Flipkart SBI Card Review 2026: 7.5% on Myntra, Four Separate ₹4,000 Quarterly Caps & FAQs

The Flipkart SBI Card pays 7.5% cashback on Myntra — the highest single-merchant rate on any Indian credit card in this dataset — 5% on Flipkart, 5% on Cleartrip and 4% at a rotating list of select merchants. It costs ₹500 a year.

The number that governs everything: each of those four bands carries its own separate ₹4,000 quarterly cap. Not a shared pool. That allows ₹16,000 a quarter — ₹64,000 a year — from the accelerated bands, plus uncapped 1% on everything else.

None of it is on SBI's product page. Every figure below comes from SBI's own Flipkart T&C booklet, its Cleartrip T&C and its Preferred Partners T&C.

Flipkart SBI Card Quick Overview

Eligibility Criteria

SBI Card publishes no age or income threshold. Approval rests on the bank's own assessment. Indian residency and a valid PAN are required. Add-on cards are free — and for the select-merchant band, a transaction made on an add-on card qualifies, though cashback always credits to the primary account.

The Four Caps Are Separate — This Is the Whole Card

SBI's T&C booklet sets the programme out as four rows, each with its own "Quarterly Cashback Limit of 4,000":

Flipkart and Cleartrip do not share a cap. They are separate rows in SBI's own table, each capped at ₹4,000. You can take ₹4,000 from Flipkart, ₹4,000 from Cleartrip, ₹4,000 from Myntra and ₹4,000 from the select-merchant list in the same quarter.

₹16,000 a quarter. ₹64,000 a year. Plus uncapped 1% on everything else.

Past a cap, the band pays nothing

SBI's wording is unambiguous: "Post reaching the capping limit, cardholder will not earn any cashback for that quarter."

The band does not drop to the 1% base rate — it drops to zero for the rest of that quarter. Spend ₹1,00,000 on Myntra in a quarter and the last ₹46,667 earns nothing at all.

The "quarter" is not a calendar quarter

Another detail from the booklet, and an easy one to get wrong. The cap window runs from your first transaction after account opening, through three billing cycles, resetting when the fourth bill is generated.

SBI's own example: account opened 13 March, billing date the 22nd, first transaction 19 March — the window runs 19 March to 21 June. So your cap resets are anchored to your account, not to the calendar.

The ₹100 Minimum Applies to One Band Only

You will see a "₹100 minimum transaction" attached to this card across comparison sites, usually applied to everything. That is not what the documents say.

The ₹100 minimum appears only in SBI's Preferred Partners T&C — "Cashback is applicable on transactions above Rs.100" — and that document governs the 4% select-merchant band alone.

The main booklet states no minimum for Flipkart, Cleartrip, Myntra or the base rate. And Cleartrip's own T&C says "No minimum transaction value" three separate times.

So: a ₹60 Zomato order earns nothing. A ₹60 Flipkart order earns 5%.

"12% off on Cleartrip" Is Two Benefits Stacked

The Cleartrip headline is a sum, and the parts have different limits:

Note hotels are the richest band at 25% off — SBI's card page leads with the 12% flights figure and buries the better one.

Three conditions: coupon code CTFKSBIC must be entered before payment, there is no minimum transaction value, and the offer can be used an unlimited number of times.

The 5% cashback half draws on the Cleartrip ₹4,000 quarterly cap. The instant-discount half is capped per transaction instead, so it does not consume the quarterly pool.

One timing caveat. The captured Cleartrip T&C states "Offer Duration: Valid till 30th June 2026" — a date that has passed — yet SBI's product page, scraped on 20 September 2026, still advertises 12% off on Cleartrip. Either the offer was extended and the PDF is stale, or it lapsed and the page was not updated. Check the current terms before booking on the strength of it.

The Exclusion List Is Long and Published

SBI's booklet prints the excluded MCCs outright — this is a transcribed schedule, not guesswork:

Plus, from the same section, these earn nothing regardless of merchant:

• Balance transfers and balance-transfer EMIs
• Cash advances and ATM withdrawals
• Financial charges, disputed transactions, Encash
• Payments made using Standing Instructions or Fetch and Pay on SBI Card's own platforms
• Flexipay and Merchant EMI

That standing-instruction exclusion catches people out — setting up an auto-debit through SBI Card's website or app means those payments earn nothing.

EMI is excluded, and SBI shows the maths

The booklet's own worked example: spend ₹45,000 in a month — ₹35,000 on Flipkart (of which ₹10,000 was an EMI purchase) and ₹10,000 elsewhere. Eligible spend is ₹35,000, not ₹45,000. Cashback = 5% of ₹25,000 + 1% of ₹10,000 = ₹1,350.

And cashback already credited on a transaction later converted to EMI is reversed. It is only credited back if that EMI is cancelled — never on foreclosure.

The ₹3.5 Lakh Fee Reversal

The renewal fee is reversed at ₹3,50,000 of annual spend — about ₹29,000 a month, every month.

That is seven times the ₹500 annual fee in required spend, and the highest reversal threshold of any SBI card at this fee level. SimplySAVE costs the same and reverses at ₹1 lakh.

Most holders will simply pay the ₹500 each year. On a card that can return ₹64,000 that hardly matters — but there is no milestone programme and no renewal bonus to offset it for a lighter user.

Cashback Mechanics

Credited to the SBI Card account on the statement generation date plus two days. SBI's example: for a 15 February statement, cashback earned in the 16 January–15 February cycle credits by 17 February.

It is computed on spends net of returns and refunds in the same period, and is reversed if a transaction is later returned, cancelled or converted to EMI. Cashback accrues to the primary cardholder's account only.

There is no redemption step, no minimum redemption, no catalogue and no expiry — ₹1 of cashback is ₹1 off your outstanding.

Welcome Benefit

• A ₹250 Flipkart e-gift voucher, credited within 60 days of joining-fee realisation. It expires one year from issue.
• ₹1,000 of additional benefit on your first Flipkart transaction, under a separate acquisition campaign.

Together ₹1,250 against a ₹500 fee — year one is comfortably net-positive.

Worked Example

Illustrative, at ₹38,000 a month:

No cap bites at this level: ₹1,500 of Flipkart cashback a quarter against ₹4,000, ₹1,125 of Myntra against ₹4,000, ₹600 of Cleartrip against ₹4,000, ₹720 of select-merchant against ₹4,000.

Annualised: ₹16,980 on ₹4.56 lakh of spend, plus ₹1,250 of welcome benefits in year one. At ₹4.56 lakh the ₹500 fee is reversed too.

At the caps the picture is far stronger: ₹64,000 a year from the accelerated bands alone, requiring roughly ₹78,000 a month across the four. That is a lot of e-commerce, but the ceiling is genuinely high — and ₹4,000 higher a quarter than it would be if Flipkart and Cleartrip shared a cap.

Fees and Charges

The ₹400 fuel surcharge cap is four times what most SBI cards allow (₹100), and SBI's product page does not mention it. Fuel itself earns no cashback.

Flipkart SBI Card vs CASHBACK SBI Card

Choose the Flipkart card if your e-commerce spend concentrates on Flipkart, Myntra and Cleartrip. Nothing beats 7.5% and 5% at those merchants, and with four separate caps the ceiling is now slightly higher than the CASHBACK card's.

Choose the CASHBACK card if your online spend is spread across Amazon, direct merchant sites and apps. 5% on everything online beats 1% on everything that is not a named partner.

Holding both costs ₹1,499 combined and covers the whole online landscape.

Is the Flipkart SBI Card Worth It?

Yes, if you shop on Flipkart, Myntra and Cleartrip. At ₹500 a year with four separate ₹4,000 quarterly caps, the ceiling is ₹64,000 — the highest of any card at this fee.

Yes, if you book travel on Cleartrip. 25% off hotels and 12% off flights, stacking an instant discount with 5% cashback that has its own cap, is exceptional.

Yes, as a targeted second card. The uncapped 1% base rate is unremarkable, but this was never meant to be your everyday card.

Budget the ₹500. The ₹3.5 lakh reversal is out of reach for most, and there is no milestone programme.

Read the exclusions before you route bills here. Utilities are not excluded, but rent, education, insurance, government, jewellery, gaming, wallet loads and anything paid by standing instruction on SBI Card's platforms all earn nothing.

Frequently Asked Questions

Do Flipkart and Cleartrip share a cashback cap? No — they have separate ₹4,000 quarterly caps. SBI's T&C booklet lists Flipkart, Cleartrip, Myntra and the select merchants as four distinct rows, each with its own "Quarterly Cashback Limit of 4,000". Together they allow ₹16,000 a quarter and ₹64,000 a year.

What is the annual fee? ₹500 plus GST, on joining and renewal. The renewal fee is reversed at ₹3,50,000 of annual spend — the highest threshold of any SBI card at this fee level, so most holders will pay it.

What happens after I hit a cap? That band earns nothing for the rest of the quarter. SBI's wording is "cardholder will not earn any cashback for that quarter" — it does not fall back to the 1% base rate. The uncapped 1% continues on non-accelerated spend.

Is the cap quarter a calendar quarter? No. It runs from your first transaction after account opening through three billing cycles, resetting on the fourth bill — so it is anchored to your account, not the calendar.

Is there a ₹100 minimum transaction? Only on the 4% select-merchant band. SBI's Preferred Partners T&C says "Cashback is applicable on transactions above Rs.100", and it governs that band alone. Flipkart, Cleartrip, Myntra and the base rate have no published minimum, and Cleartrip's T&C says "No minimum transaction value".

How does the Cleartrip offer work? 12% off flights, 25% off hotels and 15% off buses — each being an instant discount (7%, 20%, 10%) plus the 5% cashback. Coupon code CTFKSBIC must be entered before payment. Instant discounts are capped per transaction: ₹1,500 domestic flights, ₹4,000 international flights, ₹5,000 hotels, ₹150 buses.

Does Shopsy count as Flipkart? Yes. SBI's booklet states that Flipkart MIDs include Shopsy and Flipkart Travel.

Which merchants are on the 4% list? Currently Zomato, Uber, Netmeds and PVR. SBI's own Preferred Partners PDF contains no readable list and notes only that "these preferred partners are subject to change from time to time" — so treat any list as a snapshot.

Do EMI purchases earn cashback? No. SBI's own example: ₹35,000 of Flipkart spend including a ₹10,000 EMI purchase earns 5% on only ₹25,000. Cashback already credited on a transaction later converted to EMI is reversed.

What is the fuel surcharge waiver? 1% on fuel transactions up to ₹4,000, capped at ₹400 per statement cycle — four times the ₹100 most SBI cards allow. Fuel itself earns no cashback.