M16S / State Bank of India (SBI Card) / PhonePe SBI Card SELECT BLACK
mid · cobrand, rewards
PhonePe SBI Card SELECT BLACK
The PhonePe SBI Card SELECT BLACK costs Rs 1,499 a year, waived if you spend Rs 3,00,000 in a year. Its base return is 1% (1 RP per Rs 100 on other spends). Accelerated earn: 10 RP per Rs 100 on eligible PhonePe spends; 5 RP per Rs 100 on eligible online spends. The forex markup is 3.5%. Lounge visits in India: 4 per year, max 1 per quarter. Read from the issuer's documents and an aggregator on 12 Oct 2026.
- Annual fee
- Rs 1,499+ GST
- Fee waived at
- Rs 3,00,000annual spend
- Base return
- 1%
- Forex markup
- 3.5%
- Interest
- 3.75%a month
What changed on this card
- SBI Card to add 1% fee on transport above Rs 30,000, Dec 2026
From 1 Dec 2026 SBI Card charges 1% of the transaction amount on every transportation transaction above Rs 30,000 (MCCs 4111, 4784, 4131). Source: SBI Card, sbicard.com, read 28 Oct 2026
- SBI Card to add 1% fuel fee above Rs 50,000 a cycle, Dec 2026
From 1 Dec 2026, if fuel transactions in a billing cycle exceed Rs 50,000, SBI Card charges 1% on the total fuel spends. Source: SBI Card, sbicard.com, read 28 Oct 2026
- PhonePe SBI Card Select Black cuts reward caps and adds exclusions, Jul 2026
Monthly cap on eligible PhonePe spends falls from 2,000 RPs to 500 RPs on insurance plus 1,500 RPs on other spends. Cap on eligible online spends falls from 2,000 to 1,000 RPs. Tolls, gifts, jewellery, education, and non-PhonePe-app utility, insurance and UPI spends stop earning. Source: SBI Card, sbicard.com, read 28 Oct 2026
- SBI Card revises late payment charges from May 2026
From 1 May 2026 no charge applies up to Rs 100 due (was up to Rs 500). Rs 100 applies above Rs 100 up to Rs 500, and Rs 500 above Rs 500 up to Rs 1,000 (was Rs 400). Higher slabs are unchanged. Source: SBI Card, sbicard.com, read 28 Oct 2026
- SBI Card adds 1% fee on wallet loads above Rs 1,000, Nov 2025
From 1 Nov 2025 SBI Card charges 1% of the transaction amount on every wallet load transaction above Rs 1,000. Source: SBI Card, sbicard.com, read 28 Oct 2026
- SBI Card adds 1% fee on education payments via apps, Nov 2025
From 1 Nov 2025 a 1% fee applies to education payments made through third-party apps. Payments made directly to colleges or schools through their websites or POS machines carry no fee. Source: SBI Card, sbicard.com, read 28 Oct 2026
- SBI Card adds Rs 200 cheque processing fee from Sep 2025
From 15 Sep 2025 a Cheque Processing Fee of Rs 200 applies to outstanding payments made by cheque. Payments by UPI, BBPS and NEFT stay free of extra charges. Source: SBI Card, sbicard.com, read 28 Oct 2026
- SBI Card adds 1% fee on utility payments above Rs 50,000, Dec 2024
From 1 Dec 2024, if utility payments in a billing cycle add up to more than Rs 50,000, SBI Card charges a 1% fee on the total utility amount. Source: SBI Card, sbicard.com, read 28 Oct 2026
- SBI Card raises finance charge to 3.75% a month from Nov 2024
From 1 Nov 2024 the rate of Finance Charges is 3.75% p.m. on all unsecured SBI credit cards, except Shaurya and Defense cards. Source: SBI Card, sbicard.com, read 28 Oct 2026
Each change is read from the bank's own notice or terms document, linked above. Every card's changes are on the change log.
Fees
| Joining fee | Rs 1,499 |
|---|---|
| Annual fee | Rs 1,499 |
| Annual spend that waives the fee | Rs 3,00,000 |
| Fee notes | Annual fee reversed on spends of Rs 3 lakh or more in the previous membership year. Aggregator shows joining fee as zero under a limited-time offer. |
Rewards
| Welcome benefit | PhonePe e-gift card worth Rs 1,500 |
|---|---|
| Reward currency | Reward Points |
| Base earn | 1 RP per Rs 100 on other spends |
| Base return | 1% |
| Point value | 1 RP = Re 1; redeem against vouchers or for cash |
| Accelerated earn | 10 RP per Rs 100 on eligible PhonePe spends; 5 RP per Rs 100 on eligible online spends |
| Capsunverified | Monthly caps revised 1 Jul 2026. Issuer PDF lists: PhonePe spends max 2,000 RP, online max 2,000 RP, insurance max 500 RP, other spends max 1,500 RP, plus an unlabelled 1,000 RP figure (old/new columns not cleanly readable). Aggregator shows PhonePe 2,000, online 1,000, other 2,000. |
| Spends that earn nothing | Wallet loads, fuel, rent/property management, school and education, government, digital gaming, finance charges, Encash, ATM cash, Flexipay, merchant EMI. From 1 Jul 2026 (issuer PDF) also: tolls (MCC 4784), gifts and souvenirs (5947), jewellery (5094, 5944), educational institutions (8220), and utilities (4900, 4814, 4899), insurance (5960, 6300, 6380) and UPI when not done in the PhonePe app |
| Milestone benefits | Yatra e-voucher worth Rs 5,000 on Rs 5 lakh annual spend |
| Reward notes | base_return_pct = 1 RP per Rs 100 x Re 1 (both stated on the product page). Exempt from the 60,000-point monthly cap and 4,000-point multiple rule on statement-credit redemption (issuer notice). |
Travel and perks
| Domestic lounge | 4 per year, max 1 per quarter |
|---|---|
| International lounge | No complimentary visits stated; Priority Pass membership worth USD 99 for first two years |
| Lounge conditions | Domestic lounge list restricted to the issuer's shorter 16-lounge list from 10 Jan 2026 (issuer PDF names 'PhonePe SBI Card SELECT'). |
| Forex markup | 3.5% |
| Fuel surcharge waiver | 1% on fuel txns Rs 500-4,000, cap Rs 250 per statement cycle |
| Other freebies | Priority Pass membership (2 years) |
Charges and eligibility
| Interest per month | 3.75% |
|---|---|
| Late payment fee | On outstanding amount due: Nil up to Rs 100; Rs 100 (>100-500); Rs 500 (>500-1,000); Rs 750 (>1,000-10,000); Rs 950 (>10,000-25,000); Rs 1,100 (>25,000-50,000); Rs 1,300 (>50,000); plus Rs 100 if minimum due missed two cycles running (slabs as revised 1 May 2026) |
| Cash advance fee | 2.5% of amount, min Rs 500; ATM limit Rs 15,000/day; interest from day one |
| Fine-print notes | Issuer product page (rendered text) read 2026-10-12; fees, forex, interest and penalty fields are from the issuer MITC/KFS; fields not listed in unverified_fields are from the product page or other issuer documents. Aggregator details the page does not state: PhonePe-spend categories (recharges, bill payments, utilities, insurance, travel) and Scan & Pay earning the base rate. Page does not state the network. Issuer-wide (MITC): rent payments carry Rs 199 fee; utility bills totalling over Rs 50,000 in a cycle carry 1% fee; wallet loads over Rs 1,000 carry 1% fee; education payments via third-party apps carry 1% fee; forex markup is not reversed on refunds; fees shown exclude 18% GST. |
Questions
- What is the annual fee of the PhonePe SBI Card SELECT BLACK?
- Rs 1,499 a year, before GST. It is waived if you spend Rs 3,00,000 in a year.
- Does the PhonePe SBI Card SELECT BLACK give airport lounge access?
- Yes. In India: 4 per year, max 1 per quarter. Outside India: none listed. Conditions: Domestic lounge list restricted to the issuer's shorter 16-lounge list from 10 Jan 2026 (issuer PDF names 'PhonePe SBI Card SELECT').
- What is the forex markup on the PhonePe SBI Card SELECT BLACK?
- 3.5% of each foreign-currency transaction, before GST.
- Which spends earn no rewards on the PhonePe SBI Card SELECT BLACK?
- Wallet loads, fuel, rent/property management, school and education, government, digital gaming, finance charges, Encash, ATM cash, Flexipay, merchant EMI. From 1 Jul 2026 (issuer PDF) also: tolls (MCC 4784), gifts and souvenirs (5947), jewellery (5094, 5944), educational institutions (8220), and utilities (4900, 4814, 4899), insurance (5960, 6300, 6380) and UPI when not done in the PhonePe app