SBI Card Launches First-Of-Its-Kind ‘CASHBACK SBI Card’
~A unique card with 5% Cashback benefits across all online spends~
New Delhi, September 01, 2022: SBI Card, India’s largest pure-play credit card issuer, today announced the launch of ‘CASHBACK SBI Card’, the first-of-its-kind and the most comprehensive Cashback credit card in India. CASHBACK SBI Card is the industry’s first Cashback-focused credit card that enables cardholders to earn 5% Cashback on all online spends without any merchant restrictions. Targeted at customers across all categories, from mass to premium, the card offers a simple, seamless, and completely digital joining experience. Consumers across India, including tier 2 & 3 cities, can easily get CASHBACK SBI Card instantly from the comfort of their homes in just a few clicks through digital application platform ‘SBI Card SPRINT’.
The contactless card is free for the first year till March 2023 as a special offer. Owing to its strong proposition, CASHBACK SBI Card customer will earn unlimited 1% cashback on all spends, cashback will increase to 5% on all online spends for up to maximum of INR 10,000 per monthly statement cycle. It’s merchant agnostic nature ensures that the customers are not restricted to shopping with just a few merchants to avail the benefits. CASHBACK SBI Card comes with auto-credit of Cashback facility which allows automatic credit of entitled Cashback to the SBI Card account within two days of statement generation.
Speaking on the launch Mr. Rama Mohan Rao Amara, MD & CEO, SBI Card said, “CASHBACK SBI Card will further strengthen our core card portfolio. This product is a fine example of our continuous efforts towards addressing customers’ evolving needs. During our diverse initiatives, we meticulously assessed affinity of cardholders towards online shopping and Cashbacks. In line, we thoughtfully designed CASHBACK SBI Card that truly empowers customers to avail the Cashback benefits on every purchase, every time, and everywhere. Launch of this unique card is at an opportune time as customers can experience its power every day and make the most during the upcoming festive season.”
The benefits offered by CASHBACK SBI Card go well beyond its strong Cashback features. Cardholders can avail four complimentary domestic airport lounge visits per year (one visit per quarter). The card also offers 1% fuel surcharge waiver which is valid for transaction amount ranging from Rs 500 to Rs 3,000, with maximum surcharge waiver limit of Rs 100 per billing statement month for each credit card account. The annual renewal fee of the card is Rs 999 plus applicable taxes. CASHBACK SBI Card users can enjoy renewal fee reversal on reaching the milestone of Rs 2 lakh annual spends during the card membership year. CASHBACK SBI Card is available on the VISA platform.
Key highlights of the card:
CASHBACK SBI Card
• Cashback Benefits:
o 5% cashback on every* online spend without any merchant restriction (Up to maximum of Rs. 10,000 per monthly statement cycle).
o Unlimited 1% cashback on all* spends and utility bill payments.
o Cashback will be automatically credited to respective SBI Card account within two days of the next statement generation
• Joining & Renewal Fees:
o Under a special offer till March 2023, the first year of card membership is free.
o Annual fee reversal of Rs 999 on achieving annual spends of Rs. 2 Lakh or more within a card membership year.
• Fuel Surcharge:
o 1% fuel surcharge waiver (Valid for transactions of amount ranging from Rs 500 to Rs 3,000 & maximum surcharge waiver amount of Rs 100 per billing statement month per credit card account).
• Airport Lounge Access:
o 4 complimentary domestic airport lounge visits in a year (Maximum of 1 visit per quarter).
*Cashback is not applicable on Rent Payments, Fuel Spends, Wallet Loads, Merchant EMIs, Cash Advances, Balance Transfer, Encash & Flexipay.
About SBI Card
SBI Cards and Payment Services Limited (“SBI Card”) is a non-banking financial company that offers extensive credit card portfolio to individual cardholders and corporate clients which includes lifestyle, rewards, travel & fuel, and banking partnerships cards along with corporate cards covering all major cardholders’ segments in terms of income profile and lifestyle. The brand has a wide base of over 14 million cards in force as of Q1 FY23. It has diversified customer acquisition network that enables to engage prospective customers across multiple channels. SBI Card is a technology driven company. The Company is listed on National Stock Exchange (“NSE”) and The Bombay Stock Exchange (“BSE”).
P.S. The brand name of the company is ‘SBI Card’ and it is registered in the name of ‘SBI Cards and Payment Services Limited’. The company is trading under the entity name ‘SBICARD’ on stock exchanges.