SBI Cashback Credit Card Review

SBI Cashback Credit Card Review

It has been quite some time since we saw the launch of a new and powerful cashback credit card. The last one was Axis Ace which has become limited in availability and has also seen some devaluation. But, we have a new challenger now from none other than the mighty SBI Card. In this post, we review the newly launched SBI Cashback credit card. A simple name but packs quite a punch.



Annual FeeRs 999+GST
Rewards1% to 5%
Best ForOnline Spends
SBI Cashback Credit Card – Overview
Axis Privilege FYF

Fees and Charges

Joining FeeNIL (First Year Free)
Annual FeeRs 999+GST
Annual Fee WaiverRs 2 Lakhs spend in a membership year
SBI Cashback Credit Card Review: Fees and Charges

The Rs 2 Lakhs spend is a little bit on the higher side but can be achieved. The annual fee of Rs 999 is reasonable considering the amazing cashback it offers. Let’s move to the interesting part of this card – the cashback. ๐Ÿ™‚

AU Bank LTF Credit Cards


Purchase TypeCashback
Online merchant spends5%
Offline spending and utility bill payments1%
Fuel, Wallet Loads, and Rent Payments0% – No Cashback
SBI Cashback Credit Card Review: Cashback

This is as simple as it gets. A simple cashback rewards structure without too many terms and conditions. The 5% cashback on online merchant spending is a big surprise and will take the market by storm. The 5% cashback has a cap of Rs 10000 per statement cycle. I don’t imagine many will hit this upper cap as it needs Rs 2 Lakhs spend per month.

It is good to see rent payments, wallet loads, and utility bills being excluded from cashback. These are often misused, so it makes sense to keep these out of the generous 5% cashback.

How is the 5% cashback calculated for SBI Cashback Card?

SBI Cashback credit card does not give an exact cashback of 5% on spends. The calculation is a little different. The cashback is calculated at 1% for regular spends and 4% bonus for offline spends. Each of these is then rounded down to the nearest integer. For example, if you spend Rs 2345 and are eligible for 5% cashback, then:

  • 1% of Rs 2345 is Rs 23.45 which is rounded down to Rs 23
  • 4% of Rs 2345 is Rs 93.80 which is rounded down to Rs 93
  • Total cashback will be Rs 116 or 4.94%

Cashback Redemption

The earned cashback is automatically credited to the statement every month within 2 working days of statement generation. SBI Card also sends a cashback credit message once this is done.

There are no redemption charges. SBI Card does not give a transaction wise cashback calculation in the statement. So, we need to manually calculate the eligible cashback.

Cashback credit message for SBI Cashback Card
IndusInd Bank LTF Credit Cards

Pros and Cons

Cashback SBI Card vs Millennia/Eterna/Amazon Pay/Flipkart Axis Cards

When we see the launch of such a good cashback card, it is only natural that many existing cards have become not so useful. We will see the same here.

  • HDFC Bank Millennia: Good cashback but with caps. This card does not have those.
  • BoB Eterna: Lesser rewards than an SBI Cashback card unless you spend on rent, and fuel. Plus lesser upper cap for rewards.
  • Amazon Pay ICICI Card: 5% on Cashback SBI Card without Prime membership
  • Flipkart Axis Bank Card: 5% on online spending using the SBI Cashback card, no need for this anymore
  • SBI SimplyCLICK Card: Why wait for milestone benefits, when we can get cashback on this card?

Here is a calculator to help you find which is the best cashback credit card for your spending. Considering the various exclusions, it is best to have at least 2 cashback credit cards to get the best reward rate. For cards like Millennia and Eterna with a cap on accelerated rewards, the calculator is considering them for total rewards.

Complimentary Airport Lounge Access

We get one complimentary visit per quarter to domestic airport lounges. Check this list for eligible lounges. This is decent for a cashback credit card and the amazing cashback it offers!

Final Thoughts

This new launch from SBI Card was pretty surprising. For cashback lovers, this is one of the best credit cards to have today. Combine this with Ace for utility bill payments and you have a no-nonsense 5% cashback on most of your spending. No need to worry about all those points and miles if you don’t like those.

With SBI Card’s reach, we will soon see a lot of issuances for this card. Get it while you can because a credit card this good gets devalued sooner than later. Or, SBI might also restrict issuance like what happened with Axis Ace.

SBI Cashback Credit Card


Joining / Annual Fees
Features and Benefits

47 thoughts on “SBI Cashback Credit Card Review”

  1. Gautamr Goell

    Axis Ace Credit card statement clearly shows how much cashback is earned, while the same is not applicable for SBI Cashback credit card
    for SBI Cashback credit card, in statement, you should also show how much cashback is earned against each transaction

  2. i did an irctc transaction for Rs.562/-. In the App its showing me as Rs.5/- cashback even after 10 days
    Beware, even IRCTC is counted as Utility

    1. Tried with APSRTC bus booking. its again 1% cashback. So this card clearly puts many things as under UTILITY as awrds 1%

  3. Shobhit Shukla

    Can anyone confirm that SCB Smart can be used for insurance premium payment to get 2.0% cashback?

  4. Applied for Card, Got the card. Smooth … but when I tried to use it during Amazon great Indian festival, 10% instant discount is not available. Same issue during the flipkart current sale in partnership with SBI . My SBI simply click card works . Any idea why the SBI Cashback is not eligible for 10 % instant discount but SBI Simply click card is and why EMI is not available in SBI cash back credit card?
    Customer service is clueless about this.

    1. During sale cashback card might not work for instant discount as per T&C , but some users reported their cashback card worked . Bin number might be different . But as per their T&C cashback card is not eligible for instant discount during sale . So officially it is not eligible .

  5. I applied on 2nd, done biometrics and one verification call. Then nothing since last 1 week, but received 3 calls from different SBI agents saying I’m eligible only Prime/Pulse and can’t give Cashback due to some technical issues when entering promocode. Not sure what to do? If these people can’t move the application, is there anyway to proceed.

    Email or twitter always says, ‘we’re receiving your application, wait 21 days’.

  6. Biggest issue with this card is, it is giving credit limit of only 10 – 20 thousand. Many people are reporting this. Even I(Salary 80k, other card- 2.9 lakhs) got a meagre 20k.
    So it’s useless, also won’t be able to spend 2 lakh for fee waiver.

    Is it coz we applied online & not through agent where we could have given our salary slips or ITR ?
    Would we have got better limit applying through offline mode ?

      1. I got a credit limit of 5L but then I had an SBI Elite card with that credit limit which I had previously closed.

    1. Make excess payments to your credit card before performing a huge transaction. They won’t charge you any fees. This works with SBI but not with all banks (e.g., HDFC won’t work).

    2. That’s the reality of these kind of cashback cards . Axis sold dreams when they rolled out Flipkart card with UNLIMITED CASHBACK branding and many people got 15k limit even if with high ITR or Salary . SBI is following the same for customer acquisition and these TOO GOOD TO BE TRUE cards aren’t gonna survive many days . Reap out the benefits till you have….. although with 20k limit this card is useless for you.

    3. If I apply from sbi branch. Will I get card 0 joining and 0 annual fees for 1st year, if yes I will apply from branch

  7. Can we buy Gift voucher from amazon @5% cash back and use them to pay bill ? possible ?

  8. I habe the following credit cards
    1. HDFC Business Regalia
    2. ICICI Amazon pay(LTF)
    3. Axis Flipkart
    4. BOB Eterna, Select card(LTF)
    5. Now I’ve just been approved with SBI Cashback credit card(no sbi card before) and its on the way.
    Should i convert the Flipkart card to Ace as u said? It seems difficult as i heard some people saying they got a call from Axis saying to switch to Flipkart card, as they will soon discontinue Ace card.

    1. You will still have the card even if they discontinue new applications. So, get it if you want and if you can.

  9. Will 5% cash back be applicable for foreign currency transactions done online and offline?

  10. I am planning to make this collection,

    – SBI Cashback (I already Have Click and Elite but will flip these)
    – Axis ACE (Already have Privilege (for double value RPs redemption) and Select (for few Swiggy/Bigbasket/BMS benefits may cancel Select)
    – Indusind Eazydiner (Great card + can easily replace my Elite for BMS benefits as well)
    – Have RBL Supercard, which I am planning to keep for occasional online offers (the fee is waived off)
    – Have HDFC Diners Privilege as well, not much used for exclusive deals sometimes.

    How does it look?

  11. In continuation of the above comment I made, I forgot to add a few key details there which I would like to highlight here in this comment:

    1. There is so far no current restriction for jewelry purchase. But in future it might be imposed if people start misusing the card features. MCC for Gold/Jewelry purchase is 5944. So, keep an eye out for it in future revision of the T&C of the card.

    2. SBI card team is basically lying to users saying the card will provide 5% cashback. It wonโ€™t. It will only provide 4.91% cashback. So if you buy stuff online worth โ‚น1160/- instead of getting cashback of โ‚น58 (5%), you will only get โ‚น57 (4.91%) cashback.
    Check this tweet of mine to see the details of their cashback calculation:

    1. Card Maven

      Rounding down of cashback or rewards on credit cards is not new. A lot of credit cards do that.

      1. Yes and no. For example, in Axis Ace if your cashback is 17.45 then you will get 17 but if it is 17.65 then you will get 18. Also I have not seen any other cashback card doing a wired 5% calculation like the way SBI Cards are doing. That is first calculate 1% of the amount and then round that down. Then calculate 4% of the amount and round that down and then finally sum it up. This is truly wired. I don’t know which are cashback segment credit card does that.

        1. I agree with you and I am using HDFC millennia more than 1 yr and it might have low capping but i got the cashback accurately always . But on Flipkart Axis the calculation works like you mentioned for SBI cashback card.

  12. Please note that with SBI Cashback Credit Card, Insurance Premium Payment will be under 1% cashback category as according to the T&C of the card, it is considered as “Utility Payment”. The MCC code for Insurance premium payment is 6300 which is mentioned under the 1% cashback category in the T&C.

    So, for insurance premium payment if you have HDFC Regalia credit card and if you would like to use it’s points for Flight/Hotel booking then with that card you will get 1.32% reward while SBI Cashack will give you 1% reward rate. But if you do not have such requirement then you can definitely use this card as with Axis Ace you will get nothing.

    Also do note that in SBI Cashback Card T&C they have also mentioned that MCC 9399 will be considered as “Utility” and will get 1% cashback. MCC 9399 is for Government Services Payment like Tax and other things.

    Just a few things to keep in mind. Thanks for the great detailed review.

    1. What happens if utility payments are made via CRED using SBI Cashback Card. This sidesteps the 6300, I suppose.

      1. Absolutely no. No matter what platform you use, be it CRED or GPay or something else, according to RBI regulations, all need to pass the proper MCC code for the transaction. So, the way it works behind the scene is that, these fintech companies have multiple accounts with the same or different page getaways and based on the option that you have selected, it uses the appropriate API credential for redirecting you to that payment gateway which will then report the correct MCC to the card system. So, it will always be 6300 for utility bill payment no matter which system you use otherwise they will get penalized by RBI.

        1. we can buy an Amazon Gift card using an SBI Cashback card, and then use it on Amazon to make payments for Utility. That way we will get 5 percent

    2. With the above message i would liek to suggest you to get or use amazon pay icici card for insurance payments. It definately gives 2% cashback. Ace used to but now they have removed in T&C.

  13. Harshit verma

    Good comparison sheet.
    Can you add some more credit card for reference only HDFC infinia, SC Ultimate, SBI Prime. I know that some cards comes with very high fee, still I want to see the comparison.

    1. Card Maven

      Thanks! It is simple for Standard Chartered Ultimate card. It is always 3.3% rewards without any exclusions and caps.

      SBI Prime is not worth considering at all. The rewards are too low.

      Infinia is in a different league. I have another comparison sheet for Magnus, Infinia and DCB on the Axis Bank Magnus review.

  14. Mohsin Hussain

    Is the sprint website suitable for existing card holders? Seems like first time users are getting instant approval but existing users are asked to wait for document verification.

    1. Card Maven

      Yes, we can apply offline but many agents and branches are not aware of this card for now.

      1. Exact same problem with me applying to this card as soon as i heard of this on 1st sept itself.

  15. Vamsi krishna

    I want this card, but I already have 2 sbi credit cards and last one is before 90 days. So that I have to apply after 90 days.

  16. Sahil singla

    Already applied. But their system is too poor overall starting with application procedure

    1. Same problem with this site. And the customer care said they are not yet throgh with this card application so only online approval is needed and there sprint site is too dumb to take full application.

      1. I applied My application 10 days before but still not processed. Done video kyc and after that no progress. How much it takes to get card normally? Thanks

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