SBI CASHBACK Credit Card

SBI CASHBACK Credit Card

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Joining fee: Rs. 999

Renewal fee: Rs. 999

Rewards: Get 5% Cashback on Online Spent

Welcome Benefits: N/A

The SBI CASHBACK Credit Card offers a rewarding cashback experience tailored to modern lifestyles. As a customer-centric offer from the State Bank of India, this card enables users to earn attractive cashback rewards on diverse spending categories like groceries, dining, fuel, and more.

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Features of SBI Cashback Credit Card

Attractive cashback rewards – Earn generous cashback on all eligible transactions made using the card, ranging from 5% cashback on dining and movies to 1% cashback on other spends.

Fuel surcharge waiver – Enjoy waiver on fuel surcharge of up to Rs.100 per statement cycle when you refuel at participating Indian Oil petrol pumps using this card.

Affordable annual fees – The annual fees for this card are fairly reasonable, making it an attractive choice for budget-conscious customers seeking value.

Interest-free credit period – Benefit from an interest-free credit period of up to 50 days on your purchases, allowing you to manage your finances more flexibly.

Complimentary travel insurance – Get complimentary insurance cover for travel-related risks like lost baggage, flight delays, and personal accidents when you use this card.

Benefits of SBI Cashback Credit Card

Rewarding cashback program – The primary benefit is the lucrative cashback scheme that lets you earn back a portion of your spends as cash credits in your account.

Cost savings on fuel – By waiving the fuel surcharge, this card helps you save money every time you fill up your vehicle’s tank at participating petrol pumps.

Manageable ownership costs – With reasonable annual fees, this card doesn’t burn a hole in your pocket, making it an affordable option for regular use.

Financial flexibility – The interest-free credit period acts as a short-term, interest-free loan facility, providing you with liquidity to manage expenses conveniently.

Travel protection – The complimentary insurance cover offers peace of mind when traveling, safeguarding you against unforeseen travel-related risks and emergencies.

 

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Fees of SBI Cashback Credit Card

Annual Fee: The annual fee for the CashBack SBI Credit Card varies depending on the card variant you choose. For example, the regular variant may have an annual fee of around Rs. 500, while the premium variant could have a higher annual fee of Rs. 1,000 or more. However, the annual fee is often waived off for the first year.

Joining Fee/Issuance Fee: There is typically a one-time joining or issuance fee charged when you apply for the CashBack SBI Credit Card. This fee can range from Rs. 500 to Rs. 1,000, depending on the card variant.

Add-on Card Fee: If you wish to add supplementary cards for your family members or friends, you may have to pay an add-on card fee, which can be around Rs. 200 to Rs. 500 per add-on card.

Charges of SBI Cashback Credit Card

Interest Charges: If you fail to pay your outstanding balance in full by the due date, you will be charged interest on the remaining balance. The interest rate on the CashBack SBI Credit Card can vary but is typically around 3.5% per month (42% annualized).

Late Payment Charges: If you miss your credit card payment due date, you will be levied a late payment charge. This charge can range from Rs. 100 to Rs. 1,000, depending on the outstanding balance and the number of times you’ve missed the payment.

Over-limit Fee: If you exceed your credit limit, you may be charged an over-limit fee, which can be around Rs. 500 or more.

Cash Advance Fee: If you use your CashBack SBI Credit Card to withdraw cash from an ATM or bank, you will be charged a cash advance fee, typically around 2.5% to 3% of the withdrawn amount.

Foreign Transaction Charges: When you make transactions in a foreign currency using your CashBack SBI Credit Card, you may be charged a foreign transaction fee, usually around 3% to 3.5% of the transaction amount.

Fuel Surcharge: Some merchants, particularly fuel stations, may levy a fuel surcharge of around 2.5% or more on transactions made using credit cards.

Eligibility for applying SBI Cashback Credit Card

Age: The applicant must be at least 21 years old at the time of application.

Citizenship: The applicant must be an Indian citizen or a resident of India.

Income: The minimum annual income requirement varies depending on the type of employment and the city of residence. Generally, the minimum annual income requirement for salaried individuals is around ₹2.4 lakhs, while for self-employed individuals, it is around ₹3 lakhs.

Credit Score: Applicants should have a good credit score, typically above 750, to increase their chances of approval. A higher credit score indicates a lower risk of default and may result in better credit card terms and limits.

Employment Status: Applicants must be either salaried or self-employed professionals. Salaried individuals should have been employed with their current employer for a minimum of 12 months, while self-employed professionals should have been in business for at least 3 years.

Existing Relationship with SBI: Existing SBI customers, including those with savings or current accounts, may have an advantage in the application process and may be eligible for higher credit limits or preferential terms.

Address Proof: Applicants must provide a valid and up-to-date address proof document, such as a utility bill, rental agreement, or government-issued ID.

Income Proof: Salaried individuals must submit their latest salary slips or Form 16, while self-employed individuals may need to provide income tax returns, bank statements, or other relevant financial documents to verify their income.

Additional Documents: SBI may request additional documents, such as identity proof, passport-size photographs, or other supporting documents, depending on the applicant’s profile and the bank’s internal policies.

 

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Documents Required for SBI Cashback Credit Card

Identity Proof: You’ll need to submit a valid government-issued identity proof document, such as your Aadhaar card, Passport, Voter ID card, or PAN card. Make sure the document is not expired and clearly displays your photograph and personal details.

Address Proof: Provide a recent utility bill (electricity, water, gas, or landline telephone) or a bank statement from the last three months as proof of your current residential address. If your address on the identity proof differs from your current residence, you may need to submit additional documents to support the change.

Income Proof: Depending on your employment status, you’ll need to furnish one or more of the following documents as proof of your income:

      • For Salaried Individuals: Latest salary slip, Form 16, or a letter from your employer stating your designation, date of joining, and current annual income.
      • For Self-Employed Professionals: Income Tax Returns (ITR) for the last two years, along with computations of income and a Chartered Accountant’s certificate stating your net income.
      • For Businesspersons: Income Tax Returns (ITR) for the last two years, along with computations of income, profit and loss account statements, and balance sheets certified by a Chartered Accountant.

Photograph: You’ll need to submit a recent passport-size photograph with a plain background. The photograph should clearly show your face and shoulders.

Signature: Provide a scanned copy or a clear image of your signature on a plain white sheet of paper.

Existing Credit Card Statements: If you currently hold any other credit cards, you may be required to submit the latest statements for those cards as well.

Additional Documents (if applicable): Depending on your specific circumstances, the bank may request additional documents, such as a copy of your marriage certificate (for name changes), rental agreement (if you’re residing at a rented accommodation), or any other relevant documents they deem necessary.

How to apply for SBI Cashback Credit Card?

Eligibility Check: Before applying, ensure that you meet the eligibility criteria set by SBI for the CASHBACK Credit Card. This typically includes factors like age, income, credit score, and existing credit card/loan obligations.

Gather Required Documents: Have the necessary documents ready, such as your identity proof (Aadhaar card, PAN card, or passport), address proof (utility bills or bank statements), and income proof (salary slips or Form 16).

Choose the Application Method: SBI offers multiple ways to apply for the CASHBACK Credit Card:

      • Online: Visit SBI’s official website and navigate to the credit card section. You can fill out the online application form and upload the required documents.
      • Branch Visit: Visit your nearest SBI branch and request the credit card application form. Fill it out and submit it along with the necessary documents.
      • Phone Banking: Call SBI’s customer care number and request to apply for the CASHBACK Credit Card. They will guide you through the process.

Fill in the Application Form: Provide accurate and up-to-date personal, employment, and financial details in the application form. Double-check the information before submitting.

Submit the Application: If applying online, follow the instructions to complete the submission process. If visiting a branch, submit the filled-out form and documents to the bank representative.

Document Verification: SBI will verify the submitted documents and conduct necessary checks, such as income verification and credit score assessment.

Approval Process: Once the application is approved, SBI will issue the CASHBACK Credit Card and send it to your registered address.

Activate the Card: Follow the instructions provided by SBI to activate the CASHBACK Credit Card upon receiving it. This may involve setting up a PIN or completing an online activation process.

Start Using the Card: After activation, you can start using your CASHBACK SBI Credit Card for various transactions and enjoy the cashback benefits and other features associated with the card.

SBI Cashback Credit Card Limit

  • The credit limit for the SBI Cashback Credit Card is decided by the bank based on your income, credit history, existing obligations, and other factors evaluated during the application process.
  • For salaried individuals, the typical credit limit range is between ₹25,000 to ₹4,00,000. However, it can go up to ₹10,00,000 for high-income applicants with an exceptional credit profile.
  • For self-employed individuals and professionals, the credit limit usually starts from ₹50,000 and can extend up to ₹10,00,000 depending on the income and business vintage.
  • The bank may approve a lower limit initially, especially for new borrowers or those with a limited credit history. However, after building a good repayment track record over 6-12 months, you can request a credit limit increase.
  • Factors like high income, longer credit history, timely payments, and low utilization of existing limits can help get a higher credit card limit approved.

Rewards and Cashback on SBI Cashback Credit Card

Rewards:

      • SBI Credit Cards offer a rewarding experience with their extensive rewards program tailored to meet diverse customer preferences.
      • Customers can earn Reward Points on every eligible purchase made using their SBI Credit Card, which can be redeemed for a wide array of exciting rewards.
      • The Reward Points can be redeemed for merchandise, gift vouchers, air miles, or even converted into cash credits on their credit card statements.
      • Additionally, SBI Credit Cards provide exclusive offers and discounts at partner merchants, restaurants, and online stores, further enhancing the overall rewards experience.

Cashback:

      • SBI Credit Cards also offer lucrative cashback opportunities, allowing customers to earn a percentage of their spends back as cash credits.
      • The cashback percentage varies across different SBI Credit Card variants and spending categories, providing customers with the flexibility to maximize their earnings.
      • Typically, higher cashback rates are offered on specific categories like dining, groceries, fuel, or utility bill payments, encouraging customers to utilize their SBI Credit Cards for everyday expenses.
      • The cashback earned is directly credited to the customer’s credit card account, effectively reducing their outstanding balance or future spends.
      • SBI’s cashback program is designed to be transparent and easy to understand, ensuring customers can seamlessly track and redeem their earnings.

How to Redeem Earned Rewards and Cashback Points?

Rewards:
      • Log in to the SBI Card website or mobile app and navigate to the “Rewards” section.
      • Browse through the available rewards categories, such as merchandise, gift vouchers, loyalty points for airlines or hotels, and more.
      • Select the reward you wish to redeem and follow the on-screen instructions to complete the redemption process.
      • In some cases, you may need to provide additional details like delivery address or preferred airline/hotel program.
      • Confirm the redemption, and your reward will be processed within the specified timeline.
      • Alternatively, you can call the SBI Card customer care hotline and request assistance in redeeming your rewards over the phone
      • Some premium SBI Credit Cards also offer the option to redeem rewards for statement credit, effectively reducing your outstanding balance.
Cashback:
      • The earned cashback is typically credited to your SBI Credit Card account within a few billing cycles after the qualifying transaction.
      • You can view your accumulated cashback balance by logging in to the SBI Card website or mobile app, or by checking your monthly statement.
      • Once the cashback amount crosses a specific threshold (usually mentioned in the card’s terms and conditions), you can redeem it as a statement credit.
      • To redeem your cashback, log in to the SBI Card website or app, navigate to the “Cashback” section, and follow the prompts to initiate the redemption process.
      • Alternatively, you can call the customer care hotline and request to redeem your cashback over the phone.
      • The redeemed cashback amount will reflect as a credit on your subsequent monthly statement, effectively reducing your outstanding balance.
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