The Ola Money SBI Credit Card is a co-branded credit card developed in partnership between Ola, India’s leading ride-hailing service, and SBI Card, one of the largest credit card issuers in India. This card is designed to offer significant rewards and cashback, particularly to those who frequently use Ola services. It also provides cashback on various other spending categories, making it a versatile option for those who are part of the Ola ecosystem and wish to maximize their savings on daily expenses.
Overview
| Feature | Details |
|---|---|
| Card Type | Co-Branded Credit Card (Visa) |
| Reward Rate | Up to 7% cashback on Ola spends, 1% on other categories |
| Reward Value | Cashback credited directly to Ola Money Wallet |
| Joining Fee | ₹499 + GST (waived on spending ₹1 lakh annually) |
| Unique Selling Points | High rewards on Ola rides, cashback on various categories, integration with Ola Money |
| Rating | ★★★★☆ (4.4/5) |
Ola Money SBI Credit Card Fees and Charges
| Fee Type | Details |
|---|---|
| Joining Fee | ₹499 + GST |
| Annual Fee | ₹499 + GST (waived on spending ₹1 lakh annually) |
| Finance Charges | 3.5% per month (42% per annum) |
| Foreign Transaction Fee | 3.5% + GST |
| Cash Advance Fee | 2.5% of the amount withdrawn (min ₹500) |
| Late Payment Fee | ₹400 to ₹1,300 depending on the outstanding balance |
| Fuel Surcharge Waiver | 1% on transactions between ₹500 and ₹3,000 |
Ola Money SBI Credit Card Benefits
Ola Ride Rewards
- 7% Cashback on Ola Rides: Earn 7% cashback on all Ola rides, making it an excellent choice for frequent Ola users.
- Direct Cashback: The cashback is credited directly to your Ola Money Wallet, where it can be used for future rides and other payments within the Ola app.
Cashback on Other Categories
- 1% Cashback on All Other Spends: Earn 1% cashback on all other transactions, offering value across a wide range of spending categories.
- Fuel Surcharge Waiver: Get a 1% waiver on fuel surcharge on transactions between ₹500 and ₹3,000, with a maximum waiver of ₹100 per billing cycle.
Welcome Benefits
- Joining Bonus: Receive ₹500 worth of Ola Money as a welcome benefit upon payment of the joining fee and first transaction within 30 days of card issuance.
No Hidden Fees
- Transparent Charges: All fees and charges are clearly communicated, ensuring that you can manage your card without unexpected costs.
Security Features
- Instant Card Lock: Lock your card instantly via the SBI Card app in case of loss or suspicious activity.
- Virtual Card Option: Use a virtual version of your Ola Money SBI Credit Card for secure online transactions.
Rewards
| Spending Category | Rewards |
|---|---|
| Ola Rides | 7% cashback |
| All Other Purchases | 1% cashback |
Redemption
- Direct Cashback: Cashback earned is automatically credited to your Ola Money Wallet, where it can be used for Ola rides and other payments within the Ola app.
Ola Money SBI Credit Card Usage
- Online and Offline Shopping: Use the Ola Money SBI Credit Card at any merchant that accepts Visa cards, both online and offline.
- Bill Payments: Pay your utility bills, mobile recharges, and other regular expenses using the Ola Money SBI Credit Card and earn cashback on every transaction.
Airport Lounge Access
The Ola Money SBI Credit Card does not offer complimentary airport lounge access, focusing instead on providing high rewards for Ola rides and everyday spending.
Foreign Transaction Fee
| Feature | Details |
|---|---|
| Foreign Transaction Fee | 3.5% + GST |
Eligibility
- Age: 18 years and above.
- Income: Minimum annual income requirement of ₹3 lakh.
- Employment: Available to salaried and self-employed individuals.
How to Apply?
Online Application
- Visit the SBI Card website or the Ola app.
- Complete the application form with your personal and financial details.
- Submit the required documents for verification.
- If eligible, you’ll receive approval, and the card will be delivered to your address.
Ola Money SBI Credit Card Review
Editor’s Rating: 4.4
- Benefits: 4.5/5
- Fees: 4.0/5
- Customer Service: 4.2/5
Summary
The Ola Money SBI Credit Card is an excellent choice for individuals who frequently use Ola services and want to maximize their rewards on rides. With up to 7% cashback on Ola rides and 1% cashback on all other spends, this card offers significant value, especially for those who are part of the Ola ecosystem. The seamless integration with the Ola Money Wallet ensures that rewards are easy to use and redeem. While it lacks premium features like airport lounge access, the Ola Money SBI Credit Card excels in providing everyday financial rewards and convenience, making it an ideal choice for those who prioritize cashback on digital payments and daily expenses.
Pros and Cons
| Pros | Cons |
|---|---|
| 7% cashback on Ola rides | No airport lounge access or premium travel benefits |
| Direct cashback credited to Ola Money Wallet | Foreign transaction fee of 3.5% + GST |
| Integration with the Ola app for seamless management | Annual fee unless waived by spending threshold |
| Transparent fees and easy redemption | Limited cashback on non-Ola transactions |
Similar Cards to Ola Money SBI Credit Card
| Feature | Ola Money SBI Credit Card | Amazon Pay ICICI Credit Card | Flipkart Axis Bank Credit Card |
|---|---|---|---|
| Annual Fee | ₹499 + GST (waived on spending ₹1 lakh annually) | Nil | ₹500 + GST (waived on spending ₹2 lakh annually) |
| Reward Rate | 7% cashback on Ola rides, 1% on other spends | 5% cashback on Amazon, 2% on partner merchants, 1% elsewhere | 5% cashback on Flipkart and Myntra, 4% on preferred merchants |
| Eligibility | Available to individuals with a minimum income of ₹3 lakh | Available to individuals with a minimum income of ₹3 lakh | Available to individuals with a minimum income of ₹3 lakh |
| Foreign Transaction Fee | 3.5% + GST | 3.5% + GST | 3.5% + GST |
Amazon Pay ICICI Credit Card vs Ola Money SBI Credit Card
The Amazon Pay ICICI Credit Card offers 5% cashback on Amazon purchases for Prime members, with no annual fee, making it highly attractive for frequent Amazon shoppers. In contrast, the Ola Money SBI Credit Card focuses on maximizing rewards within the Ola ecosystem. If you frequently shop on Amazon and prefer a no-fee card, the Amazon Pay ICICI Credit Card may be more suitable. However, if you are a regular Ola user, the Ola Money SBI Credit Card offers better value with its Ola-specific cashback.
Flipkart Axis Bank Credit Card vs Ola Money SBI Credit Card
The Flipkart Axis Bank Credit Card provides higher cashback rates on Flipkart and Myntra, making it an excellent choice for Flipkart shoppers. However, the Ola Money SBI Credit Card offers more versatility for those who use Ola services frequently and want to earn cashback on a broader range of categories. If your spending is primarily on Flipkart and its partner merchants, the Flipkart Axis Bank Credit Card could be more rewarding. Otherwise, the Ola Money SBI Credit Card offers a broader range of cashback opportunities, especially for Ola users.
FAQ
What is the annual fee for the Ola Money SBI Credit Card?
The annual fee is ₹499 + GST, which is waived if you spend ₹1 lakh annually.
How do I earn cashback with the Ola Money SBI Credit Card?
You can earn 7% cashback on Ola rides and 1% cashback on all other transactions. The cashback is credited directly to your Ola Money Wallet.
Does the Ola Money SBI Credit Card support international transactions?
Yes, the card supports international transactions with a foreign transaction fee of 3.5% + GST.
How do I manage my Ola Money SBI Credit Card account?
You can manage your card entirely through the SBI Card app, which offers real-time tracking, spending insights, and easy redemption of cashback.
Are there any hidden fees with the Ola Money SBI Credit Card?
No, the Ola Money SBI Credit Card has no hidden fees, and all charges are transparently communicated through the app.
For more details visit Official website.
