SBI Card probably has more co-branded cards than any other issuer in India. It already has co-branded cards for Air India and IRCTC. Now we have a card for road transport as well – the OLA Money SBI credit card. SBI and OLA launched the OLA Money SBI credit card in 2019. The card has seen limited traction till now due to several reasons. But, it is a decent entry-level card and offers accelerated rewards on OLA spends. In this post, we review the OLA Money SBI credit card and its rewards & benefits.
Fees and Charges
The zero joining fee will help onboard more users. There will be less hesitation in getting this free for the first year and using it to see how beneficial it will be.
|Renewal Fee||Rs 499 plus taxes|
|Renewal Fee Waiver||Spend Rs 1 Lakh in a membership year|
- Ola Rides: 7% Reward Points (Max Rs 500/month)
- Other Spends (except Wallets): 1% Reward Points
- 1 Reward Point = Rs 1
- Reward Points will be credited to OLA Money wallet
The 7% reward points on Ola Rides sounds good but the challenge will be in using the card on Ola. Getting a OLA driver partner to accept rides on any digital payment is a big issue. I end up paying cash if I want someone to accept my ride.
The OLA Money SBI credit card also cashback on Cleartrip bookings. The coupon code to avail these is “OLACC”.
The domestic and international flight offers will not be useful as we get better offers on other cards.
- Domestic Flights: 5% cashback (Max Rs 5000/transaction)
- International Flights: 5% cashback (Max Rs 15000/transaction)
- Domestic Hotels: 20%
- International Hotels: 6%
- Activity: 12%
Most of the co-branded cards we see are not worth getting due to their low rewards for spends. In that aspect, the OLA Money SBI credit card is a decent offering. 1% rewards on all spends and a low Rs 1 Lakh spend waiver make it a good entry-level credit card.
But, there are two things to consider for this card:
- The OLA Money SBI credit card can give us good benefits only if we can use it for OLA ride payments. At this point, this is very difficult as ride acceptance for digital payments is as good as none.
- Rewards are credited to OLA Money wallet. OLA Money still has limited acceptance. Direct cashback to card would be better in this case.
OLA Money SBI Credit Card