SBI Card
PhonePe SBI SELECT BLACK Credit Card
Annual Fee
₹1,769₹1,499 + GSTBase Reward
1% points
Foreign Markup
3.5%
Welcome Benefits
PhonePe Gift Voucher Worth ₹1,500
Product Highlights
- Co-branded offering with PhonePe
- High reward rate on PhonePe spends
Category Rewards
Specialty
3% Cashback on UPI spends
3%
Fee Waiver
Annual charges are reversed on spends of ₹3 Lakh
Merchant-Specific Rewards
PhonePe
5% Cashback on PhonePe transactions
Reward Calculator
Earns ₹3,511/year (net)
Modest gain. Solid hold if you like the perks.
₹16K
across all your buckets
₹5.3K
direct cashback
₹5.3K
via direct credit
Effective rate
2.75%
Annual fee
₹1,769
Year 1 net
+₹3,511
Year 2+ net
+₹3,511
ongoing
Adjust your spend by reward bucket
3 bucketsReal Reward Ceiling
Headline %s are gated by caps. Here's how far each accelerator stretches before it falls back to the base rate.
3% Cashback on UPI spends
Headline: 3.00% effective
Surcharges & Exclusions
Watch-outs that quietly erode your effective rewards. Categories listed as “excluded” earn 0% even if the merchant looks normal.
Foreign exchange markup
3.5%Charged on every international (non-INR) transaction
Excluded from rewards
fuel, balance transfer, cash advance, emi, insurance, jewelry, education, railways, wallet
Fuel surcharge waiver (good news)
1%on ₹500–₹4,000 fuel txns · capped at ₹250/cycle
Surcharges are typically charged 1 cycle after the transaction and may include GST. Always confirm with the bank's most recent T&C.
Rewards Details
10 Reward Points/₹100 on eligible PhonePe spends (Recharges, Utilities, Bill Payments, Insurance, and Travel Only), 5 Reward Points/₹100 on eligible online spends, and 1 Reward Point/₹100 on other valid spends.
Redemption
1 Reward Point = ₹1 and Can be Redeemed as Statement Credit or as Gift Vouchers
Benefits & Features
Domestic: 4 Free Domestic Lounge Visits Each Year (One free domestic airport lounge access per quarter) Complimentary Priority Pass membership for the first two years of card membership.
Pros & Cons
Pros
- Annual fee waiver at a spend of ₹3 lakh
- Useful for everyday bills and insurance payments
Cons
- No international airport lounge access
- No renewal fee benefits
Additional Info
Card offers high rewards on PhonePe transactions
Maximum savings of up to ₹24,000 per year on eligible spends
Maximum of 2,000 Reward Points per month for each category.
Excluded Categories
Partner Merchants
Ready to apply?
Apply directly on the bank's official website. Quick approval, no hidden steps.
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Fees & Charges
Eligibility
Networks
Fee Waiver
Annual charges are reversed on spends of ₹3 Lakh