SBI: SBI credit card users, please note, the bank has changed the rules of this credit card..

If you use a State Bank of India (SBI) credit card, there is an important update for you. Specifically, SBI has decided to revise the terms and conditions for its PhonePe SBI Card SELECT BLACK. Consequently, if you are a user of the PhonePe SBI Card SELECT BLACK, you must familiarize yourself with the new rules governing this credit card. These new credit card regulations are set to come into effect on July 1, 2026. Let's look at the details.

SBI Card has announced a significant devaluation of the PhonePe SBI Select Black Credit Card. Under these changes, caps have been introduced on PhonePe spends, and the maximum rewards attainable on online spends have been reduced.

**Capping on PhonePe Spends**
Currently, making utility, recharge, or insurance payments via PhonePe earns you 10 reward points for every ₹100 spent (equivalent to a 10% value-back), with a monthly cap of 2,000 reward points. Under the new rules, effective July 1, while the overall monthly limit remains at 2,000 points, it has now been bifurcated. You will be able to earn a maximum of only 500 reward points per month, specifically on insurance payments, while the remaining 1,500 reward points can be earned across other categories.

**Reduction in Maximum Rewards for Online Spends**
The monthly cap on the 5% reward points earned for online shopping with e-commerce merchants has been reduced from 2,000 reward points to 1,000 reward points per month.

**Benefits That Remain Unchanged**
You will continue to earn 1% reward points on other general online and offline spends. Additionally, the 1% fuel surcharge waiver will remain in effect. Furthermore, you will continue to receive complimentary access to domestic airport lounges four times a year—without any specific spending milestone requirements—along with a complimentary Priority Pass membership.

**On Which Spends Will Reward Points No Longer Be Earned?**

No Reward Points will be earned on spending in the following categories:
Toll and Bridge Payments
Purchase of Gifts/Souvenirs
Jewelry Purchases
School/College Fees
Utility Bill Payments made outside the PhonePe app
Insurance Payments made outside the PhonePe app
UPI Transactions made outside the PhonePe app

Charges for the PhonePe SBI Card Select Black
The annual fee for this card is ₹1,499.
The renewal fee (per annum) for this card is ₹1,499.

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