OLA Money SBI Credit Card
The OLA Money SBI Credit Card is a card made by SBI and OLA Money for people who regularly use cabs and want extra savings. One great thing about this card is that there’s no fee to join. When you get the card, you also receive welcome gifts like flight vouchers and EaseMyTrip vouchers. There is a yearly fee of Rs. 499, but it’s waived if you spend Rs. 1 lakh or more in a year. With this card, you earn 1% reward points on regular spending and 7% on OLA rides. These points go straight to your OLA Money wallet, so you can use them easily.
You also get cashback when booking travel on Cleartrip: 5% for flights, 10% for domestic hotel stays, and 6% for international hotels. If you’re someone who rides with OLA a lot, this card is a great way to save money on rides and other expenses. The Axis Bank Ace Credit Card is another good choice. Even though it’s not tied directly to OLA, it still gives cashback on OLA rides and other benefits for travel bookings. Both cards are helpful if you want to save more on everyday spending and trips.
Rewards and Benefits
Fees & Charges
What should you consider before applying for a credit card in India?
Key Considerations Before Applying for a Credit Card in India:
- Eligibility Criteria: Ensure you meet the eligibility requirements, which typically include age, income, credit score, and employment status as defined by the issuing bank or financial institution.
- Credit Score: A strong credit score can significantly improve your chances of approval and result in more favorable terms, such as lower interest rates or higher credit limits. Verify that your credit score is healthy before applying.
- Interest Rates and Fees: Compare the annual percentage rates (APR), processing fees, late payment penalties, and foreign transaction charges associated with various cards. These costs can vary widely and impact the overall value of the card.
- Rewards and Benefits: Evaluate the rewards, cashback, discounts, or other perks offered by the card to ensure they align with your spending patterns. Some cards may provide better benefits in specific categories, such as travel, shopping, or dining.
- Credit Limit: Review the credit limit offered by the card to ensure it meets your financial needs. Avoid applying for cards with excessive limits if you are concerned about managing debt, as this can lead to higher interest charges.
- Repayment Terms: Understand the repayment structure, including the minimum payment amount, payment due dates, and any associated penalties. Being clear about these terms can help you manage payments effectively and avoid interest buildup.
- Card Type and Features: Choose a card type that matches your specific needs—whether standard, premium, or specialized cards like those offering travel rewards or dining privileges. Ensure the features of the card align with your lifestyle and spending habits.
- Bank’s Reputation: Opt for a financial institution with a proven reputation for customer service and transparency. Consider researching customer reviews and assessing their support channels to ensure reliable service.
- Hidden Charges: Be aware of any hidden fees, including annual fees, balance transfer charges, foreign transaction fees, or cash withdrawal charges. These can add up over time and affect the overall cost-effectiveness of the card.
- Credit Utilization: Maintain a balance within your credit limit to avoid high credit utilization ratios, which can negatively impact your credit score. Responsible use of credit is essential for maintaining financial health.
- Long-Term Financial Plans: Consider how the credit card fits into your overall financial strategy. Avoid accumulating unnecessary debt and choose a card that supports your long-term financial goals without adding financial strain.
What is an OLA SBI Credit Card?
It’s a card that helps you with OLA travel, and you earn reward points for every OLA purchase.
How do I redeem reward points earned on the OLA Money SBI Credit Card?
The points are automatically added to your OLA Money Wallet. Just complete the KYC and activate your account to use them.
Can I get my renewal fee waived for this card?
Yes, if you spend Rs. 1 lakh or more in the previous year, the renewal fee will be waived.
What’s the maximum fuel surcharge benefit I can get?
You can get a maximum of Rs. 100 in fuel surcharge benefits each month.
What’s the joining fee for the OLA Money SBI Credit Card?
There’s no joining fee. The annual fee is Rs. 499, but it can be waived if you spend more than Rs. 1 lakh in the previous year.
How do I pay for OLA rides with a credit card?
Open the OLA app, select payment, click "Add a Credit/Debit Card," enter your card details, and save it for future payments.
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