PhonePe SBI Card SELECT BLACK – Benefits, Fees & Eligibility

PhonePe SBI Card SELECT BLACK

Introduction

The PhonePe SBI Card SELECT BLACK is a premium co-branded credit card launched by PhonePe and SBI Card. It is specifically designed to maximize rewards for users who frequently utilize PhonePe for various transactions, including recharges, utility bill payments, insurance, and travel. With a joining fee of ₹1,499 plus taxes, this card immediately offers a welcome benefit of a ₹1,500 PhonePe Gift Card, effectively offsetting the initial cost. Beyond its lucrative reward structure for PhonePe and online spends, the card provides valuable travel perks such as complimentary domestic airport lounge access and a Priority Pass membership, making it a compelling choice for everyday spending and occasional travel.

Welcome Benefits

• Receive a PhonePe Gift Card worth ₹1,500 upon the realization of the Joining Fee.
• The PhonePe Gift Card will be shared with the cardholder via their registered email ID or mobile number within 45 days.
• Once added to the PhonePe App, the card balance will be valid for 12 months.
• This welcome gift is designed to cover the one-time annual fee.

Fees

• Joining Fee (one-time): ₹1,499 + Taxes
• Renewal Fee (per annum): ₹1,499 + Taxes from the second year onwards
• Spend-Based Waiver: The Annual Fee will be reversed upon achieving spends of ₹3 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 (per annum): Nil
• Foreign Currency Markup: 3.5%
• Interest Rates: 3.75% Per Month (45% Annually)
• Fuel Surcharge: 1% fuel surcharge waiver across all petrol pumps in India.
  • This waiver is applicable on transactions from ₹500 up to ₹4,000, exclusive of GST and other charges.
  • The maximum fuel surcharge waiver allowed is ₹250 per statement cycle, per credit card account.
• Cash Advance Charges: 2.5% or ₹500, whichever is higher.
• Rewards Redemption Fee: No redemption charges are applicable.

Rewards

• Reward Point Earning Structure:
  • Earn 10 Reward Points per ₹100 on eligible PhonePe spends (specifically for Recharges, Utilities, Bill Payments, Insurance, and Travel) & Pincode spends. A maximum of 2,000 Reward Points can be earned per month in this category.
  • Earn 5 Reward Points per ₹100 on eligible online spends. A maximum of 2,000 Reward Points can be earned per month in this category. This includes spends on popular platforms like Amazon, Swiggy, Zomato, Uber, Myntra, Nykaa, BookMyShow, MakeMyTrip, Blinkit, Zepto, and more.
  • Earn 1 Reward Point per ₹100 on all other spends, including Scan and Pay transactions (UPI payments). A maximum of 2,000 Reward Points can be earned per month in this category.
  • Utility and insurance spends made outside the PhonePe platform will earn base rewards at 1 Reward Point per ₹100, capped at 500 Reward Points per month.
• Reward Point Exclusions: No Reward Points are applicable on fuel transactions, wallet uploads, rent payments, education services, government spends, digital gaming platform/merchant transactions, financial charges, Encash transactions, ATM withdrawals, and Flexipay transactions.
• Milestone Benefits:
  • Receive a Yatra Voucher worth ₹5,000 upon achieving annual spends of ₹5 lakh or more in a membership year.
  • The Yatra Voucher is valid for booking domestic and international flights, as well as domestic hotels and holidays, on the Yatra website.
• Lounge Access Program:
  • Domestic Lounge: Enjoy 4 complimentary domestic lounge visits every year, with a maximum of 1 visit per quarter. No minimum spend requirement for these visits.
  • International Lounge: Benefit from a complimentary membership to the Priority Pass Program, valued at $99, for the first two years of Cardholder Membership. (Note: This refers to membership, not necessarily free international lounge visits.)
• Add-on Cards: Provide up to 3 add-on cards for eligible family members (parents, spouse, children or siblings aged 18 years or above) at no additional fee.
• Cash Access: Access cash from over 1 million ATMs globally.
• Utility Bill Payment Facility: Utilize the Easy Bill Pay facility to conveniently pay electricity, telephone, mobile, and other utility bills.
• Flexipay: Convert large transactions of ₹2,500 or more into easy monthly installments by logging onto sbicard.com within 30 days of purchase.
• Balance Transfer on EMI: Save on credit card dues by transferring outstanding balances from other bank credit cards to your PhonePe SBI Card SELECT BLACK at a lower interest rate, repayable in EMIs. This service can be availed through sbicard.com.
• Contactless Advantage: Facilitates secure, fast, and convenient daily purchases through tap-to-pay functionality, utilizing VISA PayWave technology to ensure single transactions even if the card is tapped multiple times.

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).

Card Review

The PhonePe SBI Card SELECT BLACK is an exceptionally rewarding credit card, especially for individuals who are active users of the PhonePe platform for their daily financial transactions. Its robust reward structure, offering up to 10% value back on PhonePe and Pincode spends and 5% on online purchases, translates into significant potential savings, estimated up to ₹24,000 annually for optimized spending. The welcome benefit effectively negates the first year's joining fee, providing immediate value.

For travelers, the card is beneficial with 4 complimentary domestic lounge visits per year and a complimentary Priority Pass membership, making it a strong contender in the travel segment, particularly within India. The annual fee waiver on achieving ₹3 lakh in spends is an accessible target for many cardholders, further enhancing its long-term value. While the complimentary Priority Pass membership does not explicitly include free international lounge visits, and some might prefer an automatic renewal benefit, the card's overall features, including fuel surcharge waiver, add-on card facility, and flexible payment options like Flexipay and Balance Transfer on EMI, make it a comprehensive and smart choice for a wide array of consumers looking to maximize rewards on their digital and online spends.

Important Product Details

• A co-branded credit card offered by PhonePe and SBI Card.
• Features a welcome benefit of a ₹1,500 PhonePe Gift Card upon joining.
• Earns 10 Reward Points per ₹100 on eligible PhonePe (Recharges, Utilities, Bill Payments, Insurance, Travel) & Pincode spends (capped at 2,000 RP/month).
• Earns 5 Reward Points per ₹100 on eligible online spends (capped at 2,000 RP/month).
• Earns 1 Reward Point per ₹100 on all other spends, including UPI/Scan and Pay transactions (capped at 2,000 RP/month).
• No Reward Points are earned on fuel, wallet loading, rent, education, government spends, digital gaming, financial charges, Encash, ATM withdrawals, and Flexipay transactions.
• 1 Reward Point is valued at ₹1 and can be redeemed for vouchers or cash.
• Annual fee is waived on achieving ₹3 lakh in annual spends.
• Milestone benefit includes a ₹5,000 Yatra Voucher on ₹5 lakh annual spends.
• Offers 4 complimentary domestic airport lounge visits per year (maximum 1 per quarter) with no minimum spend requirement.
• Provides a complimentary Priority Pass membership for the first two years (actual international lounge visits may be chargeable).
• Includes a 1% fuel surcharge waiver on transactions between ₹500 and ₹4,000, with a maximum waiver of ₹250 per statement cycle.
• No charges for rewards redemption.
• Add-on cards are available at zero annual fee.
• Foreign currency markup is 3.5%.
• Interest Rate for cash advance and revolving credit is 3.75% per month (45% annually).

Other Details

• Customer Support: For assistance, cardholders can contact the SBI Card helpline at 1860 180 1290 or 39 02 02 02 (prefix local STD code).
• Cheque Payments: To ensure timely processing of cheque payments, it is advised to submit account payee cheques following CTS 2010 standards.
• Taxation: All applicable taxes will be charged on all fees, interest, and other charges.
• Terms and Conditions: Continued use of the card implies acceptance of any amendments to the Terms and Conditions. The Most Important Terms & Conditions are available on the SBI Card website.
• Information Disclaimer: All information provided is current as of July 2018 and is subject to change at the discretion of SBICPSL.