PhonePe SBI Card PURPLE – Benefits, Fees & Eligibility

PhonePe SBI Card PURPLE

Introduction

The PhonePe SBI Card PURPLE is a co-branded credit card from PhonePe and SBI Card, designed as a basic and budget-friendly option for everyday spending. It offers rewarding benefits on utility bill payments, online transactions, and other purchases, making it an ideal choice for individuals seeking a low-fee card with decent returns. Cardholders can enjoy an effective waiver of the joining fee through a welcome gift and achieve renewal fee reversals based on annual spending.

Welcome Benefits

• Receive a PhonePe Gift Card worth ₹500 upon the realization of the Joining Fee.
• The PhonePe Gift Card will be shared with the cardholder via their registered E-mail ID or Mobile Number within 45 days of the Joining Fee realization.
• Once added to the PhonePe App, the balance on the gift card is valid for 12 months.

Fees

• Joining Fee: ₹499 + Taxes (one-time).
• Renewal Fee: ₹499 + Taxes (per annum, applicable from the second year onwards).
• Spend-Based Waiver:
  • Annual Fee reversal is available on achieving spends of ₹1 lakh or more in the previous membership year.
  • This fee reversal is preconditioned on the fee being levied during the renewal cycle.
• Add-on Fee: Nil (per annum).
• Rewards Redemption Fee: Not applicable.
• Foreign Currency Markup: 3.5%.
• Interest Rates: 3.75% per month (45% annually).
• Fuel Surcharge: 1% fuel surcharge waiver on transactions across all petrol pumps in India, for amounts between ₹500 and ₹3,000 (exclusive of GST and other charges). The maximum fuel surcharge waiver allowed is ₹100 per statement cycle, per credit card account.
• Cash Advance Charges: 2.5% of the transaction amount or ₹500, whichever is higher.
• All applicable taxes would be charged on all fees, interest, and other charges.

Rewards

• Earning Reward Points:
  • Earn 3 Reward Points per ₹100 on eligible PhonePe spends (including Recharges, Utilities, Bill Payments, Insurance, and Travel) and Pincode spends. A maximum of 1,000 Reward Points can be earned per month in this category.
  • Earn 2 Reward Points per ₹100 on eligible online spends. A maximum of 1,000 Reward Points can be earned per month in this category.
  • Earn 1 Reward Point per ₹100 on other spends, including Scan and Pay transactions. A maximum of 1,000 Reward Points can be earned per month in this category.
  • Utility and insurance spends made outside the PhonePe platform will earn only base rewards at 1 Reward Point per ₹100, capped at 250 Reward Points per month.
• Milestone Benefits:
  • Receive a Yatra Voucher worth ₹3,000 on achieving annual spends of ₹3 lakh or more in a membership year.
• Exclusions from Reward Points Earning:
  • No Reward Points are applicable on fuel transactions, wallet uploads, rent payments, education services, government spends, EMI transactions, cash withdrawals, digital gaming platform/merchants, financial charges, Encash, ATM withdrawals, and Flexipay transactions.

Rewards Redemption Guide

• Each Reward Point is equivalent to ₹1.
• Reward Points can be redeemed against a wide array of vouchers or for cash (statement credit).
• Reward Points earned with this card are valid for a period of 1 year.

Card Review

The PhonePe SBI Card PURPLE is well-suited for beginners seeking their first credit card and for individuals looking for a low-fee card that offers decent rewards, especially for everyday utility bill payments, recharges, and online purchases. Its benefits, combined with an easily waivable annual fee, present a good value proposition.

• Pros:
  • Offers decent returns on spending at an affordable annual fee.
  • Supports easy UPI payments, enhancing convenience for daily transactions.
• Cons:
  • The reward rate, while decent for its tier, could be higher compared to more premium credit cards.
  • The validity period for Reward Points is 12 months, which might be considered short by some users.

Important Product Details

• Comes with an affordable joining and renewal fee of ₹499 + GST.
• Features a welcome benefit of a ₹500 PhonePe Gift Card, effectively neutralizing the first year's joining fee.
• Offers accelerated rewards, including 3 Reward Points per ₹100 on PhonePe and Pincode spends, 2 RPs on online spends, and 1 RP on other eligible transactions.
• Provides an annual fee reversal upon achieving spends of ₹1 lakh or more in a membership year.
• Includes a significant milestone benefit of a ₹3,000 Yatra Voucher for annual spends of ₹3 lakh or more.
• Operates on the RuPay JCB network, ensuring global acceptance and facilitating seamless UPI payments.

Other Details

• Add-on Cards: Cardholders can empower up to 3 family members (parents, spouse, children, or siblings, all above 18 years of age) with add-on cards at no additional annual fee.
• Cash Access Across the World: Allows cash withdrawals from over 1 million Visa/Mastercard/American Express ATMs globally.
• Safe and Secure: The card is chip and PIN enabled, providing enhanced security against counterfeiting and skimming.
• Easy Bill Pay Facility: Utilize the Easy Bill Pay facility to conveniently settle electricity, telephone, mobile, and other utility bills.
• Flexipay: Convert large transactions of ₹2,500 or more into easy monthly installments. This service can be availed by logging onto sbicard.com within 30 days of the purchase.
• Balance Transfer on EMI: Offers the option to transfer outstanding balances from other banks’ credit cards to the PhonePe SBI Card PURPLE, benefiting from a lower interest rate and the flexibility to pay back in EMIs. This service is accessible via sbicard.com.
• Network Benefits: Being on the RuPay JCB platform means the card is eligible for periodic promotional offers run by JCB.
• Customer Assistance: For support, cardholders can contact the SBI Card helpline at 1860 180 1290 or 39 02 02 02 (prefix local STD code).
• For timely processing of cheque payments, submit account payee cheques following CTS 2010 standards.
• Continued use of the card will be deemed as acceptance of any amendments to the Terms and Conditions.