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

*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 Day | 5 Days | 1 Month | 6 Months | 1 Year | 5 Years |
---|---|---|---|---|---|
-0.22% | +0.32% | -6.20% | +18.52% | +23.21% | +18.89% |