Paytm SBI credit card is the latest launch from Paytm in the co-branded credit cards market. It is one of the two credit cards in partnership with SBI Card with the upper variant being Paytm SBI Card Select. With UPI on Rupay, the Rupay variant of the Paytm SBI credit card will see some good adoption on the Paytm app. Here is a review of the Paytm SBI credit card with its rewards & benefits.
Fees and Charges
|Joining Fee||Rs 499+GST|
|Welcome Benefit||Paytm First Membership|
|Annual Fee||Rs 499+GST|
|Annual Fee Waiver||None|
|Mall, Movies & Travel on Paytm||3%|
|Other Paytm Spends||2%|
|All other spends||1%|
|UPI Spends (Only Rupay variant)||1%|
While the credit card offers cashback, it is not available to redeem as statement credit. The percentage cashback is auto-redeemed as Paytm Gift Vouchers.
Excluded Transactions for Rewards
Below transactions will not get any rewards on the Paytm SBI credit card:
- Wallet Spends – Yes, the Paytm SBI credit card does not get any rewards on wallet load even though this is a Paytm co-branded card!
- Fuel Spends
The Paytm First membership is renewed on achieving retail spends of Rs 1 Lakh during the membership year.
Paytm First Membership Benefits
Paytm First is a membership program that offers extra benefits and rewards on the Paytm app. Below are the key benefits:
- Rs 30 cashback on adding minimum Rs 500 to Paytm wallet. This is valid for 6 months. Net benefit of Rs 180.
- 1000 cashback points each on 5 eligible UPI transactions in a month. Net benefit of Rs 50 per month or Rs 600 per year.
- 6 months SonyLIV premium subscription
- 6 months ZEE5 premium subscription
The cashback is not available for statement credit. It is automatically redeemed as Paytm gift voucher balance in multiples of Rs 100 and linked to the cardholders Paytm wallet.
Paytm Gift Voucher can be used for any transaction done on Paytm App including recharges
& bill payments, online shopping and for payment at stores.
Pros and Cons
- 1% cashback on non Paytm spends
- Paytm First membership as welcome benefit is useful
- Automatic cashback redemption
- No annual fee waiver criteria
- No renewal benefit unless we spend Rs 1 Lakh in a membership year
- No complimentary airport lounge access
Other Key Benefits and Charges
- Fuel Surcharge Waiver: 1% fuel surcharge waiver for fuel transactions between Rs 500 and Rs 3000. Maximum waiver of Rs 100 per statement cycle.
- Forex Markup Charges: 3.50%+GST ~4.13%
- Finance Charges: 3.5% per month or 42% annually
The Paytm SBI credit card is your basic entry-level credit card. With 1% to 3% cashback on spends, we are better off using other cashback credit cards like Axis Ace, Flipkart Axis or SBI Cashback. There are other issues as well. We don’t have any spend based annual fee waiver on this card. This is something that is essential for entry-level credit cards.
But, with the launch of a Rupay variant this becomes another option for UPI payments. While it is not confirmed yet, the cashback rate for UPI payments will probably be 1%. So if you cannot get the Tata Neu Infinity credit card, the Paytm SBI credit card is another option. But again Tata Neu Infinity is Lifetime Free but the Paytm SBI credit card charges an annual fee.
Frequently Asked Questions
Paytm SBI Credit Card