SBI Cashback Card💳: Best card of 2023?

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The SBI Cashback Card has emerged as a one of best credit card in 2023’s credit card market. If you’re considering a single credit card wallet, this card is a strong candidate or simply the ultimate choice. It offers a generous 5% cashback on all online transactions and 1% on all offline expenditures. The card carries a joining fee of ₹999 (though it was initially offered free of charge for a brief period post-launch) and an annual fee of ₹999. However, the annual fee is reversed if your total spend exceeds ₹2 Lakhs in a year. One of the highlights of this card is its extensive cashback coverage. It applies to nearly all online payments, whether you’re shopping on platforms like Flipkart, Amazon, Myntra, ordering food from Swiggy or Zomato, or booking a ride via Ola or Uber. However, the maximum cashback is limited to ₹5,000 per month. Please note that there are certain exceptions to the cashback feature. It does not apply to Merchant EMI & Flexipay EMI transactions, or to the following categories: Utility, Insurance, Fuel, Rent, Wallet, School & Educational Services, Jewelry, Railways, etc.

The SBI Cashback Credit Card offers a range of benefits:

1. 5% cashback on online shopping on various stores.

2. 1% cashback on all other spends, online and offline.

Pros:

1. 1% fuel surcharge waiver at all petrol pumps in India.

2. Renewal Fee reversed if annual spends for last year is more than or equal to ₹2,00,000.

Cons:

1. No complimentary airport lounge access.

2. Cashback is not available for the following categories: Education, Fuel, Jewelry, Insurance, Rent, Utilities, and Wallets.

The SBI Cashback Credit Card has the following charges and fees:

1. Joining and Renewal Fee: Rs. 999 plus taxes.

2. Interest Rate: 3.5% per month or 42% per annum.

In conclusion, the SBI Cashback Card is a standout choice in 2023’s credit card market. Its generous cashback offerings, including 5% on online transactions and 1% on offline expenditures, make it an ideal choice for a one-card wallet. The card does come with a joining fee and an annual fee, both ₹999, but the annual fee is waived if your total spend exceeds ₹2 Lakhs in a year. The card’s extensive cashback coverage is a highlight, applying to nearly all online payments. However, there are exceptions, and cashback does not apply to certain categories or to Merchant EMI & Flexipay EMI transactions. The card also offers a 1% fuel surcharge waiver at all petrol pumps in India, but it does not provide complimentary airport lounge access. The charges and fees include a joining and renewal fee of ₹999 plus taxes, and an interest rate of 3.5% per month or 42% per annum.

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Note: Given the generous offerings of the SBI Cashback Card, there is a possibility of devaluation. Therefore, it’s always advisable to check the card’s website for the most current details before applying. This will ensure you have the most accurate and up-to-date information.