SBI and PhonePe introduced new credit cards

New Co-branded Credit Card Launched by SBI Card and PhonePe

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SBI Card and PhonePe have teamed up to introduce a new co-branded credit card, the PhonePe SBI Card. It comes in two versions: SELECT BLACK and PURPLE, both designed to reward customers for their everyday spending.

Key Features and Benefits

Both cards offer versatile features and generous rewards:

• Network Options: Choose between the RuPay and VISA networks. RuPay cards can be linked to UPI for payments at millions of merchants, while VISA cards can be tokenized for secure online transactions.
• Broad Reward Categories: Earn points on essentials like groceries, bill payments, travel bookings, utilities, and insurance premiums.
• Fuel Surcharge Waiver: Enjoy a 1% fuel surcharge waiver.
• Seamless Management: Apply for the card and pay your bills directly within the PhonePe app.

PhonePe SBI Card SELECT BLACK

• Joining Fee: ₹1,500 (received back as PhonePe e-gift vouchers).
• Top-Tier Rewards:
  • 10% value back on spends within the PhonePe app.
  • 5% value back on other online shopping.
  • 1% value back on all other eligible spends.
• Travel Perks:
  • A ₹5,000 travel voucher for annual spends of ₹5 lakh.
  • Four complimentary domestic lounge visits annually (one per quarter).
  • Complimentary Priority Pass membership for international lounge access.
• Fee Reversal: Annual fee waived if you spend ₹3 lakh or more in the previous year.

PhonePe SBI Card PURPLE

• Joining Fee: ₹500 (received back as PhonePe e-gift vouchers).
• Solid Rewards:
  • 3% value back on PhonePe and Pincode app spends.
  • 2% value back on all other online transactions.
  • 1% value back on all other eligible spends.
• Travel Perk: A ₹3,000 travel voucher for annual spends of ₹3 lakh.
• Fee Reversal: Annual fee waived if you spend ₹1 lakh or more in the previous year.

How to Get Your Card

The PhonePe SBI Card will be rolled out in phases on the PhonePe app. Once available, you can apply directly through the app. If you have an SBI RuPay Credit Card, you can link it to your preferred UPI app (like PhonePe) by:

1. Opening the UPI app and selecting “Add Credit Card/Link Credit Card.”
2. Choosing SBI Card and your SBI RuPay Credit Card.
3. Generating a UPI PIN using the last six digits of your card and expiry date, then verifying with an OTP.

This collaboration aims to boost credit card adoption and digital payments across India, making formal credit more accessible to everyone.