Introduction
The SBI Cashback Credit Card is a thoughtfully designed financial product tailored for individuals who frequently shop online. Introduced in September 2022 by SBI Cards, it stands out for offering flat cashback on online and offline transactions without complex reward structures or brand tie-ins. Its simplicity, digital-first approach, and strong cashback return make it appealing to modern consumers looking for value and ease of use.
Key Features at a Glance
1. Generous Online Cashback
One of the main highlights is the 5% cashback on all online purchases, making it one of the most rewarding cards for e-commerce transactions. This benefit applies regardless of the platform, giving users freedom to shop from any site and still earn back.
-
Maximum Cashback per Cycle: ₹5,000
-
Cashback Credit Timeline: Automatically credited within two working days after the billing cycle ends.
2. Offline Cashback Included
The card also offers 1% cashback on all offline spending made at retail stores via POS machines.
-
Same ₹5,000 monthly cap applies to the combined online and offline cashback.
3. Fuel Surcharge Waiver
Get a 1% waiver on fuel surcharges at petrol stations, applicable on transactions ranging from ₹500 to ₹3,000. This benefit is limited to ₹100 cashback per billing cycle.
4. Add-on Cards & Global Acceptance
-
Free add-on cards for family members.
-
Supports contactless transactions up to ₹5,000.
-
Widely accepted at merchants across India and abroad.
Fee Structure and Exclusions
1. Annual Charges
-
Joining Fee: ₹999 + GST
-
Renewal Fee: ₹999 + GST annually
-
The renewal fee is waived if you spend ₹2 lakh or more in the preceding year.
2. Cashback Limits & Exemptions
Although the cashback rate is attractive, it comes with a cap. A maximum of ₹5,000 cashback can be earned per billing cycle.
Cashback is NOT applicable on:
-
EMIs (including merchant EMI)
-
Rent payments
-
Utility bills
-
Insurance premiums
-
Fuel expenses
-
Railway bookings
-
Education payments
-
Jewelry purchases
-
Wallet recharges
These exclusions can significantly affect cashback returns depending on your spending pattern.
3. Interest & Charges
-
Finance Charges: Around 3.5% per month (42% annually).
-
Late Payment Fee: Ranges from ₹400 to ₹1,100 based on the outstanding amount.
-
Overlimit Charges: 2.5% of the over-limit amount (minimum ₹600).
-
Foreign Currency Markup: 3.5% on international transactions.
-
Cash Advance: High charges and no interest-free period.
Digital-First Onboarding: The Sprint Advantage
SBI introduced a digital onboarding platform called Sprint, which allows customers to apply online seamlessly.
Sprint Application Steps:
-
Fill out a digital application form.
-
Complete e-KYC via Aadhaar OTP.
-
Do video KYC (VKYC) or photo upload verification.
-
Bank account verification (usually via ₹1 debit/credit transaction).
-
Receive a virtual card instantly in some cases, while the physical card follows within a few days.
Processing Time:
-
Instant approval is possible for pre-approved customers.
-
Others may experience wait times ranging from 5 to 30 days, depending on the verification process.
-
Many users report receiving their physical card in 3–7 days.
Real Customer Experiences
Positive Reviews
-
Many users found the approval process to be quick and efficient, particularly via the Sprint platform.
-
The virtual card is issued instantly, allowing online shopping even before the physical card arrives.
-
Cashback credit is automatic and timely, with no need to convert points.
Common Complaints
-
Some users faced long delays in verification or card delivery.
-
Reports of low initial credit limits (₹10,000–₹50,000) frustrated some applicants.
-
YONO application route is considered slower and less reliable than Sprint.
-
Users were disappointed by the removal of lounge access (which was included initially).
Pros and Cons
Pros
-
One of the highest cashback rates (5%) for online transactions in India.
-
Simple and automatic cashback process.
-
Easy digital application and fast issuance of a virtual card.
-
Benefits include offline cashback and fuel surcharge waiver.
-
Annual fee can be waived with regular usage.
Cons
-
₹5,000 monthly cashback cap limits earning potential for heavy spenders.
-
Many daily expenses like rent, insurance, and utility bills are excluded from cashback.
-
Low initial credit limits for many applicants.
-
No longer includes airport lounge access.
-
Foreign transaction fees and cash advance charges are high.
Who Should Consider This Card?
This card is ideal for:
-
Online shoppers spending up to ₹1 lakh per month.
-
Individuals looking for a simple cashback card without complicated reward systems.
-
People comfortable with digital onboarding and minimal paperwork.
This card may not be suitable for:
-
Users who spend heavily on rent, utilities, or insurance.
-
Those expecting premium travel perks like lounge access.
-
Customers seeking high initial credit limits or low-interest options.
Maximizing Value from the Card
To get the most from the SBI Cashback Credit Card:
-
Use it primarily for online purchases up to ₹100,000 monthly.
-
Avoid using it for excluded categories like rent or insurance.
-
Apply via the Sprint platform for faster approval.
-
Spend ₹2 lakh annually to waive the renewal fee.
-
Request a credit limit enhancement after a few months of responsible usage.
Comparing with Other Cashback Cards
When compared to other cashback credit cards in India:
-
SBI Cashback offers a flat 5% rate on all online spending, making it one of the best in this category.
-
Other cards may offer higher rewards but only for select categories like fuel, groceries, or specific e-commerce brands.
-
This card appeals to those wanting broad applicability with minimal restrictions.
Final Verdict
The SBI Cashback Credit Card is a powerful tool for the modern consumer who shops online regularly. With a high flat cashback rate, fast digital onboarding, and a no-nonsense reward system, it offers solid value for its annual fee. However, its potential is best realized when used within its limits—particularly for eligible online purchases—and it may not be the right fit for those seeking travel benefits or higher-end perks.