Flipkart SBI Card

Quick verdict: The Flipkart SBI Card is a focused shopping cashback card: 7.5% on Myntra, 5% on Flipkart, 4% at four select merchants and 1% on everything else, with a ₹500 fee that reverses at ₹3.5 lakh of annual spend. If Flipkart and Myntra are where your money goes, it is one of the best-value co-brands in India right now. If your online spending is spread across many sites, a flat-rate card will serve you better.

Launched in August 2025, this is SBI's entry into the Flipkart co-brand space, a second option alongside the older Axis Flipkart card, which was for years the default card for Flipkart loyalists and is still open. SBI has come out swinging, and the headline that gets attention is the 7.5% on Myntra — one of the highest single-merchant cashback rates any Indian issuer currently advertises.

What it earns

The reward structure is refreshingly literal — it is cashback, credited automatically to your statement, with nothing to redeem:

• 5% cashback on Flipkart
• 7.5% cashback on Myntra
• 4% cashback at four select merchants, which SBI has not named (more on that below)
• 1% cashback on all other eligible spends
• 5% cashback on Cleartrip flight and hotel bookings, capped at ₹4,000 a quarter (the 12%-off Cleartrip

offer that still circulates in coverage of this card was a limited promo and has expired)

For a household that does its electronics, fashion and daily-needs shopping on Flipkart and Myntra, this is genuinely excellent. On ₹10,000 a month split across Flipkart and Myntra, you are earning meaningfully more than any flat 1.5–5% card would return on the same spend.

One honest caveat, and it is now a number rather than a warning: every accelerated tier is capped at ₹4,000 of cashback per calendar quarter. The good news is that each tier gets its own bucket — Flipkart, Myntra, Cleartrip and the 4% merchant tier do not compete for a single pool — so a heavy Myntra shopper is not eating into their Flipkart allowance. ₹4,000 a quarter at 7.5% is about ₹53,000 of Myntra spend; at 5% on Flipkart it is ₹80,000. Only the 1% base rate is unlimited.

There is a second tier you should not count on. SBI advertises 4% at "4 Select Merchants" and has never published which four. Until it does, treat that line as marketing, not income — we do not score it.

The fee maths

At ₹500 joining and ₹500 renewal, the barrier is trivial, and the renewal fee is reversed on ₹3.5 lakh of annual spend — a bar most regular Flipkart users clear comfortably. There is also a welcome benefit: a ₹250 Flipkart e-gift voucher within 60 days of fee realisation, valid a year. That is the standing offer, and it is modest. An extra ₹1,000 — a ₹500 Flipkart e-gift card and a ₹500 Cleartrip coupon — was available from 26 August 2025, but only to people who applied through the Flipkart App, and it ended on 30 June 2026. If you read elsewhere that this card comes with ₹1,250 of welcome value, that is a year-old offer being quoted as a current feature. Add a 1% fuel surcharge waiver (up to ₹400 per cycle) and the card still pays for itself for almost anyone who uses it at all — just on the cashback, not the welcome.

Where it falls short

The flip side of a focused card is that it is focused. Spend outside Flipkart, Myntra, Cleartrip and the unnamed 4% merchant tier earns just 1% — below what a plain flat-cashback card gives you. This is not the card to route your utility bills, groceries or offline dining through.

Worse, a long list of spending earns nothing at all: fuel, wallet loads, gift and prepaid card loads, voucher purchases, rent, government payments, education, jewellery, insurance, gaming, cash advances and EMI conversions. That is one of the longest exclusion lists in the SBI portfolio, and it covers most of what people reach for a second card to cover.

The 3.5% forex markup also rules it out for international spending; use a travel card abroad. And because this is a co-brand product, the rates and the preferred-merchant list are contractual — SBI and Flipkart can revise them, as co-brands periodically do. Value it for what it pays today, not for a rate you assume is permanent.

Flipkart SBI vs the flat cards

The real decision is concentration versus flexibility. If your online spend is concentrated on Flipkart and Myntra, this card beats a flat option hands down. If it is spread across Amazon, dozens of D2C brands, travel portals and utility sites, the SBI Cashback card's flat 5% on all online spend (no merchant list) is the smarter hold — though since April 2026 that 5% is capped at ₹2,000 a month, a ₹4,000 combined monthly ceiling with its 1% offline tier, and gaming, toll and government payments are excluded, so it is no longer the uncapped answer it once was. The SBI SimplyClick is a cheaper online-tilted alternative. There is no single right answer — it depends entirely on where your money actually goes.

Who should hold it

Get it if you are a regular Flipkart and Myntra shopper who wants high, automatic cashback for a token fee. It is one of the best co-brand shopping cards on the market for that person.

Skip it if you shop across many platforms (a flat card wins), if you need a card for offline or international spending, or if you want a single do-everything card. The Flipkart SBI Card is a specialist — brilliant in its lane, unremarkable outside it. Match it to your Flipkart-Myntra habit and it is an easy yes; force it to be your everyday card and you will leave value on the table.