PhonePe SBI co-branded credit card available in two variants; check features and benefits

Leading credit card issuer SBI Card, in partnership with digital payments and financial services company PhonePe, has launched a co-branded credit card with several attractive features.

The new credit card is aimed at making everyday transactions more rewarding, designed to serve the changing financial needs of Indian customers, SBI Card and PhonePe said in a joint statement.

Customers can earn reward points on everyday transactions like groceries, bill payments, travel bookings, utility payments, insurance premium payments and more, on both online and offline platforms. Further, up to 5% value back can be availed of by users as reward points on all of their online spends on other platforms.

The card comes in two variants, the PhonePe SBI Card PURPLE and the PhonePe SBI Card SELECT BLACK, both tailored for different customer preferences and needs, it added.

Both variants of this contactless credit card are available on RuPay and VISA payment networks, enabling consumers to choose the network that is most suitable for them.

PhonePe SBI Card SELECT BLACK

This card offers:

• A welcome e-gift voucher of ₹1,500 upon the joining fee payment of ₹1,499.
• Up to 10% value back as reward points on PhonePe and Pincode app spends.
• Up to 5% value back as reward points on online transactions on all other platforms.
• 1% value back as reward points on all other eligible spends
• 1% fuel surcharge waiver across all petrol pumps in India, on transactions between ₹500 and ₹4,000, exclusive of GST and other charges (maximum fuel surcharge waiver of ₹250 is applicable per statement cycle)
• 10 reward points per ₹100 on eligible PhonePe & Pincode spends
• 5 reward points per ₹100 on eligible online spends
• 1 reward point per ₹100 on other spends
• A travel voucher (Yatra voucher) of ₹5,000 on spending ₹5,00,000 in a year.
• Four complimentary domestic lounge visits per year (one per quarter).
• Complimentary priority pass membership worth $99 for international lounge access (for the first two years of cardholder membership).
• Annual fee reversal on spending ₹3 lakh or more in a year

PhonePe SBI Card PURPLE

This card offers:

• A welcome e-gift voucher of ₹500 upon the joining fee payment of ₹499.
• Up to 3% value back as reward points on PhonePe and Pincode app spends.
• Up to 2% value back as reward points on online transactions on all other platforms
• A travel voucher (Yatra voucher) of ₹3,000 on spending ₹3,00,000 in a year.
• 1% value back as reward points on all other eligible spends.
• 3 reward points per ₹100 on eligible PhonePe & Pincode spends
• 2 reward points per ₹100 on eligible online spends
• 1 reward point per ₹100 on other spends
• 1% fuel surcharge waiver across all petrol pumps in India, on transactions between ₹500 and ₹3,000, exclusive of GST and other charges (maximum fuel surcharge waiver of ₹250 is applicable per statement cycle)
• Annual fee reversal on spending ₹1 lakh or more in a year

For both cards, reward points can be redeemed against outstanding credit card bills or as e-gift vouchers from the available options. Also, reward points (wherein 1 point = ₹1) are not applicable on fuel transactions, wallet upload, rent payment, education services, government spends, EMI transactions, and cash withdrawal.