The rewards program and consequently this card can be quite beneficial for frequent Ola users with 7% value-back and rewards redemption in 1:1 ratio against Ola Money wallet. When it comes to savings on such online cab services like Ola and Uber, this card tops the list. Though there are other strong credit card competitors in this segment as well, including Flipkart Axis, HDFC Millennia, Axis Ace and HDFC Pixel Play, which provide accelerated savings of 4% to 5% on Ola or Uber. However, these cards not only cover this spending category, but also offer accelerated savings on other popular platforms like Myntra, Swiggy, and many others. This makes them a better choice for those who not only wish to save on cab fares, but on other lifestyle spends too, thus offering a higher overall savings. But if Ola spends are your main focus to save on, then SBI Ola Money Credit Card would offer the highest value-back.
SBI Cards
Ola Money SBI Credit Card
Travel
Rewards
Co-branded
7% reward points on Ola ride bookings
Rewards
Earned reward points redeemable in 1:1 ratio
Fee Waiver
On spending a min. of Rs. 1 lakh in the year
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About Ola Money SBI Credit Card
Ola Money SBI Card is co-branded card with the collaboration of SBI Card and Ola. It offers accelerated savings as 7% reward points on Ola ride spends and a base value-back rate of 1% on other card spends. While the accelerated rewards come with a monthly capping, you can earn unlimited reward points on other card spends. Further adding to the co-branded benefits, the card allows the card users to utilise the earned reward points in 1:1 ratio against future Ola ride bookings by paying through Ola Money wallet.
Suitable for Ola loyalists who spend a considerable amount on these cab services for their everyday commute or other travels, this SBI credit card comes at zero joining fee. The annual fee charged from second year onwards is low as well. This fee comes with an easily achievable waiver spending condition which helps eliminate the annual charges you would otherwise incur.
Note: This Card is not available on Paisabazaar.com. The content on this page is for information only. To express interest in this card, please visit SBI Card website.
Ola SBI Card Features & Benefits
Given below are the details regarding the rewards program:
Reward Rate
- 7% reward points on spends made on Ola rides, capped at 500 points per month
- 1% reward points on all other spends1
Rewards Redemption
- The accrued reward points are auto-credited to your Ola Money Wallet
Redemption Value
- 1 Reward Point = Rs. 1
Other features and benefits of Ola Money SBI Card are as follows:
- Fee Waiver: Annual fee is waived off on spending a minimum of Rs. 1 lakh during the previous year
- Fuel Benefit: 1% fuel surcharge waiver of up to 100 per month on fuel purchases made across India
Ola Money SBI Credit Card: Fees & Charges
| Particulars | Amount | ||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Joining Fee | Nil | ||||||||||||||
| Annual Fee | Rs. 499 + Applicable Taxes | ||||||||||||||
| Finance Charges | 3.75% p.m. (45% p.a.) | ||||||||||||||
| Late Payment Charges |
|
Things to Know Before you apply
Get This Card If:
You commute quite often which takes a sizable portion of your budget and prefer to use Ola services for such everyday rides
You are a low to average spender and looking for a low annual fee credit card
You can utiltise the reward points well as Ola Money wallet balance and will be able to maximise your savings
Similar Cards:
Flipkart Axis Bank Credit Card
HDFC Millennia Credit Card
Axis Ace Credit Card
HDFC Pixel Play Credit Card
Paisabazaar Review
What do we like about this card?
SBI Ola Money Credit Card is a low annual fee entry-level card with basic hassle-free rewards program with the accrued reward points auto-credited to the Ola Money wallet. This SBI Card comes with high co-branded savings of 7% on Ola spends and reward redemption against Ola Money in 1:1 ratio. In addition to this, you get 1% savings on all other card spends. Moreover, the low annual fee of Rs. 499 can also be waived by reaching the annual spending threshold of just Rs. 1 lakh - an amount that even low spenders can meet easily.
Pros
- 7% savings on co-branded spends on Ola
- Unlimited 1% savings on other card spends
- 1:1 rewards redemption ratio
- Quite low annual spending requirement to waive off annual fee
Cons
- Capping on accelerated reward earnings
- Rewards redemption limited to just Ola Money wallet
Frequently Asked Questions
Everything you need to know about this credit card
Ola Money SBI Card is a beginner-level co-branded credit card that comes with a renewal fee of Rs. 499 and it is ideal for cardholders who are looking for discounts or value-back on Ola rides.
The rewards earned on your credit card are credited to your OlaMoney Wallet. So, it is recommended to complete KYC to avail full benefits of the OlaMoney Wallet.
The reward points earned through Ola Money SBI Card are credited to your Ola Money wallet in 1:1 redemption ratio from where you can use them for future Ola ride bookings.
You can save 7% on every Ola ride you pay for using Ola Money Credit Card. This value-back is capped at Rs. 500 per month.
Footnotes
- Exclusions include fuel, rent, transactions on Cleartrip, cash advances, balance transfers, financial charges, disputed transactions, Flexipay and EMI spends
Click here to know More Terms and Conditions
Lepakshi Phogat
Lepakshi is a content writer specialising in personal finance and credit cards. She translates complex financial concepts into practical advice, helping readers make informed financial decisions. Whether it is helping them choose the right credit card or offering strategies to build their credit score, she writes to make personal finance less intimidating and more empowering.
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