SBI Card and Flipkart have introduced a new co-branded credit card that offers cashback and select benefits on Flipkart, Myntra, and Cleartrip. The card targets frequent shoppers on these platforms with category-specific rewards and a modest welcome benefit.
The new Flipkart SBI Card closely resembles the Axis Flipkart Card, a co-branded product launched with Axis Bank about six years ago. Many of the features, reward rates, and caps are nearly identical, with only a few differences in preferred partners and minor benefit details.
Features & Benefits
- Joining/Annual Fee: 500 INR + GST
- Welcome Benefit: 250 INR Flipkart voucher
- Limited Period Offer: Additional 500 INR Flipkart voucher
- 7.5% cashback on Myntra
- 5% cashback on Flipkart
- 5% cashback on Cleartrip
- 4% cashback on Zomato, Uber, PVR and Netmeds
- Cashback capping: 4,000 INR per quarter (per category listed above)
- 1% cashback on all other spends, uncapped
Overall, the reward structure and capping closely mirror the Axis Flipkart Card, with only minor variations such as the set of merchants eligible for the 4% category. The card also includes Cleartrip-specific benefits similar to those on the Axis variant.
The Flipkart SBI Card is being issued in both Visa and Mastercard networks, with the Mastercard version appearing to be the default option on the application flow at present. Applications can be made via the Flipkart app or the SBICard portal.
Is it worth it?
For most users, this card is unlikely to be the best choice.
SBI already offers strong cashback alternatives, including its regular Cashback Card and the PhonePe co-branded option. In particular, SBI’s Cashback Card provides 5% cashback across many online merchants with a significantly higher monthly cap than the Flipkart co-branded cards, delivering better value for broad online spending.
Given that overlap, applying for the Flipkart SBI Card — or the Axis Flipkart Card in its current form — generally makes less sense unless you have a targeted need for the Myntra or Flipkart-specific offers.
If you value the Myntra benefit specifically, you might prefer the Axis Flipkart Card variant; review its features to decide which aligns better with your spending habits.
Bottom line
New co-branded launches are always notable, but this release highlights a common trend: similar value propositions repeated across issuers. Rather than meaningful differentiation, many co-branded cards now duplicate benefits with only minor tweaks.
This pattern is not limited to Flipkart partnerships; other co-branded offerings have also converged on similar structures recently. Greater variety across issuers would be welcome, as it would give consumers clearer reasons to choose one bank’s card over another’s based on distinct perks and real differences in value.