SBI Bank Revises Cashback Benefits on the SBI Cashback Credit Card

SBI Bank Revises Cashback Benefits on the SBI Cashback Credit Card

The SBI Cashback credit card was recently launched by the bank with no joining fee and a Rs. 999 renewal fee. The card offers cashback for both offline and online spends.

However, SBI has announced that starting from May 1, 2023, the cashback benefits on this credit card will be revised and certain categories will no longer be eligible for cashback. Here are the changes made to the credit card benefits:

SBI Bank Revises Cashback Benefits on the SBI Cashback Credit Card post

Revision of Cashback Benefits on the SBI Cashback Credit Card

Previously, only fuel transactions were ineligible for cashback, while online transactions earned 5% cashback and offline transactions earned 1% cashback. However, starting from May 1, 2023, the following categories will no longer accrue cashback:

  • Jewellery
  • Utilities
  • Educational & School Services
  • Card, Gift, Souvenir, and Novelty Shops
  • Insurance Services
  • Railways
  • Quasi Cash/Member Financial Institution

In addition to the exclusions mentioned above, the maximum cashback that can be earned per month on both offline and online spends will be Rs. 5000. The complimentary domestic lounge access benefit will also be discontinued from the SBI Cashback credit card.

Bottom Line

The revision of cashback benefits is certainly disappointing for SBI Cashback credit card customers, especially considering the high Rs. 1000 renewal fee. Previously, the card offered 1% cashback on utility payments, but this will no longer be available starting from May 1, 2023. Cardholders will no longer receive cashback on major payments such as utility bills, school fees, and insurance premiums.

Furthermore, the card used to offer 1 complimentary domestic lounge access per quarter, but this benefit will also be removed. Paying Rs. 1000 for a credit card without even complimentary lounge access is not very appealing.

Stay tuned for more information and updates regarding the SBI Cashback and other popular credit cards in the country.

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