SBICard currently offers two compelling cashback credit cards in India: the SBI Cashback Credit Card and the PhonePe Select Black Credit Card. Both cards automatically credit eligible cashback to your account after the statement is generated, eliminating the need for complicated reward redemptions.
If you’re deciding between the two, the following comparison highlights their core differences and helps identify which suits your spending pattern best.
Comparison of Benefits
| Feature | SBI Cashback | PhonePe Select Black |
|---|---|---|
| Joining Fee | 999 INR + GST | 1,499 INR + GST |
| Annual Fee Waiver | 2 Lakhs (Annual Spend) |
3 Lakhs (Annual Spend) |
| Online Rewards | 5% cashback on online spends (upto 1L INR/m) |
5% cashback on online spends (upto 40,000 INR/m) |
| PhonePe Rewards | – | 10% cashback on PhonePe spends (upto 20,000 INR/m) |
| Offline Rewards | 1% cashback | 1% cashback |
| UPI Rewards | – | 1% cashback |
| Milestone Benefit | – | 5,000 INR voucher (on 5L annual spend) |
| Lounge Access (Domestic) |
No | Yes (1 per quarter, no spend condition) |
| Best For | Heavy online shoppers | Online + PhonePe + Utility bills + UPI spends |
| Network | Visa / Mastercard | RuPay (UPI-linked) |
| Apply | Apply Now | On PhonePe app |
The SBI Cashback Credit Card is particularly attractive for cardholders whose main spend is online shopping outside of PhonePe. Its flat 5% cashback—capped at a high monthly spend limit—makes it one of the most lucrative cashback cards for heavy online purchases.
By contrast, the PhonePe Select Black Credit Card is a more versatile option. It matches the 5% cashback on online transactions while also rewarding PhonePe spends, UPI transactions, utility payments, and offline spending. The standout feature is 10% cashback on PhonePe transactions, which benefits users who frequently use the PhonePe ecosystem.
An additional advantage of the PhonePe Select Black card is complimentary domestic lounge access once per quarter. SBI had previously offered similar access but discontinued it.
Keep in mind that PhonePe is rolling out the Select Black card in phases, and approval rates may be inconsistent while the program is still new. Some users may need to wait for the card to become available to them in the app.
In a Nutshell
Think of the PhonePe Select Black Credit Card as a hybrid between the SBI Cashback card and other lifestyle-focused cards. It combines generous online cashback with PhonePe-specific rewards, UPI-linked benefits via RuPay, and lifestyle perks like lounge access. For users deeply integrated with PhonePe and who use UPI frequently, it can deliver broader value across everyday spends.
If your priority is straightforward, high-value cashback on large online purchases, the SBI Cashback Credit Card remains one of the best options available. For more diversified rewards across platforms and transaction types, the PhonePe Select Black card is likely the better choice once it is available to you.