Discontinued for new applicants (8 Dec 2025)
OLA Money SBI Credit Card Review (Discontinued)
The OLA Money SBI Credit Card was a co-branded card from SBI Card and Ola that paid rewards as OLA Money for cab rides and everyday spends. SBI Card discontinued new issuance from 8 December 2025.
If you already hold the card, it continues to work under its existing terms unless SBI Card tells you otherwise. This page explains those terms, what you are actually earning, and the options if you want to replace it.
- High return on Ola rides for frequent users
- 1 reward point = ₹1 of OLA Money
- Annual fee waivable on ₹1 lakh spend
- 1% fuel surcharge waiver
- Discontinued: no new applications
- Ola reward capped at 500 points a month
- Rewards locked into the Ola ecosystem
- No lounge access or insurance
- 3.5% forex markup and high interest (3.75% a month)
Fees and charges
| Item | Detail |
|---|---|
| Joining fee | Nil |
| Annual fee | ₹499 from the second year, waived on ₹1 lakh spend in the previous year |
| Interest | 3.75% a month |
| Cash advance fee | 2.5% or ₹500, whichever is higher |
| Forex markup | 3.5% |
| Fuel surcharge waiver | 1%, up to ₹100 per cycle |
Rewards: how the card earns
| Spend | Earn | Cap |
|---|---|---|
| Ola rides | 7% back as reward points | 500 points (₹500) a month |
| Other eligible spends | 1% | — |
| Rent | Nil (since 1 Jul 2023) | — |
Points are credited to your OLA Money wallet at 1 point = ₹1.
What earns nothing
Rent payments have earned no rewards since 1 July 2023. Check your card’s terms for other exclusions.
Other benefits
| Benefit | Detail |
|---|---|
| Lounge access | None |
| Insurance | None |
| Network | Visa |
| Reward redemption | Credited to OLA Money wallet |
Eligibility
Issuer
SBI Card
Status
Not available for new applications
Existing cardholders
Card continues under current terms
Replacement
Apply for a different SBI Card or another issuer’s card
Who this card is for
- Good fit: existing cardholders who still take Ola rides regularly and cross ₹1 lakh annual spend.
- Skip if: you rarely use Ola — the 1% base rate is easily beaten by lifetime-free cashback cards.
Alternatives worth comparing
- Cashback SBI Card — 5% online cashback from the same issuer
- Best SBI credit cards
- Best cashback cards
- How to close a card without hurting your CIBIL score
Final verdict
Now a legacy card. If you still use it and take Ola rides often, it remains worth keeping for the capped 7% back, especially if your spend waives the fee. Otherwise, consider moving to a general cashback card — but close the old card carefully, since an old account helps your credit history.
Frequently asked questions
Can I still apply for the OLA Money SBI card?
No. SBI Card stopped issuing it with effect from 8 December 2025.
Will my existing card stop working?
Existing cards continue under their terms unless SBI Card notifies you of a change. Watch your statements and the SBI Card app for notices.
How much do I earn on Ola rides?
7% back as reward points, capped at 500 points (₹500) a month. Other spends earn 1%.
Is the annual fee waivable?
Yes. The ₹499 fee from the second year is waived if you spend ₹1 lakh in the previous year.
Who issued this card — SBI or RBL?
SBI Card, on the Visa network.
Last verified: October 2026, against SBI Card’s customer notices and published card terms. Card terms change often; confirm the current fees and reward rules on the issuer’s website before you apply. All fees are plus 18% GST.