Paytm SBI Credit Card Select – Benefits, Fees & Eligibility

Introduction

The Paytm SBI Credit Card Select is an international Visa credit card launched by SBI Card in collaboration with Paytm. Positioned as a premium cashback reward card, it offers exclusive privileges such as a complimentary Paytm First Membership, significant cashback on Paytm Mall, Movies, Travel, and other Paytm App purchases, along with domestic airport lounge access and an International Priority Pass. It also provides a 1% fuel surcharge waiver and Cyber Fraud Insurance cover, making it a comprehensive offering for users seeking rewards on their digital and offline spends.

Welcome Benefits

• Complimentary Paytm First Membership is provided upon card activation after a successful retail transaction. This membership offers a host of privileges and offers worth up to Rs 75,000 on food, travel, fashion, entertainment, and more.
• A welcome cashback of Rs 750 (equivalent to 750 Reward Points, where 1 Reward Point = Re. 1) is provided to the cardholder in their Paytm wallet upon successful activation of the credit card.

Fees

• Joining Fee: Rs 1,499 + applicable taxes.
• Annual Fee: Rs 1,499 + applicable taxes.
• Renewal Fee: Rs 1,499 + applicable taxes from the second year onwards.
• Spend-Based Waiver: The Renewal Fee is waived if annual retail spends in the previous year are Rs 2 Lakhs or more.
• Add-on Fee: Nil.
• Rewards Redemption Fee: Rs 99.
• Foreign Currency Markup: 3.5% of the total transaction value.
• Interest Rates: 3.5% per month or 42% per annum.
• Fuel Surcharge Waiver: 1% fuel surcharge waiver on every transaction between Rs 500 and Rs 4,000 at all petrol pumps across India. The maximum waiver is capped at Rs 250 per statement cycle.
• Cash Advance Charges: 2.5% of the total transaction amount, with a minimum charge of Rs 500.

Rewards

• Cashback Program:
  • Earn 5% cashback on spends made on Paytm Mall, Movies, and Travel.
  • Earn 2% cashback on all other purchases made on the Paytm App.
  • Earn 1% cashback on other online and offline spends.
  • Cashback is not applicable for spends on wallet load (Paytm or any other App) and fuel.
  • Effective July 1, 2024, the cashback earned on spends made with this card will be replaced with Reward Points of equivalent value, where 1 Reward Point = Re 1.
• Travel Benefits:
  • Complimentary Domestic Airport Lounge access 4 times in a year, capped to 1 visit per quarter.
  • Complimentary Priority Pass membership worth US 99 for 2 years of cardholder membership under the International Lounge Program. This pass grants authority to access Domestic Priority Pass Lounges and International Priority Pass Lounges (within and outside India). A visit charge of 27 plus applicable taxes will be levied for each visit to Priority Pass lounges, and this facility is provided only to the primary cardholder.
• Milestone Benefits:
  • Receive a complimentary Paytm First membership voucher at renewal on achieving an annual spending milestone of Rs 1 Lac.
  • Earn E-Gift vouchers of Bata/Hush Puppies and Pantaloons:
    • Rs 2,000 E-Gift Voucher on annual retail spends of Rs 4 Lakhs.
    • Rs 4,000 E-Gift Voucher on annual retail spends of Rs 6 Lakhs.
• Insurance Benefits:
  • The credit card is protected by a Cyber Fraud Insurance Cover worth Rs 2 Lacs, which covers financial loss due to fraudulent usage of your credit card by someone else. This strictly excludes lost card liability and protects against counterfeit cards and online fraud.

Rewards Redemption Guide

• The cashbacks on purchases are earned in the form of reward points.
• These reward points can be redeemed automatically as Paytm Gift Voucher Balance.
• 1 Reward Point is equivalent to Re 1.

Card Eligibility Criteria

• Age: The applicant should be at least 18 years or above.
• Income: The applicant must have a regular source of income, whether salaried or self-employed.
• Credit Score: The applicant should possess a decent credit score or credit history, preferably above 700.

Card Review

The Paytm SBI Credit Card Select is highly suitable for individuals who frequently engage in online and offline shopping, particularly those who are active users of the Paytm ecosystem for various transactions like shopping, movies, and travel, and prioritize earning cashback. As an international Visa credit card, it boasts global acceptance at over 24 million outlets worldwide. Its premium features, including a complimentary Paytm First Membership, access to domestic and international airport lounges, a 1% fuel surcharge waiver, and robust cyber fraud insurance, significantly enhance its value proposition. The tiered milestone benefits further reward high spenders, making it an attractive option for those looking to maximize returns on their annual expenditures. While the interest rates and foreign currency markup are standard for premium cards, the card's core strength lies in its comprehensive cashback program and travel perks, offering a rewarding experience for everyday and travel-related spends.

Important Product Details

• An International Visa credit card accepted at over 24 million outlets globally, including 3.25 Lac offline outlets in India.
• Offers a complimentary Paytm First Membership as a welcome benefit, providing privileges worth up to Rs 75,000.
• Provides a welcome cashback of Rs 750 upon card activation.
• Earns high cashback rates: 5% on Paytm Mall, Movies, Travel; 2% on other Paytm App purchases; and 1% on general online and offline spends.
• Includes complimentary Domestic Airport Lounge access 4 times a year (max 1 visit per quarter).
• Comes with a complimentary 2-year Priority Pass membership worth US $99 for international lounge access (visit charges apply).
• Offers a 1% fuel surcharge waiver (maximum Rs 250 per statement cycle) on transactions between Rs 500 and Rs 4,000.
• Features a Cyber Fraud Insurance Cover worth Rs 2 Lacs.
• Provides milestone benefits, including Paytm First membership renewal and e-gift vouchers, on achieving annual spend targets.
• The annual Renewal Fee can be waived if annual spends in the previous year are Rs 2 Lakhs or more.
• Cashback will transition to reward points (1 Reward Point = Re 1) from July 1, 2024.
• Cashback is not applicable on wallet load and fuel spends.

Other Details

• Add-on Cards: You can apply for Add-on cards for your spouse, children, parents, or siblings who are 18 years of age or above.
• Easy Bill Pay Facility: Pay your telephone, electricity, mobile, water, and other utility bills conveniently using this feature.
• Flexipay EMI: Convert eligible purchases or transactions of Rs 2,500 or more into easy monthly installments.
• Easy Money Facility: This facility allows you to get a draft or cheque against your cash limit delivered at your doorstep.
• Balance Transfer on EMI: Save money on your credit card repayments by transferring outstanding balances from other banks’ credit cards to your Paytm SBI Card Select at a lower interest rate and repaying in easy EMIs.
• Smart Card Control: Manage your Paytm SBI Card SELECT with intelligent features available on the Paytm App or SBI Card App, including Spend Analyzer, Smart Spend Control, One Tap Lock/Unlock, and Convenient Card Re-issue features.
• Application Process: You can apply for the card through the SBI Card Website, via the Chatbot ILA, by calling the SBI Card Helpline (39 02 02 02, prefix your city STD code), or by visiting the nearest SBI branch.
• Payment Acceptance: Cheques payable outside clearing zones are not accepted; only local cheques or drafts payable in Delhi are accepted for payments.
• Legal Information: All applicable taxes would be charged on all fees, interest, and charges. The value proposition of the co-brand product may be funded jointly by SBI Card and Paytm. Your continued use of the card will be deemed acceptance of amendments in all Terms and Conditions. Any disputes arising out of the offer shall be subject to arbitration by a sole arbitrator appointed by SBICPSL, with proceedings conducted in New Delhi in English. SBICPSL may engage agents or third parties for marketing or sales-related services.