SBICard currently has two of the best cashback credit cards in India: SBI Cashback Credit Card and PhonePe Select Black Credit Card. Both cards credit the eligible cashback directly to your account after the statement is generated, making them easy to use without complicated reward redemption.
If you’re wondering which one to go for, here’s a detailed comparison.
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/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 ideal if your primary use case is online shopping outside of PhonePe. With a flat 5% cashback (capped at ₹1 lakh spend per month), it continues to be one of the most rewarding cashback cards in India.
On the other hand, the PhonePe Select Black Credit Card is a more well-rounded option. It not only gives 5% cashback on online transactions but also covers UPI, offline spends, and utility payments. The big plus is 10% cashback on PhonePe spends, making it extremely rewarding for users deeply integrated with the PhonePe ecosystem.
Another strong edge is complimentary domestic lounge access (1 per quarter), which SBI Cashback offered initially but then revoked recently.
Note that PhonePe card can as well be applied online here but the approval rate is low at the moment.
In a Nutshell
You can think of the PhonePe Select Black Credit Card as a blend of SBI Cashback and Tata Neu Infinity Credit Card, rolled into one. It gives the flexibility of UPI-linked spends (through RuPay), PhonePe-linked rewards, and lifestyle perks like lounge access.
The only drawback is that it’s a newly launched card, so approvals are still a bit inconsistent. PhonePe is also rolling out applications in batches, making it available only to select users on the app for now.
That said, if your goal is straightforward high-value cashback on large online spends, the SBI Cashback Credit Card (Apply here) remains as the king of cashback credit cards.
I have SBI Cash Back card. Should I convert to SBI Phonepe black credit card?
Does it give 10% card discount same as normal SBI card like sbiclick or sbisave or this card is not applicable just as sbi cashback card.
Yes it does, On both Amazon and Flipkart
If I am doing transactions like car insurance renewal via respective company portal. Then will I get 5% for phonepay sbi card or 1% since its outside phonepay.
You have mentioned that for phone pe select cashback on online spends is 5% upto 40K / month and phonepe spends is 10% upto 20K / month however the Sbi website mentions it as 2K / month for each category.
2K is the “cashback”, and what I mentioned is the “spend” required.
But nowhere in the article you have mentioned it and hence creating confusion. You can add upto 2K cashback / month if you also feel so.
I’m confused about the meaning of spends as regards to payment method beinh either possible as credit card or upi. As far as I understand, to get the 10% rewards every relevant online transaction whether on swiggy or phonepe has to be done as a credit card payment and not rupay UPI? I ask because for me phonepe automatically did all the upi integrations when I got the card but I manually had to add it as a credit card. Is it a ploy?
Also why does the rupay on upi aspect ping all my other bank upis and link them with itself?
Yes, you’re right. It’s slightly a complex product. And in reality, I’m getting only 5% instead of 10% on Phonepe Spends.
Hi Siddharth, I have cancelled my SBI Cashback card due to some reason. Now I tried couple of times and it got rejected. I have SBI Octane card. Is there way to get the SBI Cashback card again !? Thanks in advance.
Hi Siddharth, For entry level users, Which card would you suggest – Cashback card or Phonepe purple card, spends around 5 to 8k pm, also based on annual fee ?
Tata Neu Infinity card Provides 5% Cashback on Insurance Payments also.
What about these two cards?
Yes, PhonePe Black also offers 10% cashback on insurance, but there is a convenience fee on bill payments via Phonepe.
For example, when I checked Fastag recharge yesterday, the fee was around 2.3%. Even after that, you still get a net gain of about 7.7%, which is quite good.
Is it same for Insurance also.
Anyone Confirmed this?
What is the Monthly Cashback limit on Insurance?
hi siddharth, does sbi cashback credit card gives 5% cashback on income tax payment website for tax payments?
Or any idea which card still gives regular rewards on income tax payments (other than milestone benefits) ?
hdfc biz black is not for salaried person….
Million dollar question, how did you tackle infamous overleverage issue and got approved for phonepe black card? Heard somewhere, SBI approves the card only if you have max 9 cards.
To answer such million dollar questions is why I’ve the consultation service open for all. 😉
But as you’ve asked here, let me tell you. You’ll have to escalate to support head and hope, until you get the card. Took about a month for me, 2 rounds. As I already have other SBI CARDS, I requested to shift the credit limit instead of taking a fresh limit and hence keeping the bank’s policy in line with my happiness of getting a new card. 🙂
Someday, definitely will take consultation, not holding the premium cards right now. Thanks a lot for giving a hint. I will try to escalate beyond PNO.
Siddharth you missed one noteworthy point – Milestone Benefit.
SBI Black gives 5000 Rs. voucher on achieving 5 Lakh Milestone.
Updated, Thank you!
Does it make sense to go for this card if one already has the HDFC Neu Infiniti card?
For UPI, SBI Phonepe gives same rewards for UPI spends on all apps, while Tata Neu doesn’t.
Should we go for rupay or visa in order to get 5% cashback on upi. Whats the major benefit between rupay compared to visa. Also does it gives 10% off on both amazon and flipkart sales
I have SBI SimplyClick and have been using SBI cards for 6 years. What are the chances of getting approved for Cashback SBI? Will there be fresh KYC and all the prolonged SBI formalities?
These days after partnering with Delhivery, they can’t even get a renewal card delivered properly!
Approval is directly proportional to the exposure you’ve. If you’ve many cards/loans open, then it would be challenging, otherwise it’s usual sprint(read as “slow”) process.