SBI Card, PhonePe launch new credit card

SBI Card and PhonePe have launched a co-branded credit card to reward customers for everyday spending. The PhonePe SBI Card comes in two variants — SELECT BLACK and PURPLE.

Customers can earn up to 10% value back as reward points when they spend on the PhonePe app using the SELECT BLACK card. They get up to 5% back on other online shopping too.

The new cards run on RuPay and VISA networks. RuPay versions can be linked to UPI, allowing payments at millions of UPI merchants. The VISA cards can be tokenised for secure online use.

The cards reward customers for spends on groceries, bills, travel bookings, utilities, insurance premiums and more. The joining fee is returned as PhonePe e-gift vouchers — ₹1,500 for SELECT BLACK and ₹500 for PURPLE.

Both cards offer milestone travel vouchers. SELECT BLACK users get a ₹5,000 travel voucher for annual spends of ₹5 lakh. PURPLE cardholders get ₹3,000 for ₹3 lakh annual spends.

Other benefits include domestic lounge access, Priority Pass membership for SELECT BLACK users, and a 1% fuel surcharge waiver.

Customers can apply for the card and repay bills directly on the PhonePe app. SBI Card MD & CEO Salila Pande said the tie-up will help boost credit card usage and digital payments in India. PhonePe CEO Sameer Nigam said the partnership will help make formal credit more accessible.

The launch will roll out in phases on the PhonePe app.

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First Published: Jul 22, 2025 1:10 PM IST

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