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PhonePe SBI Card Launches with Zero Joining Fee, 5% Rewards on Online Spends

PhonePe has announced a limited-time offer for its newly launched SBI Card credit card, waiving the joining fee for the first year. The card is designed for digital consumers, offering a universal 5% reward on all online purchases regardless of the merchant. Cardholders also earn elevated rewards on PhonePe-specific services like recharges and insurance, and receive premium travel benefits including lounge access. The reward points are directly redeemable against the credit card bill at a value of ₹1 per point.

Key Points: PhonePe SBI Card: Zero Fee, 5% Rewards on Online Purchases

  • Zero joining fee for first year
  • 5% rewards on all online brands
  • 10% rewards on PhonePe recharges & bills
  • Complimentary domestic & international lounge access
2 min read

PhonePe SBI Card now available with zero joining fee; offers 5% rewards on all online spends

Apply for the PhonePe SBI credit card with no joining fee. Earn 5% rewards on all online brands, 10% on PhonePe services, and get travel lounge access.

"Aiming to democratize access to premium financial rewards - PhonePe"

Bengaluru, April 6

PhonePe announced a limited-time offer on the recently launched PhonePe SBI Card credit card. Aiming to democratize access to premium financial rewards, the card is now being offered completely free for the first year with a zero joining fee. Designed for the modern digital consumer, the PhonePe SBI Card stands out for online transactions, enabling users to earn rewards on every online purchase.

Cardholders will get:

- Zero Joining Fee: Users can enjoy the premium benefits of the card at no cost for the first year.

- 5% Rewards on ALL Online Brands: A universal reward structure that ensures users earn on every digital checkout, regardless of the merchant.

- 10% Rewards on PhonePe Categories: Exceptional savings on routine essentials including Recharges, Utility Payments such as cylinder booking, mobile recharges, and Bill Payments.

- Save 10% on Insurance: Meaningful rewards on insurance premium payments on the PhonePe platform.

- 1% Rewards on RuPay Scan n Pay: Even regular UPI spends become fulfilling with 1% rewards on every QR scan.

- Travel Perks: Complimentary access to Domestic Airport Lounges (up to 4 per year with no spend limits) and Priority Pass membership for 2 years at International Lounges, providing a premium travel experience to users.

Reward points earned on the SBI Card can be used to set off the users' credit card bill. Each point is worth ₹1, and the total points accumulated can be settled towards the monthly statement bill - helping users save on what they need to pay. All rewards earned are subject to the card's limits and terms & conditions..

The PhonePe SBI Card is available for application directly through the PhonePe app, offering a seamless, digital-first onboarding experience.

According to company information, PhonePe Limited (Formerly PhonePe Private Limited) is a technology company that builds digital platforms for Payments, Digital Distribution Services and Financial Services. PhonePe's products and services include Consumer Payments (including Digital Distribution Services), Merchant Payments, Lending and Insurance Distribution services, and New Platforms, which comprise Share.Market (stock broking and mutual funds distribution platform), and Indus Appstore (Android-based mobile app marketplace).

- ANI

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Reader Comments

R
Rohit P
Sounds good on paper, but I'm always wary of these "limited time" offers. What's the annual fee after the first year? And the T&C for the 5% reward will have caps for sure. SBI cards are known for their complex reward point system. Hope this one is simpler.
A
Aman W
The 10% on recharges and bill payments is the real winner for me. As someone who pays for my family's mobile, DTH, and electricity bills via PhonePe, this adds up to serious monthly savings. The lounge access is a nice bonus for occasional travel.
S
Sarah B
Interesting move by PhonePe. They're really building a full financial ecosystem. From UPI to insurance to now a co-branded credit card. The 1% on UPI scans is clever—it might finally make me use my credit card for small QR payments instead of my bank account directly.
K
Karthik V
Good offer, but competition is fierce. HDFC Millennia gives 5% on Amazon/Flipkart, and Axis Ace gives 2% on all bills. The key here is the universal 5% online. If the reward redemption is truly 1 point = ₹1 against the bill with no hassle, that's a big plus. Will wait for some user reviews.
M
Meera T
Finally, a premium card feature (lounge access) without a huge joining fee! As a young professional who travels 2-3 times a year, those 4 complimentary domestic lounge visits are very valuable. PhonePe and SBI combo seems promising for the digital-native crowd. 🙌

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