Here’s a detailed review of the SBI Cashback Credit Card:
Overview:
The SBI Cashback Credit Card is designed for those looking for straightforward cashback rewards, particularly on online spending. It’s known for offering one of the highest cashback rates for online transactions in India, making it an attractive option for digital shoppers. However, over time, some of its benefits have been adjusted, which has influenced its overall value.
Key Features:
- Cashback Rewards:
- 5% Cashback: On all online purchases, with no merchant restriction. However, there’s a monthly cap of ₹5,000 on the combined cashback from online and offline spends.
- 1% Cashback: On offline purchases, fuel surcharge, and utility bill payments (like electricity, gas), but not on all utility categories (e.g., insurance, rent).
- Exclusions: No cashback on categories like rent, wallet loads, merchant EMIs, jewelry, education fees, utilities (except electricity and gas), insurance, and train tickets.
- Welcome Benefits:
- Often includes some form of cashback or vouchers on making the first transaction, though specifics can vary.
- Other Benefits:
- Fuel Surcharge Waiver: 1% on transactions between ₹500 to ₹3,000, with a maximum waiver of ₹100 per statement cycle.
- Lounge Access: Previously offered, but this benefit was removed, so it’s no longer a perk of this card.
- Fees:
- Joining/Renewal Fee: ₹999 + GST, waived if annual spends exceed ₹2 lakh in the previous year.
Pros:
- High Online Cashback: The 5% on all online shopping without merchant restrictions is a significant draw for e-commerce enthusiasts.
- Simple Cashback Structure: Direct cashback credited to your account makes it easy to understand and utilize.
- Fee Waiver: The annual fee can be waived with reasonable spending.
Cons:
- Cashback Cap: The ₹5,000 monthly cap on cashback might limit benefits for very high spenders.
- No Lounge Access: Removal of lounge access diminishes its appeal for travelers.
- Exclusions: The list of exclusions for cashback is extensive, potentially reducing the overall value for some users.
- Changes in Benefits: Over time, the card has seen devaluations, especially in terms of cashback caps and exclusions.
User Feedback:
- Positive:
- Users generally appreciate the high cashback rate on online transactions, making this card a go-to for internet shopping.
- The simplicity of earning and using cashback is often highlighted.
- Negative:
- There’s feedback about the card not living up to its initial hype due to changes in benefits over time.
- Some users have expressed frustration with the cashback not being applicable on a broader range of spends.
- The lack of lounge access has been noted as a downside by those who previously enjoyed this perk.
Conclusion:
The SBI Cashback Credit Card remains a strong contender for:
- Online Shoppers: If your spending is predominantly online, this card can offer substantial savings.
- Those Looking for Simple Rewards: It’s ideal if you prefer cashback over a points system.
However, its value has been affected by changes like the removal of lounge access and the introduction of more exclusions. If you’re considering this card:
- Spending Analysis: Check if your spending aligns with where you’ll earn the most cashback.
- Reward Caps: Be aware of the monthly cap to plan your spending.
- Exclusions: Understand what’s not covered for cashback to manage expectations.
For someone who can leverage the online cashback and meet the spending threshold for fee waivers, this card still holds significant value. But if you’re looking for a card with broader benefits or one that rewards offline spends more generously, you might want to consider other options or complement this card with another in your wallet.