SBI launched SBI Cashback credit card on 1^st Sept 2023 and it looks like an unbelievably great card with 5% cashback feature embedded into the card for ALL online spends. The card seems too good to be true and maybe they may downgrade this later but I think as the old saying goes – ‘Make hay while the sun shines’, so do seriously consider getting this card.

Overview of SBI Cashback Card

• Joining Fee – Rs 999 + GST
• Annual Fee – Rs 999 + GST (Renewal Fee reversed if spends greater than Rs 2 Lac)

Reward Rates

• 5% cashback^ on all* online spends
• 1% cashback on all* offline spends and utility bill payments

^ 5% cashback is capped at Rs 5,000 per statement month (Basically till Rs 1 Lacs monthly online spends)

*Cashback not applicable on rent payments, wallet loads, Utility, Insurance, Fuel, School & Educational Services, Jewelry, Railways, gift cards, Merchant EMIs & other quasi cash transactions like cash advances, Balance transfer, Encash, Flexipay

Cashback to be credited to statement within 2 days of statement generation (This is similar to Amazon Pay ICICI card where cashback is added to your Amazon pay account)  

Lounge Benefit

• Nil

My Take on this

The SBI Cashback Credit card with their 5% cashback feature is really a great feature. This basically beats a lot of other cashback credit cards like Amazon Pay ICICI card, Flipkart Axis etc considering the Merchant agnostic cashback benefit of 5%.

However, this 5% cashback is quite high and hence there were few devaluations earlier and the monthly cashback capping was reduced to Rs 5000 (from original Rs 10000). So, in times to come, hopefully there will not be further devaluation.

So, if you are carrying other cashback cards without high annual fee or LTF, I would suggest to keep them as well incase you exceed Rs 1Lac some month.

If you liked the features mentioned above and want to apply for this card or any other SBI Card, please apply through my referral link ( https://bitli.in/G9zPc5s )

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