If you are planning to apply for the SBI Cashback Credit Card or already have this card, it is very important to know the five things that could cause you significant loss if you are unaware of them. Among these five points, the fifth one is especially crucial. SBI’s cashback credit card is considered one of the best credit cards, but whether it is truly that good or comes with several limitations can only be understood once you carefully review its features and terms.
Features of the SBI Cashback Credit Card
According to the bank’s website, if you use this credit card for online spending, you get 5% cashback on any merchant. Transactions on platforms like Amazon, Flipkart, Meesho, Ola, Uber, Swiggy, Zomato earn you 5% cashback. For offline spending, such as shopping at Dmart, Croma, Vijay Sales, you receive 1% cashback. Fuel purchases do not earn cashback, but transactions between ₹500 and ₹3,000 receive a 1% surcharge waiver, with a maximum of ₹100 per month.
Fees and Charges
When applying for the card, a fee of ₹999 + 18% GST is applicable. Renewal charges are also ₹999 + GST. However, if you spend ₹2 lakh in a year, a partial reversal of this fee is granted. The complete reversal is not provided, and the exact amount is detailed below.
Eligibility Criteria
Your age should be between 21 and 70 years. You should be a salaried employee or self-employed. A minimum CIBIL score of 750 is required, and income should be adequate. While the exact limit is not specified, an income of ₹20–30k or above is considered suitable.
Transactions That Do Not Qualify for Cashback
Although the card’s website states “5% cashback on online spends without any merchant restriction,” in reality, many transactions are not eligible for cashback. These include:
- EMI transactions
- Fuel spends
- Utility bills—electricity, gas, mobile recharge
- Insurance payments—life, health, vehicle
- Rent payments
- Wallet loads
- Gift card / voucher purchases—including Amazon gift cards
- Jewelry—gold, silver
- Educational payments—school/college fees
- Railway tickets—IRCTC or counter bookings
- ATM cash withdrawals
- Fees and charges
If these categories are significant in your spending, this card may not be suitable for you.
Cashback Capping Limit
The maximum cashback you can receive in a month is ₹5,000, combining both online and offline spending. Cashback is calculated only on the base product price, excluding GST. For example, for a product priced at ₹590, cashback will be calculated on ₹500 only.
The Reality of Annual Fee Waiver
The ₹2 lakh spending calculation only considers transactions eligible for cashback. Rent payments, utility bills, insurance, etc., are not counted. If eligible spending exceeds ₹2 lakh, the waiver applies, but only ₹999 is waived. The GST portion still needs to be paid.
How Cashback Is Credited
Cashback is neither instant nor requires redemption. After the statement is generated, the eligible cashback is automatically adjusted against your outstanding balance within 2–3 days.
Is This Card Worth It?
Overall, the SBI Cashback Credit Card is very good because very few cards offer such high cashback. If most of your spending is on online platforms like Amazon, Flipkart, Swiggy, etc., this card can be beneficial. However, if your transactions mainly include utility bills, rent payments, IRCTC bookings, or insurance, this card may not be as useful for you.
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