How does it feel when you have got something just which you wanted? Awesome, right? Suppose you have got a job recently. And you need a credit card badly – for online transactions, payments etc. But you cannot decide what to choose whose charges are low, but rewards are comparatively high. You are not an expert and does not have any previous experiences with these. Many of your relatives have suggested many credit cards, but you are not satisfied. In that case, you need to look at the review of the“hands-on experience with OLA money SBI credit card”. I hope you will be eager to apply after reading this!
In this article
- The first attraction is really cool – you will get 7% rewards on every OLA ride and 1% reward on every expense you are making.
- Get 10%, 5% and 12% cashback on booking hotels, flight tickets and other activities.
- And of course, only 1% fuel charge is needed overall fuel stations.
- You will be happy to hear that the joining fee is zero and the annual charge is Rs 499 per annum. Even the renewal fee can be waived off by spending Rs 1 lakh or above.
- Don’t enjoy all the fun alone! Add your family members with a single card.
- Convert any purchases into affordable EMI schemes, and you can transfer the balance from other credit cards into your card.
From this point of view, it would be the best reward for the new customers who are experiencing the credit card the first time. And seriously, the fees/rewards ratio is quite reasonable to me.
I know you are wondering with these questions – ‘What is reward points’, ‘Are they really worthy or not’…etc. Take a look over that.
What Are The Reward Points?
This is not a direct cash reward. Every time you use the card for a transaction, bonus points are added to your account. These bonus points are worth up to 2 cents each, and they can be redeemed during any transaction, booking – even in a cash transaction. You can use elite-powered credit card for better reward point system and offers.
One thing I almost forgot to discuss – the value of each reward point is Rs 1. So, you can understand how much they are worthy. And all the rewards are going to store in the OLA wallet with no expiry date.
I think there is nothing to complain about the charges. Every bank charges the fees almost the same way as others – further, the joining fee is free here.
Who Should Opt For This Card?
Everyone should start from somewhere. In my opinion, one should start with this credit card. Because this credit card will teach you and make you accustomed to all the rewards, facilities and the charges you have to pay very well, suppose, you have to go office or workplace daily, and the distance is too much from your home to reach there by bus. You have one option available at that moment – you may book a cab which comes in time and drop you in proper time in most cases. But you have calculated your cab fares and find that it is a bit high for you. On the other hand, you also need a credit card for online transactions like online shopping, payment and much more.
OLA money SBI credit card may help you to make both ends meet. Remember from starting that this card is not premium, so don’t expect much from it. But I will be happy to use this card as I am a novice and have not enough demand in my life. My daily usage pattern is limited both in quantities and price. Why should I go for a premium credit card, which is more complex and gives such a useless reward? I don’t purchase unnecessary things, book hotels/restaurants often, travel. So why should I bother about the rewards in these cases? I should look for such a card whose annual fee is minimum; charges are quite simple to understand, which gives me more savings in my choices. If you are also in the same group like me, you are welcome to take this card!
Why Is This Card Better Than Others At The Same Level?
No credit card has a monopoly in the market. Because every bank knows that there are more middle-class people than fancy ones, they should also introduce their credit cards to compete.
Features And Benefits
The card gives you standard benefits, which may seem little to someone and enough to a first-time user. For the latter group of people, it is quite good.
i. Global Acceptance
OLA money SBI credit card is accepted in both domestic and international countries. Just carry your card and make payments anywhere without worrying about acceptance. But remember the transaction charges at the international expense!
ii. Join Your Family Members
Connect your whole family members (except children under 18) with a single credit card. Thus, they are also eligible to use the credit card but as an add-on cardholder.
iii. Paying Bill
You can pay water, telephone, electricity bills using the Easy Bill pay facility incorporated with the OLA money SBI credit card.
iv. Convert Purchase Values Into EMI
Under the ‘Flexipay’ program, you can convert any purchase into affordable monthly instalments. But you have to expense Rs 2500 or more to avail of this facility. After that, log in to your SBI account to check out the facility.
v. Transfer Balance From Other Credit Cards
You can transfer other bank’s credit card’s balances into OLA money SBI credit cards. But you need not be in a hurry to repay the whole amount at a time because you can repay the balance in EMI.
vi. Easy Money
The OLA money SBI credit card comes with an ‘Easy money’ facility. With it, you can get any cheque and draft against the credit limit or cash limit directly in your home. But again, you have to book this service manually by logging in to your SBI account.
vii. Get Anything In The OLA App
The OLA application can manage everything related to credit cards, like bill paying the remainder. Also, you can get any supports from the app help centre.
Eligibility Criteria And Documents Required
These are not specifically mentioned in the official documentation. But the generals are-
- You have to be an Indian.
- Your age should be above 18 years.
- You should have a source of income.
Proof of identity and proof of address/residence is sufficient for applying for this card. You can choose anyone for each case from the below list:
- AADHAR card, PAN card, Voter card slip, driving license – for identity proof.
- Ration card, water bill, gas connection bill, the electric bill – for address proof.
Seriously, I don’t find such a card like this except a Paytm first card which is almost similar to it. But I would vote for SBI for its good fees/rewards ratio.
How To Apply For This Card?
I hope that, after reading up on this, you have decided to apply! But don’t know how? Let me know you.
- Go to the official site www.sbicard.com. You will find some questions are asking for details. Fill very carefully.
- In the second step, you have to fill in some other fields – mobile number, PAN number, pin code, Net annual income, and so on. Keep all the documents ready in your hand to avoid an error.
- Fill the forms very carefully. And also, read all the disclaimer terms and conditions before applying.
I am not describing all the points for applying for the card. It is a straightforward process. Fill in the form and enter the following form by clicking on the “next” button. Remember- forms will be rejected in case of any false information.
1. Where my rewards go?
From the first day of the card issuer, you have to create an SBI account linked with the OLA account. As a result, an OLA wallet will be created. Till then, whatever rewards you earn will go into this wallet. You can redeem them anytime.
2. What is the credit limit of this card?
See, the credit limit is decided by the bank itself. This depends on your income stability, age, credit score etc. The bank will check these, and then their decision is the final one. But you can always increase the limit by logging in to the SBI account and click the ‘Credit limit increase offer’.
3. How much are the reward points worthy?
Each reward point costs Rs 1. You can earn 7% and 1% reward points on the OLA ride and other expenses.
4. Is the card suitable for travelling?
Partially yes and partially no. Because you will be not benefited much if you go for long travel distance. For example, if you ride by train whatever booking from other counters or it. In you will be charged something. So no rewards are actually gained.
5. Can the annual fee waive off?
Yes, of course. But you have to meet a transaction goal of Rs 1 lakh or above.
6. How can I pay Ola using a credit card?
The online website gives an option for your payment; for that, you need to click on “Payment” from the menu on the Ola application. Then, you may do go and click on “Add a Credit/Debit card”. Here, you will find the option of “Save Card”, but they will ask you to fill up your card details before that.
Let’s discuss the most important thing – whether you should take this card or not? But before that, you have to know yourself. Are you a fancy or middle-class person? Do you frequently need a cab or not? Because each credit card is of a different type and is introduced for a different purpose. Because if you are accustomed to the benefits of other credit cards, you may not like this one. This is for those who are a novice and not much interested in other rewards.