Paytm SBI Credit Card Select – Benefits, Fees & Eligibility

Introduction

The Paytm SBI Card Select is an international Visa credit card launched in collaboration between Paytm and SBI Card. This premium cashback reward card offers extensive usability across over 24 million global outlets and more than 3 lakh offline stores in India. It provides exclusive benefits such as complimentary Paytm First Membership, substantial cashback on Paytm and other expenditures, access to domestic airport lounges, an International Priority Pass, and a fuel surcharge waiver. Cardholders can efficiently manage their card through intelligent features available on both the Paytm and SBI Card mobile applications.

Welcome Benefits

• Complimentary Paytm First Membership is provided upon card activation, which occurs after the first settled retail transaction on the cardholder's account. This membership grants a host of privileges and offers worth up to Rs 75,000, spanning categories like food, travel, fashion, and entertainment.
• A welcome cashback of Rs 750 is provided to the cardholder upon successful card activation (after one settled retail transaction). This cashback is issued in the form of Reward Points, where 1 Reward Point equals Re 1, and is automatically redeemed to the cardholder’s Paytm Wallet as a Gift Voucher balance.

Fees

• Joining Fee: Rs 1,499 + applicable taxes (GST).
• Renewal Fee (per annum): Rs 1,499 + applicable taxes (GST).
  • The renewal fee is reversed if annual retail spends in the preceding year amount to Rs 2,00,000 or more.
• Add-on Card Fee: Nil per annum.
• 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.
• Cash Advance Charges: 2.5% of the total transaction amount, with a minimum of Rs 500.

Rewards

Cashback and Reward Points

• Earn 5% cashback on Paytm Travel, Paytm Mall, and Movies purchases through the Paytm App.
• Earn 2% cashback on all other purchases made through the Paytm App.
• Earn 1% cashback on all other online and offline spends.
• Effective July 1, 2024, the cashback earned will be replaced with Reward Points of equivalent value, where 1 Reward Point = Re 1.
• The welcome cashback of Rs 750 is provided in the form of Reward Points upon card activation, which are automatically redeemed to the cardholder’s Paytm Wallet as Gift Voucher balance.
• All QR-based transactions done through the Paytm App using the Paytm SBI Card Select will be categorized under the 1% Cashback category.
• Cashback is not applicable for spends on any Wallet Load (Paytm or any other App) or fuel transactions.
• Effective January 1, 2024, accrual of Cashback has been discontinued for Rent Payment transactions.
• Effective July 15, 2024, accrual of Reward Points on Government-related transactions (identified under Merchant Category Codes (MCC) 9399 and 9311) will be discontinued.

Milestone Benefits

• Achieve annual retail spends of Rs 1,00,000 to receive a complimentary Paytm First Membership voucher at renewal.
• Achieve annual retail spends of Rs 4,00,000 in a year to receive a Rs 2,000 E-Gift Voucher.
• Achieve annual retail spends of Rs 6,00,000 in a year to receive a Rs 4,000 E-Gift Voucher.
• Eligible E-Gift Voucher options include Hush Puppies/Bata and Pantaloons.
• The Membership e-Voucher will be awarded within 30 working days of the levy of the Renewal Fee.

Travel Benefits

Domestic Lounge Program

• Enjoy complimentary access to Domestic Lounges 4 times per year, capped at 1 visit per quarter.

International Lounge Program

• Receive a complimentary Priority Pass membership worth US $99 for the first two years of cardholder membership.
• The standard membership of the Priority Pass Program is provided only to the primary cardholder.
• Note that there are no complimentary visits included with the Priority Pass; visit charges (e.g., $27 plus applicable taxes) apply per visit.
• This pass grants authority to access Domestic Priority Pass Lounges and International Priority Pass Lounges (within and outside India).

Fuel Benefits

• Get a 1% Fuel Surcharge waiver for each transaction between Rs 500 and Rs 4,000.
• A maximum Fuel Surcharge waiver of Rs 250 is applicable per statement cycle, per credit card account.

Insurance

• Complimentary Cyber Fraud Insurance: This card offers a Cyber Fraud Insurance cover of Rs 2,00,000, protecting against financial loss incurred due to fraudulent usage of your credit card. This includes protection against misuse, counterfeit cards, and online fraud.
  • This protection is insured by ICICI Lombard General Insurance Company Ltd.
  • It strictly excludes lost card liability.
  • In case of loss or damage to your Paytm SBI Card Select, you will need to apply for a replacement card and pay the applicable fee at that time.

Rewards Redemption Guide

• Cashback earned on purchases will be in the form of reward points.
• The welcome cashback of Rs 750 is provided as Reward Points that are automatically redeemed to the cardholder’s Paytm Wallet as Gift Voucher balance.
• Generally, 1 Reward Point is equivalent to Re 1.
• A Rewards Redemption Fee of Rs 99 is applicable for redemption.

Card Eligibility Criteria

• Applicant must be at least 18 years of age or above.
• Applicant should have a regular source of income, whether salaried or self-employed.
• Applicant should possess a decent credit score or credit history, preferably above 700.

Card Review

The Paytm SBI Card Select is an excellent choice for individuals who frequently engage in shopping, particularly on the Paytm platform, and are keen on maximizing cashback rewards. As an international credit card, it offers extensive acceptance worldwide. Its comprehensive benefits package, including a fuel surcharge waiver, valuable milestone rewards, and complimentary access to both domestic and international airport lounges, positions it as a highly attractive offering for a wide range of users.

Important Product Details

• Card Type & Acceptance: The Paytm SBI Card Select is an International Visa Credit Card, accepted at over 24 million outlets worldwide, including 3,25,000 outlets in India.
• Add-on Cards: Cardholders can empower their family members (parents, spouse, children, or siblings above 18 years of age) with add-on cards.
• Utility Bill Payments: Conveniently pay electricity, telephone, mobile, and other utility bills using the Easy Bill Pay facility.
• Balance Transfer on EMI: Save money by transferring outstanding balances from other bank credit cards to your Paytm SBI Card Select, availing a lower interest rate and paying back in EMIs. This service is accessible via sbicard.com.
• Flexipay: Convert any transaction of Rs 2,500 or more into easy monthly installments. This feature can be activated by logging into sbicard.com within 30 days of the purchase.
• Card Management: Manage your Paytm SBI Card Select efficiently 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.
• Easy Money Facility: This facility allows cardholders to obtain a draft or cheque against their available cash limit, delivered directly to their doorstep.
• Co-brand Product Information: The value proposition of this co-brand product may be jointly funded by SBI Card and Paytm, based on their financial arrangement, and may involve fee and revenue sharing between the two parties.

Other Details

• Payment Acceptance: Cheques payable outside clearing zones are not accepted; payments are accepted through local cheques or drafts payable in Delhi only.
• Customer Support: For assistance, cardholders can contact the SBI Card helpline by dialing 39 02 02 02 (prefix local STD code) or 1860 180 1290.
• Information Accuracy: All information provided is subject to change at the discretion of SBI Cards and Payment Services Limited (SBICPSL).
• Third-Party Engagement: SBICPSL may engage, hire, or use the services of agents and/or any third party for marketing, sales-related services, or other related services concerning its products.
• Order of Payment Settlement: Details regarding the order in which payments are settled for a cardholder account are available for reference.
• Detailed Terms and Conditions: Comprehensive Terms and Conditions and Usage Directions for the card are available.