Cash in Your Pocket: The Ultimate Guide to SBI Cashback Credit Card Benefits

The SBI Cashback Card is one of the popular cards that offers cashback for each transaction made with the card. It offers cashback both on online and offline transactions. Get a cashback of 5% on online shopping with no merchant restrictions, and in case of offline purchases, get 1% cashback. Also, get a 1% fuel surcharge waiver at all petrol pumps in India with this card. The benefits of this card do not apply to any type of merchant EMI or Flexipay EMI transactions in case of some categories like insurance, jewellery, utility, fuel, school, education, rent, railways, and wallet. 

To check the outstanding balance or go through the transactions made, one can view and download the SBI Credit Card Statement online by logging into www.sbicard.com.  Select the e-statement option to get it on your registered e-mail address. It can be viewed/ printed/ downloaded for the last 24 months and/ or from the date of registration, whichever is earlier.

Features and Benefits

Mentioned below are the features and benefits of SBI Cashback Credit Card:

  • Earn 5% cashback on all online purchases with no merchant restrictions.
  • An annual/renewal fee of Rs.999 is to be paid, which will be waived if INR 2 lakh is spent in the previous year.
  • You can also avail of a 1% waiver on fuel surcharge on all petrol pumps across India on transactions ranging from INR 500 to INR 3000.
  • Get a 1% cash back on offline purchases and utility bill payments. But the rent payments, balance transfers, merchant EMIs, encash, flexipay, wallet loads, and cash advances are not eligible for Cashback.
  • Transfer the outstanding dues of another bank’s credit card to your credit card for repayment in EMIs at a lower interest rate.
  • This card is accepted in over 24 million locations worldwide, including 3.25 lakh in India.
  • Allows users to pay their mobile, electricity, and other utility bills in a hassle-free manner with the unique feature of ‘Easy Bill Pay’.

Exclusions on Cashback

The mentioned spend categories are not eligible for Cashback –

  • Wallet
  • Quasi Cash/Member Financial Institution
  • Fuel
  • Card, Gift, Novelty & Souvenir Shops
  • Utilities
  • Railways
  • Rental
  • Insurance Services
  • School and Educational Services
  • Jewellery

How to Calculate Cashback?

Mentioned below is the process to calculate the cashback on an SBI cashback credit card:

As we all know, there is a maximum capping of INR 5000 on cashback (online and offline, both inclusive). Let us suppose online transactions are worth INR 90,000 and are eligible for 5% cashback. Also, there are some offline transactions worth INR 60,000 in a month and are eligible for 1% cashback. Now, we can calculate the amount of cashback in the mentioned manner:

  • In case of online transactions = 5% of INR 90,000 = INR 4,500
  • In case of offline transactions =1% of INR 60,000 = INR 600

The total of which comes out to INR 5100. But, as there is a maximum capping of INR 5000, the cashback amount will also be restricted to INR 5000 per statement cycle.

Fees and Charges

Mentioned below are the fees and charges to apply for SBI Cashback Credit Card:

Joining FeesINR 999
Interest Charges3.5% p.m. (42% p.a.)
Renewal FeesINR 999 (Renewal Fee will be waived if annual spending for last year was more than INR 2 lakhs)
Cash Advance Fees2.5% of the amount of INR 500, whichever is higher
Foreign Currency Markup 3.5% as markup fees
Late Payment Charges
  • Less than INR 500 = Nil
  • Between INR 500 and INR 1,000 = INR 400
  • Between INR 1,000 and 10,000 = INR 750
  • Between INR 10,000 and INR 25,000 = INR 950
  • Between INR 25,000 and INR 50,000 = INR 1,100
  • Above INR 50,000 = INR 1,300

Eligibility Criteria

Mentioned below are the eligibility parameters required to be met by the applicant while applying for SBI Cashback Credit Card:

  • The minimum age of an applicant should be 21 years.
  • The maximum age of an applicant should be 70 years.
  • An applicant can either be self-employed or a salaried individual.
  • An applicant shall have a decent credit score of 750 or above. 

Pros and Cons of Having a SBI Cashback Credit Card

Mentioned below are the pros and cons of having SBI Cashback Credit Card:

Pros:

  • Access to cash from 1 million+ VISA ATMs worldwide.
  • The renewal fee is reversed if annual spending for last year is more than or equal to INR 2,00,000.
  • Get a waiver of 1% on fuel surcharge at all petrol pumps in India.

Cons:

  • Cashback is not available for the following categories: Education, Fuel, Jewelry, Insurance, Rent, Utilities, and Wallets.
  • No complimentary airport lounge access.

Documents Required

Mentioned below is the list of documents required to be applied along with the application form for SBI Cashback Credit Card:

  • Identity Proof
  • PAN card
  • A photo ID proof approved by the Government
  • Drivers’ licence
  • Job card by NREGA
  • Passport
  • Letter by UIDAI
  • Overseas Citizen of India card
  • Person of Indian origin card
  • Aadhaar card
  • Voter’s ID
  • Proof of Income
  • The latest or last two salary slips (not more than 3 months old)
  • Last 3 month’s bank statement
  • Recent Form 16
  • Address Proof
  • Aadhaar card
  • Passport
  • Person of Indian Origin card
  • NREGA issued job card
  • Driving licence
  • Bank statement or any other government-issued document approved as address proof
  • Property registration document
  • Ration card
  • Utility bills up to 3 months old 

Steps to Apply for a SBI Cashback Credit Card

Mentioned below are the steps to apply for a SBI Cashback Credit Card:

Step 1: Visit the Credit Card page on the SBI’s official website. A list of all credit cards will appear on the screen.

Step 2: Look for “SBI Cashback Credit Card” from the list available and then click on “Apply Now”. 

Step 3: Now click on “Start Apply Journey”.

Step 4: Fill the credit card application form online by providing the necessary details.

Step 5: Now, click “Submit”. The status of the form submission status will then appear on the screen.

Step 6: Once the bank approves the credit card application, the SBI representative will then call to verify the information provided.

Step 7: The credit card will then be posted by the bank at your address registered with them.

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