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SBI Cashback Credit Card Review

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Ok Visa Platinum.... Not bad... But for the annual fee Signature would have been great, as Axis Ace already has Visa Signature at 499
 
AsishB said:
This card can be actually used to replace 90% of my purchases, since most of the shop owners charge 1-2% for Credit Card transactions offline. In addition, I don't need to worry about getting multiple co-branded cards. I can focus on this one, and hold some non-cobranded ones for other discounts.
The only problem that I can think of is - this card is way too good to be true. All co-branded cards have, at one point of their time, downgraded their rewarding systems. So, what if SBI does that too, as this card is just C.R.A.Z.Y?
Click to expand...
It's designed to be a loss leader for SBI to gain more market share. That's why they're not offering it as an upgrade to existing customers. If you think about it, they don't want to devalue it too soon, as that defeats the entire point of gaining more customers and increasing CC usage in the Indian market.

But chances are they're also underestimating the demand for a card like this, and all the ways people will abuse it. Maybe they will have to devalue it sooner than even they expect, or maybe it goes down the Axis Ace route and it gets difficult to be approved for.

But as long as this card stays available, it should put competitive pressure on all the other card issuers to increase their reward rate or to differentiate further in the short term to stay relevant. And more competition is always good for the space.
 
repertoire said:
It's designed to be a loss leader for SBI to gain more market share. That's why they're not offering it as an upgrade to existing customers. If you think about it, they don't want to devalue it too soon, as that defeats the entire point of gaining more customers and increasing CC usage in the Indian market.

But chances are they're also underestimating the demand for a card like this, and all the ways people will abuse it. Maybe they will have to devalue it sooner than even they expect, or maybe it goes down the Axis Ace route and it gets difficult to be approved for.

But as long as this card stays available, it should put competitive pressure on all the other card issuers to increase their reward rate or to differentiate further in the short term to stay relevant. And more competition is always good for the space.
Click to expand...
As Amazon launched UPI through their wallet. People will just buy gift cards and send money to themselves. 5% on spends even. This can also be used on other cards
 
Sreerag said:
As Amazon launched UPI through their wallet. People will just buy gift cards and send money to themselves. 5% on spends even. This can also be used on other cards
Click to expand...
gift cards cannot be used as money for UPI transfers.... and u cannot add money directly to Amazon pay through Credit cards. Also wallet load is not eligible for cashback... Uber trick may be there but I think that is short lived and would be stopped soon....
 
Sreerag said:
As Amazon launched UPI through their wallet. People will just buy gift cards and send money to themselves. 5% on spends even. This can also be used on other cards
Click to expand...
Maybe not through directly buying gift cards, because GC balance and UPI balance are treated differently and you can't transfer the former. But the Uber method would work. If SBI has any sense, they'll patch that hole soon. Or just cancel the cards of anyone who does it too much. It makes zero sense to give CB rewards to anyone abusing the system. But this is SBI we're talking about, so who knows.
 
Cryptopsycho said:
gift cards cannot be used as money for UPI transfers.... and u cannot add money directly to Amazon pay through Credit cards. Also wallet load is not eligible for cashback... Uber trick may be there but I think that is short lived and would be stopped soon....
Click to expand...
Gift cards = APay Wallet Balance = New UPI Feature
Who said? Can perfectly add money through APay card, you'll get 2% on APay Wallet load
Wallet load is not eligible for cashback, but online it will show as Amazon so....
Uber trick still exists and can be used ithink
 
Sreerag said:
Yeah verified the website is nuts, entered Apay Bin it's showing as Platinum... And Flipkart Axis is Signature, right? In the ads it shows Signature
Click to expand...
ICICI Apay and Flipkart Axis both are VISA rewards credit card. Check your physical card. You won't see Signature or Platinum printed on it.
 
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