After the big launch of the Paytm Credit Card yesterday, Ola Cabs today unveiled its co-branded credit card: the Ola Money SBI Credit Card, issued in partnership with SBI Cards and Visa.
A few context points before we dive into the card details:
- Ola Cabs currently serves roughly 150 million users.
- SBI Cards, the second-largest credit card issuer in India, has around 8 million active cards.
- SBICards recently raised significant funding (Rs.700 crore as part of a Rs.1,500 crore round), resources that will support expansions like this co-branded launch.
To capture Ola’s large user base, the company has opted for a beginner-friendly card with straightforward benefits. Below are the known features and benefits so far.
[TOC]
Ola Money Credit Card Benefits
- Joining fee: Rs.500 + GST (charged at the end of the year; waived on annual spends of Rs.1 lakh).
- Card type: Visa platform, contactless enabled.
- Rewards: Cashback paid as Ola Money Credit, credited to the Ola Money wallet within three days. Cashback does not expire.
- 7% cashback on Ola rides (capped at Rs.500 per month).
- 5% cashback on flight bookings via Cleartrip (caps: up to Rs.5,000 domestic, Rs.10,000 international).
- 20% off on domestic hotel bookings via Cleartrip (no cap).
- 20% off at 6,000+ restaurants via Dineout, up to Rs.200 per transaction (upto Rs.200/month).
- 1% cashback on all other spends.
Overall, the rewards structure is solid for a starter card. The Ola ride cap could be higher—raising it to Rs.1,000 per month would help commuters and occasional outstation users. The unlimited cap for domestic hotel bookings is attractive, especially when booking higher-end properties, though supplementary promos may not be combinable. The 1% on other spends is modest; 1.5–2% would have strengthened the card’s appeal further.
How to Apply
Ola has set up a landing page where users can express interest. The issuer will likely check credit scores (Experian) and contact applicants based on eligibility. Ola users will be able to apply for, view, and manage the credit card directly within the Ola app.
- Express interest here
Why This Is Significant
When compared with other co-branded efforts—Amazon-ICICI and Paytm-Citi—the SBI-Ola partnership could be an important strategic win for SBI Cards. If SBI converts even a small percentage of Ola’s large user base into cardholders, it could rapidly scale its card book and challenge market leaders. SBI Cards reportedly targets 10 million cards in the next few years.
HDFC remains a strong competitor and may respond with its own large-scale partnership (for example, a potential HDFC-Flipkart tie-up), leveraging existing rewards programs. Competition is likely to drive further product innovations for entry-level users.
Bottom Line
The Ola Money SBI Credit Card is a promising, beginner-focused product with useful ride, travel and dining benefits. It’s worth considering for users who frequently use Ola or book travel via Cleartrip. If you’re interested, you can express interest via the landing page, but it may be prudent to wait a short while to see how applications and initial offers settle before applying.
What do you think about the new Ola Money SBI Credit Card? Share your views in the comments below.