In view of the growing trend of digital payments and online shopping in the country, State Bank of India Card (SBI Card) and Flipkart have jointly introduced a new co-branded credit card. This card offers cashback on platforms like Flipkart, Myntra, and Cleartrip, and also claims to give many additional benefits to the customers. However, the question is whether this card is really better than the existing options or is just another copy-paste product.
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Key features of the card
Flipkart SBI Card has been launched at a joining and annual fee of Rs 500 plus GST. Customers are also being given a Flipkart voucher of Rs 250 initially and an additional voucher of Rs 500 for a limited time. This card offers up to 7.5 percent cashback on Myntra, 5 percent on Flipkart and Cleartrip, and up to 4 percent on Zomato, Uber, PVR, and Netmeds. However, the maximum limit is fixed at Rs 4,000 per quarter. Apart from this, 1 percent cashback is available on normal expenses without any limit.
Similarities with Axis Flipkart Card
When this new card is compared to the Axis Flipkart Credit Card, it is clear that there is not much difference between them. Axis Bank launched a similar card with Flipkart about six years ago. The new SBI card sees a change of 4 percent cashback on select brands, while the rest of the benefits are almost the same.
Additional benefits on Cleartrip
Just like the Axis Flipkart card offers special offers for Cleartrip, the SBI Flipkart card also gives customers some additional discounts and facilities on travel bookings. Currently, this card is available on both Visa and MasterCard networks, although the MasterCard variant is being issued by default.
Is it right to get this card?
From a practical point of view, this card is not very attractive. SBI already has strong options. For example, the Cashback SBI card offers 5% cashback on almost all online spends and has a higher monthly limit than the Flipkart card. Apart from this, the recently launched PhonePe Black card can also be a better option. In such a situation, getting a new Flipkart SBI card does not seem to be a wise move for existing customers.
Overall, this card may be attractive only to those who spend a lot on Myntra or Flipkart. For the rest of the customers, the existing SBI or Axis Bank cards may prove to be better.