PhonePe, SBI launch co-branded credit card: What are the benefits?
What's the story
SBI Card and PhonePe have teamed up to launch a co-branded credit card, called the PhonePe SBI Card. The innovative offering comes in two variants: SELECT BLACK and PURPLE. The primary goal of this partnership is to reward customers for their everyday spending on the PhonePe app with up to 10% value back as reward points.
Reward points
Up to 10% value back on spends
The PhonePe SBI Card variants offer different reward structures. The SELECT BLACK card offers up to 10% value back as reward points on spends made through the PhonePe app, while other online shopping transactions fetch up to 5% back. Both variants are available on RuPay and VISA networks, with RuPay versions enabling UPI linking for payments at millions of merchants.
Additional perks
Travel and gift vouchers
The PhonePe SBI Card offers rewards on spends across categories like bills, groceries, travel bookings, utilities, and insurance premiums. The joining fee for these cards is returned as PhonePe e-gift vouchers—₹1,500 for SELECT BLACK, and ₹500 for PURPLE. Both versions also offer milestone travel vouchers: a ₹5,000 voucher on yearly spends of ₹5 lakh for SELECT BLACK users, and a ₹3,000 voucher on annual spends of ₹3 lakh for PURPLE cardholders.
Others
Apply and pay bills on PhonePe
The SELECT BLACK card also offers domestic lounge access and a Priority Pass membership, along with a 1% fuel surcharge waiver. Customers can apply for the card and repay bills directly on the PhonePe app. SBI Card MD and CEO Salila Pande said this partnership will drive credit card adoption and digital payments in India, while PhonePe CEO Sameer Nigam said it will make formal credit more accessible.