PhonePe SBI Credit Cards Now With ₹0 Joining Fee, Up to 10% Rewards — Which One Should You Pick?
SBI Card and PhonePe currently offer two co-branded credit cards, the PhonePe SBI Card SELECT BLACK and PhonePe SBI Card PURPLE, with the joining fee shown as ₹0 under a limited-time offer. Both cards are designed for regular PhonePe users, but SELECT BLACK offers higher rewards and additional airport lounge benefits, while PURPLE comes with a lower annual fee and a simpler reward structure.
PhonePe SBI Card SELECT BLACK
The PhonePe SBI Card SELECT BLACK is the higher-tier option of the two cards. It is mainly suitable for users who make frequent payments through PhonePe and want higher rewards on PhonePe spends.
Joining fee in Offer: ₹0 under the current limited-time offer
Regular Joining Fee: ₹1,499 + applicable taxes
Annual or renewal fee: ₹1,499 + applicable taxes from the second year
Annual fee waiver: Waived if annual retail spends in the previous year are ₹3 lakh or more.
Forex Markup is 3.5%
Lounge Access: 4 complimentary domestic airport lounge visits per year and a complimentary two-year Priority Pass membership for international airport lounge access.
Rewards and Benefits
The main attraction of SELECT BLACK is its higher reward rate on PhonePe spends.
10% reward points on eligible PhonePe spends such as recharges, bill payments, insurance, flights, hotels and other eligible transactions.
5% reward points on eligible online spends across over 1,000 brands, including Amazon, Swiggy, Zomato, Uber, Myntra, Nykaa, BookMyShow, MakeMyTrip, Blinkit, District, Zepto and Rapido.
1% reward points on other eligible spends, including Scan & Pay and Tap & Pay.
1 Reward Point = ₹1 and can be redeemed against the card statement or for gift vouchers through the SBI Card rewards portal.
Cardholders can receive a ₹5,000 travel voucher on reaching ₹5 lakh in annual spends, as a milestone benefit.
SELECT BLACK offers a ₹1,500 PhonePe e-gift voucher after payment of the applicable annual membership fee.
The accelerated PhonePe reward categories have monthly reward limits. The current reward programme provides a maximum of 2,000 Reward Points per month for PhonePe, online and other spend categories on SELECT BLACK.
Example: ₹10,000 Monthly PhonePe Spend
Suppose you spend ₹5,000 through eligible PhonePe transactions and ₹5,000 on eligible online purchases.
Spending Category
Monthly Spend
Reward Rate
Reward Value
Eligible PhonePe spends
₹5,000
10%
₹500
Eligible online spends
₹5,000
5%
₹250
Total
₹10,000
Averaged 7.5%
₹750
The SELECT BLACK card earns 10% on eligible PhonePe spends and 5% on eligible online spends, with each Reward Point worth ₹1. The above calculation is within the applicable monthly reward caps.
Also Read : IndusInd Tiger vs PNB Zaggle Credit Card: Both Offer 10 Complimentary Airport Lounge Visits - Which One Should You Choose?
PhonePe SBI Card PURPLE
The PhonePe SBI Card PURPLE is the lower-fee variant and is aimed at users who want enhanced rewards on PhonePe and online spends without taking the higher annual-fee SELECT BLACK card.
Joining Fee Offer: ₹0 under the current limited-time offer
Regular Joining Fee: ₹499 + applicable taxes
Annual or renewal fee: ₹499 + applicable taxes from the second year
Annual fee waiver: Waived if annual retail spends in the previous year are ₹1 lakh or more.
Forex Markup is 3.5%.
Rewards and Benefits
PURPLE offers lower reward rates than SELECT BLACK but still provides accelerated rewards on common PhonePe transactions.
3% reward points on eligible PhonePe spends such as recharges, utilities, bill payments, insurance, travel and PhonePe Pincode.
2% reward points on eligible online spends across over 1,000 brands.
1% reward points on other eligible spends, including Scan & Pay and Tap & Pay.
1 Reward Point = ₹1 and can be redeemed as a statement credit or for gift vouchers through the SBI Card rewards portal.
PURPLE offers a ₹3,000 Yatra travel voucher on reaching ₹3 lakh in annual spends as milestone benefit. The voucher can be used for eligible flight, hotel and holiday bookings on Yatra, subject to the applicable terms.
Under the regular welcome-benefit programme, PURPLE offers a ₹500 PhonePe e-gift voucher after payment of the applicable annual membership fee. The voucher is subject to the programme terms.
The current reward programme provides a maximum of 1,000 Reward Points per month for each of the main reward categories on PURPLE.
You can also consider the IDFC FIRST Quantum+ Credit Card , a lifetime-free card that offers zero forex markup and attractive cashback benefits.
Example: ₹10,000 Monthly PhonePe Spend
Similarly, if ₹5,000 is spent through eligible PhonePe transactions and ₹5,000 on eligible online purchases.
Spending Category
Monthly Spend
Reward Rate
Reward Value
Eligible PhonePe spends
₹5,000
3%
₹150
Eligible online spends
₹5,000
2%
₹100
Total
₹10,000
Average 2.5%
₹250
PURPLE earns 3% on eligible PhonePe spends and 2% on eligible online spends, with each Reward Point worth ₹1. The calculation is within the applicable monthly reward caps.
Which PhonePe SBI Card Fits Your Spending?
PhonePe SBI Card SELECT BLACK is more suitable for users who make high-value or frequent PhonePe transactions and want higher rewards. Its 10% reward rate on eligible PhonePe spending, 5% on eligible online spending and airport lounge benefits make it the more feature-rich option. However, the ₹1,499 annual fee requires ₹3 lakh of annual retail spending for a waiver.
PhonePe SBI Card PURPLE can suit users who want a lower annual fee while still earning enhanced rewards on PhonePe and online spending. Its ₹499 annual fee is waived at ₹1 lakh of annual retail spending, making it easier to waive than SELECT BLACK. The current zero joining-fee offer is limited-time, so applicants should check the offer terms displayed at the time of application.