30 Jun 2024
SBI Cashback Credit Card
Online cashback capped at ₹5,000/month
SBI Cashback card's previously-uncapped 5% online cashback was capped at ₹5,000 per month effective July 2024. Heavy online spenders who relied on the card's ₹1L+/month-spend optimisation strategy hit the new ceiling immediately. The base earn rate (1% offline, 5% online up to cap) remained unchanged for typical users.
Our take: Top 10% of users took the hit; most users unaffected. SBI's typical pattern — adjust the cap to clip the highest-spending tail without alarming the middle.