SBI Cashback Credit Card
Gaurav
The SBI Cashback Card is a well-known card from SBI Card that gives you cashback on every purchase. As the name suggests, it rewards you with cash back without the need to track points or redeem them. The annual fee for the card is Rs. 999, but it can be waived if you spend Rs. 2 Lakhs or more in the previous year.
You can earn up to 5% cashback on online purchases and 1% on offline purchases. The cashback is automatically credited to your account. The card also offers extra benefits like fuel surcharge waivers. The SBI Cashback Card is considered a reliable, easy-to-use option for beginners. Check out our review to learn more about its features and benefits.
Rewards and Benefits
Movie & Dining
N/A
Domestic Lounge Access
N/A
Rewards Rate
You get 5% cashback on online purchases and 1% cashback on other offline purchases. The maximum cashback you can earn in one statement cycle is Rs. 5000.
Golf
N/A
Travel
N/A
Insurance Benefits
N/A
International Lounge Access
N/A
Reward Redemption
The cashback you earn with the card will be added to your next month’s statement automatically.
Fees & Charges
Interest Rates
3.5% p.m. (42% p.a.)
Spend-Based Waiver
The annual fee can be waived if you spend Rs. 2,00,000 or more in the last year.
Rewards Redemption Fee
Nil
Cash Advance Charges
A charge of 2.5% of the amount withdrawn, or at least Rs. 500.
Foreign Currency Markup
3.50 +GST
Fuel Surcharge
You get a 1% fuel surcharge waiver on transactions between Rs. 500 and Rs. 3,000 at petrol pumps in India, with a maximum waiver of Rs. 100 per statement.
What should you consider before applying for a credit card in India?
Before applying for a credit card in India, consider the following factors:
- Eligibility Criteria: Check the age, income, credit score, and employment status requirements set by the bank or financial institution.
- Credit Score: A higher credit score increases your chances of approval and may result in better offers. Ensure your credit score is in good standing.
- Interest Rates and Fees: Compare annual percentage rates (APR), processing fees, late payment penalties, and foreign transaction fees. These can vary significantly between cards.
- Rewards and Benefits: Look for cards that offer rewards, cashback, discounts, or other perks that align with your spending habits.
- Credit Limit: Make sure the credit limit offered is in line with your financial needs. Avoid over-borrowing, which can lead to high-interest charges.
- Repayment Terms: Understand the repayment options, minimum payment amount, and due dates. Consider how easily you can manage timely payments to avoid interest accumulation.
- Card Type and Features: Choose a card type (e.g., standard, premium, travel, etc.) based on your requirements. Some cards offer more benefits for specific categories like travel, shopping, or dining.
- Bank’s Reputation: Opt for a bank with a good track record of customer service and transparency. Read reviews and consider their customer support accessibility.
- Hidden Charges: Be aware of any hidden fees, such as annual fees, balance transfer charges, and cash withdrawal fees.
- Credit Utilization: Ensure you can manage your spending within the credit limit to maintain a healthy credit utilization ratio, which impacts your credit score.
- Long-Term Financial Plans: Think about how the credit card will fit into your long-term financial goals and avoid accumulating unnecessary debt.
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