PhonePe And SBI Card Introduce Co-Branded Credit Card With Enhanced Rewards For Daily Expenditures

SBI Card and PhonePe have introduced a co-branded credit card, designed to reward users for their daily expenditures. The PhonePe SBI Card is available in two versions: SELECT BLACK and PURPLE. Customers using the SELECT BLACK card can earn up to 10% back in reward points on purchases made via the PhonePe app, while other online shopping offers up to 5% back.

The newly launched cards operate on both RuPay and VISA networks. RuPay cards can be linked with UPI, enabling payments at numerous UPI merchants. Meanwhile, VISA cards offer tokenisation for secure online transactions. These cards provide rewards for spending on groceries, bills, travel bookings, utilities, insurance premiums, and more.

Benefits and Rewards

Both card variants come with a joining fee returned as PhonePe e-gift vouchers — ₹1,500 for SELECT BLACK and ₹500 for PURPLE. Additionally, they offer milestone travel vouchers: SELECT BLACK users receive a ₹5,000 travel voucher for annual spending of ₹5 lakh, while PURPLE cardholders get ₹3,000 for spending ₹3 lakh annually.

Additional perks include domestic lounge access and Priority Pass membership for SELECT BLACK users. A 1% fuel surcharge waiver is also available. Customers can apply for the card and manage bill payments directly through the PhonePe app.

Network Features

The RuPay version of the card allows integration with UPI for seamless transactions across millions of merchants. On the other hand, VISA cards can be tokenised to ensure secure online usage. This dual-network feature enhances flexibility and security for users.

SBI Card MD & CEO Salila Pande expressed optimism about the partnership's potential to increase credit card usage and digital payments in India. "The tie-up will help boost credit card usage and digital payments in India," Pande stated.

Strategic Partnership

PhonePe CEO Sameer Nigam highlighted that this collaboration aims to make formal credit more accessible to consumers. "The partnership will help make formal credit more accessible," Nigam noted. The rollout of these cards will occur in phases through the PhonePe app.

This initiative aligns with efforts to enhance digital payment solutions in India by offering consumers more rewarding options for their everyday expenses.