Paytm SBI SELECT credit card is the latest launch from Paytm in the co-branded credit cards segment. It is the higher variant of the two Paytm co-branded credit cards in partnership with SBI Card. offers better rewards with milestone benefits over the base variant. We also get complimentary airport lounge access that is missing in the base variant. Here is a review of the Paytm SBI SELECT credit card with its rewards and benefits.
Fees
| Joining Fee | Rs 1499+GST ~Rs 1769 |
| Welcome Benefit | Paytm First Membership Rs 750 cashback in Paytm wallet |
| Annual Fee | Rs 1499+GST ~Rs 1769 |
| Annual Fee Waiver | On Rs 2 Lakh spend in a year |
| Renewal Benefit | None |
Cashback
| Spend Category | Cashback |
|---|---|
| Mall, Movies & Travel on Paytm | 5% |
| Other Paytm Spends | 2% |
| All other spends | 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 SELECT credit card:
- Wallet Spends
- Fuel Spends
Paytm SBI SELECT Credit Card Milestone Benefit
Unlike the Paytm SBI credit card, the upper SELECT variant does not get complimentary Paytm First membership on renewal. But, we have other milestone benefits.
- Rs 2000 Gift Voucher on retail spends of Rs 4 Lakh in a membership year
- Rs 4000 Gift Voucher on retail spends of Rs 6 Lakh in a membership year
- Gift Voucher Options: Hush Puppies/Bata or Pantaloons
Paytm First Membership Benefits
Paytm First is a membership program that offers extra benefits and rewards on the Paytm app. The membership we get with the Paytm SBI SELECT credit card has different benefits from the regular Paytm First membership that we can purchase. Below are some of the good benefits that are missing. So, the welcome benefit on this card is as good as none!
- 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
Cashback Redemption
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.
Complimentary Airport Lounge Access
- Domestic Airport Lounge Access: 1 complimentary visit per calendar quartter to airport lounges in India with Visa. Check this list of airport lounges eligible for access.
- International Airport Lounge Access: No complimentary visits. Do not use the Priority Pass issued with the Paytm SBI SELECT credit card or you would be charged.
Pros and Cons
Pros
- 1% cashback on non Paytm spends
- Paytm First membership as welcome benefit is useful
- Automatic cashback redemption
- Milestone benefits on higher spends
- Complimentary airport lounge access in India
Cons
- No annual fee waiver criteria
- No renewal benefit for paying annual fee
- No complimentary airport lounge access outside India
Other Key Benefits and Charges
- Fuel Surcharge Waiver: 1% waiver on all transactions between Rs 500 to Rs 4000. Maximum surcharge waiver of Rs 250 per statement cycle.
- Forex Markup: 3.5%+GST ~4.1%
- Interest Charges: 3.5% per month
Final Thoughts
The Paytm SBI SELECT credit card does not offer great rewards or benefits for an annual fee of Rs 1499. The rewards are average if compared to other credit cards in the same segment. We get just 1% cashback on non Paytm spends. For these spends, we are better off using other cashback credit cards like Axis Ace, Flipkart Axis or SBI Cashback. All of these have a lesser annual fee too.
There are other issues as well. We don’t have any spend based annual fee waiver on this card. So, there is no reason to spend on this card when we have low rewards and not even an annual fee waiver. So, we would not recommend getting the Paytm SBI SELECT credit card and look at other alternatives.
Frequently Asked Questions
Paytm SBI SELECT Credit Card
7 thoughts on “Paytm SBI SELECT Credit Card Review”
Paytm first offered is different
No ott no cash back
This card is also available on RuPay.
Both SBI Paytm Credit Card launched on RuPay variant.
Thanks Abhishek. This is updated now.
Annual fee waiver is at 2,00,000/- P.A for select variant.
Thanks! We had missed the fine print on the product page. It is updated now.
What is even the point of this card. For a hefty fee, it really offers nothing. The card should at least have had continuous Paytm First membership, and provide rewards on Paytm wallet loads and do away with transaction charges for the same, and should have a waver at most at 100000. Even the lounge access is domestic only and is just the 1 per quarter. Pedestrian and utterly pointless, I must say!
Post updated. The fee waiver is at Rs 2 Lakhs. But yes, difficult to spend that much with this reward rate.