Cashback Credit Cards Benefits, Features, Reviews, How to Apply Step by Step Full Guide?

Cashback Credit Cards- SBI Card recently introduced the Cashback SBI Card credit card. The card is a cashback reward card, as the name suggests, and it gives you cash back for every transaction you make with it. Although there is no initial fee for using the card, the annual fee is Rs. 999. You can get up to 5% cash back on all online and in-store purchases made with this card. In addition, you receive numerous other benefits, such as complimentary access to domestic airport lounges when traveling.

Cashback Credit Cards

A benefit offered by credit cards is cashback, in which the cardholder receives a percentage of eligible purchases. When Discover Financial Services, a Morgan Stanley division, introduced a credit card with no annual fees, a higher-than-average credit limit, and a cashback bonus on certain purchases in 1986, the concept of cashback became widely accepted. The Cashback SBI card’s annual fee may appear to be higher, but it can be waived by spending Rs. 2 Lakh in a year. Check out the review below to learn more about the new Cashback SBI Card:

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Cashback Credit Cards

Cashback Credit Cards Overview

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Cashback SBI Credit Card Features & Benefits

The Cashback SBI Card has a high cashback reward rate, and cardholders can get a lot of cashback for every transaction they make. The card grants you exciting privileges like access to airport lounges and a waiver of fuel surcharges, among other things. The Cashback Card by SBI Card’s in-depth features and benefits are as follows:

Transaction TypesCashbacks
Online Transaction5% cashback.
Offline TransactionYou will get 1% of base card cashback.
Fuel paymentsNil.
Utility Bill PaymentYou will be getting 1percent of base card cashback on offline & utility bill payments.

Note that Rent, Fuel, Wallet Loads, EMIs, Cash Advances, Balance Transfers, Encash & Flexipay Spends will not receive cashback.
likewise, transactions under Rs. There will be no cashback earned on 100.

The maximum amount of cashback (5% cashback) that can be earned from online transactions is Rs. ten thousand per month. The usual 1% cashback will be applied to all purchases once the limit is reached.
Let’s look at an example to better understand: suppose you spent Rs. You can now earn Rs. 2,10,000 per month on eligible online spending with the 5% cashback. 10,500 bonus cash.
However, in the 5% category, the maximum cashback that can be earned is Rs. 10,000, with the remaining Rs. The 1% category will earn cashback for 10,000 out of 2,10,000.
As a result, you will ultimately receive Rs in cashback. Rs. 10,000, or 5% of 2,00,000. 100 (1 percent on the other Rs. 10,000).

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Travel Benefits

Each year, the Cashback SBI Card grants free access to four domestic airport lounges. The lounge is only accessible once per quarter.

Annual Fee Waiver

The amount of Rs. On spending Rs., the Cashback SBI Card’s 999 annual fee can be waived. 2 lakh or more in the previous 12 months.

Fuel Surcharge Waiver

Receive a waiver of the fuel surcharge of one percent for fuel transactions of up to Rs. 500 and Rs. 3,000 at each and every gas station in India. The maximum waiver amount that can be requested is Rs. 100 monthly.

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Other Benefits

The Cashback SBI Card has numerous additional advantages:

  • Free for life are up to two add-ons for members of your family.
  • For transactions less than Rs., contactless payments. 5,000.

Reward Redemption

Within two days of the card’s subsequent statement, the cashback earned with the Cashback SBI Card is automatically credited.
Therefore, the cashback earned during the 7th of August – 6th of September cycle will be credited two days after your statement is generated, on the 8th of September, assuming that your statement is generated on the 6th of every month (let’s say September 6).

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Cashback SBI Card Fees and Charges

The most important costs of using a credit card are as follows:

Joining & Renewal fee

All privileges are offered for free for the first year, and annual fees are Rs. 999.

Spend-Based Reversal

Renewal fees will be waived for annual expenditures of Rs. 2 lakhs.

Interest charges

The card has interest rates of 3.5 percent per month (42 percent per annum).

Cash advance fee

You will be charged 2.5% of the amount, or a flat Rs, for each cash withdrawal made with your card from ATMs. 500.

Foreign currency markup

The international currency markup fee is 3.5 percent, and the card charges it.

Late Payment Charges

  1. Those who have less than 500 dues to pay do not have to pay any fees.
  2. Fees between Rs. 500 and Rs. 1,000 must be paid in Rs. 400.
  3. There will be a Rs.750 fee for dues between Rs.1,000 and Rs.10,000.
  4. There will be a Rs.950 fee for dues between Rs.10,000 and Rs.25,000.
  5. There will be a Rs. 1,100 fee for dues between Rs.25,000 and Rs.50,000.

CashBack SBI Credit Card Eligibility Criteria

The following are the fundamental eligibility requirements you must meet in order to be granted the card:

  • The primary cardholder must be between the ages of 21 and 65.
  • The applicant ought to have a reliable income.
  • The candidate ought to have a respectable credit history.

Documents Required

The following are the required documents for applying for a Cashback SBI Card:

  • Identity Proof: A driver’s license, an Aadhar card, a PAN card, a voter’s ID, and so on.
  • Address Proof: Utility bills, Aadhar Card, Driving Licence, Passport, etc.
  • Income Proof: Bank statements, salary slips, or the most recent audited ITR from the last three months.

How to apply for the card?

You can get the Cashback SBI Card using any of the online or offline methods if you want to. To apply disconnected, visit the closest SBI Branch and fill in the application structure accessible there. However, for the online procedure, adhere to the following steps:

  • First of all, visit the SBI Bank’s official website https://www.onlinesbi.sbi/
  • Visit the Credit Cards section.
  • Select the Cashback SBI Card from the options.
  • Select “Apply Now.”
  • Fill in the remaining information to move forward.

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