The SBI Cashback Credit Card is one of India's most-applied-for online cashback cards, marketed simply as "5% cashback on every online spend." The fine print is more interesting — and the exclusion list more important — than that headline suggests. Here's the honest review.
The headline numbers
- Joining fee: ₹999
- Annual fee: ₹999, waived on ₹2L annual spend
- Online cashback: 5% on online merchant spend (capped at ₹5,000/month)
- Offline cashback: 1% (capped at ₹500/month)
- Welcome benefit: None as of 2026
- Forex markup: 3.5%
What "online" actually means — and the exclusion list
"Online spend" sounds broad but excludes:
- Rent payments (MCC 6513) — ₹199 per transaction fee, no cashback
- Wallet loads (MCC 6540, 6541) — 1% fee, no cashback
- Utility payments >₹50,000/cycle (MCC 4900) — 1% fee, no cashback
- Education via third-party apps (CRED, Cheq) — 1% fee, no cashback
- Insurance premiums — no cashback
- Government / tax payments — no cashback
- Fuel — capped at 1% surcharge waiver, no 5% cashback
- EMI conversions and balance transfers — no cashback
What's left: e-commerce (Amazon, Flipkart, Myntra), food delivery (Swiggy, Zomato), travel booking (MakeMyTrip, Yatra), subscriptions (Netflix, Hotstar, Spotify), fashion (Nykaa, AJIO), and most online retail. These ARE the high-volume categories for most shoppers, so the exclusions hurt less than they look.
Real earn-rate math
For someone spending ₹50,000/month online (within the typical urban-professional band):
- 5% × ₹50K = ₹2,500/month → but capped at ₹5,000/month, so any single month above ₹1L of online spend hits the ceiling.
- Annual cashback (uncapped basket): 5% × ₹6L = ₹30,000.
- Realistic capped annual: ₹5,000 × 12 = ₹60,000 (if you're a high spender).
Net of ₹999 fee, that's a positive ₹29,000-₹59,000 per year — among the best ROI in the Indian credit-card market for online shoppers.
SBI Cashback vs Amazon Pay ICICI — the showdown
| SBI Cashback | Amazon Pay ICICI | |
|---|---|---|
| Fee | ₹999 (waiver ₹2L) | ₹0 (LTF) |
| Amazon | 5% (capped ₹5K/mo) | 5% (Prime, no cap) |
| Other online | 5% (capped ₹5K/mo) | 1% |
| Offline | 1% (capped ₹500/mo) | 1% |
| Welcome bonus | None | None |
SBI Cashback wins for diversified online spenders (Flipkart + Myntra + Swiggy). Amazon Pay ICICI wins if 60%+ of online spend is on Amazon. See our SimplyCLICK vs Amazon Pay comparison for the third option.
What's missing from this card
- No lounge access — surprising for a ₹999 card; most peers offer 4-8 domestic visits.
- No movie / dining accelerated rates.
- No welcome benefit — most ₹999 cards bundle a ₹500-₹2,000 voucher.
- No accidental insurance — peers offer ₹50L-₹1Cr air accident cover.
Verdict
If your online spend is ₹40,000+/month and diversified across e-commerce / food / travel / subscriptions, the SBI Cashback Credit Card is the highest-earning single card in India. If your spend is mostly Amazon, take Amazon Pay ICICI for zero fee. If you fly, pair SBI Cashback with a lounge-equipped premium card.
For broader cashback options, see our cashback card round-up.
Frequently Asked Questions
How is cashback credited?
As statement credit on the next cycle. No portal redemption needed.
Does the ₹5K monthly cap reset?
Yes — calendar month. If you hit ₹5K cashback (₹1L spend) by mid-month, every additional online spend earns 0% until the next cycle.
Can I use it on Amazon Pay UPI?
Amazon Pay UPI runs on a NPCI rail that doesn't earn cashback on most cards. Direct Amazon checkout (Visa/MC payment) earns the 5%.
Credit Cards Editor, OnePaisa Editorial
Sandhya writes on credit cards for OnePaisa — reward programmes, fees and charges, lounge and travel benefits, and head-to-head card comparisons. Every fee, earn rate and benefit in her guides is checked against the issuer's MITC document and official product page, and against OnePaisa's verified product data, before it is published. Where an issuer does not disclose a number, the guide says so instead of estimating it.
Work published under this byline follows OnePaisa’s editorial standards — how our guides are researched, fact-checked against primary sources, and corrected.