SBI Credit Card Cash back – Features, Benefits, Maximize your cash back

Introduction:

In today’s fast-paced world, credit cards have become an essential tool for managing personal finances. They offer convenience, security, and an array of benefits. One such advantage is cashback rewards, which can significantly enhance your purchasing power. Among the leading credit card providers, SBI Credit Card have gained popularity for their lucrative cashback offers. In this blog post, we will explore how you can make the most of these cashback benefits to maximize your savings.

Understanding SBI Credit Card Cashback Program:

To begin, let’s understand  the SBI credit card Cashback Program. SBI offers a variety of credit cards, each with its own unique cashback features. From travel and dining to online shopping and groceries, SBI Credit Cards cater to diverse spending habits. Cardholders earn cashback on their transactions, which is credited back to their accounts periodically. The cashback percentage and categories may vary depending on the specific SBI Credit Card you hold.

SPEND TYPEPURCHASE TYPE	CASHBACK
Education, Fuel, Jewelry, Insurance, Rent, Utilities, Wallets	Nil
Other Online Spends	5%
Other Offline Spends	1%

Here are some details:

• Card Cashback
  • Online* spending can earn 5% Cashback without any merchant restrictions.
  • 1% Cashback on all* offline purchases
  • *Cashback is not offered on transactions including Merchant EMI and Flexipay EMI, as well as on the following categories: utilities, insurance, fuel, rent, wallets, schools and other educational institutions, jewellery and transportation. Visit www.sbicard.com/CashbackCardTnC for a complete list of exclusions.

Hassle free:

Within two days of the creation of your subsequent statement, your SBI Card account will automatically get Card Cashback. Please visit Cardholders T&C for further information.

For more information about Card Cashback, click here.

Spend Based Reversal:

Reversal of Renewal Fee on annual spends of Rs.2 Lakhs.

Fuel Surcharge Waiver:

• 1% Fuel Surcharge Waiver at all Indian petrol stations

Contactless Advantage:

• With the CASHBACK SBI Card, everyday purchases are now simple. To make a purchase, just touch your card at a secure reader.
• Fast and practical No need to present your card or search for cash or coins to make small-ticket purchases every day.
• Security: During a Contactless transaction, the card never leaves your palm, greatly lowering the chance of card loss and fraud from skimming (counterfeit) transactions. VISA PayWave’s special security key feature ensures that just one transaction occurs even if the card is touched at the scanner many times, making it more secure.

You can also check the terms and conditions T&C

A SBI credit card payment can be made in a variety of ways:

The cashback offers on SBI Credit Cards are made to accommodate various consumer preferences. Several prevalent categories of cashback offerings include:

a) Flat Rate Cashback:

With this programme, regardless of the type of transaction, you receive a certain proportion of cashback. For instance, if you use your SBI Credit Card for all of your purchases, you can get a 1.5% cashback.

b) Category-based Cashback:

Such a cashback offer is targeted towards particular purchase categories like food, gas, and grocery. Higher cashback percentages are frequently offered by SBI Credit Cards for purchases made in certain areas.

c) Partner Merchant Cashback:

SBI offers unique cashback rewards through to partnerships with a variety of brands and retailers. Cardholders who make purchases from these partner businesses will receive additional cashback.

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Types of SBI Credit Card Charges and Fees

The costs differ depending on the type of SBI credit card. Check out the key SBI credit card fees you need to be aware of before applying for the card.

SBI Credit Card Annual Fees:	For having an SBI credit card, you must pay this annual fee. In most cases, the annual fees for SBI credit card versions are comparable. There are, however, credit cards available with no yearly fees. Keep in mind that the annual fee is only billed once. On the other hand, you must pay a renewal charge annually for the majority of credit cards. Therefore, when applying for a card, it is important to evaluate the SBI credit card fees, including the card renewal fees.
SBI Credit Card Late Payment Charges:	If you don’t pay off the balance on your SBI credit card prior to the payment date, late fees will be assessed. The late payment penalties are broken down as follows: Nil for an outstanding balance of less than $500, $400 for an outstanding balance between $500 and $1,000, 750 for an outstanding balance between $1,000 and $10,000, 950 for an outstanding balance between 25,000 and $50,000, 1,100 for an outstanding balance between 25,000 and 50,000, and 1,300 for an outstanding balance over $50,000.
SBI Credit Card Fees and Charges:	When you go over the credit limit on your SBI credit card, fees are assessed. SBI imposes an over-limit fee equal to 2.5% of the total over-limit sum or 600, whichever is higher, in accordance with internal policy.
SBI Credit Card International Transaction Charges:	You might have to pay an extra fee with an SBI credit card for international transactions. Depending on your credit card type, foreign currency transaction fees might range from 1.99% to 3.5%.
SBI Credit Card Cash Advance Fees:	You can get cash from domestic or foreign ATMs during an emergency. However, a transaction fee of either 500 or 2.5%, whichever is more, can be required of you.
SBI Credit Card Cash Payment Fees:	At a few SBI branches, you can settle your monthly debts in cash. In your pay-in slip, just write down your credit card number and the amount you wish to deposit. When using this service, you might, nevertheless, be required to pay 250 in service charges and related taxes. Here is a brief overview of other SBI credit card fees in addition to the previously listed SBI credit charges, including SBI credit card annual fees. 1) A $100 fee for cheque payments 2) $100 to $250 for a new credit card. 99 as the price for reclaiming SBI credit card rewards.

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Eligibility Criteria:

Basic Eligibility Criteria:

• The principal candidate must be between the ages of 21 and 60.
• The add-on card applicant must be older than 18 years old.
• Must be a salaried employee, a sole proprietor, a student, or a retired pensioner.
• The primary applicant should have an annual gross income of up to Rs. 3 lakh.

Eligibility Criteria For Salaried Employees

Eligibility Criteria for Students

1)The applicant for an SBI credit card is an Indian citizen. 2)The applicant is not older than the maximum age of 65 or younger than the minimum age requirement of 18. 3)The person has a CIBIL score of at least 750. 4)The candidate has a consistent source of income. 5)The required yearly income is Rs. 2 lakh. 6)The applicant can provide valid identification, proof of address, and age proof in addition to at least the last three months’ worth of pay stubs and bank statements showing salary deposits.

1)The applicant is an Indian resident. 2)The candidate is older than 18 years old. 3)The person can present a PAN card, 4) Age verification, college enrollment verification, and other KYC-compliant documentation. 5)The bank will base the applicant’s credit limit on whether or not they have a fixed deposit account with a balance of Rs.25,000 or higher.

How to Apply for SBI Credit Card?

First, access the SBI Card website.

Step 2: Once there, select the card you wish to own from the variety of cards they are offering.

Step 3: After clicking “Apply,” you will be directed to a form where you must provide all the required information, including your name, occupation, annual income, PAN number, and mobile number.

Step 4: Once you’ve completed the form, you’ll get an OTP on your mobile phone that you must key in to confirm the transaction.

The next stage is for you to get a call from a representative who will ask you to supply the required paperwork.

Tips for Maximizing Cashback Rewards:

To make the most of SBI Credit Card cashback offers, here are some valuable tips:

a) Choose the Right Card:

Consider your spending habits when choosing an SBI Credit Card that fits your way of life. To ensure you receive the maximum reward rates, take into account the spending categories.

b) Utilize Partner Merchant Offers:

Use SBI’s affiliate retailers to increase your cashback earnings. Watch out for special deals and discounts that can increase your savings.

c) Plan Big-ticket Purchases:

Plan ahead when you make purchases of big-ticket items like gadgets or appliances for your home. To earn more cashback, keep an eye out for sales or other special deals.

d) Pay Attention to Redemption Options:

Cashback on the SBI Credit Card can be used in a number of ways, including bill credits, gift cards, or direct deposits. Investigate your options and pick the one that will provide you the most value for your cashback earnings.

Conclusion:

SBI Credit Cards present a compelling option for individuals seeking financial flexibility, rewards, and convenience. With an array of card choices, a generous rewards program, enhanced security features, and excellent customer service, SBI Credit Cards offer a comprehensive package for users. However, it’s important to assess your specific needs and consider the eligibility requirements and redemption options before making a final decision. Overall, SBI Credit Cards can be an excellent addition to your financial toolkit, providing you with the means to unlock financial freedom and reap the rewards of responsible credit.

F.A.Q’S

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