HSBC Live+ vs PhonePe SBI Card SELECT BLACK: Which Credit Card Offers Better 10% Rewards in 2026?
Credit cards offering 10% rewards can provide different benefits depending on spending habits and reward caps. The HSBC Live+ Credit Card offers 10% cashback on eligible dining, food delivery, grocery, shopping and utility spends, while the PhonePe SBI Card SELECT BLACK earns 10 reward points per ₹100 on eligible PhonePe transactions. However, t he value of each card ultimately depends on eligible spending categories, monthly reward caps and annual fees.
HSBC Live+ Credit Card
Joining Fee: ₹999 + applicable taxes.
Annual Fee: ₹999 + applicable taxes.
Annual Fee Waiver: Annual fee waived on annual spends above ₹2,00,000.
Welcome Benefits:
10% cashback on Myntra shopping until October 31, 2026.
₹1,000 cashback on spending ₹25,000 within the first 30 days after receiving the card, after downloading and logging into the HSBC India Mobile Banking app.
₹750 voucher for Amazon Pay, Zomato or Swiggy after activating the card with a single transaction of ₹300 or more.
₹250 Amazon eGift Voucher for applying online, completing video verification and receiving the card.
Starbucks premium coffee tasting sessions and ₹200 off the next purchase, subject to terms.
Cashback Benefits:
Earn 10% accelerated cashback (up to ₹1,200 per month) on dining, food delivery, grocery, shopping and utility spends.
Earn 1.5% unlimited cashback on most other eligible spends (subject to exclusions).
Enjoy exclusive restaurant benefits through The Live+ Reserve powered by DineWithTimesPrime, including access to premium restaurants, chef-curated menus, complimentary beverages and desserts, and Times Prime lifestyle privileges.
Airport Lounge Benefits:
Get 2 complimentary domestic airport lounge visits per year (maximum one visit every six calendar months).
Get 1 complimentary international airport lounge visit per year.
Travel Benefits:
Enjoy a 1.99% forex markup on international transactions.
Complimentary 1GB global eSIM and 20% off top-ups.
At participating ITC Hotels, get a complimentary third night after two consecutive paid nights, or 50% off the second night.
Save up to 35% on Avis Car Rentals and receive complimentary Avis President's Club membership.
Complimentary airport Meet & Assist Services after spending over USD 1,000 abroad in the previous 12 months.
Lifestyle and entertainment benefits
₹250 cashback on contactless fuel purchases after spending ₹10,000 per quarter.
Buy-one-get-one cinema ticket offers through District by Zomato and BookMyShow.
10% off live events through BookMyShow.
Save up to 50%, capped at ₹300, on the first three eligible District Play bookings.
10% off online purchases at Sephora.
Visa Infinite benefits include discounts at participating IHG Hotels, Agoda, Ajio Luxe and Tattva Spa, along with Visa Concierge services.
Visa Infinite Privileges:
Dining: Access to Visa's Exclusive Dining Program.
IHG Hotels: Save 20% on best flexible rates at participating hotels.
Agoda: Save up to 7% on eligible hotel, flight and activity bookings.
AJIO Luxe: Get an 8% discount, up to ₹4,500, on eligible purchases of ₹10,000 or more.
Tattva Spa: Get 20% off selected full-body massage treatments.
Visa Concierge: Get 24/7 assistance with recommendations and reservations.
To apply for the card, please visit the Official website
PhonePe SBI Card Select Black
Joining Fee: ₹1,499 + GST
Annual Fee: ₹1,499 + GST
Fee waiver: Annual fee waived on annual spends above ₹300,000/year
Welcome benefit: PhonePe e-gift voucher worth ₹1,500 upon payment of the annual membership fee, subject to terms and conditions.
Reward points
10 reward points per ₹100 on eligible PhonePe app spends, including specified recharges, utility bills, bill payments, insurance and travel.
5 reward points per ₹100 on eligible online spends.
1 reward point per ₹100 on other eligible spends, including Scan & Pay and Tap & Pay.
One reward point is worth ₹1 and can be redeemed as statement credit or gift vouchers.
Effective July 1, 2026, monthly caps apply: 1,500 points on eligible PhonePe spends other than insurance, 500 points on eligible PhonePe insurance spends and 1,000 points on eligible online spends. Additional transaction exclusions also apply.
Airport lounge benefits:
4 complimentary domestic airport lounge visits annually, limited to one per quarter.
Complimentary Priority Pass membership for the first two years; international lounge access is subject to applicable programme terms.
Other benefits
₹5,000 Yatra e-voucher on annual spends of ₹5 lakh, subject to terms.
1% fuel surcharge waiver on eligible transactions between ₹500 and ₹4,000, capped at ₹250 per statement cycle.
Eligible purchases of ₹2,500 or more can be converted into EMIs, subject to terms
Also read: Eternal SBI Card vs HDFC Swiggy BLCK: Which Credit Card Offers Better Cashback for Foodies and Online Shoppers in 2026?
Illustration: Rewards Comparison at ₹20,000 Monthly Spend
Parameter
HSBC Live+
PhonePe SBI SELECT BLACK
Monthly Spend
₹20,000
₹20,000
Annual Spend
₹2,40,000
₹2,40,000
Accelerated Reward Assumption
₹15,000 × 10%, capped at ₹1,200
₹10,000 × 10% = ₹1,000
Other Eligible Spend
₹5,000 × 1.5% = ₹75
₹10,000 × 5% = ₹500
Monthly Rewards
₹1,275
₹1,500
Annual Rewards Before Fees
₹15,300
₹18,000
Annual fee, including GST, before waiver
₹1,178.82
₹1,768.82
Annual Fee Waiver
₹0
No, requires ₹3 lakh annual spend
Net annual value
₹15,300
₹16,231.18
Domestic Lounge Access
2 visits/year
4 visits/year
International Lounge Benefit
1 complimentary visit/year
Priority Pass membership, subject to applicable terms
Note: This illustration assumes that all spending qualifies for the stated reward rates. Actual cashback and reward points may vary depending on eligible transactions, monthly reward caps, exclusions and applicable card terms. Annual fees are calculated inclusive of GST. Welcome benefits and the monetary value of airport lounge access are excluded from the comparison. Card benefits and promotional offers are subject to change.
Which 10% Card Should You Choose?
HSBC Live+ may suit users who spend more on dining, food delivery, groceries, shopping and utilities, with cashback credited directly to their card account. PhonePe SBI SELECT BLACK may be better for users who frequently make eligible bill payments, recharges, insurance payments and other transactions through PhonePe, and want four domestic airport lounge visits annually. The better choice depends on your spending categories, reward caps and redemption preferences.