SBI Cashback Credit Card: A Detailed Review

Image of SBI Cashback Credit Card

The SBI Cashback Credit Card is a popular choice for those seeking a straightforward way to earn cashback rewards on their everyday spending. This in-depth review will cover its key features, benefits, drawbacks, and help you determine if it's the right card for you.

Key Features and Benefits

The SBI Cashback Card offers a simple cashback structure, making it easy to understand and utilize. Its core benefits include:

• High Cashback on Online Spends: Earn 5% cashback on all online transactions (up to a maximum of ₹5,000 per month).
• Cashback on Offline Spends: Receive 1% cashback on offline purchases.
• Automatic Cashback Crediting: Cashback is automatically credited to your account within two days of statement generation, eliminating the need for redemption.
• Fuel Surcharge Waiver: Enjoy a 1% fuel surcharge waiver on transactions between ₹500 and ₹3,000 (capped at ₹100 per statement cycle).
• Potential Annual Fee Waiver: The annual fee of ₹999 can be waived off by spending ₹2,00,000 or more in a year.
• Contactless Payments: Make quick and secure transactions with contactless payment options for amounts under ₹5,000.

Fees and Charges

Fee/Charge	Amount
Joining Fee	₹999 + GST
Annual Fee	₹999 + GST (waived on spending ₹2,00,000 or more annually)
Foreign Currency Markup	3.5%
Cash Advance Fee	2.5% of the amount withdrawn or minimum ₹500

Drawbacks

• Cashback Exclusions: Several categories are excluded from cashback, including fuel, wallet transactions, rent, jewelry, utilities, insurance, and certain others. This can limit the overall cashback earned.
• High Annual Fee Waiver Threshold: Reaching the ₹2,00,000 spending requirement for the annual fee waiver may be challenging for some cardholders.
• Cashback Cap: The monthly cashback cap of ₹5,000 limits the potential rewards even with high spending.
• No Lounge Access: The card does not offer complimentary airport lounge access.

Use Cases and Recommendations

Let's illustrate the cashback earned with some examples:

Spending Category	Amount Spent	Cashback Earned
Online Shopping (Amazon)	₹10,000	₹500 (5%)
Grocery Shopping (Offline)	₹5,000	₹50 (1%)
Online Bill Payment (Eligible)	₹20,000	₹1000 (5%)
Fuel (₹700)	₹700	₹0 (No cashback, but 1% surcharge waiver up to ₹100 per month)

Recommendations:

• Heavy Online Shoppers: This card is excellent for those who frequently shop online and can maximize the 5% cashback on eligible purchases.
• Budget-Conscious Individuals: The potential annual fee waiver makes it attractive, but carefully consider the cashback exclusions.
• Those Seeking Additional Perks: If you prioritize features like lounge access or travel insurance, this might not be the best choice.

Comparison with Similar Cards

While a direct comparison requires real-time data from various credit card providers, this card's primary competitors include cards from Axis Bank, HDFC Bank, and other issuers which offer cashback rewards on online purchases.

Conclusion

The SBI Cashback Credit Card offers a compelling proposition for those focused on maximizing online cashback. The high cashback percentage on online spending and the potential annual fee waiver are attractive features. However, carefully evaluate the cashback exclusions and spending threshold for the annual fee waiver to ensure it aligns with your spending habits. Consider comparing it with other cashback cards to find the best fit for your needs.