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Overview
The SBI Cashback Credit Card is tailored for digital-savvy consumers who prioritize cashback on their daily spending. Launched by SBI Cards in 2022, this product quickly gained popularity for its straightforward cashback benefits, especially on online shopping. With a clean interface, quick application process, and reliable returns, it's one of the top contenders in India’s cashback credit card space.
Major Features
1. 5% Cashback on Online Shopping
One of the card’s most compelling benefits is the flat 5% cashback on online purchases, regardless of the merchant or category. This broad applicability makes it attractive for frequent online buyers.
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Cashback Limit: ₹5,000 per billing cycle
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Payout: Cashback is automatically credited within two working days post billing cycle
2. 1% Cashback on Offline Transactions
For purchases made at physical stores or via swipe machines (POS), cardholders earn 1% cashback, which adds extra value for everyday use.
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The ₹5,000 cap applies across both online and offline spends combined.
3. Fuel Surcharge Benefit
To ease fuel expenses, the card provides a 1% waiver on fuel surcharges for transactions ranging from ₹500 to ₹3,000.
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Monthly Cap: ₹100 per billing cycle
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Note: GST is excluded from the waiver calculation.
4. Contactless Payments & Global Access
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Accepts tap-to-pay transactions up to ₹5,000.
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Useable at over 24 million outlets globally, including 3+ lakh merchants in India.
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Also supports add-on cards at no extra cost, ideal for family members.
Fees and Charges
1. Annual and Joining Fees
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Joining Fee: ₹999 + GST
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Renewal Fee: ₹999 + GST annually
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Waiver Eligibility: Spend ₹2 lakh or more annually to waive the renewal fee.
2. Cashback Restrictions
Certain categories are excluded from cashback benefits, including:
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EMI transactions (merchant or No Cost EMI)
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Utility bill payments
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Insurance premiums
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Rent and education payments
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Wallet top-ups and fuel expenses
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Jewellery and railway ticket purchases
This means strategic use of the card is essential to maximize rewards.
3. Other Charges
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Interest Rate: Around 3.5% per month (~42% annually)
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Late Payment Fee: Between ₹400 and ₹1,100 depending on balance
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Over-limit Fee: 2.5% of the exceeded amount or ₹600 (whichever is higher)
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Foreign Currency Markup: 3.5%
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Cash Advance: Incurred with high fees and no interest-free period
How to Apply: The Digital Sprint Platform
1. Fast, Paperless Process
SBI has streamlined its credit card application process through its Sprint portal, offering a 100% digital experience.
Steps include:
Complete a basic application form
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Verify identity via Aadhaar OTP
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Submit KYC through a live video or image upload
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Authenticate bank details via a small transaction
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Receive virtual card instantly (in most cases)
2. Approval and Issuance Timelines
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Many applicants receive card approval and dispatch within 3 to 7 business days.
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The virtual card can be used immediately after verification.
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Field verification may extend the approval timeline up to 30 days in some cases.
User Experiences
Positive Reviews
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Fast Processing: Many users report receiving their virtual card within minutes and the physical card within a week.
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Reliable Cashback: The cashback mechanism is automatic and timely.
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User-Friendly Application: Sprint portal is preferred over the YONO app, which can be sluggish.
Challenges Faced
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Low Initial Credit Limit: Some users were issued limits as low as ₹10,000–₹50,000.
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Lounge Access Removed: Previously included, this benefit was discontinued from May 2023.
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Exclusions Affect Utility: Categories like rent, insurance, and utility bills are not eligible for cashback, limiting real-life usability for some.
Pros and Cons
Benefits
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One of the best flat cashback rates (5%) for online spending
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Simple structure with no complex reward points
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Digital-first application process with virtual card option
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Add-on cards and global usage supported
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Fuel surcharge waiver included
Drawbacks
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Cashback capped at ₹5,000 per billing cycle, limiting returns for high spenders
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No rewards for essential expenses like rent, insurance, and utility bills
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Low initial credit limits frustrate experienced users
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No travel or lifestyle perks, like lounge access
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Standard interest rates and fees
Who Should Get This Card?
Ideal For:
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People who shop heavily online (e-commerce, food delivery, etc.)
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Individuals looking for a simple cashback experience
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New-to-credit users who prefer digital onboarding
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Users spending around ₹10,000 to ₹50,000 online per month
Not Ideal For:
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Heavy spenders expecting premium perks
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Those whose major spending is on rent, insurance, or utilities
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Travelers wanting airport lounge access or forex benefits
Best Practices for Using This Card
To maximize the card’s value:
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Focus on eligible online purchases up to ₹100,000 per month.
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Avoid using the card for excluded categories.
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Use the Sprint application platform for smoother and faster approval.
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Spend ₹2 lakh per year to avoid the annual fee.
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Apply for a credit limit increase after 6 months of responsible usage.
How It Compares to Other Cards
While many Indian credit cards offer cashback, few offer a flat 5% rate on unrestricted online spending. Competing cards like HDFC Millennia or Axis Ace may have reward points or category-specific benefits, but SBI’s offering is more transparent and flexible—though limited by its monthly cashback cap and exclusions.
Final Thoughts
The SBI Cashback Credit Card provides strong value to customers who prioritize online shopping. With its flat 5% cashback, low maintenance, and fully digital onboarding, it’s one of the most straightforward cashback cards in the Indian market.
However, it’s essential to be mindful of its limits and exclusions to get the most out of the card. While it may not serve as a premium travel card or a comprehensive rewards program, it excels in what it promises—simple, valuable cashback.
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