SBI Cards and Payments Services Ltd has launched 'CASHBACK SBI Card,' a cashback-focussed credit card. The credit card will enable cardholders to earn 5% cashback on all online spends without any merchant restrictions, the company said on Thursday in a stock exchange filing.
Further, a customer will earn unlimited 1% cashback on all spends, and 5% cashback on all online spends for up to a maximum of 10,000 rupees per monthly statement cycle.
"CASHBACK SBI Card comes with auto-credit of cashback facility which allows automatic credit of entitled cashback to the SBI Card account within two days of statement generation," according to the filing.
SBI Cards said cardholders can avail four complimentary domestic airport lounge visits per year. It also offers 1% fuel surcharge waiver for transactions ranging from 500 rupees to 3,000 rupees, with a maximum surcharge waiver limit of 100 rupees per billing statement month.
The annual renewal fee of the card is 999 rupees and applicable taxes. However, cardholders can reverse the renewal fee if their annual spends touch 200,000 rupees during a year.
As per the latest Reserve Bank of India data, outstanding credit cards stood at 14.5 mln as at the end of July, with a market share of 18.1% in the industry.