Santa Claus comes around just once a year. In the meantime, there are Credit Cards.
The OLA Money SBI card is a co-branded credit card offered by the State Bank of India in partnership with OLA cabs. This card is curated for the people who travel regularly by cabs and offers a wide range of benefits such as reward points on OLA spends. The card comes with a zero joining fee and an annual fee of Rs.499.
OLA ride
Reward Point Benefits
Travel Benefits
Fuel Benefits
The credit limit of the OLA Money SBI credit card is given at the discretion of the bank. The State Bank of India considers many factors to assign a credit limit to the card. Some of these factors are the annual income of the primary applicant, the credit score, the credit report as well as the repayment habits of past and ongoing debts.
| Type of Charge | Amount |
|---|---|
| Annual Fee | Rs.499 |
| Renewal fee | Rs.499 |
| Finance Charges | Up to 3.35% monthly |
| Add-on fee | Nil |
| Cash Advance Fee |
|
| Finance Charges | 3.50% per month or 42% per annum |
| Payment dishonor fee | 2% of the payment amount; minimum of Rs.450 |
| Statement request | Rs.100 per statement (more than 2 months old) |
| Cash Payment Fee | Rs. 250 |
| Late payment charges |
|
| Cheque payment fee | Rs.100 |
| Over limit fee | 2.5% of the over limit amount; minimum of Rs.600 |
| Rewards redemption fee | Rs.99 |
| Foreign currency transaction | 3.50% |
By clicking the ‘Apply Now’ option on SBI’s website, you will have to submit your primary details. After which, the bank will check if you are eligible for a credit card.
The ideal eligibility criteria for the credit card is:
The bank will require you to submit several documents during the application procedure. Here are some of the documents which are required:
This list of documents is indicative. The bank can ask you to submit any other document during the application procedure or after depending on the requirement.
There is no joining fee for the card. The annual fee of the card is Rs.499 which will be reversible if you have spent more than Rs.1 lakh in the previous year.
Yes, you do receive reward points, however, all the points are directly credited to your OLA Wallet. Each point you receive is valued at Re.1.
The maximum fuel surcharge waiver given is Rs.100 per statement cycle.
The OLA Money SBI card helps you travel in ease with OLA and gives you a lot of benefits like reward points on all your OLA purchases.
You will have to select your payment from the menu on OLA app. Then, click on “Add a Credit/Debit card”. Here, enter your card details and select “Save Card”.
You will need to pay for your ride using OlaMoney Credit Card, to avail cashback.
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