SBI Cashback Credit Card is one of the most popular credit cards in India that offers a range of benefits to its users. This credit card is specifically designed to provide cashback rewards on every purchase made using it. With a wide range of features and benefits, the SBI Cashback Credit Card has become a go-to choice for many credit card users in India. In this comprehensive review, we will discuss the key features, benefits, fees, and charges associated with the SBI Cashback Credit Card. Additionally, we will also answer some of the commonly asked questions related to this credit card, which will help you make an informed decision about whether this card is the right choice for you.
Table of Contents
SBI Cashback Credit Card Review:
SBI Cashback Credit Card is one of the popular credit cards offered by the State Bank of India. This card offers a range of benefits, including cashback rewards, fuel surcharge waivers, and discounts on various purchases. Let’s take a closer look at the features and benefits of this card.
- Cashback rewards: With the SBI Cashback Credit Card, you can earn cashback rewards on various purchases. The cashback percentage varies depending on the category of purchase. For example, you can earn 5% cash back on grocery and department store purchases, and 2.5% cash back on fuel purchases.
- Fuel surcharge waiver: This card also offers a fuel surcharge waiver of 1% on fuel purchases made at any petrol pump in India. This waiver is valid for transactions between Rs. 500 and Rs. 4,000.
- Discounts on purchases: You can also avail of discounts on purchases made at partner merchants, such as Cleartrip, Lenskart, and UrbanClap.
- Easy bill payment: This card also offers easy bill payment options, including online and offline payment modes.
- Contactless payment: The SBI Cashback Credit Card is enabled with contactless payment technology, which allows you to make quick and secure payments without swiping or dipping your card.
- Annual fee waiver: SBI Cashback Credit Card comes with an annual fee of Rs. 499, which can be waived if you spend more than Rs. 50,000 in a year.
- Add-on cards: You can also apply for add-on cards for your family members, which come with no annual fee.
- Easy EMI conversion: You can convert your big-ticket purchases into easy EMIs at a lower interest rate.
- Balance transfer: You can also transfer your outstanding balance from other credit cards to the SBI Cashback Credit Card and repay it in easy EMIs.
- Cashback redemption: You can redeem your earned cashback rewards as a statement credit or direct credit to your bank account.
Fees and Charges:
- Annual fee: Rs. 499 (can be waived off if you spend more than Rs. 50,000 in a year)
- Joining fee: Rs. 499 (one-time)
- Interest rate: 3.35% per month or 40.2% per annum
- Cash withdrawal fee: 2.5% of the amount withdrawn or Rs. 300, whichever is higher
- Late payment fee: Up to Rs. 950
- Foreign currency transaction fee: 3.5% of the transaction amount
The credit limit on the SBI Cashback Credit Card varies depending on your creditworthiness and income. The minimum credit limit is Rs. 25,000.
How to Apply for SBI Cashback Credit Card:
You can apply for the SBI Cashback Credit Card through the SBI website or by visiting your nearest SBI branch. You need to provide your personal and financial details along with supporting documents to complete the application process.
Users can apply for the SBI Cashback Credit Card both online and offline. Here are the steps to apply online:
- Visit the official website of SBI Card.
- Click on the ‘Apply Now’ button under the SBI Cashback Credit Card section.
- Fill in the required details such as name, email ID, mobile number, and city.
- Submit the application form and wait for a few minutes for the bank’s approval.
Alternatively, users can also visit the nearest SBI branch or contact the bank’s customer care to apply offline.
How to Check SBI Credit Card Cashback:
You can check your SBI Credit Card cashback by logging in to your SBI credit card account on the SBI website or through the SBI mobile app. You can also check your cashback rewards on your monthly credit card statement.
Checking the cashback earned on your SBI Credit Card is a simple process. Here are the steps to follow:
- Login to your SBI Credit Card accounts online. You can also use the SBI Card mobile app to check your cashback balance.
- Once you are logged in, go to the ‘Rewards’ or ‘Cashback’ section.
- Here, you will be able to see the cashback balance that you have earned on your SBI Credit Card.
- You can also view the transaction history to see how much cashback you have earned on each transaction.
- Some SBI Credit Cards may also offer cashback statements, which provide a detailed overview of the cashback earned during a particular period.
In case you are facing any issues while checking your SBI Credit Card cashback balance, you can contact the customer care team of SBI Card. They will assist you in resolving your query and ensure that you are able to check your cashback balance without any hassle.
How to Redeem SBI Cashback Credit Card Cashback:
You can redeem your SBI Cashback Credit Card cashback rewards through the SBI website or mobile app. To redeem your cashback rewards on your SBI Cashback Credit Card, you can follow the steps mentioned below:
- Log in to your SBI Card account on the official website or mobile app.
- Click on the ‘Rewards’ tab on the home screen.
- Select the ‘Cashback’ option.
- Click on ‘Redeem’ and choose the amount of cashback you want to redeem.
- Confirm the redemption by entering your SBI Card’s CVV number.
- The cashback will be credited to your SBI Card account within 2-3 working days.
Alternatively, you can also redeem your cashback rewards by calling the SBI Card customer care number, which is available 24×7.
Can You Withdraw Money from SBI Cashback Credit Card?
Yes, you can withdraw cash using your SBI Cashback Credit Card. However, this feature should be used only in case of emergencies as cash withdrawals on credit cards come with high charges and interest rates.
The cash withdrawal limit on the SBI Cashback Credit Card is 40% of the total credit limit. However, cash withdrawals are subject to a transaction fee of 2.5% of the withdrawn amount, with a minimum of Rs. 500, along with an interest rate of 3.35% per month, which is calculated from the date of withdrawal until the date of repayment.
How to Withdraw Money from SBI Cashback Credit Card?
While it is possible to withdraw cash using your SBI Cashback Credit Card, it is not recommended due to the high fees and interest charges involved. However, if you still want to proceed with the cash withdrawal, here are the steps you need to follow:
- Visit an ATM that accepts SBI Credit Cards.
- Insert your credit card into the ATM machine and enter your PIN.
- Select the ‘Cash Advance’ option on the ATM screen.
- Enter the amount of cash you want to withdraw.
- Confirm the transaction.
- Collect the cash from the ATM.
It is important to note that cash withdrawals using your credit card come with a higher interest rate and transaction fees compared to regular purchases. Additionally, interest is charged on the cash withdrawal amount from the date of the transaction, until the date of repayment. Therefore, it is recommended to avoid cash withdrawals using your SBI Cashback Credit Card unless it is absolutely necessary.
SBI Cashback Credit Card Vs Simply Click
When it comes to choosing a credit card, it’s important to compare the different options available in the market to find one that best suits your needs. Two popular credit cards from SBI are the SBI Cashback Credit Card and the SBI SimplyCLICK Credit Card. Let’s compare the features of both these cards:
- Cashback: The SBI Cashback Credit Card offers a flat 1.5% cashback on all spends, while the SBI SimplyCLICK Credit Card offers 1 reward point per Rs. 100 spent on all categories except fuel, and 5x reward points on online spending.
- Annual Fee: The SBI Cashback Credit Card has a lower annual fee of Rs. 500 as compared to the SBI SimplyCLICK Credit Card which has an annual fee of Rs. 499.
- Welcome Bonus: The SBI SimplyCLICK Credit Card offers a welcome bonus of Rs. 500 in the form of an Amazon Gift Card upon joining, while the SBI Cashback Credit Card does not have a welcome bonus.
- Milestone Rewards: The SBI SimplyCLICK Credit Card offers milestone rewards of up to Rs. 4,000 in Amazon gift vouchers on spending Rs. 1 lakh and Rs. 2 lahks annually. The SBI Cashback Credit Card does not offer any such milestone rewards.
- Foreign Transaction Fee: The SBI SimplyCLICK Credit Card charges a foreign transaction fee of 3.5% of the transaction amount, while the SBI Cashback Credit Card charges a foreign transaction fee of 1.99% of the transaction amount.
- Lounge Access: Both cards offer lounge access through the Visa/Mastercard Lounge program.
In summary, the SBI Cashback Credit Card is a better option for those looking for a simple cashback card with lower annual fees, while the SBI SimplyCLICK Credit Card is a better option for those who spend a lot on online transactions and want to earn rewards.
SBI Cashback Credit Card Vs Hdfc Millennia Credit Card
SBI Cashback Credit Card and HDFC Millennia Credit Card are both popular credit cards in India that offer a range of benefits to their users. Here’s a comparison between the two:
Rewards and Cashback:
- SBI Cashback Credit Card offers 1.5% cashback on all spends, without any maximum limit. It also offers additional cashback on certain categories like groceries, movies, dining, and departmental stores.
- HDFC Millennia Credit Card offers 1% cashback on all spends, with a maximum limit of Rs. 1,000 per month. It also offers additional cashback on online shopping and utility bill payments.
Fees and Charges:
- SBI Cashback Credit Card has an annual fee of Rs. 500, which is waived off on spending Rs. 50,000 or more in a year. It also has a late payment fee of up to Rs. 950.
- HDFC Millennia Credit Card has an annual fee of Rs. 1,000, which is waived on spending Rs. 1 lakh or more in a year. It also has a late payment fee of up to Rs. 700.
- SBI Cashback Credit Card offers discounts on fuel purchases, and access to select airport lounges in India.
- HDFC Millennia Credit Card offers discounts and cashback on online shopping and food delivery platforms and also provides complimentary airport lounge access.
Both credit cards have their own set of advantages and disadvantages, and the choice between the two depends on the user’s spending habits and preferences. If the user wants higher cashback on all spends and lower annual fees, SBI Cashback Credit Card could be a better option. However, if the user shops online frequently and prefers a card with more online shopping and utility bill payment benefits, HDFC Millennia Credit Card could be a better option.
What is the Limit of SBI Cashback Card 10000?
The SBI Cashback Credit Card comes with a credit limit that is determined based on the applicant’s credit history, income, and other factors. The minimum credit limit for the SBI Cashback Credit Card is Rs. 25,000, and the maximum credit limit can go up to Rs. 5 lakhs.
Regarding the cash withdrawal limit, as mentioned earlier, it is 40% of the total credit limit. Therefore, if you have a credit limit of Rs. 25,000, your cash withdrawal limit would be Rs. 10,000.
What is the Foreign Transaction Fee for SBI Cashback Credit Card?
The SBI Cashback Credit Card charges a foreign currency markup fee of 3.5% on all international transactions, including online transactions, POS transactions, and cash withdrawals.
Therefore, if you use your SBI Cashback Credit Card for international transactions, you will be charged a 3.5% markup fee on the transaction amount, which will be added to your credit card bill.
How do I Use my Credit Card Cashback?
You can use your credit card cashback in several ways, including:
- Paying off your credit card bill: You can use your cashback rewards to pay off your credit card bill, which will help you save on interest charges.
- Shopping: You can use your cashback rewards to shop online or offline at partner stores or through the card’s rewards program.
- Booking travel: You can use your cashback rewards to book flights, hotels, and other travel-related expenses.
- Donating: Some credit cards allow you to donate your cashback rewards to charitable organizations.
- Online Shopping: SBI Cashback Credit Cardholders can earn cashback when they shop at online partner stores. The card offers up to 5% cashback on online purchases made at Amazon, BookMyShow, Cleartrip, FabIndia, UrbanClap, Lenskart, and many more.
- Fuel Surcharge Waiver: The card offers a fuel surcharge waiver of 1% on fuel transactions worth between Rs. 500 and Rs. 3,000, exclusive of GST and other charges.
- Dining Delights: SBI Cashback Credit Cardholders can enjoy discounts and other benefits when they dine at partner restaurants across India. This includes up to 15% discount on dining bills and other offers at over 2,500 partner restaurants.
- Easy Bill Payment: The card allows for easy and convenient bill payments for various services such as electricity, telephone, and insurance bills. Users can earn 0.5% cash back on all other payments except fuel transactions.
How Can I Use My SBI Credit Card for the First Time?
To use your SBI Credit Card for the first time, you need to follow these steps:
- Activate your SBI Credit Card by generating a PIN.
- Check the credit limit on your SBI Credit Card.
- Familiarize yourself with the features and benefits of your SBI Credit Card.
- Make your first purchase using your SBI Credit Card at any merchant that accepts credit card payments.
- Ensure that you make your credit card payments on time to avoid any late payment fees or penalties.
Can I Take Cash from Credit Card in SBI
Yes, SBI credit cardholders can withdraw cash using their credit card, but it is not recommended as cash withdrawals come with high-interest rates and additional fees. The cash advance fee is typically around 2.5% of the total amount withdrawn or a minimum of Rs. 300 per transaction. Additionally, the interest rate for cash advances is higher than that of regular purchases and starts accruing from the day of the transaction.
To withdraw cash using an SBI credit card, cardholders can visit any SBI ATM and use their credit card to withdraw the desired amount. However, it is important to note that cash withdrawals using credit cards should be avoided as much as possible and should only be used as a last resort.
SBI credit cardholders can also transfer funds from their credit card to their bank account. To do so, they need to log in to their SBI credit card account and follow the instructions for fund transfer. However, it is important to note that this facility may not be available on all SBI credit cards and may attract a processing fee.
Additionally, SBI credit cardholders can set up auto-debit instructions to pay their credit card bills from their savings account. This helps ensure timely payments and avoids late payment fees and interest charges.
To know if an SBI credit card is active, cardholders can log in to their SBI credit card account online or check the card statement for recent transactions. They can also contact SBI customer care to confirm the status of their credit card.
To transfer money from an SBI credit card to their bank account, cardholders can use the SBI Card app or log in to their SBI credit card account online and follow the instructions for fund transfer. They can also contact SBI customer care for assistance.
To activate an SBI credit card for international transactions, cardholders need to log in to their SBI credit card account online and select the “Services” option. From there, they can select “Card Services” and “International Usage” and enable the option for international transactions. They can also contact SBI customer care for assistance.
The time taken to activate an SBI credit card may vary depending on the card type and the verification process. Generally, it takes around 7-10 business days for a credit card to be activated after the application is processed. However, cardholders can contact SBI customer care to get an update on the status of their credit card activation.
SBI Cashback Credit Card Charges:
- Annual Fee: The SBI Cashback Credit Card has an annual fee of Rs. 499, which is waived for users who spend more than Rs. 1 lakh in a year.
- Finance Charges: The card has finance charges ranging from 2.5% to 3.35% per month, depending on the outstanding balance. Users are required to pay a minimum of 5% of the outstanding balance every month.
- Late Payment Charges: The card charges a late payment fee ranging from Rs. 0 to Rs. 950, depending on the outstanding balance.
- Cash Withdrawal Charges: SBI Cashback Credit Cardholders are charged 2.5% of the amount withdrawn or Rs. 300, whichever is higher, for cash withdrawals.
- Foreign Currency Transactions: The card charges a fee of 3.5% on foreign currency transactions.
- Over-Limit Charges: Users are charged 2.5% of the over-limit amount or Rs. 500, whichever is higher, for crossing the credit limit.
SBI Cashback Credit Card Limit:
The credit limit on the SBI Cashback Credit Card is determined by the bank based on various factors such as the applicant’s credit score, income, employment status, and other credit obligations. The minimum credit limit on the card is Rs. 25,000, and it can go up to several lakhs depending on the user’s profile.
The credit limit on your SBI Cashback Credit Card can range from a few thousand to lakhs of rupees, depending on your creditworthiness. However, it is important to note that the credit limit provided by the bank is not a fixed amount and can be changed based on your credit usage patterns, repayment history, and other factors.
To check your current credit limit on your SBI Cashback Credit Card, you can log in to your SBI Card account through the official website or mobile application. Additionally, you can also contact the customer care service of SBI Cards to know your credit limit or to request a credit limit increase.
SBI Cashback Credit Card Customer Care Number:
To contact the customer care service of SBI Cards for any issues related to your SBI Cashback Credit Card, you can use the following toll-free numbers:
- 1860 180 1290
- 39020202 (prefix the STD code of your city)
- 1800 180 1290 (toll-free)
These numbers are available 24×7 and can be used to report any issues related to your SBI Cashback Credit Card such as transaction disputes, card loss or theft, credit limit increase requests, or any other queries related to your credit card account.
In addition to the above numbers, you can also reach out to the customer care service through email, chat, or by visiting the nearest SBI branch. The customer care representatives are trained to assist you with any queries or issues related to your credit card account and will provide prompt and helpful assistance.
The SBI Cashback Credit Card is a great option for those who want to earn cashback on their regular spending. With its attractive cashback rates and other benefits, the card offers great value for money. However, users should be aware of the card’s charges and fees and use it responsibly to avoid any unnecessary expenses.