Paytm launched Paytm SBI Card and Paytm SBI Card SELECT

By | November 3, 2020
Paytm SBI Card and Paytm SBI Card SELECT

Paytm today launched Paytm SBI Card and Paytm SBI Card SELECT  in collaboration with SBI Bank hosted on Visa Platform. Paytm is India’s largest digital payment company and the SBI card is the largest issuer of co-branded credit cards in India. Paytm SBI Card is the entry-level credit card, and Paytm SBI SELECT credit card is the premium credit card. We will see the details of both the credit card below.

Paytm SBI Card

Joining and Annual Fees

  • Joining Fees: Nil
  • Annual Fees: Rs.499+GST

Annual fees are waived off on annual retails spends of Rs.2,00,000/-. Annual Fees waiver condition is the same as Flipkart Axis Bank Credit card. However, there is a catch, and you need to have retail spends of Rs.2,00,000/- in the previous year, not total spends as another card promise. Even if your Total spends is more than 2 lakh, annual fees shall not be waived off. If retails spends is less than 2 lakhs.

Welcome benefits of Paytm SBI Card

  • Benefits: Complimentary Paytm First Membership Rs.750 
  • Condition: Do first settled transactions

It is evident from the above welcome benefits, Paytm has tried to justify the Annual fees with Paytm First Membership. Using membership, you can get a cashback of Rs.360(12*30) by adding cash in Paytm wallets. For more details of Paytm, First Membership, click here.

Paytm SBI Card rewards program

Paytm SBI Card comes with different types of rewards: Regular, Accelerated, and Milestone. Here’s everything about it below.

Regular Rewards

  • All Regular Spends: 1% cashback
  • Cashback will be credit in the statement.

The regular rewards are equal to Citi Bank Paytm First Credit Card, which also offers an unlimited 1% cashback on all spending.

Accelerated Rewards

  • 3 % Cashback: All spends on Travel, Movies, and Mall purchases through Paytm App
  • 2 % Cashback: All other purchases through Paytm App

This is an excellent value proposition for the entry-level segment and can be quite compared with Axis Bank ACE Credit Card. Paytm has tried to attract customers to use the App.

Milestone Rewards

  •  Complimentary Paytm First Membership E-Voucher
  • On renewal on achieving Annual Retail spend of Rs.1,00,000

Insurance benefits on Paytm SBI Card

  • Complimentary Cyber Fraud Insurance cover of Rs.1,00,000
  • You need to just report SBI within a reasonable time( 24 Hours.)

Fuel Surcharge waiver

  • 1% Fuel surcharge waiver
  • The transaction should be between Rs.500 to Rs.3000
  • Max Waiver Rs.250 per statement cycle per credit card account.

Paytm SBI Card SELECT

Joining and Annual Fees

  • Joining Fees: Nil
  • Annual Fees: Rs.1499+GST

Annual fees are waived off on annual retails spends of Rs.2,00,000.

Welcome benefits of Paytm SBI Card SELECT

  • Benefits: Complimentary Paytm First Membership Rs.750 
  • Cashback: Rs. 750
  • Condition: Do first settled transactions

Half of Annual is instantly waived off (Rs.750) and the remaining balance of Rs.740 will be compensated through Paytm First Membership Rs.750. Paytm is not generous in giving more welcome benefits.

Paytm SBI Card SELECT rewards program

Paytm SBI Card SELECT comes with different types of rewards: Regular, Accelerated, and Milestone. Here’s everything about it below.

Regular Rewards

  • All Regular Spends: 1% cashback
  • Cashback will be credit in the statement.

Accelerated Rewards

  • 5% Cashback: All spends on Travel, Movies, and Mall purchases through Paytm App
  • 2 % Cashback: All other purchases through Paytm App.

Milestone Rewards

  •  Spends Rs.4 lakh: Rs. 3000 Gift Card
  • Spends Rs.6 lakh : Rs. 4000 Gift Card

Milestone Rewards accelerated the overall rewards of Paytm SBI Card SELECT. The regular rewards rate 1% and after achieving milestones rewards the overall rewards increases to 1.75%. This card is still not good for the premium segment.

1. You will receive Milestone benefit related voucher within 60 days of card renewal date provided cardholder has achieved required Annual Retail spends

2.Cashback is not applicable for spends done for any wallet loads and fuel

Paytm SBI Card SELECT Lounge Access benefits

  • International Lounge Access: Complimentary Priority Pass for the t two years of cardholder membership.
  • Domestic lounge access: Complimentary 4 Domestic Lounge ( 1 per quarter)

Flipkart Axis Bank credit card also provides Domestics Lounge access benefits.

Insurance benefits

  • Complimentary Cyber Fraud Insurance cover of Rs.200,000
  • You need to just report SBI within a reasonable time( 24 Hours.)

Fuel Surcharge waiver

  • 1% Fuel surcharge waiver
  • The transaction should be between Rs.500 to Rs.3000
  • Max Waiver Rs.250 per statement cycle per credit card account.

How to get it?

Paytm Credit card is invite only till now, in the initial stage a limited number of users will be given exclusive access. You can join the waitlist by giving certain information in Paytm App.

Hack: Check credit score in Paytm App or Apply Paytm Postpaid. I think these users will be given first preference.

Bottomline

Overall it’s amazing credit for the Entry-level segment. Paytm already had Citi Bank Paytm first Credit card, which is quite good. However, after the launching of Paytm SBI Card and Paytm SBI Card SELECT Paytm First card become unattractive.

Speaking about the competition, Axis Bank ACE credit card is already dominating’s this segment. If you are not able to grab Axis Bank ACE credit card, then you can apply Paytm card.

What’s your thought on the newly launched Paytm SBI Card and Paytm SBI Card SELECT? Please feel to share your thoughts in the comment box below.

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Avatar for Dhiraj Jha
Author: Dhiraj Jha

I love to acquire, review, and earn reward points/cashback from Credit Cards for free traveling and enjoying luxury hotels. Helping people about the benefits and optimal utilization of credit cards.

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