PhonePe SBI Card SELECT BLACK

Joining ₹1,499 · Annual ₹1,499 · Renewal fee reversed on ₹3,00,000 annual spends

Fee break-even: ≈₹1,49,900/yr through this card at its base rate. Below that, the fee eats the rewards.

Earns Reward Points · assumed 1 ₹/point. 1 RP = ₹1, and SBI's reward T&C for this card states plainly that no fee is charged on redemption. Points go either to statement credit or to vouchers from the SBI rewards catalogue at the same 1:1 rate, so the headline multipliers are true percentages. Unusual for SBI, whose other cards run 4 RP = ₹1. The real leak is not point value but the monthly caps. Points are forfeited after 13 consecutive months without a transaction, 30 days after voluntary closure, and if two consecutive payments are missed.

Verified 10 Aug 2026

Forex markup3.5%

GolfNone

ConciergeNone

EMINil on 3 months, then ₹45 at 6, ₹69 at 9, ₹89 at 12, ₹129 at 18 and ₹169 at 24 months, and only on purchases of ₹20,000 or more processing fee · A converted purchase stops earning rewards · The kindest fee structure here. There is nothing at all to pay on a 3 month plan, and the fee only bites once the purchase reaches ₹20,000. Minimum ₹2,500 to convert. Converting an already billed amount is a separate product costing 1% capped at ₹2,000. · SBI-wide, Flexipay and merchant-EMI conversions do not earn. Not itemised in this card's own reward table, so treat as very likely rather than confirmed

Fuel surcharge1% at all petrol pumps on transactions of ₹500 to ₹4,000 (excl. GST), max ₹250 per statement cycle. The fuel spend itself earns no reward points.

Domestic lounge4 a year. 1 complimentary domestic airport lounge visit per quarter. PhonePe's own card page states there is no spend requirement, which is unusual for SBI and worth more than the raw count suggests. Worth re-verifying, since SBI normally gates lounges on spend.

International loungeNo complimentary visits. The card bundles a Priority Pass MEMBERSHIP (fee waived, nominally worth US$99/yr) for the first 2 years. Every actual lounge visit is still charged at roughly US$32 per person. Treat the international lounge benefit as effectively absent.

Milestones

◆ Spend ₹5,00,000 per year → ₹5,000 Yatra travel e-voucher Worth ₹5,000

Return by category

Category	Return	Notes
Online spend	5%	1,000 RP per calendar month (≈₹20,000 of online spend) · 5 RP per ₹100 on online spends away from PhonePe. Accrual depends on the acquirer flagging the transaction as online. SBI disclaims liability when the flag is wrong.
Amazon	5%	Uses its online rate
Flipkart	5%	Uses its online rate
Subscriptions & OTT	5%	Uses its online rate
Offline spend	1%	Base rate
UPI spending	1%	Draws on the 2,000 RP/month 'other spends' pool. No separate UPI cap · RuPay variant only. 1 RP per ₹100 on Scan & Pay routed through the PhonePe app. Decisive change: w.e.f. 1 Jul 2026 any Scan & Pay or online UPI transaction made OUTSIDE PhonePe earns nothing whatsoever, so the UPI return only exists if PhonePe is your UPI app.
Dining	1%	Base rate
Swiggy	1%	Base rate
Zomato	1%	Base rate
Groceries	1%	Base rate
Quick commerce	1%	Base rate
Swiggy Instamart	1%	Base rate
Blinkit	1%	Base rate
BigBasket	1%	Base rate
Movies & shows	1%	Base rate
BookMyShow	1%	Base rate
PVR INOX	1%	Base rate
Fuel	0%	Any spend at petrol pumps / service stations (MCC 5172, 5541, 5542, 5983) earns no points
Travel (general)	10%	1,500 RP per calendar month, shared with recharges, utilities and bill payments · Only travel booked through the PhonePe app. Flights or hotels booked on any other site earn the 5% online rate instead, so this is not a general travel card.
Flights	10%	Uses its travel rate
Hotels	10%	Uses its travel rate
MakeMyTrip	10%	Uses its travel rate
IRCTC rail	10%	Uses its travel rate
International	−2.5%	1% reward − 3.5% forex markup
Utilities & bills	10%	1,500 RP per calendar month, shared with recharges, bill payments and travel booked in PhonePe (≈₹15,000 of combined PhonePe spend) · 10 RP per ₹100, but ONLY when paid inside the PhonePe app. The same bill paid on the biller's own site or any other app falls to the 5% online rate or the 1% base. Qualifying PhonePe categories are exactly: recharges, utilities, bill payments, insurance and travel. Nothing else on PhonePe earns 10X.
Rent	0%	Rent and property-management payments (MCC 6513) earn nothing
Education fees	0%	Schools and educational services (MCC 8211, 8220, 8241, 8244, 8249, 8299) earn nothing
Insurance premiums	10%	500 RP per calendar month. Its own separate and much smaller bucket (≈₹5,000 of premium) · 10 RP per ₹100 on insurance premiums paid via PhonePe. Since the 1 Jul 2026 revision insurance was carved out of the main PhonePe pool into this 500 RP bucket, so a single annual premium earns at 10% on only the first ₹5,000.
Government & tax	1%	Base rate
Wallet loads	0%	E-wallet loading (MCC 6540, 6541) earns nothing
Anything else	1%	Base rate
Jewellery	1%	Base rate

Rates are the card's own published rates, before any spend profile. Add this card inMy cards to rank it against the rest of your wallet.

Also worth knowing

Welcome benefit: ₹1,500 PhonePe e-gift voucher. Effectively 100% of the joining fee back. Released after the joining fee is realised (reported at 45 days by some sources, on first statement payment by PhonePe).
The figures here come from SBI's own current reward T&C PDF.
REALISTIC CEILING: the caps, not the rates, define this card. Maxed out every month it yields 1,500 + 500 + 1,000 + 2,000 = 5,000 RP = ₹5,000/month, ₹60,000/yr. But hitting that needs ₹15,000 of PhonePe bills, ₹5,000 of PhonePe insurance, ₹20,000 of other online spend and ₹2,00,000 of everything else each month. A realistic heavy user lands nearer ₹2,500 to 3,000/month.
Points are keyed to PhonePe's own MIDs/TIDs/VPAs per category, added by SBI on a best-effort basis and never applied retrospectively. New PhonePe billers can silently earn at the base rate for a while.
Accrual is on the posting/settlement date, not the transaction date, so a spend made late in a month can land in the next month's cap bucket.
SELECT BLACK's extra ₹1,000 fee is repaid by its ₹1,500 welcome voucher alone in year one.

Other exclusions

SBI-wide, Flexipay and merchant-EMI conversions do not earn. Not itemised in this card's own reward table, so treat as very likely rather than confirmed
Cash advances earn nothing

Sources

Every figure above comes from the issuer's own pages and documents. Last verified 10 Aug 2026.