SBI Cashback Card Rules Changes: There’s some big news for State Bank of India (SBI) credit card customers. If you use a cashback SBI card for purchases, the start of the new financial year will bring some changes.
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SBI Card, a subsidiary of the country’s largest bank, State Bank of India, has announced a major change to the rewards structure of its most popular “Cashback SBI Card.” This card is a favorite among online shoppers due to its straightforward cashback policy, but now the bank has decided to reduce its monthly cashback limit. If you also save with this card, you may have to adjust your plans.
20% Reduction
According to the new rules, the maximum cashback limit per statement cycle (one month) has been reduced from ₹5,000 to ₹4,000. Simply put, the benefits available to cardholders will now be reduced by 20%. Once you achieve a monthly cashback of ₹4,000, you will not be eligible for additional cashback on any subsequent spends within the same month.
New online and offline spending limits
The bank has not only reduced the total limit, but also imposed caps on spending categories:
* Online Shopping: The 5% cashback on online spending will now be limited to a maximum of ₹2,000 per month.
* Offline/POS Spending: The 1% cashback on spending at offline stores will also be limited to a maximum of ₹2,000.
This means that to receive a total benefit of ₹4,000, you will need to spend balanced across both online and offline categories.
Reward Points Redemption Rules Also Changed
In addition to cashback, the reward points redemption system has also been tightened. Users will now be able to redeem their points only in multiples of 4,000 (e.g., 4,000, 8,000, etc.). Furthermore, a maximum redemption limit of 60,000 points per month has been set. These rules will apply not only to the cashback card but also to other cards like PhonePe SBI Card PURPLE and SELECT BLACK.
What should cardholders do?
Experts believe that while it’s normal for banks to revise their rewards structures from time to time, it’s important for users to check their current points before April 1. In the age of digital transactions, such reductions will particularly impact those who rely solely on a single card for major expenses.
