SBI Card And PhonePe Forms Strategic Partnership; Launch Co-Branded PhonePe SBI Card

• Earn up to 10% value back as reward points on everyday spends on PhonePe app with the PhonePe SBI Card SELECT BLACK.
• Customers also get up to 5% value back as reward points for online shopping on other platforms.
• The joining fee is fully returned in the form of PhonePe e-gift vouchers on both credit card variants.

SBI Card, India’s largest pure-play credit card issuer, in partnership with PhonePe announced the launch of PhonePe SBI Card, today. This new co-branded credit card aims to provide a rewarding experience on everyday spends, crafted to serve the evolving financial needs of customers across India. The credit card comes in two variants, the PhonePe SBI Card PURPLE and the PhonePe SBI Card SELECT BLACK, catering to diverse customer preferences, and lifestyle spending needs. Additionally, both the variants of this contactless credit card are available on the RuPay and VISA payment networks, giving consumers the choice of network that best suits their needs. The RuPay cards can be linked to UPI as well and can be used for transactions at millions of UPI merchants across the country. The VISA variant can be tokenised on PhonePe and used securely across a host of online merchants.

With the new PhonePe SBI Card, customers can earn reward points on various everyday transactions, including groceries, bill payments, travel bookings, utility payments, insurance premium payments, and more, across online and offline shopping platforms. PhonePe SBI Card SELECT BLACK cardholders can earn up to 10% value back as reward points on essential and frequent PhonePe in-app transactions. Customers can also avail up to 5% value back as reward points on all their online spends on other platforms.

Furthermore, the application process is integrated into the PhonePe app, where customers can easily apply for the PhonePe SBI Card through digital application. Customers can make purchases using the PhonePe app and repay their credit card bill on PhonePe platform.

Speaking on the launch, Ms. Salila Pande, MD & CEO, SBI Card, said, “Digital payments in India are experiencing rapid growth, driven by increasing convenience and accessibility of digital platforms. Our strategic partnership with PhonePe is a significant step towards further popularising credit card usage, by combining SBI Card’s deep domain expertise and PhonePe’s extensive digital network. This credit card is thoughtfully designed to offer a unique blend of exceptional benefits and unmatched convenience with every transaction. The launch of PhonePe SBI Card reflects our continued commitment to delivering best-in-class products, tailored for evolving consumer needs.”

Adding to this, Sameer Nigam, Co-founder & CEO at PhonePe said, “We have always been committed to simplifying financial services and making them accessible to all Indians. Through our partnership with SBI Card, we are further expanding our offerings beyond digital payments into the realm of formal credit. We have invested significant effort in creating a smooth user experience by embedding the card functionality directly into the PhonePe app, ensuring it’s easy to apply for, manage, and utilize while delivering value. This initiative goes beyond mere convenience – we are constructing the infrastructure for a more inclusive credit landscape in India. We believe this card will help fulfill the financial aspirations of many users, and we are thrilled about the possibilities this partnership creates.”

The PhonePe SBI Card SELECT BLACK offers a ₹1,500 welcome e-gift voucher upon joining fee payment of ₹1,499. It provides up to 10% value back as reward points on PhonePe and Pincode app spends, up to 5% value back as reward points on all other online merchant spends, and 1% value back as reward points on all other eligible spends. The PhonePe SBI Card PURPLE offers a ₹500 welcome e-gift voucher upon joining fee payment of ₹499. It includes up to 3% value back as reward points on PhonePe and Pincode app spends, 2% value back as reward points on all other online transactions, and 1% value back as reward points on all other eligible spends. All these reward points can be redeemed to settle outstanding credit card bills or avail e-gift vouchers from SBI Card redemption catalogue.

In addition to rewards, both credit cards feature significant milestones and travel benefits. PhonePe SBI Card SELECT BLACK cardholders will receive a ₹5,000 travel voucher upon reaching ₹5,00,000 in annual spends. Customers can also enjoy four complimentary domestic lounge visits per year (one per quarter), along with Complimentary Priority Pass membership for international lounge access. The PhonePe SBI Card PURPLE offers a ₹3,000 travel voucher on achieving ₹3,00,000 in annual spends. Both credit cards also include a 1% fuel surcharge waiver.
Eligible customers can easily apply for the PhonePe SBI Card through a simple and seamless digital process, which will be rolled out to customers in a phased manner on the PhonePe app.

Key Highlights: PhonePe SBI Credit Card SELECT BLACK

Welcome Benefit:

● ₹1500 PhonePe e-gift voucher on joining fee payment

Reward Benefits:

● Accelerated Rewards on PhonePe and Pincode Platform: Earn up to 10% value back as reward points on in-app transactions
● Accelerated Rewards on Online Spends: Earn up to 5% value back as reward points on online spends
● Base Rewards: Earn up to 1% value back as reward points on all other eligible spends

Milestone Benefits:

● Enjoy a travel voucher worth ₹5,000 on achieving annual spends of ₹5,00,000
Spend Based Reversal
● Reversal of renewal fee on achieving spends of ₹3,00,000 in the previous year

Fuel Surcharge waiver

● 1% fuel surcharge waiver on transactions between ₹500 to ₹4000. Maximum waiver of ₹250 in a statement cycle

Lounge Benefits:

● 4 domestic lounge access in a year (1 per quarter)
● Complimentary Priority Pass membership for international lounge access

PhonePe SBI Credit Card PURPLE

Welcome Benefit:

● ₹500 PhonePe e-gift voucher on joining fee payment

Reward Benefits:

● Accelerated Rewards on PhonePe and Pincode Platform: Earn up to 3% value back as reward points on in-app transactions
● Accelerated Rewards on Online Spends: Earn up to 2% value back as reward points on online spends
● Base Rewards: Earn up to 1% value back as reward points on all other eligible spends

Milestone Benefits:

● Enjoy a travel voucher worth ₹3,000 on achieving annual spends of ₹3,00,000
Spend Based Reversal
● Reversal of renewal fee on achieving spends of ₹1,00,000 in the previous year

Fuel Surcharge waiver

● 1% fuel surcharge waiver on transactions between ₹500 to ₹3000. Maximum waiver of ₹100 in a statement cycle