OLA Money SBI Credit Card Review 2026
A niche co-brand that rewards OLA cab and food-delivery usage with up to 7% cashback as OLA Money — but with OLA’s mobility business shrinking sharply in 2024-25, this card’s long-term utility is increasingly dependent on how often you actually use OLA services.
Fees and charges at a glance
| Charge | Amount |
|---|---|
| Joining fee | ₹499 + GST |
| Annual fee (2nd year onwards) | ₹499 + GST |
| Annual fee waiver condition | Spend ₹2,00,000 in the previous year |
| Add-on card fee | Nil |
| Finance charges | 3.50% per month (42% p.a.) |
| Cash advance fee | 2.5% of amount or ₹500 (whichever is higher) |
| Late payment fee | Up to ₹1,300 based on outstanding balance |
| Foreign currency markup | 3.5% + GST |
| Fuel surcharge waiver | 1% on transactions ₹500–₹3,000 (capped ₹100/month) |
Reward structure — how cashback works
Unlike most SBI co-brands, the OLA Money SBI Card does not use generic SBI Card reward points. Instead, all cashback is credited directly to your OLA Money wallet within 45 days of the statement cycle, where it can be spent on OLA cabs, OLA food delivery and partner merchants that accept OLA Money.
| Spend Category | Cashback Rate | Monthly Cap |
|---|---|---|
| OLA cab bookings (Prime, Mini, Micro, Auto, Bike) | 7% cashback | ₹500 in OLA Money |
| OLA Foods, OLA Financial Services, OLA Electric payments | 5% cashback | ₹300 in OLA Money |
| Online shopping (non-OLA) | 2% cashback | No hard cap disclosed |
| All other spend | 1% cashback | No hard cap disclosed |
Welcome benefit
On joining, cardholders receive ₹500 OLA Money as a welcome benefit, credited within 30 days of the first transaction. This effectively makes the ₹499 joining fee a wash for the first year.
The OLA Money wallet — practical limits
OLA Money is a closed-loop PPI (Prepaid Payment Instrument) regulated by RBI. A few things to be aware of:
- Maximum balance: ₹1 lakh (for full-KYC wallets) / ₹10,000 (for min-KYC wallets)
- OLA Money balance does not expire as long as the account is active
- Merchant acceptance outside OLA’s own ecosystem is limited compared with Paytm / PhonePe wallets
- OLA Money balance cannot be transferred to bank accounts via NEFT/IMPS
Where this card falls short
Monthly reward calculator
Estimate your annual cashback on the OLA Money SBI Card
Eligibility and documents
- Age: 21–60 years (primary applicant)
- Income: Minimum ₹20,000 per month (salaried) / ₹3 lakh annual ITR (self-employed)
- KYC: PAN, Aadhaar, latest salary slip or 6-month bank statement, address proof
- Credit score: CIBIL 700+ recommended for approval
Compared with alternatives
| Card | Cab earn | Online | Annual fee |
|---|---|---|---|
| OLA Money SBI | 7% on OLA (capped) | 2% | ₹499 |
| Axis ACE | 5% on Swiggy/Zomato/BigBasket | 5% on utility bills | ₹499 |
| HDFC Swiggy | — | 10% on Swiggy, 5% other online | ₹500 |
| Amazon Pay ICICI | — | 5% on Amazon (Prime) | Lifetime free |
| Flipkart Axis | 4% on Uber | 5% on Flipkart | ₹500 |
The Flipkart Axis Bank Credit Card directly competes with the OLA SBI by offering 4% cashback on Uber rides (versus 7% on OLA here) plus 5% on Flipkart — a broader, more durable value proposition given Uber’s stronger market position. If you want cab-related cashback but are not firmly tied to OLA, the Flipkart Axis is the safer pick.
Bottom line — should you get it?
Only get the OLA Money SBI Credit Card if you consistently spend ₹3,000+ per month on OLA rides or food delivery AND those services are reliably available in your city. For a narrow OLA loyalist, the first-year value is about ₹1,400–₹2,000 in OLA Money cashback after the joining fee, which is genuinely useful.
Skip it if (a) you’ve moved to Uber or Rapido for daily cabs, (b) your cab usage is under ₹1,500/month, or (c) you want cashback that can be redeemed as statement credit or bank transfer. The OLA Money wallet constraint is a real friction — earn ₹500/month and you’ll need to spend it on OLA services within a reasonable time to realize the value.
Verdict 6.5 / 10
A decent card for a narrowing use case. Watch OLA’s service quality and coverage in your city before committing to a second-year renewal — if OLA becomes unreliable, the effective cashback rate collapses to 1–2%.