PhonePe SBI Card SELECT BLACK
The PhonePe SBI Card SELECT BLACK is a co-brand with PhonePe that pays its best rate exactly where most cards pay nothing: 10% reward points (1 RP = ₹1) on spends made inside the PhonePe app — utilities, recharges, bill payments, insurance and travel — plus 5% on other online spends and 1% on UPI and everything else. It is issued on RuPay (UPI-linkable) and Visa. A 1 July 2026 devaluation halved the caps: PhonePe/other spends are now capped at 1,500 RP/month, online at 1,000 RP/month, and insurance at just 500 RP/month, with tolls, gifts, jewellery, education and any insurance/utility/UPI routed outside PhonePe excluded. The ₹1,499 fee is offset by a ₹1,500 PhonePe gift card on joining and waived at ₹3 lakh annual spend; ₹5 lakh earns a ₹5,000 Yatra voucher. It also includes a 1% fuel surcharge waiver (₹500–₹4,000 transactions, capped ₹250/cycle) and a complimentary 2-year Priority Pass membership, though international lounge visits on it are self-paid.
Key features
What this card is built to do — the highlights that actually matter.
Welcome Benefit
~₹1,500 in vouchers, points or cashback on card activation
10% on Utility Bills
10% RP on PhonePe-app spends (utilities, recharges, bills, travel) — bills paid outside the app earn nothing; cap 1,500 RP/mo, insurance sub-capped 500 RP/mo (from Jul 2026). No points under ₹100
5% on Online Shopping
5% RP on online/e-commerce spends; cap cut to 1,000 RP/month from Jul 2026
️ Airport Lounge Access
1 complimentary visits per quarter at domestic and international airport lounges
Annual Fee Waiver
Fee of ₹1,499 + 18% GST (₹1,769 all-in)/yr fully waived when you spend ₹3,00,000/year
Fuel Surcharge Waiver
1% waiver on fuel transactions, capped at ₹250/month
Milestone Bonus
~₹5,000 in bonus rewards on hitting annual spend milestones
UPI Linked
Link to PhonePe, GPay or Paytm and earn credit card rewards on UPI payments
Full reward structure
| Category | Type | Rate | Monthly cap |
|---|---|---|---|
| Utility Bills | reward points | 10% | ₹1,500 |
| Online Shopping | reward points | 5% | ₹1,000 |
| Other | reward points | 1% | ₹2,000 |
Fees & charges
| Charge | Amount |
|---|---|
| Annual fee (incl. 18% GST) | ₹1,769 |
| Joining fee (incl. 18% GST) | ₹1,769 |
| Finance charge (APR) | 3.75% p.m. |
| Forex markup | 3.5% |
| Fuel surcharge waiver | 1%, cap ₹250 |
Perks & benefits
Estimated annual value beyond rewards — ~₹9,200/yr in total.
️ lounge access ~ ₹3,000 /yr
4 complimentary domestic airport lounge visits a year, 1 per quarter. Includes a complimentary 2-year Priority Pass membership, but international lounge visits on it are self-paid
milestone bonus ~ ₹5,000 /yr
₹5,000 Yatra travel voucher on ₹5 lakh annual spend
fuel waiver ~ ₹1,200 /yr
1% fuel surcharge waiver on transactions of ₹500–₹4,000, capped at ₹250 per statement cycle
Spend milestone
· ₹5,00,000 a year ₹5,000 of value
Should you get it?
Best for: PhonePe-first users with regular utility and bill-payment spend, Households whose monthly bills sit under the ₹1,500 RP cap, Anyone wanting rewards on recharges and utilities other cards ignore
Mid tier — a solid all-rounder for steady monthly spend.
Strongest value if you spend heavily on Utility Bills ( 10% back).
Frequent travellers benefit from the included airport lounge access.
✓ Pros
- 10% reward points on PhonePe utilities, recharges and bill payments — a category most cards exclude
- 1 RP = ₹1, redeemable as statement credit (effectively real cashback)
- ₹1,500 PhonePe gift card on joining offsets the first-year fee
- Complimentary domestic lounge access plus a ₹5,000 Yatra voucher at ₹5 lakh spend
✕ Cons
- July 2026 devaluation: caps cut to 1,500 RP/month (general), 1,000 (online) and just 500 RP/month on insurance
- Best rate only inside the PhonePe app — spends routed elsewhere earn 1% or nothing
- Exclusions — tolls, gifts, jewellery, education, and insurance/utility/UPI outside PhonePe earn no points
- 3.5% forex markup — not for international use
Eligibility & documents
Age
21 –65 years
Min. income
₹25,000 /mo
Employment
Salaried · Self-employed
Documents required
- PAN card
- Aadhaar / valid address proof
- Latest 3 months bank statement
- Income proof — salary slips (salaried) or ITR (self-employed)
- Recent passport-size photograph
How to redeem rewards
Ways to convert what you earn into real value.
🎁 Statement credit: 1 RP = ₹1, redeemed via the SBI Card app/customer care (minimum 500 points)
🎁 PhonePe gift cards and vouchers: redeem points in the PhonePe / SBI rewards catalogue
What your SBI Reward Points are worth
Realistic value per point by redemption route — the difference is what most people leave on the table.
Statement credit BEST Capped at 60,000 pts/month from Apr 2026
Rewards catalogue / vouchers BEST Vouchers & merchandise
The concern The July 2026 devaluation arrived under a year after launch — a fast-trimmed co-brand whose value is tightly fenced inside the PhonePe app and now capped low (₹500 RP/month on insurance).
The bottom line
The SELECT BLACK delivers genuine value for committed PhonePe users, particularly through its 10% earn rate on household bill payments and mobile recharges. However, the July 2026 cap adjustments (1,500 RP monthly overall, with a 500 RP insurance limit) emphasize recurring monthly expenses over large single purchases. Because its standout value is generated inside PhonePe, non-app spending remains unremarkable; users prioritizing straightforward, broad-based online cashback may find the SBI Cashback Card to be a more consistent alternative.
Sources & verification
Fees, reward rates, and benefits for the PhonePe SBI Card SELECT BLACK are taken from SBI Card 's official Most Important Terms & Conditions (MITC) and fee schedule — see the card's official page . Last verified 14 Aug 2026 . Reviewed by Devchandra Sah . Always confirm current details on the issuer's site before applying. How we research →
Independence. CardAdvisor is an independent editorial publication. We are not affiliated with, endorsed by, sponsored by, or authorised to act for SBI Card . All issuer names, product names, and payment-network marks are the property of their respective owners and appear here for identification and comparison only. Card faces shown on this site are our own original illustrations — we do not display or host issuer card artwork or logos.
Value timeline
Every real-world change to this card's rewards, fees and benefits we've tracked — newest first, each linked to its source.
Tracking since 2025 · 3 changes · last change Jul 2026
▲ Revaluation ▼ Devaluation ◆ Neutral / reversed
2026 1 change — 1 cut
▼ Reward Observed 27 Apr 2026 · Effective 1 Jul 2026
Reward-point caps halved and new exclusions added
Flat 2,000 RP/month cap on PhonePe and on online spends → 1,500 RP/mo PhonePe (500 RP insurance sub-cap); 1,000 RP/mo online
Under a year after launch, SBI Card cut the caps effective 1 July 2026: the PhonePe/general cap fell from 2,000 to 1,500 RP/month with insurance carved out at just 500 RP/month, and the online cap fell from 2,000 to 1,000 RP/month. New reward-point exclusions were added on top of existing ones - tolls & bridges (MCC 4784), gifts (5947), jewellery (5094/5944), education (8220), and any utilities, insurance or UPI paid outside the PhonePe app - reframing the card around routine in-app household bills rather than large one-off payments.
Verification: SBI Card ↗ · Confidence: High
2025 2 changes — 1 cut, 1 neutral
▼ Fee Effective 1 Nov 2025
1% fee on third-party education payments & large wallet loads
No surcharge on education/wallet-load spends → 1% fee on 3rd-party education fees & wallet loads over ₹1,000
From 1 November 2025 SBI Card added a portfolio-wide 1% fee on education-fee payments made through third-party apps or aggregators (Paytm, PhonePe, Razorpay etc.; direct school/college-website or campus-POS payments stay free) and a 1% fee on digital-wallet loads above ₹1,000 - both directly relevant to a card built around the PhonePe app.
Verification: SBI Card ↗ · Confidence: High
◆ Launch Effective 22 Jul 2025
PhonePe SBI Card SELECT BLACK launched
SBI Card and PhonePe launched their co-branded pair on 22 July 2025; SELECT BLACK is the premium tier (issued on RuPay for UPI plus Visa) paying 10% reward points on spends made inside the PhonePe app - utilities, recharges, bills, insurance and travel - 5% on other online spends and 1% on UPI and everything else, at 1 RP = ₹1 redeemable as statement credit. The ₹1,499 joining/annual fee is offset by a ₹1,500 PhonePe gift card and waived at ₹3 lakh annual spend, with a ₹5,000 Yatra voucher at ₹5 lakh, a complimentary 2-year Priority Pass and a 1% fuel-surcharge waiver.
Verification: SBI Card ↗ · Confidence: High
Each change links to the issuer's own document — bank T&C, MITC, notice, press release or product page — where one is public. Where the bank published nothing, it's marked CardAdvisor Research and verified against the card's current terms. Independent of the live terms shown above. This timeline is one card's slice of our market-wide change record across every tracked card.
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Quick summary
Type Mid credit card
Reward rate 1%–10%
Best for PhonePe-first users with regular utility and bill-payment spend
Joining fee ₹1,499
Annual fee ₹1,499
Reviewed by
Devchandra Sah · Cards tested, miles earned, trips booked — for over a decade
Last verified 14 Aug 2026
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280 cards analysed — August 2026
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