Cards · SBI Card

PhonePe SBI Card BLACK: rewards, caps and exclusions

The PhonePe SBI Card BLACK pays about 10% on PhonePe spends — Insurance, on the first ₹5,000 of spend a month, and 5% on everything else. Below is every rate, cap and exclusion in SBI Card's published terms, as we last checked them on 7 October 2026.

Visa, RuPay₹1,500 a yearPaid in points

What it earns

≈10%PhonePe spends — Insuranceon the first ₹5,000 of spend a month

≈10%PhonePe spends — Recharges, Utilities, Bill Payments, Insurance, Travelon the first ₹15,000 of spend a month

≈5%Everything else (online)on the first ₹20,000 of spend a month

≈1%Everything else (in store / UPI)on the first ₹2,00,000 of spend a month

≈ marks a rate paid in points, converted at ₹1 a point: the lowest redemption value SBI Card documents. Some redemptions are worth more; we price at the floor, because that is what the points are worth whichever way you spend them.

What earns nothing

Spend in these categories earns no rewards on this card, however it is paid for:

Fuel
Wallet loads
Rent
Education fees
Government payments
Gaming
Tolls
Jewellery
Gift cards
EMI conversions
Cash withdrawals and fees

Fees

Annual fee: ₹1,500, plus 18% GST

Where this comes from

Transcribed from SBI Card's own documents and checked against them on 7 October 2026:

sbicard.com (PDF)

Banks change these terms, sometimes with a month's notice. If a figure here disagrees with SBI Card's current document, the bank's document is right. Tell us at support@zenidhi.com and we'll fix the rule, here and in the app.

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