SBI Cashback Card - Should I close it?

[GaurangMittal15]

I had a meagre limit of Rs 20k/month on my SBI Cashback card, even though I have a decent CIBIL (750+) and a more than decent take home salary.
I will not be able to meet the spend based criteria for the cashback card, and the net returns after the fee come out to be around 3.7% till now.
The credit limit recently got enhanced to Rs. 40k/month.

I have taken the Axis Atlas recently which gives a base reward rate of 4%.

I am now seriously considering to not renew my SBI Cashback card.

What should I do?
Have they converted it to LTF for anyone recently?

 

[Akash_Aryan]

I had a meagre limit of Rs 20k/month on my SBI Cashback card, even though I have a decent CIBIL (750+) and a more than decent take home salary.
I will not be able to meet the spend based criteria for the cashback card, and the net returns after the fee come out to be around 3.7% till now.
The credit limit recently got enhanced to Rs. 40k/month.

I have taken the Axis Atlas recently which gives a base reward rate of 4%.

I am now seriously considering to not renew my SBI Cashback card.

What should I do?
Have they converted it to LTF for anyone recently?

Recently I converted my card to LTF

 

[HumorSimpson]

Closing SBI CB is the second financial mistake that one should never do.
Keep using for an year more and mail them, they do convert it to LTF. Unlike other cards, this doesn't tie to any ecom, you can get 5% across any rewarding sites.

 

[SubhankarSubhankar is verified member.]

SBI cashback is a decent card. Even with annual fee, I’d suggest to keep it. As issuance is hard, and reissue will be harder with more cards on your credit profile in future.

Atlas is a miles card while SBI is a cashback card. You can also use for the occasional usage for sbi cards’ offer.

Alternatively try getting another card from sbi, move the limit to sbi cb, close the another card after few months. Easiest way for LE. It was a thing about a year back as well. May be others can confirm

 

[HumorSimpson]

SBI cashback is a decent card. Even with annual fee, I’d suggest to keep it. As issuance is hard, and reissue will be harder with more cards on your credit profile in future.

Atlas is a miles card while SBI is a cashback card. You can also use for the occasional usage for sbi cards’ offer.

Alternatively try getting another card from sbi, move the limit to sbi cb, close the another card after few months. Easiest way for LE. It was a thing about a year back as well. May be others can confirm

The OG has spoken

 

[GaurangMittal15]

Recently I converted my card to LTF

What was the process that you followed?

What were your previous year spends?

 

[GaurangMittal15]

SBI cashback is a decent card. Even with annual fee, I’d suggest to keep it. As issuance is hard, and reissue will be harder with more cards on your credit profile in future.

Atlas is a miles card while SBI is a cashback card. You can also use for the occasional usage for sbi cards’ offer.

Alternatively try getting another card from sbi, move the limit to sbi cb, close the another card after few months. Easiest way for LE. It was a thing about a year back as well. May be others can confirm

I do have SBI Aurum that I got in college, but it has a 1.5L limit which the calling team said is the bare minimum for Aurum

But I do get your overall point Subhankar! Thanks a ton for your guidance 😀

 

[RajeshV]

Request limit enhancement and provide them access to a bank account with your salary credits or a good balance. That should likely result in a significant increase in limit. You can then revoke their access.

 

[GaurangMittal15]

Request limit enhancement and provide them access to a bank account with your salary credits or a good balance. That should likely result in a significant increase in limit. You can then revoke their access.

I did try this, but they didn't increase the limit even after providing salary slips!

Randomly got a 20k increase (on an earlier 20k limit) a few days after the earlier request was closed.

 

[nikhilv0303]

Closing SBI CB is the second financial mistake that one should never do.
Keep using for an year more and mail them, they do convert it to LTF. Unlike other cards, this doesn't tie to any ecom, you can get 5% across any rewarding sites.

Curious.. which is the first mistake?

 

[HumorSimpson]

Curious.. which is the first mistake?

Buying an ULIP. Which is neither an investment nor an adequate insurance.

 

[CyberPsych]

Alternatively try getting another card from sbi, move the limit to sbi cb, close the another card after few months. Easiest way for LE. It was a thing about a year back as well. May be others can confirm

I tired this, they asked me to split existing credit limit while applying.

 

[Annar.m]

Sbi is converting cashback card to ltf for individuals with low limit. Try your luck.

 

[TheBOSS]

Recently I converted my card to LTF

How ? Did you mail them ?

 

[SSV]

I had a meagre limit of Rs 20k/month on my SBI Cashback card, even though I have a decent CIBIL (750+) and a more than decent take home salary.
I will not be able to meet the spend based criteria for the cashback card, and the net returns after the fee come out to be around 3.7% till now.
The credit limit recently got enhanced to Rs. 40k/month.

I have taken the Axis Atlas recently which gives a base reward rate of 4%.

I am now seriously considering to not renew my SBI Cashback card.

What should I do?
Have they converted it to LTF for anyone recently?

SBI CB card is the best card in its category..
No card can come close to it..
Whatever you do, Just dont close sbi cb card..

There are.many people who got it converted into LTF recently...

Go thru this thread for more details..

Thread 'SBI Cashback Card - Converted to LTF (Jan 2025)' https://technofino.in/community/threads/sbi-cashback-card-converted-to-ltf-jan-2025.37092/