PhonePe SBI Card SELECT BLACK

The catch is the point value, not the rate

SELECT BLACK pays 10 reward points per ₹100 on eligible PhonePe spends and 5 per ₹100 on eligible online spends. Our record values a point at ₹1, which makes that 10% and 5%. The biggest complaint from users is that SBI support has told some of them a point is worth ₹0.25, or that redeeming costs ₹99 + GST, until they pushed back.

If you ever redeem at ₹0.25, the 10% becomes 2.5%, and the ₹1,499 fee stops making sense. So the card is worth a look, but only if you redeem carefully and check the rupee value on the confirmation screen before you confirm.

This is the SELECT BLACK tier. The ₹499 PhonePe SBI Card PURPLE earns 3 and 2 points instead, and HDFC's PhonePe cards are a different bank with different caps.

How far 10% goes each month

Our record caps the PhonePe bucket at 1,500 points a month and the online bucket at 1,000. Several users talk about a ₹2,000 monthly utility cap instead, so check the current terms before planning large bills around either figure.

A household paying ₹8,000 of electricity, insurance and recharges on PhonePe and ₹6,000 on Swiggy, Zepto and Amazon earns about 800 + 300, so 1,100 points a month. Everything else earns 1 point per ₹100.

Points are counted in ₹100 blocks, so a ₹450 bill earns on ₹400. SBI's statement shows only a total, not a line for each transaction, which users say makes missing points hard to spot. Keep your own log of bills and expected points.

PhonePe's fees come off the top

PhonePe sometimes adds platform and convenience fees on credit card bill payments. One user paying a ₹299 recharge reported ₹3 of platform fee and ₹6 of convenience fee against about ₹20 of rewards. Users report fees between 1% and 2.5% on bills. At 2.5%, a ₹10,000 bill still nets ₹750, but small recharges lose a big share. Read the final payable amount each time.

What changed for PhonePe SBI Card SELECT BLACK in 2026

Users report that gift card purchases such as Amazon Pay vouchers no longer earn the 5% rate, and recent threads call it a devaluation. Our record also notes SBI's portfolio-wide 1% fees on wallet loads and education payments from November 2025, and a lounge rule revision in January 2026.

Fee, perks and UPI

• ₹1,499 + GST a year, reversed if you spent ₹3 lakh in the previous year, about ₹25,000 a month.
• A ₹1,500 PhonePe e-gift card as a welcome benefit, which roughly covers year one before GST.
• A ₹5,000 Yatra voucher at ₹5 lakh of annual spend.
• 4 domestic lounge visits a year, one a quarter, with no spend condition in our record, plus a two-year Priority Pass membership with no stated free visits.
• 1% fuel surcharge waiver on fills of ₹500 to ₹4,000, up to ₹250 a cycle.

Our record lists the card on Visa. Credit card UPI only works on RuPay, so ask which network you will get if UPI matters.

Is the PhonePe SBI black card good?

Yes, for someone paying ₹8,000 to ₹15,000 a month of bills through PhonePe who also orders online and flies a few times a year. Users who switched from Airtel Axis Bank say they did it because its utility cap was too small.

It is the wrong card if you want cashback that lands on your statement without tracking. Users still prefer SBI Cashback for plain online spends.

Credit Card Information Compiled by: Abhijeet Kumar | Reviewed by: Anmol Ratan Sachdeva