Recently, SBI Card has been on a roll, launching several new credit cards, whether it’s the SBI PhonePe Co-Branded Credit Card, the SBI Flipkart Credit Card, or the SBI Apollo Credit Card. There’s no shortage of fresh co-branded options in their portfolio. With so many new choices available, it’s only natural to wonder whether the old but highly rewarding SBI Cashback Credit Card is still a strong contender.
For those curious, today we’ll be comparing the SBI PhonePe Select Black Credit Card with the SBI Cashback Credit Card.
Image Credit- Card Insider
The PhonePe Select Black is the latest co-branded entry, while the Cashback Card is a core SBI offering, widely known for its flat 5% cashback on online spends. In fact, the SBI Cashback Credit Card continues to be regarded as one of the best cashback credit cards in India. Let’s see how it stacks up against the new and feature-rich PhonePe Select Black.
Which Card Charges More?
The PhonePe SBI SELECT BLACK Credit Card comes at a slightly higher annual charge than the SBI Cashback Credit Card.
| Cards | PhonePe SBI SELECT BLACK | Cashback SBI |
| Annual Charges | ₹1,499 + GST | ₹999 + GST |
| Annual Fee Waiver | On Spends of ₹3 Lakh | On Spends of ₹2 Lakh |
Reward Rate
The SBI Cashback Credit Card is straightforward, offering 5% cashback on online spends and 1% cashback on offline spends, with a combined cap of ₹5,000 per statement cycle.
In contrast, the PhonePe SBI Select Black Credit Card provides a wider spread of rewards across multiple categories. Cardholders earn 10 Reward Points per ₹100 on eligible PhonePe spends such as recharges, utilities, bill payments, insurance, and travel, as well as on Pincode spends, with a cap of 2,000 Reward Points per month for this category. It also offers 5 Reward Points per ₹100 on eligible online spends, again capped at 2,000 Reward Points per month, and 1 Reward Point per ₹100 on other spends, including Scan and Pay, capped at 2,000 Reward Points per month.
However, utility and insurance spends made outside the PhonePe platform earn only the base reward rate of 1 Reward Point per ₹100, limited to 500 Reward Points per month.
Utility Bills, Insurance, and More
One of the biggest strengths of the PhonePe Select Black Credit Card lies in its rewards on recharges, utility bill payments, and insurance premiums. These categories are usually excluded from rewards by most credit cards, but with the PhonePe Select Black, you earn 10 Reward Points per ₹100 (10% back) on eligible transactions made via PhonePe.
This makes it a major advantage for the premium PhonePe Select Black Credit Card, especially since the SBI Cashback Credit Card does not provide any rewards on categories like utility bills or insurance.
Airport Lounge Access
While the SBI Cashback Credit Card does not offer airport lounge access, the all-new PhonePe Select Black Credit Card comes with four complimentary domestic lounge visits each year. This benefit is highly valued by many cardholders, especially since most issuers now tie lounge access to minimum spend requirements, whereas SBI Card provides it completely free.
Bottom Line
While the SBI Cashback Card remains an excellent choice for those who prioritize straightforward cashback on online spends, the PhonePe SBI Select Black Credit Card stands out for the wide range of features it offers. From recharges and bill payments to insurance and more, the card delivers a flat 10% cashback on eligible PhonePe transactions.
Although the cashback limits per category are lower than the overall cap of the SBI Cashback Card, the Select Black proves more rewarding in practice since it covers everyday expenses that most other cards do not. In simple terms:
- If your focus is high-value online shopping, the SBI Cashback Card fits the bill.
- If your goal is to maximize rewards on routine spends like bills, insurance, travel, and more, the SBI PhonePe Select Black Credit Card is the better choice.
Overall, we recommend the SBI PhonePe Select Black Credit Card for its diverse reward structure and additional perks, most notably, complimentary airport lounge access. Another major win for the PhonePe SBI Select Black Credit Card is that it is available on the RuPay network, meaning easy payments via UPI.