SBI Cashback Credit Card Benefits Withdrawn, BIG Pullback! from May 1, 2023

 

The SBI CASHBACK Card was one of the best rewards credit cards in India. It offers cashback on various categories, including groceries, dining, departmental stores, movies, and fuel. However, with the recent changes, the following categories will no longer be eligible for cashback:

The bank did not provide a clear explanation for the changes, but it appears that it's due to changes in the merchant category codes (MCCs) set by the payment networks, such as SBI cards / Visa and Mastercard.

The second significant change is the cap on the maximum cashback that can be earned in a statement cycle, which is now limited to Rs. 5,000. This is a significant reduction from the previous limit of Rs. 7,000.

Lastly, the bank is discontinuing the complimentary domestic airport lounge access benefit, which was previously available to cardholders.

The changes to the SBI CASHBACK Card are significant, and many cardholders will undoubtedly feel the impact. For instance, those who regularly pay their utility bills using the card will no longer be eligible for cashback, resulting in lost savings. Additionally, those who frequently use the card for travel and enjoy the lounge access benefit will need to find an alternative option.

Furthermore, the cap on cashback earnings means that some cardholders may need to rethink their spending habits to maximize their rewards. Those who usually spend over Rs. 5,000 in a statement cycle on eligible categories will no longer earn cashback on the excess amount, resulting in lost rewards.

If you are an SBI CASHBACK Cardholder, you may be wondering what to do next. Here are some options:

Review your spending habits: With the new cap on cashback, it's essential to review your spending habits to maximize your rewards. Consider focusing on categories with higher cashback rates and adjust your spending accordingly.

Consider alternative credit cards: If the changes to the SBI CASHBACK Card no longer meet your needs, it may be time to consider alternative credit cards. Look for cards that offer rewards and benefits that align with your spending habits.

Reach out to the bank: If you have any concerns about the changes, reach out to the bank's customer service team. They may be able to offer some insights or alternatives that can help you make the most of your credit card.

The SBI CASHBACK Card has been a popular rewards credit card in India, but the recent changes will undoubtedly impact its value for many cardholders. It's essential to review your spending habits, consider alternative credit cards, and reach out to the bank if you have any concerns. By doing so, you can continue to make the most of your credit card rewards and benefits.