The PhonePe SBI Card SELECT BLACK is a premium co-branded credit card launched by PhonePe and SBI Card. It’s designed for users who frequently use the PhonePe app and other online platforms for various transactions, offering high reward rates and lifestyle benefits. This card is available on both RuPay and VISA networks, providing flexibility, with the RuPay variant supporting UPI payments.
Here’s a comprehensive overview of its features, benefits, fees, and how to apply:
Key Features and Benefits:
- Accelerated Rewards Program:
- 10 Reward Points per ₹100: On eligible PhonePe and Pincode spends (e.g., recharges, utility bill payments, insurance, travel bookings, etc.). Capped at 2,000 Reward Points per month.
- 5 Reward Points per ₹100: On eligible online spends on popular platforms like Amazon, Flipkart, Myntra, Ajio, Uber, Swiggy, Zomato, Nykaa, BookMyShow, MakeMyTrip, Blinkit, Dunzo, Zepto, Rapido, etc. Capped at 2,000 Reward Points per month.
- 1 Reward Point per ₹100: On all other eligible spends, including “Scan & Pay” transactions via UPI (if RuPay variant), Tap & Pay, and other offline purchases. Capped at 2,000 Reward Points per month.
- 1 Reward Point = ₹1: When redeemed as cashback against the statement balance or for a wide array of e-gift vouchers from the SBI Card redemption catalogue. This is a very strong redemption value.
- No Reward Points: On fuel transactions, wallet uploads, rent payments, education services, government spends, EMI transactions, and cash withdrawals.
- Welcome Benefit:
- Get a ₹1,500 PhonePe Gift Card upon payment of the joining fee. This effectively offsets the joining fee. The gift card is typically sent within 45 days after the joining fee realization.
- Domestic Airport Lounge Access:
- 4 complimentary domestic lounge visits per year, capped at 1 visit per quarter. There is no minimum spend condition to avail of this benefit.
- International Lounge Access:
- Complimentary Priority Pass membership for the first two years (worth $99), which allows access to international airport lounges. Note that lounge visits via Priority Pass are typically chargeable unless specific complimentary visits are included by SBI Card (the information available suggests complimentary membership, not necessarily free visits for international lounges through this membership).
- Milestone Benefit:
- Receive a Yatra Voucher worth ₹5,000 on achieving annual spends of ₹5,00,000 or more in a membership year.
- Fuel Surcharge Waiver:
- 1% fuel surcharge waiver on transactions between ₹500 and ₹4,000, with a maximum waiver of ₹250 per statement cycle.
- UPI Integration (for RuPay variant):
- If you opt for the RuPay variant, you can link your card to any UPI app (PhonePe, Google Pay, Paytm, etc.) for seamless “Scan & Pay” transactions.
- Global Acceptance:
- Accepted at over 29 million outlets worldwide, including over 325,000 outlets in India.
- Other Features:
- Contactless Payments: Simply tap your card at a secure reader for quick transactions.
- Flexipay: Convert large transactions (₹2,500 or more) into easy monthly installments.
- Balance Transfer on EMI: Transfer outstanding balances from other bank credit cards to your PhonePe SBI Card SELECT BLACK at a lower interest rate.
- Add-on Cards: Empower up to 3 family members (parents, spouse, children, or siblings above 18 years) with add-on cards.
- Easy Bill Pay: Pay utility bills directly through SBI Card platforms or by setting up standing instructions.
Fees and Waivers:
- Joining Fee: ₹1,499 + GST (fully offset by the welcome gift).
- Annual Fee: ₹1,499 + GST
- Annual Fee Waiver: Waived if you spend ₹3,00,000 or more in the previous membership year.
Eligibility Criteria (General – may vary by SBI Card):
- Age between 18 to 65 years.
- Minimum income of ₹4,00,000 per year (salaried or self-employed).
- Indian Resident.
- Reside in one of the serviceable cities (e.g., Chennai, Gurgaon, Delhi NCR, Pune, Noida, Hyderabad, Mumbai, Bangalore, Kochi, Coimbatore, Jaipur, Chandigarh, Ahmedabad, Kolkata).
How to Apply:
The application process is primarily digital. Eligible PhonePe users will likely see the option to apply directly within the PhonePe app. You will typically be guided to fill out an application form and complete KYC verification with SBI Card. You can also visit the official SBI Card website to apply.
Comparison with PhonePe HDFC Bank Ultimo (as of current information):
While both are premium cards, the PhonePe SBI SELECT BLACK offers some distinct advantages:
- Higher Reward Caps: SBI SELECT BLACK generally has higher monthly reward caps (2,000 RP per category) compared to HDFC Ultimo (1,000 RP for PhonePe, 500 RP for online).
- Lounge Access: SBI SELECT BLACK offers 4 complimentary domestic lounge visits per year without any spend criteria, whereas HDFC Ultimo requires a quarterly spend of ₹75,000 for lounge access in the subsequent quarter.
- International Lounge Membership: SBI SELECT BLACK includes a complimentary Priority Pass membership for two years.
- Milestone Benefit: SBI SELECT BLACK offers a Yatra voucher worth ₹5,000 on ₹5 lakh annual spends.
The PhonePe SBI Card SELECT BLACK is a strong contender for individuals who extensively use PhonePe and other online platforms, appreciate high reward points that can be redeemed at a 1:1 ratio for statement credit or vouchers, and value complimentary domestic airport lounge access without any spend conditions.
