Eternal SBI Credit Card Features and Contactless Payment Limits
Understanding the new co-branded credit card's transaction limits and reward structure.
1Launch of Eternal SBI Card
The Eternal SBI Card has officially opened applications for an initial phase limited to 5,000 early access participants. This co-branded offering provides users with instant discounts across platforms like Zomato, Blinkit, Bistro, and District. The onboarding process remains fully digital, with notifications sent directly to eligible customers through the mobile application.
2Fee Structure and Waivers
Cardholders are subject to a joining fee of ₹499 plus GST, with an identical annual renewal fee. However, the renewal cost is waived for users whose annual spends exceed ₹2 lakh. This structure incentivizes high-frequency usage across the partner ecosystem, aiming to capture a significant share of the customer's monthly lifestyle expenditures.
3Reward and Savings Potential
The card is designed to maximize savings on everyday lifestyle spends, with potential monthly savings reaching ₹3,500. Annual savings can total up to ₹42,000, comprising ₹2,000 in instant discounts and additional cashback on partner brands like Uber, Apollo, and Urban Company. A base cashback rate applies to all other eligible merchant transactions.
4Contactless Payment Security
Powered by RuPay and Mastercard networks, the card features contactless functionality that eliminates the need for a PIN. Because the card never leaves the user's hand during the transaction, the risk of skimming or counterfeit fraud is significantly reduced. This feature is specifically optimized for high-traffic environments like petrol stations and cinemas.
5Transaction Limits and Protocols
Contactless payments are capped at a maximum of ₹5,000 per single transaction at Point of Sale machines displaying the Universal Contactless symbol. For transactions exceeding this limit or at merchants without contactless capabilities, users must perform a traditional dip or swipe transaction to complete the payment securely at the retail outlet.
6Prevention of Accidental Payments
The system prevents accidental charges by requiring the card to be held within 4 cm of the reader for over half a second. Furthermore, retailers must manually enter the transaction amount before the card can approve it. Terminals are programmed to process only one transaction at a time, effectively eliminating potential payment errors.
7Multi-Card Reader Logic
Contactless readers are designed to communicate with only one card at a time, preventing double debits. If a wallet containing multiple contactless cards is presented to a reader, the terminal will prompt the user to select a specific card. This mechanism ensures that transaction integrity is maintained even in dense, multi-card environments.
8Strategic Market Positioning
By integrating deep discounts with popular delivery and service apps, the card targets frequent digital consumers. The combination of accelerated cashback on lifestyle partners and robust security features positions this product as a competitive tool for daily financial management. It reflects a broader trend of ecosystem-based loyalty programs within the Indian fintech sector.
Original article: mint - money — Eternal SBI Credit Card Features and Contactless Payment Limits