SBI Card, India’s largest pure-play credit card issuer, today announced the launch of PhonePe SBI Card in partnership with PhonePe. The new co-branded credit card aims to provide a rewarding everyday spending experience tailored to meet the evolving financial needs of consumers across India . The credit card comes in two variants, PhonePe SBI Card Purple and PhonePe SBI Card Select Black, which cater to the diverse preferences and lifestyle spending needs of customers. 

Additionally, both the contactless credit card variants are available on RuPay and Visa payment networks, allowing customers to choose the network that best suits their needs. RuPay cards can also be linked to UPI and can be used to transact with millions of UPI merchants across the country. The Visa variant can be tokenized on PhonePe and can be used securely with multiple online merchants. 

How will it benefit?

With the new PhonePe SBI Card, customers can earn reward points on various daily transactions across online and offline shopping platforms including groceries, bill payments, travel reservations, utility bills, insurance premium payments and more. PhonePe SBI Card Select Black cardholders can earn up to 10% value back as reward points on essential and frequent PhonePe in-app transactions. Similarly, customers can also earn 5% value back as reward points on all their online spending on other platforms.

What facilities? 

Additionally, the application process has been made available in the PhonePe app, where customers can easily apply for the PhonePe SBI Card through a digital application. Customers can make purchases using the PhonePe app and also pay credit card bills on the PhonePe platform.

Speaking at the launch, Salila Pandey, MD & CEO, SBI Card, said, “Digital payments in India are growing rapidly due to the increasing convenience and ease of digital platforms. Our strategic partnership with PhonePe is a significant step towards popularizing credit card usage by combining SBI Card’s deep domain expertise and PhonePe’s extensive digital network. This credit card has been thoughtfully designed to offer a unique blend of exceptional benefits and unparalleled convenience in every transaction. The launch of PhonePe SBI Card is a reflection of our continued commitment to deliver best-in-class products to meet the evolving needs of our customers.”

What did the founder of PhonePe say? 

Sameer Nigam, Co-Founder and CEO, PhonePe, said, “We have always been committed to making financial services accessible and accessible to all Indians. Through our partnership with SBI Card, we are expanding our offering beyond digital payments into the formal credit space. We have made significant efforts to create a seamless user experience by embedding the card functionality directly into the PhonePe app, making it easy to apply, manage and use while delivering value. This initiative is not just about convenience, it goes beyond that. We are building the infrastructure for a more inclusive credit landscape in India. We believe this card will help fulfill the financial aspirations of many users and we are excited about the possibilities that the partnership creates.”

Gift voucher 

PhonePe SBI Card Select Black offers a welcome e-gift voucher of ₹1,500 on a purchase of ₹1,499. It offers up to 10% value back in reward points on PhonePe and Pincode app spend, up to 5% value back in reward points on all other online merchant spend and 1% value back in reward points on all other eligible spend. PhonePe SBI Card Purple offers a welcome e-gift voucher of ₹500 on a purchase of ₹499. This includes 3% value back in reward points on PhonePe and Pincode app spend, 2% value back in reward points on all other online transactions and 1% value back in reward points on all other eligible spend. All these reward points can be redeemed to settle outstanding credit card bills or to get e-gift vouchers from the SBI card redemption catalogue.

Apart from the rewards, both the credit cards have significant milestones and travel benefits. PhonePe SBI Card Select Black cardholders will get a travel voucher worth ₹5,000 after reaching a milestone of ₹5,00,000 in annual spend. Customers can enjoy four free domestic lounge visits per year (one per quarter) along with a complimentary Priority Pass membership for international lounge access. PhonePe SBI Card Purple offers a travel voucher worth ₹3,000 after reaching an annual spend of ₹3,00,000. There is also a 1% fuel surcharge discount on both the credit cards.

Eligible customers can easily apply for the PhonePe SBI Card through a simple and seamless digital process, which will be launched in a phased manner on the PhonePe app for customers.