Ola Money SBI Credit Card Review

By | November 20, 2019

After the big launch of Paytm Credit Card ,  Ola Cabs Launches its co-brand credit card called Ola Money SBI Credit Card in partnership with SBI Cards & Visa. They called for applying and verification took4-5 days then card arrived quickly. The look of the card is different from other cards.

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Ola Money SBI Credit Card

Early Bid Offer 

  • Rs 500 Ola money after making the first transaction
  • Rs 300 cleartrip voucher
  • 1+1 on food, drinks & buffet via Dineout. Valid for 3 months

Ola Money SBI Credit Card Benefits

1. Ola Rides

You will get 7% casback on your Ola rides with the Ola money SBI card. You can get a maximum cashback of Rs 500 per month.

I feel, there shouldn’t be any limit on Ola spend as this is a co-branded credit card with Ola.

2. Flight Booking

You would get 5% cashback on flight booking on ClearTrip. The maximum cashback cap is Rs 5000 for domestic and 10,000 for international flight booking.

Note: I will update once I confirm whether the cap is per transaction, per month or per year.

3. Hotel Booking

Ola money card offers 20% cashback on all domestic hotel booking and 6% on all international hotel booking via cleartrip. There is no maximum cashback limit which I was expecting on Ola rides.

4. Dining

20% cashback at 6000 restaurants via Dineout. You can only get up to Rs 200 cashback per transaction per month. This offer is added just to increase the benefits list. If you calculate, you would know, the benefit is only applicable up to Rs 1000 spend (20% = Rs 200) per month on dining.

5. Other Spend

You would get 1% cashback on all other spends without any maximum cap. 1% cashback is a decent saving if we calculate other beginner credit cards

6. Fuel Benefit

You will also get 1% fuel surcharge waiver with Ola Money SBI credit card.

Reward Redemption

You would get the cashback as Ola money credit, in your Ola money wallet within 3 days of the transaction. You can use Ola money against Ola rides.

The cashback comes with lifetime validity.

Ola Money SBI credit card

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-Flipkartcard 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.

Credits: CardExpert and Cashoverflow

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