SBI Cashback Credit Card Review

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Cashback credit cards are always special. They are easy to get a value out of unlike airmiles and they are the most popular among customers. Make a transaction, get the cashback and redeem it. It is as simple as that. SBI Cashback became the most popular cashback credit card on launch with its amazon 5% cashback on online spends. And hardly 7 months down the line, it has already seen its first devaluation. With the devaluations coming in, here is an updated review of the SBI Cashback credit card. This will help you decide whether to apply for Cashback card or close it if it’s up for renewal.


Type Cashback
Variant Visa
Annual Fee Rs 999+GST
Rewards 1% to 5%
Best For Online Spends
SBI Cashback Credit Card Review: Overview

Fees and Charges

Joining Fee Rs 999+GST
Annual Fee Rs 999+GST
Annual Fee Waiver Rs 2 Lakhs spend in a membership year
SBI Cashback Credit Card Review: Fees and Charges

The FYF offer with zero joining fee is now gone but you can apply via the referral link below to get a Rs 500 Amazon gift voucher. This makes the effective joining fee around Rs 680.

The Rs 2 Lakhs spend is a little bit on the higher side but can be achieved. The annual fee of Rs 999 is still reasonable considering the cashback it offers. Let’s move to the interesting part of this card – the cashback. 🙂


SBI Cashback has now restricted cashback in lot of categories. So, it is not a 5% cashback on all online merchant spends anymore.

Education, Fuel, Jewelry, Insurance, Rent, Utilities, Wallets NIL
Other Online Spends 5%
Other Offline Spends 1%
SBI Cashback Credit Card Review: Cashback

Excluding categories like education, jewelry and even utilities from even 1% cashback is surprising. The 5% cashback now has a cap of Rs 5000 per statement cycle, down by 50% from the earlier cap of Rs 10000. But, it is still ok as as it needs Rs 1 Lakh spend per month to hit the cap.

How is the 5% cashback calculated for SBI Cashback Card?

SBI Cashback credit card does not give an exact cashback of 5% on spends. The calculation is a little different. The cashback is calculated at 1% for regular spends and 4% bonus for offline spends. Each of these is then rounded down to the nearest integer. For example, if you spend Rs 2345 and are eligible for 5% cashback, then:

  • 1% of Rs 2345 is Rs 23.45 which is rounded down to Rs 23
  • 4% of Rs 2345 is Rs 93.80 which is rounded down to Rs 93
  • Total cashback will be Rs 116 or 4.94%

Cashback Redemption

The earned cashback is automatically credited to the statement every month within 2 working days of statement generation. SBI Card also sends a cashback credit message once this is done.

There are no redemption charges. SBI Card does not give a transaction wise cashback calculation in the statement. So, we need to manually calculate the eligible cashback.

Cashback SBI Card vs other cashback credit cards

If you hold multiple cashback credit cards, use this forum thread to compare cashback rates across all of them. This will help you find the best cashback credit card for your spend.

Complimentary Airport Lounge Access

SBI Cashback does not get any complimentary airport lounge access now. This has been discontinued with the devaluation from 5th of May 2023.

Final Thoughts

While the devaluation has a huge impact on the usefulness of the SBI Cashback credit card, it is still a good option if you spend on online merchants outside Flipkart and Amazon. But, we don’t see an use for it otherwise. We can anyway get unlimited 5% cashback on Flipkart and Amazon with their co-branded credit cards.

The second issue now is benefits. Cashback and rewards are not the only thing we look for in a credit card. We also need to have benefits like airport lounge access. The SBI Cashback credit card does not get any airport lounge access now – not even once a year! This sounds rather sad for a Rs 999 annual fee credit card.

I am passionate blogger and youtuber since 2018 and self study Programmer.

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