Is SBI Cashback card even worth it?

[card.enthusiast]

I have been tracking my expenses and cashback for last 8 months and I am not able to reconcile where they give 1% and where they give 5%.

When they say "online", it looks like purely Indian e-commerce sites like Flipkart, Amazon, and BigBasket qualify, and not really other places you pay on web. Places I've not gotten are- Tata AIG insurance, Google workspace account, Uber, Indeed premium, any charity (e.g. Goonj, Akshaypatra), Flynote vacations (received once, didn't receive second time), Agoda hotels, etc. This is approximation because my calculated numbers and their numbers don't exactly match.

Because of this uncertainty, my net cashback for last year is 2.6% even though I use this card exclusively online. This is less than 3.3% default from Diner Black where I don't have to think at all. Moreover in middle of month when I check I see one number, in the statement I see different number (even smaller), and in the credit I see even other different number than in the statement. When asking customer service, they sent generic response on which MCCs are eligible and which not. This doesn't explain why their own statement amount and credit amount are different.

I want to cancel this card. What am I missing?

 

[suhasa010]

I'll let you know after they approve my card when I apply in 2 months for the 5th time 🥱

 

[SSV]

I'll let you know after they approve my card when I apply in 2 months for the 5th time 🥱

I guess we need to wait for quite a sometime .. all the best

 

[kartikk]

I guess we need to wait for quite a sometime .. all the best

I applied for SBI Elite but after I saw some reviews about it and the fees which is too much for the benefits and ofc the 10 lakh criteria to make it free for the next year I mailed them to either make it ltf or downgrade the application to cashback. Should I take it or leave it? Already have a simply save with 92000 limit . Also requested for Ltf.

 

[SSV]

I applied for SBI Elite but after I saw some reviews about it and the fees which is too much for the benefits and ofc the 10 lakh criteria to make it free for the next year I mailed them to either make it ltf or downgrade the application to cashback. Should I take it or leave it? Already have a simply save with 92000 limit . Also requested for Ltf.

SBI elite is not worth, take CB card if you get

 

[TheGuy]

either make it ltf or downgrade the application to cashback

do update. interested to see how they respond.

 

[Lucifer311]

My major expense is ordering medicines for my dad so I always get 5% on it.. I am trying to get another cashback card in the family but unfortunately they are not approving it.. its totally a worth it card for a lot of online portals for which smartbuy does not have voucher.

Which Site are you using for ordering medicines? I have used Pharmeasy & Flipkart Health+, never got the cashback..

 

[pgarg24]

Which Site are you using for ordering medicines? I have used Pharmeasy & Flipkart Health+, never got the cashback..

Pharmeasy and truemeds.. pharmeasy gives 5% for sure.. if you are not getting, call cc and ask them the mcc code of pharmeasy transaction.. that way u can confirm whats going on

 

[kartikk]

do update. interested to see how they respond.

Received a mail today they said they won't give a Ltf elite and said that annual fee is only a portion of the money used by us to maintain your Card account and blah blah. Looking for cashback ltf might get a mail tomorrow from them

 

[TheGuy]

Received a mail today they said they won't give a Ltf elite and said that annual fee is only a portion of the money used by us to maintain your Card account and blah blah. Looking for cashback ltf might get a mail tomorrow from them

I also received same mail.

I will be asking again after having some spends and if they don't agree- later close it. Reward rate on SBI Cards (apart from Cashback and Vistara) is abysmal.

 

[Lucifer311]

Pharmeasy and truemeds.. pharmeasy gives 5% for sure.. if you are not getting, call cc and ask them the mcc code of pharmeasy transaction.. that way u can confirm whats going on

Have you checked the MCC of truemeds? is this site also giving 5% cashback?

 

[kartikk]

I also received same mail.
View attachment 41191
I will be asking again after having some spends and if they don't agree- later close it. Reward rate on SBI Cards (apart from Cashback and Vistara) is abysmal.

Bad news they rejected after mailing them 10 times

 

[ak1423]

Amazon with a limit of 2lkh for a user .waste of money and space if you already hold millenia ltf

 

[Sahilhenzy]

I applied for SBI Elite but after I saw some reviews about it and the fees which is too much for the benefits and ofc the 10 lakh criteria to make it free for the next year I mailed them to either make it ltf or downgrade the application to cashback. Should I take it or leave it? Already have a simply save with 92000 limit . Also requested for Ltf.

They won't downgrade to CB card as of now. Because they still treat this card super premium.

 

[Zacobite]

I have been tracking my expenses and cashback for last 8 months and I am not able to reconcile where they give 1% and where they give 5%.

When they say "online", it looks like purely Indian e-commerce sites like Flipkart, Amazon, and BigBasket qualify, and not really other places you pay on web. Places I've not gotten are- Tata AIG insurance, Google workspace account, Uber, Indeed premium, any charity (e.g. Goonj, Akshaypatra), Flynote vacations (received once, didn't receive second time), Agoda hotels, etc. This is approximation because my calculated numbers and their numbers don't exactly match.

Because of this uncertainty, my net cashback for last year is 2.6% even though I use this card exclusively online. This is less than 3.3% default from Diner Black where I don't have to think at all. Moreover in middle of month when I check I see one number, in the statement I see different number (even smaller), and in the credit I see even other different number than in the statement. When asking customer service, they sent generic response on which MCCs are eligible and which not. This doesn't explain why their own statement amount and credit amount are different.

I want to cancel this card. What am I missing?

dcb is great.. sbi cb has many tnc.. try and load all on one main card.. return is better..

 

[Faust]

Hi all,

Have a question regarding the worthiness of the SBI cashback card.

After getting rejected for the SBI cashback card last year, I applied for it again yesterday.
Based on the calls and completed kyc etc., it looks like they have approved it.

The representative started telling me the benefits of the card and she said something that seemed very odd regarding the interpretation of 5% CB up to 5000 for the month.

What she said is if I buy something for 1 lakh on Amazon, the 5% CB will be applicable only on 5000. The remaining 95000 will yield CB only at 1%.
I.e. 5% of 5000 + 1% of 95000 = 250 + 950 = 1200.
With such a rate this card is useless but she is quite confident about this.

My understanding is I will get 5% on the total 1 lakh and any further purchases will yield CB at only 1% since I would have crossed the 5000 limit.

Who is correct here?

 

[SSV]

What she said is if I buy something for 1 lakh on Amazon, the 5% CB will be applicable only on 5000

Ask her to get trained again in the internal SBI training programs ..

 

[SSV]

Hi all,

Have a question regarding the worthiness of the SBI cashback card.

After getting rejected for the SBI cashback card last year, I applied for it again yesterday.
Based on the calls and completed kyc etc., it looks like they have approved it.

The representative started telling me the benefits of the card and she said something that seemed very odd regarding the interpretation of 5% CB up to 5000 for the month.

What she said is if I buy something for 1 lakh on Amazon, the 5% CB will be applicable only on 5000. The remaining 95000 will yield CB only at 1%.
I.e. 5% of 5000 + 1% of 95000 = 250 + 950 = 1200.
With such a rate this card is useless but she is quite confident about this.

My understanding is I will get 5% on the total 1 lakh and any further purchases will yield CB at only 1% since I would have crossed the 5000 limit.

Who is correct here?

Ask her to get trained again in the internal SBI training programs ..

Ask her to refer their Cashback CC T& Cs page 32, 33 and 34 on their website..

https://www.sbicard.com/sbi-card-en/assets/docs/pdf/cashback-tnc-booklet.pdf

 

[Faust]

Thanks for confirming that. Must be because they are a govt bank.
I don't know why I start doubting myself...

 

[ghost2050]

Where to book flights to get 5%?

 

[Deepak_Shetty]

Where to book flights to get 5%?

Airlines website and paytm gives 5%. Other websites like hit or miss.