SBI Card and PhonePe launch co-branded credit card with reward-first, digital experience

Available in PURPLE and SELECT BLACK, the new PhonePe SBI Card supports contactless payments via RuPay and VISA, enabling UPI linkage or app tokenisation for secure transactions across diverse lifestyle and spending needs

SBI Card, India’s largest standalone credit card issuer, has partnered with digital payments giant PhonePe to launch a new co-branded credit card — the PhonePe SBI Card. This strategic collaboration brings together SBI Card’s domain expertise and PhonePe’s expansive digital reach to cater to the evolving financial needs of Indian consumers.

The newly launched PhonePe SBI Card is available in two variants: PhonePe SBI Card PURPLE and PhonePe SBI Card SELECT BLACK. Designed to complement varying customer lifestyles and spending patterns, both variants are contactless-enabled and are offered on RuPay and VISA networks. Notably, the RuPay variant can be linked with UPI for payments at millions of merchants across the country, while the VISA variant can be tokenised within the PhonePe app for secure online transactions.

The card offers robust value-back incentives. The SELECT BLACK variant delivers up to 10% value back on PhonePe and Pincode app transactions, 5% back on other online spends, and 1% back on all other eligible spends. PURPLE variant cardholders can earn 3% value back on PhonePe spends, 2% on other online transactions, and 1% on eligible spends. Reward points are redeemable against outstanding balances or for e-gift vouchers via the SBI Card catalogue.

Speaking at the launch, Salila Pande, MD & CEO of SBI Card, said, “Digital payments in India are rapidly evolving. Our partnership with PhonePe is a strategic step toward democratizing access to credit. The PhonePe SBI Card is designed to deliver exceptional value and convenience to customers as they increasingly adopt digital financial services.”

Sameer Nigam, Co-founder and CEO at PhonePe, added, “We’ve always aimed to simplify financial services and make them more accessible. By embedding the credit card experience directly into the PhonePe app, we are enabling seamless application, usage, and repayment processes. This initiative will help accelerate formal credit adoption in India.”

To incentivize adoption, the SELECT BLACK variant comes with a ₹1,500 welcome e-gift voucher on payment of a ₹1,499 joining fee, while the PURPLE card offers a ₹500 voucher for a ₹499 joining fee. Additionally, SELECT BLACK cardholders can receive a ₹5,000 travel voucher on annual spends of ₹5 lakh and enjoy four complimentary domestic lounge visits annually, along with Priority Pass membership for global lounge access. PURPLE cardholders are eligible for a ₹3,000 travel voucher on ₹3 lakh annual spends. Both variants include a 1% fuel surcharge waiver.

The card is available through a fully digital onboarding journey on the PhonePe app. Eligible users can apply, track, and manage their cards, as well as repay bills within the same interface.

The PhonePe SBI Card rollout is being executed in phases and is expected to significantly enhance credit card penetration and digital payment engagement across India.