SBI Card reduced online cashback on the SimplyCLICK and Cashback cards from 5% to 3% in October 2024. Here's what changed and what cards to consider instead.
SBI Card silently reduced the online cashback rate on the SBI Cashback credit card from 5% to 3% effective October 2024. The change was communicated via email to existing cardholders but received limited coverage.
The SBI Cashback card was previously considered India's best cashback card for online spending — the 5% flat rate on all online transactions was unmatched. At 3%, it is now comparable to HDFC Millennia and Amazon Pay ICICI card but with a relatively straightforward earning structure.
The 1% offline cashback remains unchanged, as does the ₹999 annual fee (waived at ₹2L annual spend).
Alternatives to consider: - HDFC Millennia: 5% cashback on major online platforms (Amazon, Flipkart, BookMyShow, etc.) with cap limits - Amazon Pay ICICI: 5% on Amazon, 2% on others — no annual fee - Flipkart Axis: 5% on Flipkart, 4% on preferred merchants — no annual fee
For uncategorised online spend, the SBI Cashback at 3% is still above average but no longer best-in-class.