Have you heard about SBI Cashback Card Devaluation (From 1 May 2023)?
SBI Cashback credit card cashback per statement cycle will be capped at ₹5000 which was ₹10000 earlier. After this update, the SBI cashback credit card will be useless as it will offer very low benefits but it has high renewal charges of ₹999+GST per annum.
Yes, guys SBI card has devalued the Cashback credit card and the updated cashback rate will be applicable from 1 May 2023. SBI card has informed customers via SMS and email. If you are an SBI cashback credit card holder then you should have an email. Below I have attached my email you can read
| Dear Cardholder,Hope you are enjoying the CASHBACK SBI Card experience. Your card is designed to make your online shopping more rewarding with 5% cashback every time you shop.EXCLUSIVE BENEFITS: |
| Dear Cardholder, Hope you are enjoying the CASHBACK SBI Card experience. Your card is designed to make your online shopping more rewarding with 5% cashback every time you shop. EXCLUSIVE BENEFITS: |
| Revision of benefits on CASHBACK SBI Card: |
| For any service-related support, you may reach us at 1860 180 1290 or 39020202 (prefix local STD code). We thank you for your continued patronage. Best regards, SBI Card |
| Dear Cardholder,Hope you are enjoying the CASHBACK SBI Card experience. Your card is designed to make your online shopping more rewarding with 5% cashback every time you shop. EXCLUSIVE BENEFITS: |
| With effect from 01 May 2023, the following changes will be applicable on your CASHBACK SBI Card. |
From May 1, 2023, you will not get cashback on the below MCC transactions.
- . Maximum Cashback that can be earned on online & offline spends in a statement cycle will be capped at ₹5000 (Earlier it was ₹10000).
- The complimentary Domestic Airport Lounge benefit will be discontinued.
- The following changes will be applicable on your CASHBACK SBI Card from 1st May 2023
| Category | Merchant Category Code (MCC) |
| Jewelry | 5051, 5094, 5944, 7631 |
| School & Educational Services | 5111, 5192, 5942, 5943, 8211, 8220, 8241, 8244, 8249, 8299, 8351 |
| Utilities | 4814, 4900, 9399, 4816, 4899 |
| Insurance Services | 5960, 6300, 6381 |
| Card, Gift, Novelty & Souvenir Shops | 5947 |
| Member Financial Institution/Quasi Cash | 6011, 6012, 6051 |
| Railways | 4011, 4112 |
After this devaluation, SBI Cashback card will be useless, as it has high renewal fees.
Kindly share your point of view on this SBI cashback card devaluation in the comment section.
Will get cashback on gift card purchases from Gyftr after this devaluation?
It is confirmed that Gyftr uses MCC 5947 and SBI has excluded it, So you will not get 5% cashback on your Gyftr orders with SBI cashback credit card after this devaluation.