PhonePe and SBI Joint Credit Card:
PhonePe which is a leading UPI payment platform, has partnered with the State Bank of India (SBI) to launch two new co-branded credit cards offering users a range of attractive benefits. They have designed the Select Black and Purple cards to meet different customer needs. These cards offer rewards and exclusive perks tailored to user preferences.
The Select Black card is a premium offering with a starting fee of ₹1499. Upon the first billing, users will receive a PhonePe gift voucher worth ₹1500. The annual renewal fee of ₹1499 is waived if the user spends over ₹3 lakh in a year.
Users can earn up to 10% reward points for transactions on the PhonePe app, including recharges, bill payments, and insurance premiums. For online shopping on platforms like Amazon, Flipkart, Swiggy, Uber, Myntra, and BookMyShow, users can earn 5% reward points. Other payment methods like Scan and Pay, or Tap and Pay, offer 1% reward points.
For high spenders, the Select Black card offers additional perks such as a ₹5000 travel voucher and 4 complimentary lounge accesses at domestic airports every quarter. Users who spend over ₹5 lakh annually will receive a Priority Pass worth ₹8000 for international lounges.
The Purple card, aimed at regular consumers, comes with a lower starting fee of ₹499. Users will receive a ₹500 PhonePe gift voucher on the first bill payment. For transactions within the PhonePe app, users can earn 3% reward points on recharges and bill payments. For online shopping on popular platforms, the rewards increase to 2%. Similar to the Black card, Scan and Pay transactions offer 1% reward points.
For users who spend over ₹1 lakh annually, the Purple card offers a ₹3000 travel voucher and various online and offline rewards.
Reward Redemption and Customer Benefits
Reward points earned on both cards can be redeemed via the SBI Rewards portal, applicable for bill payments, shopping, and travel bookings. Both cards offer special privileges for frequent travelers, including free access to airport lounges and additional reward points for shopping, travel and food delivery.
These cards are a great option for consumers looking for higher rewards on everyday transactions, online shopping, and travel related benefits.
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