OLA Launches Ola Money SBI Credit Card

By | May 15, 2019

After the big launch of Paytm Credit Card yesterday, today Ola Cabs Launches its co-brand credit card called Ola Money SBI Credit Card in partnership with SBI Cards & Visa.

Ola Money SBI Credit Card – Cool Design

Before we get into the details of the Ola Money credit card, you may need to know few details,

  • Ola Cabs has about about 150 million users at the moment.
  • SBI Cards, the 2nd largest credit card issuer in the country has about 8 Million cards.
  • SBICards recently raised Rs.700 Crores funding, which is a part of Rs.1500 crore funding. Now we know where they’re going to spend it.

So to reach the mass customer base of Ola, just like Paytm, Ola too need to take the approach with a Beginner card. Here are all the details that we know for now,

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Ola Money Credit Card Benefits

  • Joining fee: Rs.500+GST (charged at the end of the year, waived on Rs.1 Lakh spend)
  • Card Type: Works on Visa Platform, contactless enabled.
  • Rewards: As Cashback – as Ola Money Credit, Credited to Ola Money wallet within 3 days. Cashback has no Expiry Date
  • 7% on Ola rides (upto Rs.500 a month)
  • 5% on all flight bookings via Cleartrip (upto Rs.5k domestic, 10k intl)
  • 20% on all domestic hotel bookings via Cleartrip (no limit)
  • 20% on 6K+ restaurants, up to ₹200 via Dineout (upto Rs.200/txn/month)
  • 1% on all other spends

Looking at the numbers, I should say its overall “good”, especially for a beginner card.

Speaking about the upper caps, I feel they could have raised it to 1k a month for Ola rides, as that would help for those who’re relying on Ola for daily commute or just for those doing Ola outstation once in a while.

Not to forget, domestic hotel bookings has no cap, yet you can’t combine other promos. Though, I think it should help for booking high end properties. Need to explore this space. Other limits are acceptable.

Last but not the least, I wish “1% on all other spends” could have been better. Maybe 1.5% or 2% could have done a lot of magic to this card.

Backside looks so cool -Isnt it?

How to Apply

Ola has a landing page for this credit card where you can express interest. They would probably fetch the Experian score & call the customers based on the score.

Ola users will be able to apply, view and manage their Credit Card directly on the Ola app.

Its an Amazing Deal – Why?

Comparing Amazon-ICICI, Paytm-Citi & SBI-Ola partnerships, I think SBI-Ola would be a BIG WIN for SBI because even if SBI manages to tap into 3% (4.5Mn) of Ola’s customer base, SBI would beat the market leader HDFC Bank in card accounts, likely in a year or two max. Btw, SBI is eying at 10Mn in next ~3 years.

But HDFC also appears to be gearing for their new card launch as well, maybe HDFC-Flipkart card as HDFC already has strong integration with Flipkart with its 10X rewards program.

As HDFC bank very well “Understand your world”, they may come up with even a better card for starters and eat the competition for lunch, as always. 🙂

Bottomline

Overall, the Ola Money SBI Credit Card looks very much promising and is worth holding one for a beginner.

If you’re interested, you can Express Interest on above link. but I would rather suggest you to wait for a week or so to see how things turn out with new card applications and then take a call.

What’s your take on the all new Ola Money SBI Credit Card? Feel free to share your thoughts in the comments below.

Author: Siddharth

I love Credit Cards! Minting reward points and cashback for years. Now exploring Airmiles & Hotel loyalty programs. Obsessed with aviation, airport lounges and luxury travel at affordable cost.

24 thoughts on “OLA Launches Ola Money SBI Credit Card

  1. DareDevil

    Seems to be a launch in hurry. No Ola logo on front, no particular design.

    Reply
    1. Siddharth Post author

      Logos are in the back. They’ve just decided to make it more Clean, like a super premium card.

      Reply
      1. Ashok

        Sidh, What is the foreign currency mark up fee on the card

        Reply
  2. Ankit Malhotra

    The true black card 🙂 Got to give it to SBI for their designs. Standard Chartered has good design on the Ultimate. HSBC then revised their cards to the 3d prints and now CitiBank has also started issuing cards with details printed on the back. But this takes the cake by far. Now if it turns out to be Visa Signature then that is the icing on top. And I was beginning to think that cards are going to die as merchants may realise they can save on MDR with UPI.

    Reply
    1. SH

      Shhh..shhh…don’t utter these things….we are dead without credit cards…:-)

      Reply
  3. Krishna R M

    But still Ola drivers don’t accept non-cash rides.

    Reply
    1. Siddharth Post author

      Lol. That’s indeed a real challenge that Ola needs to solve.

      Reply
    2. Praveen Perumalla

      True. This is a frequent issue with Ola and I’ve rarely seen that with Uber

      Reply
  4. Ashish

    Looks interesting for cleartrip cashback. What about international hotels.

    Reply
  5. Ragav SR Iyer

    Ola is biting a lot more than it can swallow.

    Their Ola wallet/ Postpaid is a disaster. I never made even a single late payment and my account was blocked for violating *terms and conditions *.

    The payment date nears and then expires, and I start getting calls ten times a day asking me to pay or face legal consequences. If I tell them I am ready to pay and ask them to unblock the amount, they ask me to call customer care which is a bunch of retards sitting there can’t do anything.

    The whole cycle repeated until I blocked all the numbers.

    Reply
  6. Prashant Gupta

    Given a choice between ola and uber 90% will prefer uber and ola money penetration is also low. However its a good card for starters. Waiting for uber card then although it has good offers with Hdfc diners and sc ultimate.

    Reply
    1. Siddharth Post author

      Ola has the coverage which Uber lacks. That’s the major advantage of Ola at the moment. And I wish Uber has some loyalty/premium tier system.

      Reply
  7. Praveen Perumalla

    Hopefully Uber will launch its card tomorrow making it 3 in 3 days….

    Reply
  8. Vineet

    Ola Money is basically crqp. Even their drivers don’t accept it. It has happened so many times that I have stopped paying through it. Plus there have been numerous reports with the wallet money going missing. Amazon pay seems very reliable in this matter.

    Reply
  9. Prem Taparia

    There is an ‘Early Bird Offer’. If you apply before 30 June, you get ₹500 as Ola Money, which will be credited after first transaction on the card.

    Reply
  10. Amex Guy

    Filled out the intent just for the cold design. Now waiting to see how SBI screws this one up.

    Reply
    1. Siddharth Post author

      Ha ha. You must have waited for sometime. As you know SBI always screws up the applications on newly launched cards, for first few weeks.

      Reply
  11. Ankit Khandelwal

    Which will be a better choice between Ola Money SBI Credit Card and SBI SimplyClick Credit Card?

    Reply
  12. SH

    This one is nothing special. DCB gets 33% back on Uber, and HDFC Smartbuy gets 33% back from Cleartrip, MMT etc. Rest is covered through Amex or Citi Prestige. So will duck this one, as I have ducked the PayTM First, and Amazon card.

    Reply
    1. Siddharth Post author

      But you’re comparing an entry-level variant with tough to get super premium cards 🙂

      Reply
    2. Praveen Perumalla

      TBH, you don’t need to apply for any other card (not just this one) since you already have all the best cards.

      Reply
  13. Viswanathan

    American Express Every day Spends Gold Credit card already is giving 10x rewards on OLA spends, maximum of 500 points per month. With 1 Amex point ~ 0.41 paise, it turns out to 8.2 % cashback. (500 pts ~ Rs. 208 through Gold collection). Additionally it gives 10x on Flipkart (I prefer SmartBuy though) and it gives 5x on selected departmental shops. So, for people who use OLA less, the Amex card seems to be better option.

    Reply

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