Cashback SBI Card Review

In today’s world, credit cards have become an integral part of our financial lives, offering convenience, security, and a wide range of rewards. One such credit card that has recently made its debut in the market is the SBI Cashback Card, introduced by SBI Card. True to its name, this card promises to be a rewarding companion, offering cash back on every transaction made with it. If you’re wondering whether this card is worth considering or how it can enhance your financial experience, you’ve come to the right place.

In this detailed evaluation of the Cashback SBI Card, we will examine the characteristics, advantages, and possible limitations of this recently introduced credit card. Our analysis will encompass the cashback rewards program, associated fees, and strategies for optimizing the benefits it provides. Upon concluding this review, you will gain a better comprehension of whether the Cashback SBI Card suits your financial objectives and aspirations.

So, if you’re curious about how this credit card can put money back in your pocket while offering the convenience and security of a credit card, join us as we take a closer look at the Cashback SBI Card and uncover the hidden gems it has to offer.

Features and Benefits

• Cashback Rewards: The Cashback SBI Card offers a lucrative cashback reward rate, allowing cardholders to earn substantial cashback on their transactions. With this card, you can enjoy a 5% cashback on all online transactions, making it ideal for your online shopping needs. Additionally, for offline transactions and utility bill payments, you can earn 1% of the base card cashback, further boosting your savings.
• Exclusions on Cashback: While the Cashback SBI Card offers generous rewards, it’s important to note certain exclusions. Cashback is not applicable on rent payments, fuel purchases, wallet loads, EMIs, cash advances, balance transfers, and Encash & Flexipay spends. Additionally, transactions below Rs. 100 will not accrue any cashback.
• Monthly Cashback Cap: To ensure fairness and control, the maximum cashback that can be earned on online transactions (5% cashback) and offline transactions (1% cashback) is capped at Rs. 5,000 per month. This cap helps cardholders plan their expenses while still enjoying attractive rewards.
• Eligible Spend Categories: While the Cashback SBI Card rewards various transactions, it’s important to note that certain spend categories are not eligible for cashback. These categories include jewelry, school and educational services, insurance services, utilities, railways, card, gift, novelty & souvenir shops, and quasi cash/member financial institutions.
• Annual Fee Waiver: The Cashback SBI Card comes with an annual fee of Rs. 999. However, this fee can be waived if you spend Rs. 2 lakh or more in the previous year. This feature allows cardholders to enjoy the benefits of the card without the burden of an annual fee.
• Fuel Surcharge Waiver: For fuel transactions between Rs. 500 and Rs. 3,000 at petrol pumps across India, the Cashback SBI Card offers a 1% waiver on the fuel surcharge. The maximum waiver that can be claimed in a month is capped at Rs. 100, providing additional savings on fuel expenses.
• Additional Benefits: In addition to cashback rewards and fee waivers, the Cashback SBI Card offers several other benefits. Cardholders can avail up to 2 add-ons for family members free of charge, ensuring that their loved ones can also enjoy the advantages of this card. Furthermore, for added convenience, the card enables contactless payments for transactions below Rs. 5,000, providing a quick and hassle-free payment experience.
• Reward Redemption: The cashback earned with the Cashback SBI Card is automatically credited within 2 days of the card’s next statement. For example, if your statement is generated on the 6th of every month, the cashback earned from the 7th of the previous month to the 6th of the current month will be credited after 2 days of your statement generation.

Cashback SBI Card Fees and Charges

• Joining & Renewal Fee: The Cashback SBI Card offers a complimentary first-year membership, allowing cardholders to enjoy all the privileges without any initial joining fee. However, from the second year onwards, an annual fee of Rs. 999 is applicable.
• Spend-Based Reversal: Good news for frequent spenders! By achieving annual spends of Rs. 2 lakhs or more, cardholders can enjoy a reversal of the renewal fee. This feature provides an opportunity to offset the annual charges through consistent usage.
• Interest Charges: In the event of carrying a balance on the Cashback SBI Card, interest charges are applicable at a rate of 3.5% per month or 42% per annum. It is important to keep this in mind to effectively manage your credit card debt.
• Cash Advance Fee: When availing cash withdrawals from ATMs using the Cashback SBI Card, a fee of 2.5% of the withdrawn amount or a flat fee of Rs. 500 is charged. It is advisable to consider alternative payment methods for cash requirements to avoid incurring additional charges.
• Foreign Currency Markup: For international transactions, the Cashback SBI Card imposes a foreign currency markup fee of 3.5%. This fee is applied when making purchases or transactions in a currency other than the Indian Rupee.
• Late Payment Charges: It is essential to ensure timely payment of the credit card bill to avoid late payment charges. The late payment fee structure of the Cashback SBI Card is as follows:
  • Dues remaining less than Rs. 500: No charges
  • Dues from Rs. 500 to Rs. 1,000: Rs. 400
  • Dues from Rs. 1,000 to Rs. 10,000: Rs. 750
  • Dues from Rs. 10,000 to Rs. 25,000: Rs. 950
  • Dues from Rs. 25,000 to Rs. 50,000: Rs. 1,100

Understanding the fees and charges associated with the Cashback SBI Card is crucial for managing your finances effectively. By being aware of these costs, you can make informed decisions regarding your credit card usage and optimize the benefits it offers.

Eligibility Criteria

To be eligible for the CashBack SBI Credit Card, applicants must meet certain criteria. Here are the key requirements that need to be fulfilled:

• Age Requirement: The primary cardholder must fall within the age bracket of 21 years to 65 years. This age range ensures that individuals who are legally capable of entering into a credit agreement can apply for the card.
• Stable Source of Income: Having a stable source of income is an important factor in the credit card approval process. Applicants should be able to demonstrate a regular and consistent flow of income to meet the repayment obligations associated with the CashBack SBI Credit Card.
• Decent Credit History: A decent credit history is essential for credit card approval. SBI Card typically evaluates an applicant’s creditworthiness by reviewing their credit history. A positive credit record, including timely payments of bills and loans, is advantageous for a successful application.

Meeting these eligibility criteria increases the likelihood of being approved for the CashBack SBI Credit Card. It is important to note that satisfying these requirements does not guarantee instant approval, as the final decision is subject to the bank’s discretion and internal evaluation process.

How to Apply for the Cashback SBI Card?

If you are interested in obtaining the Cashback SBI Card, you have the option to apply through either online or offline methods. Here’s a step-by-step guide on how to apply for the card using the online procedure:

• Step 1: Visit the Official Website: Begin by visiting the official website of SBI Card.
• Step 2: Navigate to Credit Cards: On the website, locate and click on the section dedicated to Credit Cards. This section provides an overview of the different credit card options offered by SBI Card.
• Step 3: Select Cashback SBI Card: From the list of available credit cards, identify and select the Cashback SBI Card. This card may be highlighted separately or categorized under a specific rewards program.
• Step 4: Click on ‘Apply Now’: Once you have chosen the Cashback SBI Card, click on the ‘Apply Now’ button associated with it. This will initiate the application process for the selected card.
• Step 5: Complete the Application Form: You will be directed to a new page or form where you need to provide the required details. Fill in all the necessary information accurately and completely. The details typically include personal information, contact details, employment details, and income information.
• Step 6: Submit the Application: After completing the application form, review the entered information to ensure its accuracy. Once you are satisfied, click on the ‘Submit’ or ‘Apply’ button to submit your application.

By following these steps and providing all the required information, you can easily apply for the Cashback SBI Card online. Alternatively, if you prefer an offline application method, you can visit the nearest SBI Branch and fill out the application form available there.

Whether you choose the online or offline application process, it is important to ensure that you provide accurate and complete information to increase the chances of a successful application.

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FAQs

Can I apply for the Cashback SBI Card online?

Yes, you can apply for the Cashback SBI Card online by visiting the official SBI Card website, selecting the Cashback SBI Card, and completing the application form with the required details.

Is the Cashback SBI Card available for both new and existing SBI customers?

Yes, the Cashback SBI Card is available for both new customers and existing SBI customers who meet the eligibility criteria and fulfill the application requirements.

How can I waive the annual fee associated with the Cashback SBI Card?

You can waive the annual fee of Rs. 999 by spending Rs. 2 lakhs or more in a year using the Cashback SBI Card.

Are there any exclusions on cashback earnings?

Yes, there are exclusions on cashback earnings. Cashback is not provided for rent, fuel, wallet loads, EMIs, cash advances, balance transfers, and encash & flexipay spends. Additionally, transactions below Rs. 100 do not accrue any cashback.

Is there a limit to the maximum cashback I can earn in a month?

Yes, there is a maximum cashback limit. The maximum cashback that can be earned on online transactions (5% cashback) and offline transactions (1% cashback) is capped at Rs. 5,000 every month.

Conclusion

The Cashback SBI Card, provided by SBI Card, offers an appealing credit card option that comes with rewarding cashback benefits and convenient features. By earning up to 5% cashback on both online and offline transactions, cardholders have the chance to maximize their savings on everyday purchases. The annual fee of Rs. 999 can be waived by meeting a spend threshold of Rs. 2 lakhs, making the card more accessible for active credit card users. Furthermore, the card provides advantages such as fuel surcharge waivers, contactless payments, and the option to add family members as cardholders.

To have a comprehensive understanding of the rewards structure, it’s important to note the exclusions on cashback and the monthly limits on cashback earnings. By familiarizing themselves with the eligibility criteria, fees, and charges associated with the Cashback SBI Card, individuals can make well-informed decisions regarding their financial choices and credit card usage.

Applicants can conveniently apply for the Cashback SBI Card through both online and offline methods, ensuring a seamless and accessible application process. It is advisable to carefully review the card’s features, benefits, and requirements to assess its suitability for one’s financial needs and preferences.

Overall, the Cashback SBI Card offers individuals an opportunity to earn rewards on their transactions, save on expenses, and enjoy additional benefits. With its combination of cashback rewards, fee waivers, and other features, this card can serve as a valuable tool for individuals looking to maximize their credit card usage and enhance their financial journey.

Author: Vedanti KiranVedanti is a female finance writer, currently pursuing her studies at Hansraj College. She has a passion for writing and travelling, and her articles on the stock market, finance, investment, and cryptocurrency are well-researched and informative. With her unique perspective on the world of finance, Vedanti is a go-to source for those seeking insights into the world of finance.