Cards / SBI Card

Joining fee

₹499

Annual fee

₹499

Waiver spend

₹1,00,000

Forex markup

3.5%

Fee waiver

Spend ₹1,00,000 in a card year and the next annual fee is waived.

That is about ₹8,333 a month.

Work out what you still need to spend

Recent changes

• 1 July 2026Worse for you

  The reward points programme is revised with lower caps and new exclusions, in line with the SELECT BLACK changes.

  Source

• 1 May 2026Worse for you

  Late payment charge becomes Rs 100 for dues of Rs 100 to 500 and Rs 500 for dues of Rs 500 to 1,000.

  Source

All card changes in 2026

Work it out for this card

How the app counts rewards

• 3 points per ₹100 on PhonePe recharges, bills, insurance and travel (up to 750 points a month, insurance up to 250)
• No points on utilities and insurance paid outside the PhonePe app
• 2 points per ₹100 on online spends (up to 750 points a month)
• 1 point per ₹100 on other spends (up to 1,000 points a month)

No rewards on education, fuel, rent, wallet loads.

Points

Reward Points, worth about ₹1 each on the usual redemption. Expire after 2 years.

Checked against the bank's terms. Banks change terms often, so check the latest terms before applying.

Taken from the bank's page. Rules data version 2026.10.04.

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