I’ve been using my SBI Signature Credit card for couple of months now and as you might know, it gives you 3% value back if you can spend 5 Lakhs on the card. I’ve explained more about it in the above review which i wrote recently. This is one of the very rare credit cards wherein you can convert your reward points into cashback. 1 Reward point = Rs. 0.25 Ps
How I Earned Rs.18,000 Cashback on SBI Signature Card:
Typically, you can earn 60,000 Reward points in total on spending 5L, considering the regular and annual spend bonus on the card. I was able to achieve the milestones and added to this, i received some bonus points on International spends due to which my reward points went as high as 72,966 points till date.
Now the nice part, you can convert reward points to cashback credit on your credit card just by calling SBI customer care. My request to redeem 72,000 points for statement credit was taken and i received Rs.18,000 as cashback credit on my card within 48 hrs. I should appreciate the speed of SBI because HDFC takes 10 working days to process the cashback request on HDFC moneyback credit card.
Few things to Note on Milestone Rewards & redemption:
- Your Milestone bonus reward points gets credited into your a/c after approx 10-15 days of reaching the spend.
- You can only redeem in blocks of 2000 reward points for cashback credit.
Sadly, its time to stop using the card as it gives no more perks after 5L spend. SBI Signature card still remains my favorite due to the Bookmyshow offer on the card which am utilizing every month.
After using the SBI card for couple of months, its unbelievable that their service/support is almost in par with American express. SBI customer care guys are really knowledgeable unlike in other banks like HDFC/ICICI giving crappy robotic responses.
- Update: This card no longer issued by SBI, it has been changed to SBI Card Elite and here are the changes
Have you redeemed your reward points for Cashback on your card? Share your experience below 🙂