Introduction
In the era of digital transactions and cashless payments, credit cards have become an integral part of our lives. With numerous options available in the market, choosing the right credit card can be a daunting task. Today, we bring you an in-depth review of the Paytm SBI Credit Card Select, a collaboration between Paytm and State Bank of India (SBI). Let’s dive in and explore the features, benefits, and overall value proposition of this card.
Stellar Rewards Program
One of the standout features of the Paytm SBI Credit Card Select is its rewarding loyalty program. Cardholders earn Paytm First Points on every transaction, both online and offline. These points can be redeemed for a range of options such as movie tickets, flight bookings, mobile recharges, and Paytm merchandise. The accelerated rewards on spending in certain categories make it an attractive proposition for frequent shoppers.
| Movie & Dining | NA |
| Reward Redemption | NA |
| Golf | NA |
| International Lounge Access | Complimentary Priority Pass worth US $99 for 2 years of cardholder membership under the International Lounge Program. |
| Zero Liability Protection | NA |
| Rewards Rate | 5% cashback on Paytm Mall, Movies, Travel. 2% cashback on all other purchases on Paytm App. 1% cashback on other online and offline spends. |
| Travel | Complimentary Domestic Airport Lounge access and Priority Pass worth US $99. |
| Domestic Lounge Access | Complimentary Domestic Airport Lounge access 4 times in a year, capped to 1 visit per quarter. |
| Insurance Benefits | Your credit card is protected by Cyber Fraud Insurance Cover worth Rs 2 Lacs which covers financial loss due to fraudulent usage of your credit card by someone else. |
Exclusive Benefits for Paytm Users
The collaboration between Paytm and SBI brings forth a host of exclusive benefits for Paytm users. Paytm SBI Credit Card Select holders can enjoy special discounts, cashbacks, and offers while transacting on the Paytm platform. This synergy creates a unique value proposition, especially for those who frequently utilize the Paytm ecosystem for their payments and shopping needs.
Global Acceptance and Travel Perks:
The Paytm SBI Credit Card Select is accepted worldwide, making it an ideal companion for frequent travelers. Cardholders can enjoy attractive benefits such as complimentary lounge access, travel insurance coverage, and attractive foreign currency mark-up rates. Additionally, the card offers exciting discounts and deals on hotel bookings, flight tickets, and travel packages through its partner network.
Paytm SBI Credit Card Select Welcome Benefits
- With Paytm SBI credit card Select, you get a complimentary Paytm First Membership provided on card activation as a welcome offer. The card would get activated after a successful retail transaction. Under the Paytm First Membership, you would get a host of privileges and offers (of Up to Rs 75,000) on Food, Travel, Fashion, Entertainment, etc.
- The cardholder would receive a welcome cashback of Rs 750 in his or her Paytm wallet upon successful activation of the credit card.
Paytm SBI Credit Card Select Rewards
Paytm SBI credit card Select allows you to earn extra cashback besides the welcome cashback. You can earn cashback as per the following guidelines:
| Cashback on Paytm Mall, Movies, Travel | 5% |
| Cashback on all other purchases on Paytm App | 2% |
| Cashback on other online and offline spends. | 1% |
Benefits
Contactless Payments and Digital Convenience:
With the increasing preference for contactless payments, the Paytm SBI Credit Card Select comes equipped with NFC (Near Field Communication) technology. This allows users to make swift and secure payments by simply tapping the card at NFC-enabled payment terminals. Moreover, the Paytm app integration enables seamless management of the card, including bill payments, transaction history, and reward redemption, enhancing the overall convenience and user experience.
Milestone Benefits
- Complimentary Paytm First membership voucher at renewal on achieving annual spending milestone of Rs 1 lac.
- Earn Milestone E-Gift vouchers of Bata/ Hush Puppies and Pantaloons on achieving the Annual spends milestone.
With Paytm SBI credit card Select you to get the following Milestone benefits-
| Milestone Achieved in a year (Rs.) | Rewards |
| 1,00,000 | Complimentary Paytm First Membership on Renewal |
| 4,00,000 | Rs. 2000 E-Gift Vouchers of Bata/ Hush Puppies and Pantaloons |
| 6,00,000 | Rs. 4000 E-Gift Vouchers of Bata/ Hush Puppies and Pantaloon |
Insurance Benefits
Paytm SBI credit card Select is protected by Cyber Fraud Insurance Cover worth Rs 2 Lacs which covers financial loss due to fraudulent usage of your credit card. It strictly excludes Lost Card Liability and protection against counterfeit cards and online frauds.
Comprehensive Security Features
In an era where data security is paramount, the Paytm SBI Credit Card Select prioritizes the safety of its users. The card is embedded with EMV chip technology, which provides an additional layer of security to protect against fraudulent transactions. Furthermore, users can avail themselves of the “SafeKey” feature, which provides an extra level of authentication during online transactions, ensuring peace of mind while shopping online.
Cyber Fraud Insurance
Paytm SBI Card SELECT provides an extra layer of protection against cyber fraud with an exclusive Cyber Fraud Insurance cover of Rs. 2,00,000. This is an added advantage on this card as other co-branded cashback cards do not come with this feature. Here are the details:
- Prevents you from any kind of misuse/abuse of his or her credit card
- Insured by ICICI Lombard General Insurance Company Ltd.
- Gross Negligence is not covered
- Any claim due to deliberate breach of the law would not be payable
- Claims should be reported within 45 days from the fraud transaction date
- Only chip & pin-based cards are covered under this policy
Who is eligible to apply for Paytm SBI Card SELECT Credit Card?
| Age | 21 years |
| Minimum Income | Communicated at the time of application |
| Occupation | Available to both salaried and self-employed individuals |
| Documents | Proof of Identity- Aadhar Card, PAN Card (Form 16 in case you don’t have a PAN Card), Driving License, Voter ID Card. Proof of Address- Aadhar Card, Driving License, Voter ID Card, Passport, Utility bills on the name of the person who wants to issue the SBI credit card. Proof of Income- Salary slips for the last three months (In case the person issuing the card is salaried) or Bank Statement for the last three months. You can also submit ITR or Form 16 as proof. |
You should match the above criteria.
Fees and Charges
| Particulars | Charges |
| Joining Fee | Rs.1,499 |
| Annual Fee | Rs.1,499 |
| Add on Card – Joining & Annual Fee | NIL |
| Cash Advance Limit | Up to 80% of the credit limit | Maximum Rs. 12,000 per day |
| Finance Charges | Up to Rs. 25 or 3.35% per month, whichever is higher |
| Cash Advance Fee | 2.5% of the transaction amount (subject to a min. of Rs. 500) |
| Late Payment Fee | Up to Rs. 500: NIL Rs. 500 – Rs. 1000: Rs. 400 Rs. 1001 – Rs. 10,000: Rs. 750 Rs. 10,001 – Rs. 25,000: Rs. 950 Rs. 25,001 – Rs. 50,000: Rs. 1,100 Rs. 50,001 and above: Rs. 1,300 |
| Over-limit Penalty | 2.5% of the over-limit amount (Minimum Rs. 500) |
| Foreign Currency Transaction Fee | 3.5% of the transaction value |
| Card Replacement Fee | Rs. 100 |
| Railway Ticket Charges | Rs. 30 + 2.5% of the transaction amount |
Conclusion
The Paytm SBI Credit Card Select is a game changer in the realm of digital payments, offering a range of benefits and features that cater to the evolving needs of consumers. With its rewarding loyalty program, exclusive Paytm benefits, contactless payment capabilities, global acceptance, travel perks, and robust security features, this credit card presents a compelling proposition for both Paytm users and those seeking a versatile credit card option.
FAQs
Are all kinds of transactions rewarded with 5% cashback?
No, all travel, movies and mall purchases through Paytm App are eligible for 5% cashback, all other purchases through Paytm App are eligible for 2% cashback, and other spends will get 1% cashback.
Which transactions can I convert into EMI?
Transactions that are over Rs. 2,500 can be converted into EMI post-purchase.
Can I make utility bill payments via Paytm SBI Card SELECT?
Yes, you can pay your electricity, telephone, mobile and other utility bills using the Easy Bill Pay facility on your Paytm SBI Card SELECT. You can also pay the bills directly through Paytm App and get cashback for the same.
I have Indian citizenship but I travel a lot overseas, can I still apply for this credit card?
Yes, as long as you are a resident of India you may apply for this credit card.
How much time will it take for me to get my Paytm SBI Credit Card?
- Once your application for the card has been approved and your documents have been verified, you will get the card within 7 business days.
What is the minimum age I should reach in order to be able to apply for a Paytm SBI Card SELECT?
You should reach the age of 21 years to be able to apply for the Paytm SBI Card SELECT.
Can I have Add-on card for my family member?
Yes, you can have Add-On card for spouse, children, parents, or siblings having age 18 years or above.
What is the minimum salary for Paytm SBI credit card?
Paytm SBI Credit Card Eligibility Criteria and Documentation
The applicant must be at least 21 years old. The applicant must be either salaried or self-employed. The applicant must have a minimum annual income of ₹1 Lakh.
What is the limit of Paytm SBI credit card?
The credit limit for Paytm SBI Card is defined by SBI Card basis its internal policies. The assigned limit could range from Rs. 10,000 to Rs. 10 lakh
Does the Paytm SBI SELECT credit card offer an annual fee waiver on spends?
No, there is no annual fee waiver on the Paytm SBI credit card.
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