PhonePe Partners with SBI Card to Launch SELECT BLACK & PURPLE Credit Cards

India’s leading digital payments giant PhonePe has announced its latest move into the credit card space. Partnering with SBI Card, the company has launched two co-branded credit cards – PhonePe SBI Card SELECT BLACK and PhonePe SBI Card PURPLE. This is PhonePe’s second big partnership in the credit card segment after its earlier collaboration with HDFC Bank. With this launch, PhonePe is strengthening its fintech ecosystem, aiming to give users more rewards, cashback, and lifestyle benefits while using digital credit.

The Two New Cards at a Glance

PhonePe and SBI Card have designed two variants to target different customer segments: 🔹 PhonePe SBI Card SELECT BLACK Joining Fee: ₹1,499 + GST Welcome Gift: ₹1,500 PhonePe gift voucher Rewards: 10% value back on PhonePe & Pincode app spends 5% on other online spends 1% on all other eligible spends Milestone Reward: ₹5,000 Yatra travel voucher on ₹5 Lakh annual spend Lounge Access: 4 free domestic visits per year + complimentary Priority Pass for international lounges Fuel Surcharge Waiver: 1% (up to ₹250/month) Renewal Fee Waiver: Spends above ₹3 Lakh per year 🔹 PhonePe SBI Card PURPLE Joining Fee: ₹499 + GST Welcome Gift: ₹500 PhonePe gift voucher Rewards: 3% value back on PhonePe & Pincode app spends 2% on other online spends 1% on all other spends Milestone Reward: ₹3,000 Yatra voucher on ₹3 Lakh annual spend Fuel Surcharge Waiver: 1% (up to ₹100/month) Renewal Fee Waiver: Spends above ₹1 Lakh per year

Why This Partnership Matters

The launch of these cards is more than just another credit product. It represents a strategic play by both PhonePe and SBI Card: For PhonePe: Expands beyond UPI payments into digital lending and credit. Strengthens revenue streams ahead of its much-awaited IPO. Builds deeper engagement with its 500+ million user base. For SBI Card: Gains access to PhonePe’s huge digital ecosystem. Reaches new customers in Tier-2 and Tier-3 cities. Reinforces its leadership in India’s credit card market. According to Salila Pande, MD & CEO of SBI Card, the partnership combines SBI Card’s financial expertise with PhonePe’s digital dominance, aiming to accelerate credit card adoption in India.

Digital-First Experience with PhonePe

One of the most exciting features of these new cards is their deep integration into the PhonePe app. Users can apply for the cards directly from the app. Onboarding is completely digital, eliminating paperwork. Cardholders can track rewards, pay bills, and manage spends in real time. This seamless digital experience makes it easier for customers, especially younger and tech-savvy users, to adopt and use credit cards effectively.

Bigger Picture: PhonePe’s Push into Financial Services

PhonePe has already made a name for itself in UPI payments. Now, by venturing into credit cards, the company is building a complete fintech ecosystem – from payments to lending to wealth management. With India’s credit card penetration still below 5% of the population, these co-branded cards could help bring millions of first-time credit users into the digital economy.