SBI

PhonePe SBI SELECT BLACK Credit Card

Good fit when rewards, fees, and forex fit your spend pattern.

Should you get this?

Conditional fit

Confirm terms with the issuer

Why this card

  • Published base rewards of 1 pt / ₹100.
  • Published lounge access: 1 domestic (1 per quarter) + 4 intl (4 per year).
Issuer evidence · 3 sources →

Trade-off

The annual fee (₹1,499) is waived only when eligible annual spend exceeds ₹3,00,000.

Card fees ₹499 to join From year 2 · ₹1,499 / year
Rewards 1 pt / ₹100
Lounge access 1 domestic (1 per quarter) + 4 intl (4 per year)
Forex markup 3.5% high
Compare with Axis Bank IndiGo →

Similar tier comparison

What it costs to get, and to keep

Joining vs renewal

First year

₹499joining fee

From year 2

₹1,499renewal fee

Waived above ₹3,00,000 eligible annual spend

Rewards

Earning rules

Detail · from the summary above
ScopeRateEligibilityLimit
General spend1 pt / ₹100Credited as reward points · additional conditions apply — not fully modelled—
PhonePe (domestic)10 pts / ₹100Credited as reward points · app only · additional conditions apply — not fully modelled1,500 points per month; at 10 pts / ₹100, this lane reaches the cap at ₹15,000 of eligible spend
Online shopping5 pts / ₹100Credited as reward points · online only · additional conditions apply — not fully modelled1,000 points per month; at 5 pts / ₹100, this lane reaches the cap at ₹20,000 of eligible spend

How to avoid the annual fee

Spend threshold for waiver
Above ₹3L annual eligible spend required for the waiver

Annual fee is ₹1,499. The issuer doesn't publish a documented cash value for its reward points, so a reliable rewards break-even estimate can't be shown.

Reward reality — the earning-rate detail behind the numbers above

Reward reality

Conclusion · what you actually get

Eligible spend

1 points per ₹100 on eligible spend

Point value

Not published by issuer — varies by redemption

Caps

  • PhonePe (domestic)1,500 points per month
    Why?

    at 10 pts / ₹100, this lane reaches the cap at ₹15,000 of eligible spend

  • Online shopping1,000 points per month
    Why?

    at 5 pts / ₹100, this lane reaches the cap at ₹20,000 of eligible spend

View full earning rules →

No reward on

  • Education
  • Fuel
  • Insurance premiums
  • Utility spends outside the eligible platform / app
  • +4 more
See earning rules →

Realisation

Credited as reward points

Costs & fees

Spending requirements

Spend gates · caps · milestone thresholds
RequirementAmountPeriodUnlocks
Annual fee waiver₹3,00,000yearAnnual fee waiver

Watch outs

Before choosing this card
  • Forex markup is 3.5%, so frequent international spends may be costly.

Estimated usage

Example usage at this monthly spend

₹
  • At this monthly spend, you'd earn: Based on the standard earn rate (1 pt / ₹100). Up to ~500 pts/month if the entire spend qualifies. Excluded transactions and category rules earn less. Partner bonuses aren't included.
  • We can estimate the points earned, but not a verified ₹ value yet.
  • Fee waiver achievable at this spend
  • Forex cost ~₹1,750 per ₹50k international spend

Illustrative only, using current base rates and snapshot data.

Benefits & charges

Side-by-side facts
Benefits

Lounge Access

Domestic (cardholder)
1 per quarter — via RuPay lounge programme · verified 6 Jul 2026

Issuer documented · corroborating sources · verify issuer terms before applying

Where to verify
International (cardholder)
4 per year

Issuer documented · corroborating sources · verify issuer terms before applying

Where to verify
SBI Card lounge benefits PDF , opens external site

Rewards

Base earn
1 points per ₹100 value depends on redemption
Point validity
Points expire 2 years after earning
Fees & charges

Fees

Monthly interest rate
3.75% / month
Annual fee
₹1,499
Joining fee
₹499 · verified 4 Jul 2026
Fee waiver spend
Above ₹3,00,000 · verified 3 Sept 2026 Annual fee waived on eligible anniversary-year spend above ₹3,00,000.
Interest-free period
Up to 50 days · verified 7 Jul 2026

International Use

Forex markup
3.5%

Issuer documented · corroborating sources · verify issuer terms before applying

Where to verify
Product tier
Mid-tier

Travel & perks

Fuel Benefits

At the pump
  • 1% fuel surcharge waived on transactions ₹500–₹4,000.
  • Maximum waiver ₹250 per month.
  • Fuel transactions do not earn reward points.

Fine print & compare

Compare with similar cards

Similar tier · similar benefits
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Axis Bank IndiGo
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SBI Card PhonePe SBI SELECT BLACK
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SBI Card PhonePe SBI SELECT BLACK
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HDFC Bank Millennia
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SBI Card PhonePe SBI SELECT BLACK
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The fine print

Caps · exclusions · earning · redemption · last refresh

Caps & limits

  • PhonePe cap: 1,500 points per month; at 10 pts / ₹100, this lane reaches the cap at ₹15,000 of eligible spend.
  • Online cap: 1,000 points per month; at 5 pts / ₹100, this lane reaches the cap at ₹20,000 of eligible spend.
Exclusions: 8

These spends do not earn reward points.

Payments

  • Education

Financial

  • Fuel
  • Insurance premiums

Utilities

  • Utility spends outside the eligible platform / app

Other

  • Toll and bridge excluded from earn (SBI SELECT BLACK revision effecti…
  • Gifts and souvenir purchases excluded from earn (SELECT BLACK, from 1…
  • Jewellery purchases excluded from earn
  • UPI made outside the PhonePe app excluded from earn (from 1-Jul-2026)

Latest update

  • Annual fee: ₹1,499.
  • Forex markup currently listed at 3.5%.
  • 1 per quarter domestic lounge · 4 per year international.

Common questions

From verified card facts

Is this good for lounge access?

1 per quarter domestic + 4 per year international. Check current spend criteria, guest rules, visit caps, and airport acceptance before relying on it.

Is this good for international spends?

Forex markup is 3.5%, so frequent international spends may be costly.

Is the annual fee easy to recover?

Fee waiver applies above ₹3,00,000 annual spend. Verify eligible spend exclusions before counting on it.

When do welcome benefits arrive?

Legacy data contains a possible welcome-benefit signal, but the benefit item, qualification, and fulfilment are not verified. Check the issuer welcome email, MITC, and current offer page before relying on it.

Is this the PhonePe SBI Select Black card or SBI Elite?

This page covers the PhonePe SBI Select Black card, the RuPay co-brand from SBI Card and PhonePe — not the SBI Elite or other SBI premium cards sometimes called "Black" in search.

Learn

Learn more

Guides matched to this card — not a random syllabus.

All guides →
Last refreshed 4 Sept 2026 moneymatters.cards Change look saved in this browser only
Important

Data compiled from issuer and public information. Details may change — verify with issuer. Reference data, not financial advice.

Money Matters is an independent comparison and information service. It is not affiliated with, sponsored by, or endorsed by any bank or card issuer. Card and issuer names are trademarks of their respective owners and are used here only to identify the products being compared.