PhonePe SBI Card SELECT BLACK Review

Updated 31 August 2026 · By Card Jaano. Fees and features are as listed on SBI Card’s own product page on this date. Check the issuer’s site before you apply.

At a Glance

Joining Fee	₹1,499 plus applicable GST
Annual Fee	₹1,499 + GST, reversed on spends of ₹3 lakh in the previous year
Best Suited For	Heavy PhonePe users who also spend online and want points worth ₹1 each
Reward Type	Reward Points at 1 point equal to ₹1, redeemable for vouchers or cash

Launched in March 2025, this is the upper tier of SBI’s PhonePe range and it does something most Indian reward cards avoid: it values a point at ₹1 and lets you take it as cash. That single decision makes the rates readable. Ten points per ₹100 on PhonePe is 10% back, five points on online spending is 5%, and the base is 1%. Those are strong numbers for a ₹1,499 card, and the fee reverses at ₹3 lakh. SBI is not currently accepting online applications for it, which is the main obstacle.

Rewards & Benefits

Reward rate and earn structure

Spend category	Earn rate	Cap
Eligible PhonePe spends	10 Reward Points per ₹100	None published
Eligible online spends	5 Reward Points per ₹100	None published
All other spends	1 Reward Point per ₹100	None published

SBI publishes no monthly cap on any tier, which is unusual and matters more than the headline rate. Both accelerated tiers are described as applying to eligible spends, so the merchant categories that qualify are set out in the card terms and are worth reading before you plan around 10% back.

Redemption and what a point is worth

One Reward Point equals ₹1, and SBI states points can be redeemed against a wide array of vouchers or for cash. The cash option is the important one. Most Indian reward programmes lock value into a catalogue where the effective rate quietly falls below the advertised one, and a card that will simply give you money avoids that entirely. It means 10 points per ₹100 on PhonePe genuinely is 10% back rather than a number that shrinks at redemption.

Welcome and milestone benefits

Benefit	Requirement
PhonePe e-Gift Card worth ₹1,500	Welcome benefit
Yatra e-voucher worth ₹5,000	₹5,00,000 annual spend
Annual fee reversal	₹3,00,000 spend in the previous membership year

The ₹1,500 welcome gift card covers the joining fee outright. The ₹5 lakh milestone is demanding at about ₹41,700 a month, but the ₹3 lakh fee reversal at roughly ₹25,000 a month is realistic for the kind of spender this card targets, and clearing it makes the card free to hold.

Lounge access and fuel

Benefit	Allowance
Domestic lounge visits	4 a year, max 1 per quarter
International lounge access	Priority Pass membership worth $99 for the first two years
Fuel surcharge waiver	1% on ₹500 to ₹4,000, max ₹250 per statement cycle

The one visit per quarter domestic limit is tight. Two trips in the same quarter give you one lounge visit, not two. SBI lists the Priority Pass membership as complimentary for the first two years rather than for the life of the card, so check what happens in year three before assuming it continues.

Fees & Charges

Joining fee	₹1,499 plus applicable GST
Renewal fee, per annum	₹1,499 + GST from the second year
Spend needed for fee reversal	₹3,00,000 in the previous membership year
Add-on card fee, per annum	Nil
Fuel surcharge waiver	1% on ₹500 to ₹4,000, max ₹250 per statement cycle

GST of 18% applies on the renewal fee, and SBI’s page states the annual fee as ₹1,499 without separately spelling out the tax, so confirm the exact first year figure at application. Either way the ₹1,500 welcome e-gift card covers it, and from year two the ₹3 lakh reversal removes the fee for anyone spending ₹25,000 a month.

The thing that catches people out is the word “eligible” attached to both accelerated tiers. Ten points per ₹100 on PhonePe does not mean every PhonePe transaction: wallet loads, rent payments and utility categories are commonly excluded on cards of this type, and SBI points to the terms for the definitive list. Read it before assuming your monthly PhonePe volume all earns at 10%. Interest rates, forex markup and cash advance charges are set out in SBI Card’s Most Important Terms and Conditions for this product.

Eligibility & Documents Required

SBI does not publish an income floor, age band or credit score cut-off for this card, and it is not currently offered for online application, so there is no live eligibility form to check against. Existing holders keep the card on the terms above. If you approach SBI Card through a branch or the PhonePe app, expect the standard set: PAN, proof of identity, proof of current address, and either recent salary slips or the last two years of income tax returns if you are self-employed.

Pros & Cons

Pros	Cons
1 point equals ₹1 and can be redeemed for cash	Not currently open to online applications
10 points per ₹100 on PhonePe with no published cap	Domestic lounge visits limited to one per quarter
Fee reverses at ₹3 lakh of annual spend	Priority Pass listed as complimentary for two years only
₹1,500 welcome gift card covers the joining fee	Accelerated rates apply only to eligible categories

PhonePe SBI Card SELECT BLACK vs Competitors

Card	Annual fee	Point value
PhonePe SBI Card SELECT BLACK	₹1,499, reversed at ₹3 lakh	1 point equals ₹1
PhonePe SBI Card	Lower	Lower tier of the same programme
Cashback SBI Card	Charged annually	Direct cashback, no app tie

The closest rival is the Cashback SBI Card, which pays straight cashback on online spending without routing you through an app. This card beats it if a large share of your spending genuinely runs through PhonePe, and loses if it does not.

How to Apply

SBI Card is not currently offering this product for online application on its website, so the apply route is not reliable. Existing holders keep the terms above. If you want a similar SBI card that is on sale, the Cashback SBI Card covers comparable ground. You can also ask inside the PhonePe app or call the SBI Card helpline to check whether the card is being issued through any channel for your segment.

Frequently Asked Questions

Is the PhonePe SBI Card SELECT BLACK annual fee waived?
It is reversed on spends of ₹3,00,000 or more in the previous membership year. Below that, the ₹1,499 + GST renewal fee is charged.

What is a Reward Point worth on this card?
₹1. SBI states points can be redeemed against a wide array of vouchers or taken as cash, which is why the earn rates read as true percentages.

How much do I earn on PhonePe spends?
10 Reward Points per ₹100 on eligible PhonePe spends, with no monthly cap published. At 1 point to ₹1 that is 10% back on qualifying transactions.

How many lounge visits does the card give?
Four complimentary domestic visits a year, capped at one per quarter, plus Priority Pass membership worth $99 for the first two years.

Can I still apply for this card?
Not through SBI Card’s website at present. The product page is listed for information rather than application.

What do I get at the ₹5 lakh milestone?
A Yatra e-voucher worth ₹5,000 on annual spends of ₹5,00,000, which is separate from and additional to the fee reversal at ₹3 lakh.

Bottom Line

On paper this is one of the better structured reward cards SBI has issued. A point worth ₹1 that can be taken as cash removes the usual gap between advertised and real value, the uncapped 10% on PhonePe is genuinely aggressive, and a fee that vanishes at ₹3 lakh makes it close to free for an active spender. Existing holders should keep it and route PhonePe spending through it.

The practical problem is availability, since SBI is not offering it online, so treat this as a review of a card you may not be able to get. And skip it even if offered when your PhonePe use is occasional: at 1% on general spending it is ordinary, the single quarterly lounge visit is restrictive, and the eligible category conditions on both accelerated tiers mean the headline 10% will not apply to as much of your spending as you expect.