You got it wrong dear, Card is capped on 10,000 online spends for 5% cashback. So for first 10k online purchase your get 5% I.e: Savings per month on this card is 500.
The article is correct and to the best of my knowledge
Dear, I currently have 2500+ cashback for my spending on this card. So info here is absolutely correct.
5% cash back is a very attractive offer online. Important point to note is that this SBI cashback card is *EXCLUDED* from all SBI cashback offers running online or offline be it Big billions days in Flipkart or Amazon Great Indian sale. Its so so disappointing. Therefore not recommended.
How does this card replaces Amazon pay icici card as it offer 2% unlimited cashback on bill and utility payment’s?
Amazon Pay also gives the same on bill payments via Amazon Pay.
CB against NPS Contribution?
1% only
Cashback against transaction in paywith.indiamart?
In the article its written that joining fee is NIL. But I cant find that during the application process. its writeen Rs. 999.