As our regular readers would already know, the saga of new credit card launches continues, this time with two new co-branded credit cards from PhonePe and SBI Card entering the market.
PhonePe recently made headlines with the launch of two rewarding co-branded credit cards in association with HDFC Bank. While both of those cards aren’t even fully available to the general public yet, PhonePe has now announced the launch of two new co-branded credit cards with SBI Card.
At first glance, both new offerings, the PhonePe SBI Card PURPLE and SELECT BLACK, appear quite similar to the previously launched HDFC PhonePe Ultimo and Uno Credit Cards. Just like those earlier co-branded cards, these too offer a high reward rate on spends made via the PhonePe app.
With benefits like free airport lounge access and attractive rewards on online spends, both these cards are well-suited for everyday users who frequently pay bills and make UPI transactions.
Quick Glance at New PhonePe SBI Credit Cards
| Features | PhonePe SBI SELECT BLACK | PhonePe SBI PURPLE |
| Joining/Annual Charges | ₹1,499 + GST | ₹499 + GST |
| Welcome Benefit | ₹1,500 PhonePe Gift Voucher | ₹500 PhonePe Gift Voucher |
| Reward Rate | Up to 10% Reward Points for PhonePe Spends | Up to 3% Reward Points for PhonePe Spends |
| Domestic Airport Lounge Access | 4 Free Visits to Airport Lounges Across India | N/A |
| International Airport Lounge Access | Complimentary Priority Pass Membership is Provided for the First Two Years, But No Free Visits to International Lounges | N/A |
| Milestone Benefits | Yatra Voucher Worth ₹5,000 on Spend of ₹5 Lakh | Yatra Voucher Worth ₹3,000 on Spend of ₹3 Lakh |
| Annual Fee Reversal | On Spends of ₹3 Lakh | On Spends of ₹1 Lakh |
1 Reward Point is equal to ₹1 and can be redeemed as Statement Credit or Gift Vouchers on the SBI Card Rewards portal for both of these cards.
About PhonePe SBI SELECT BLACK Credit Card
The PhonePe SBI SELECT BLACK Credit Card offers 10 Reward Points/₹100 on PhonePe spends (capped at 2,000 points per month), 5 Reward Points/₹100 on online spends (capped at 2,000 points per month), and 1 Reward Point/₹100 on all other spends (also capped at 2,000 points per month). Unlike the PhonePe Ultimo Credit Card, the premium PhonePe SBI SELECT BLACK Credit Card does not have any spending requirement for airport lounge access. It offers four complimentary domestic lounge visits per year along with a free Priority Pass membership.
All UPI spends made via this card shall earn 1 Reward Point/₹100. Additionally, utility and insurance payments made outside the PhonePe app will earn only the base rate of 1 Reward Point per ₹100, with a separate cap of 500 points per month. Check complete details here.
Those looking for a simple credit card for utility bill payments should definitely go for this card.
About PhonePe SBI PURPLE Credit Card
With the PhonePe SBI Credit Card PURPLE, users can earn 3 Reward Points/₹100 on eligible spends made on the PhonePe app and Pincode platform. Additionally, they get 2 Reward Points/₹100 on eligible online spends (on brands like Amazon, Swiggy, Zomato, Uber, Myntra, Nykaa, BookMyShow, MakeMyTrip, Blinkit, District, Zepto, Rapido, and more) and 1 Reward Point/₹100 on all other spends.
The PhonePe SBI PURPLE Credit Card is the more basic and affordable offering of the two, which provides decent rewards at a low joining and annual charge of ₹499 + GST.
Where Can I Apply?
Applications shall be rolled out in phases on the PhonePe app.
Bottom Line
Although both the HDFC and SBI PhonePe co-branded offerings might appear similar at first glance, they are not. Whether it’s the fee structure or the reward rates, both sets of cards differ significantly.
The SBI PhonePe Credit Cards are available on both the Visa and RuPay networks, giving users the flexibility to choose their preferred option. Those who opt for the RuPay variant can link their cards to UPI for seamless payments. Both the PURPLE and SELECT BLACK credit cards are best suited for payments made via the PhonePe app and also offer accelerated rewards on online spends.
The SBI PhonePe PURPLE Credit Card is the more basic offering, while the SELECT BLACK variant provides a higher reward rate and added features such as domestic airport lounge access. However, it also comes with a higher annual fee of ₹1,499, compared to ₹499 for the PURPLE Credit Card.
At the current pace of new credit card launches, it’s becoming increasingly difficult to keep track of everything happening in the space. For some of us, even managing multiple new card deliveries might start to feel like a hassle. From IndiGo to PhonePe to Kotak’s recently launched Cashback+ and Air+ cards, there’s been a flurry of both co-branded and core credit card rollouts. Adding to the excitement, there are even rumors of a new IndiGo IDFC Credit Card on the horizon.
A more detailed review of both cards, along with a comparison with the HDFC PhonePe co-branded credit cards, will follow soon.
19 comments
Krishna
Do we get an option to select Rupay Variant as part of credit card application?
Kartik Kanwar
You should yes. SBI now allows to choose the network partner.
Krishna
It was mentioned 5 RP/ other online spends, like can it be used on amazon, amazon fresh, flipkart and flipkart grocery etc… ? this is like direct replacement of sbi cb till Rs20,000/month
Kartik Kanwar
See for Flipkart groceries and Amazon Fresh even Swiggy HDFC can be used. According to me this card would be most beneficial for utility bill payments, insurance and other spends via PhonePe.
Krishna
If we take the Visa variant, then also we can get 10% cb on phonepe? , Can we pay insurance bills/electricity bills via phone pe using cc option without additional fee ?
Kartik Kanwar
If you take the Visa variant you cannot make any Scan and Pay payments. You can pay your bills and all wouldn’t be surprising if PhonePe charges a small convenience charge which would surely increase in the coming future.
Jay
PhonePe SBI Select Black is a great new card—like a mix of SBI Cashback and Airtel Axis, with better caps than HDFC. Only concern is, it might get nerfed once enough people get on board.
Kartik Kanwar
There are several cards in this category which I think would get devalued soon enough..Swiggy HDFC, IndusInd Tiger, Airtel Axis (Once Again)
Anil Chaudhary
I’m using from the iat month ofl ainching one HDFC CREDIT CARD WITH GOOD CREDIT LIMIT. but I’m interested due to
QR Code others bill pay..& some extra attractions. So I’m interested. My credit score is 796.is excellent score.plus job in public sector from long time.with 8 lack p annual. Salary. 8950553605 my cell no.
The Mountain
The real question would be can we use these in SBI online sales, because if so I think Select Black would be the new king of cashback credit cards in india
Firoz Bhaidani
I am interested This card
Kartik Kanwar
We all are. But not likely to get it. Since they havent even rolled out the HDFC’s yet.
Akash sardar
Don’t need already have sbi elite
Kartik Kanwar
SBI Elite no where compares with this card.
Shivani Joshi
PhonePe x SBI Card launch alert!
Ridhima
Soo excited to see What you have to say about these cards.
Abhishek Dangwar
These cards are great for utility bill payments via PhonePe.
Tejas Rana
Two times now SBI seems to be behind HDFC’s co-branded partners. First with Tata Neu and Now PhonePe.
Amrita Choudhary
Every time I breathe a new credit card launches!