SBI Card launched the Cashback SBI Card on Thursday, 1 September 2022, offering an industry-leading reward rate of 5% as direct cashback on many types of online merchant spends. The card’s straightforward name and clean design reflect its core promise: easy, automatic cashback on everyday online purchases.
This is an impressive product from SBI Card, designed with attention to small details and focused on delivering value to frequent online shoppers.
My Experience
In July 2022 I had applied for the SBI SimplyCLICK credit card under the SBI Sprint FYF offer and received approval. SBI Card allows customers to hold multiple cards with separate credit limits, but typically enforces a cooling-off period of around three months before a new card can be added.
When the Cashback SBI Card launched on 1 September 2022, I attempted to apply through the SBI Card website. Because my existing card was only one month old, the system prevented me from proceeding.
I didn’t pursue escalations or offline routes since the Cashback card is not available through offline application channels.
After the cooling-off period ended, the SBI Card app showed an option to apply for an additional card (listed as “avail new card”). The choices included the SBI BPCL card and, curiously, the SBI SimplyCLICK card again.
I applied through SBI Sprint online and the Cashback SBI Card was approved quickly. After submitting a few KYC details, approval and a virtual card arrived within 5–10 minutes.
One operational detail: SBI Card deposited Re 1 into my chosen savings account and requested that I reverse Re 1 back to SBI Card. That verification step may be inconvenient for users who are less comfortable with online banking transfers.
No additional video KYC or in-person verification was required. The virtual card was available instantly, albeit with a modest credit limit as expected for an additional card. A CIBIL enquiry was made because SBI assigns a separate limit to each card it issues.
Drawbacks
The main limitation of the Cashback SBI Card is that it generally does not qualify for instant discount deals (for example, the 10% instant discounts often seen on platforms such as Amazon or Flipkart). That reduces its usefulness during large online sales where instant discounts can be substantial.
Some cardholders reported receiving both instant discounts and cashback during specific sales, such as the Amazon Great Indian Festival. Whether such combined benefits persist or lead to later reversals depends on the individual merchant and the terms applied during the sale.
Final Thoughts
The Cashback SBI Card competes strongly with higher-tier cards from other issuers thanks to its generous default 5% cashback on eligible online spends. For users with steady online spending throughout the year, this card delivers excellent value through automatic statement credits.
However, because SBI Card also runs instant discount promotions on various online platforms periodically, the Cashback card may not be sufficient as the only card in your wallet. Pairing it with a card that provides instant discounts during large sale events will maximize overall savings.
Overall, the card’s clear value proposition and sensible exclusions contribute to its durability as a useful rewards product, and any potential devaluation appears limited for now.