Lucknow: India’s largest pure-play credit card issuer, SBI Card, has announced a strategic partnership with digital payments giant PhonePe to launch a new co-branded credit card: the PhonePe SBI Card. Designed to meet the evolving financial needs of India’s digital-savvy consumers, the card comes in two variants — PhonePe SBI Card Select Black and PhonePe SBI Card Purple — offering a range of rewards and benefits suited to different lifestyles and spending patterns.
This contactless credit card is available on both RuPay and Visa networks, offering users the flexibility to choose their preferred payment system. The RuPay variant can be linked to UPI for seamless transactions across millions of merchants, while the Visa variant can be tokenized on the PhonePe app for secure payments with a wide range of online platforms.
Rewarding Everyday Transactions
Cardholders can earn reward points across various everyday expenses including groceries, utility payments, travel bookings, insurance premiums, and shopping. The Select Black variant offers up to 10% value back on eligible in-app PhonePe and Pincode transactions, and 5% value back on other online spends. The Purple variant offers up to 3% and 2% value back on respective spends, along with 1% value back on all other eligible purchases.
Seamless Integration via PhonePe App
One of the key highlights is the fully digital and simplified application process integrated within the PhonePe app. Users can not only apply for the card but also manage their expenses and pay credit card bills directly from the platform.
Executive Comments
Speaking at the launch, Salil Pandey, MD & CEO of SBI Card, said:
“India’s rapid adoption of digital payments is driven by accessible platforms like PhonePe. This collaboration is a major step toward making credit cards more inclusive. The PhonePe SBI Card combines SBI Card’s expertise with PhonePe’s reach, offering a unique experience blending convenience with exceptional value.”
Sameer Nigam, Co-founder & CEO of PhonePe, added:
“Our mission is to make financial services simple and accessible. With SBI Card, we’re expanding beyond payments into formal credit solutions. Embedding this card experience into our app ensures ease of use while offering real value. This partnership will empower users across India and support their financial aspirations.”
Key Features at a Glance:
PhonePe SBI Card Select Black
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Joining Fee: Rs 1,499 | Welcome Gift: Rs 1,500 PhonePe e-gift voucher
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Rewards:
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10% value back on PhonePe & Pincode in-app spends
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5% on other online spends
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1% on all other eligible spends
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Milestone Benefit: Rs 5,000 travel voucher on Rs 5,00,000 annual spend
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Renewal Fee Waiver: On Rs 3,00,000 annual spend
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Lounge Access:
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4 complimentary domestic lounge visits/year (1 per quarter)
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Complimentary Priority Pass for international lounge access
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Fuel Surcharge Waiver: 1% on transactions between Rs 500–Rs 4,000 (Rs 250 cap per billing cycle)
PhonePe SBI Card Purple
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Joining Fee: Rs 499 | Welcome Gift: Rs 500 PhonePe e-gift voucher
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Rewards:
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3% value back on PhonePe & Pincode in-app spends
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2% on other online spends
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1% on all other eligible spends
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Milestone Benefit: Rs 3,000 travel voucher on Rs 3,00,000 annual spend
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Renewal Fee Waiver: On Rs 1,00,000 annual spend
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Fuel Surcharge Waiver: 1% on transactions between Rs 500–Rs 3,000 (Rs 100 cap per billing cycle)
Rollout and Availability
Eligible customers can apply for the PhonePe SBI Card directly through the PhonePe app, with phased availability being rolled out across the user base.
This launch signifies a meaningful shift toward expanding formal credit access in India and aims to provide a rewarding, secure, and convenient credit experience for millions of PhonePe users.
