Flipkart SBI Credit Card Launched: A Detailed Look at Benefits, Fees, and How to Apply

SBI Card, in collaboration with Flipkart, has introduced its new co-branded credit card, the Flipkart SBI Card. This launch continues SBI’s strategy of partnering with major merchants to offer co-branded cards. This article provides a comprehensive overview of the card’s benefits, fees, eligibility, and application process, using only the information available at its launch.

Eligibility Criteria

To be eligible for the Flipkart SBI Credit Card, there are a few simple requirements. The applicant must be a minimum of 21 years old. The income requirement has been kept very low, requiring a minimum earning of just ₹20,000 to apply.

Cashback Benefits

This card is designed to offer significant savings on Flipkart, Myntra, and other partner merchants.

• Myntra: Cardholders receive 7.5% cashback on all spends made on Myntra. You can earn a maximum of ₹4,000 cashback per quarter in this category.
• Flipkart: Get 5% cashback on your spends on Flipkart, with a quarterly saving cap of ₹4,000.
• Cleartrip & Preferred Merchants: The card also provides 5% cashback on Cleartrip and other preferred merchants. The maximum cashback for each of these categories is also capped at ₹4,000 per quarter.
• Total Savings: Across all these specific categories, you can earn a total cashback of up to ₹16,000 every quarter.
• All Other Spends: For all remaining categories, both online and offline (excluding certain restricted categories), the card offers an unlimited 1% cashback.

Welcome Benefits

As a new cardholder, you will receive welcome benefits valued at ₹1,250. This package includes a ₹750 Flipkart gift voucher and a ₹500 voucher for Cleartrip.

Additional Discounts and Perks

Beyond cashback, the Flipkart SBI Card comes with several other useful features.

• Travel Discounts: Enjoy a 20% instant discount on hotels, a 10% instant discount on buses, and a 7% instant discount on flights.
• Fuel Surcharge Waiver: The card includes a 1% fuel surcharge waiver. You can save a maximum of ₹400 per statement cycle on fuel surcharges. Note that the GST levied on the surcharge will not be reversed.

Fees and Charges

The Flipkart SBI Credit Card comes with a joining fee of ₹500 and an annual fee of ₹500. You can get the annual fee waived if your total spending on the card in the previous year is ₹3,50,000 or more.

How to Apply for the Card

You can apply for this credit card directly through the Flipkart or Myntra mobile apps, where you should find an option to apply. The card may not be available for application through the official SBI Card website.

Is This Card for You? A Comparison

This credit card is an exact copy of the Flipkart Axis Bank Credit Card, with identical features and benefits. If you were unable to get the Axis Bank version, this is a viable alternative.

However, for broader e-commerce spending, the Cashback SBI Card is a highly recommended alternative. It offers 5% cashback across all e-commerce merchants without restriction, allowing you to save on platforms like Amazon, Croma, and others. The Cashback SBI Card offers a maximum of ₹5,000 cashback per month. Another strong contender for online shopping is the Amazon Pay ICICI Credit Card.

This launch is part of a larger trend where SBI is releasing co-branded cards to compete with those from other banks, including the Tata Neu and PhonePe cards. This increased competition benefits consumers by providing more choices. When brands partner with multiple banks, customers can pick the best cards from different issuers like SBI, HDFC, and others, rather than being limited to the offerings of a single bank.