SBI Card and PhonePe Launch Co-Branded Credit Cards with Up to 10% Rewards

2 min read     Updated on 22 Jul 2025, 03:00 PM
scanxBy ScanX News Team
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Overview

SBI Cards has partnered with PhonePe to introduce two new co-branded credit cards: PhonePe SBI Card SELECT BLACK and PhonePe SBI Card PURPLE. The premium SELECT BLACK offers up to 10% value back on PhonePe app transactions and 5% on other online shopping, while the PURPLE card provides up to 3% value back on PhonePe app spends and 2% on other online transactions. Both cards offer welcome vouchers, travel vouchers for annual spend milestones, and rewards on everyday transactions. Available on RuPay and VISA networks, the cards can be linked to UPI or tokenized for secure online payments. The partnership aims to promote credit card usage by combining SBI Card's expertise with PhonePe's digital network.

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*this image is generated using AI for illustrative purposes only.

SBI Cards , India's largest pure-play credit card issuer, has partnered with PhonePe to launch two new co-branded credit cards, marking a significant move in the digital payments landscape. The new offerings, PhonePe SBI Card SELECT BLACK and PhonePe SBI Card PURPLE, are designed to provide substantial rewards on everyday spending, particularly for transactions made through the PhonePe app.

Key Features of the New Cards

PhonePe SBI Card SELECT BLACK

The premium variant offers the following benefits:

  • Up to 10% value back as reward points on PhonePe app transactions
  • Up to 5% value back on other online shopping platforms
  • A welcome e-gift voucher of ₹1,500 upon payment of the ₹1,499 joining fee
  • A ₹5,000 travel voucher for annual spends of ₹5 lakh
  • Four complimentary domestic lounge visits per year
  • Complimentary Priority Pass membership for international lounge access

PhonePe SBI Card PURPLE

Designed for a broader customer base, this card includes:

  • Up to 3% value back as reward points on PhonePe app spends
  • 2% value back on other online transactions
  • A ₹500 welcome e-gift voucher upon payment of the ₹499 joining fee
  • A ₹3,000 travel voucher for annual spends of ₹3 lakh

Versatility and Accessibility

Both card variants will be available on RuPay and VISA payment networks. The RuPay versions can be linked to UPI for payments at UPI merchants, while the VISA variants can be tokenized on PhonePe for secure online transactions. Customers can apply for and manage their cards directly through the PhonePe app, streamlining the application and bill payment processes.

Rewards on Everyday Spending

Cardholders can earn reward points on various everyday transactions, including:

  • Groceries
  • Bill payments
  • Travel bookings
  • Utility payments
  • Insurance premium payments

These rewards apply to both online and offline shopping platforms, catering to diverse consumer needs.

Strategic Partnership

Ms. Salila Pande, MD & CEO of SBI Card, emphasized the significance of this partnership in promoting credit card usage by leveraging SBI Card's expertise and PhonePe's extensive digital network. The collaboration aims to offer a unique blend of benefits and convenience with every transaction.

Sameer Nigam, Co-founder & CEO of PhonePe, highlighted the company's commitment to simplifying financial services and making them accessible to all Indians. He stated that this partnership goes beyond convenience, aiming to build infrastructure for a more inclusive credit landscape in India.

Additional Benefits

Card Type Fuel Surcharge Waiver Maximum Waiver Transaction Range
SELECT BLACK 1% ₹250 ₹500 to ₹4,000
PURPLE 1% ₹100 ₹500 to ₹3,000

The launch of these co-branded credit cards represents a strategic move by SBI Card and PhonePe to capitalize on the growing digital payments market in India while offering tailored rewards to meet evolving consumer needs. As the cards roll out in phases, they are expected to attract a wide range of customers looking for enhanced value on their everyday digital transactions.

Historical Stock Returns for SBI Cards

1 Day5 Days1 Month6 Months1 Year5 Years
-0.22%+0.32%-6.20%+18.52%+23.21%+18.89%
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SBI Card and PhonePe Launch Co-Branded Credit Card, Offering Up to 10% Value Back on Transactions

2 min read     Updated on 22 Jul 2025, 02:59 PM
scanxBy ScanX News Team
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Overview

SBI Cards and Payment Services Limited (SBI Card) has partnered with PhonePe to introduce a new co-branded credit card. The PhonePe SBI Card comes in two variants: SELECT BLACK and PURPLE, available on RuPay and VISA networks. The cards offer rewards on various transactions, including up to 10% value back on PhonePe and Pincode spends for the SELECT BLACK variant. The application process is integrated into the PhonePe app, providing a seamless digital experience. This partnership aims to expand credit card usage by combining SBI Card's expertise with PhonePe's digital network. Additionally, SBI Card has scheduled a Board meeting on July 25 to approve Q1 financial results.

14722150

*this image is generated using AI for illustrative purposes only.

SBI Cards and Payment Services Limited (SBI Card) has partnered with digital payments platform PhonePe to introduce a new co-branded credit card, marking a significant collaboration in the Indian financial services sector. The PhonePe SBI Card aims to provide a rewarding experience on everyday spending, catering to the evolving financial needs of customers across India.

Key Features of the PhonePe SBI Card

The new credit card comes in two variants:

  1. PhonePe SBI Card SELECT BLACK
  2. PhonePe SBI Card PURPLE

Both variants are available on RuPay and VISA payment networks, offering consumers flexibility in their choice of network. The RuPay cards can be linked to UPI for transactions at millions of UPI merchants across the country, while the VISA variant can be tokenized on PhonePe for secure online transactions.

Rewards and Benefits

The PhonePe SBI Card offers attractive rewards on various everyday transactions:

Card Variant Welcome Benefit Rewards on PhonePe & Pincode Rewards on Other Online Spends Base Rewards Annual Milestone Benefit
SELECT BLACK ₹1,500 e-gift voucher Up to 10% value back Up to 5% value back 1% value back ₹5,000 travel voucher on ₹5,00,000 spend
PURPLE ₹500 e-gift voucher Up to 3% value back Up to 2% value back 1% value back ₹3,000 travel voucher on ₹3,00,000 spend

Both cards offer additional benefits such as fuel surcharge waivers and domestic lounge access, with the SELECT BLACK variant providing complimentary Priority Pass membership for international lounge access.

Seamless Digital Experience

The application process for the PhonePe SBI Card is integrated into the PhonePe app, allowing for a seamless digital application experience. Customers can make purchases using the PhonePe app and conveniently repay their credit card bills on the PhonePe platform.

Strategic Partnership

Ms. Salila Pande, MD & CEO of SBI Card, emphasized the strategic importance of this partnership, stating, "Our strategic partnership with PhonePe is a significant step towards further popularising credit card usage, by combining SBI Card's deep domain expertise and PhonePe's extensive digital network."

Sameer Nigam, Co-founder & CEO at PhonePe, added, "Through our partnership with SBI Card, we are further expanding our offerings beyond digital payments into the realm of formal credit. We believe this card will help fulfill the financial aspirations of many users, and we are thrilled about the possibilities this partnership creates."

The launch of the PhonePe SBI Card represents a significant move in the digital payments and credit landscape in India, combining the strengths of a leading credit card issuer with a popular digital payments platform. This collaboration is expected to enhance the accessibility and convenience of credit services for a wide range of consumers across the country.

Upcoming Financial Results

In related news, SBI Card has scheduled its Board of Directors meeting for July 25 to consider and approve the unaudited Financial Results for the quarter ended June 30. The company will host an Earnings Call with analysts and investors on the same day at 6:00 PM IST to discuss the results.

Historical Stock Returns for SBI Cards

1 Day5 Days1 Month6 Months1 Year5 Years
-0.22%+0.32%-6.20%+18.52%+23.21%+18.89%
SBI Cards
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