Paytm SBI Credit Card - Features, Benefits, Fees & More (2024)
Introduction to Paytm SBI Credit Card
The Paytm SBI Credit Card is a co-branded credit card launched in collaboration between State Bank of India (SBI) and Paytm, India's leading digital payments platform. This card is designed specifically for Paytm users and online shoppers, offering attractive rewards on Paytm transactions, utility bill payments, and other everyday spends. With no joining fee and easy eligibility criteria, it's an excellent choice for millennials and frequent online shoppers looking to maximize their rewards on digital transactions.
Paytm SBI Credit Card - Key Details
| Card Issuer | State Bank of India (SBI) |
|---|---|
| Co-branded Partner | Paytm |
| Joining Fee | Nil (Free for first year) |
| Renewal Fee | ₹499 + GST (Waived on spending ₹50,000 in previous year) |
| Card Category | Co-branded, Cashback & Rewards |
| Reward Rate | 5% cashback on Paytm transactions, 1% on other spends |
| Airport Lounge Access | No |
| Railway Lounge Access | No |
Detailed Overview of Paytm SBI Credit Card
The Paytm SBI Credit Card is designed to reward digital transactions and online shopping. Here are the comprehensive details:
- Card Type: Visa/Mastercard (as assigned by SBI)
- Interest Rate: 3.35% per month (40.2% per annum)
- Fuel Surcharge Waiver: 1% waived at all fuel stations (terms apply)
- Cash Withdrawal Limit: Up to 20% of credit limit (subject to charges)
- Minimum Due Amount: 5% of total outstanding or ₹200, whichever is higher
- Billing Cycle: 20-25 days (varies based on statement date)
- Grace Period: 20-25 days interest-free period
Features & Benefits
- 5% Cashback: On all Paytm transactions including wallet recharge, bill payments, and Paytm Mall purchases
- 1% Unlimited Cashback: On all other spends anywhere in the world
- No Joining Fee: Zero joining fee for first year
- Renewal Fee Waiver: Annual fee waived on spending ₹50,000 in previous year
- Contactless Payments: Tap-and-pay feature for faster transactions
- Easy EMI Conversion: Convert big purchases into EMIs
- Fuel Surcharge Waiver: 1% waiver at all fuel stations across India
- Complimentary Insurance: Air accident cover up to ₹1 crore
Rewards & Cashback Structure
The Paytm SBI Credit Card offers one of the best reward structures for Paytm users:
| Spend Category | Cashback | Capping |
|---|---|---|
| Paytm Wallet Recharge | 5% | ₹500 per month |
| Paytm Bill Payments (Mobile, DTH, Electricity) | 5% | ₹500 per month |
| Paytm Mall Purchases | 5% | ₹500 per month |
| All Other Spends | 1% | No limit |
Note: Cashback is credited to your card account within 30 days from transaction date.
Fees & Charges
| Fee Type | Amount |
|---|---|
| Joining Fee | ₹0 (First Year Free) |
| Annual Fee | ₹499 + GST (from second year) |
| Cash Advance Fee | 2.5% of transaction amount (min ₹300) |
| Late Payment Fee | ₹400 + GST |
| Overlimit Fee | 2.5% of overlimit amount (max ₹500) |
| Foreign Currency Markup | 3.5% of transaction amount |
Eligibility Criteria
To apply for Paytm SBI Credit Card, you need to meet these basic requirements:
- Age: 21-60 years
- Income: Minimum ₹15,000 per month (for salaried individuals)
- Credit Score: 750 or above recommended
- Employment: Salaried or self-employed with regular income
- Residence: Indian resident with valid address proof
- Existing Relationship: Not mandatory but SBI account holders may get preference
Documents Required
You'll need these documents to apply for Paytm SBI Credit Card:
- Identity Proof: PAN Card (mandatory), Aadhaar Card, Passport, or Driving License
- Address Proof: Aadhaar Card, Passport, Utility Bill (not older than 3 months)
- Income Proof:
- Salaried: Latest 3 months salary slips or Form 16
- Self-employed: ITR for last 2 years with computation of income
- Bank Statements: Last 6 months bank statements (for self-employed)
How to Apply for Paytm SBI Credit Card
Follow these simple steps to apply for your Paytm SBI Credit Card:
- Visit the official SBI Card website or Paytm app
- Navigate to the Paytm SBI Credit Card section
- Click on 'Apply Now' button
- Fill in your personal, contact and employment details
- Upload required documents (PAN, Aadhaar, Income proof)
- Complete the video KYC process when prompted
- Submit the application and note the reference number
- Wait for approval (typically takes 7-10 working days)
- Upon approval, your card will be dispatched to your registered address
Tip: Existing Paytm users with good transaction history may get instant approval.
How to Maximize Benefits from Paytm SBI Credit Card
To get the most out of your Paytm SBI Credit Card, follow these usage tips:
- Paytm Transactions: Use the card for all Paytm wallet recharges, bill payments and Paytm Mall purchases to get 5% cashback
- Utility Bills: Pay electricity, gas, water, DTH and mobile bills through Paytm to earn rewards
- Online Shopping: Use the card directly on other e-commerce sites to get 1% cashback on all purchases
- Monthly Spends: Plan your monthly spends to reach ₹50,000 annually to get renewal fee waiver
- Fuel Purchases: Use at fuel stations to get 1% surcharge waiver (minimum transaction ₹500)
- EMI Conversion: Convert big ticket purchases into no-cost EMIs when available
- Timely Payments: Always pay your bills on time to avoid late fees and interest charges
Similar Credit Cards from Other Banks
Here are some similar co-branded credit cards you might consider:
| Card Name | Bank | Key Features |
|---|---|---|
| Amazon Pay ICICI Credit Card | ICICI Bank | 5% cashback on Amazon, 2% on other online spends |
| Flipkart Axis Bank Credit Card | Axis Bank | 5% cashback on Flipkart, 1.5% on other spends |
| Myntra Kotak Credit Card | Kotak Mahindra | 5% rewards on Myntra, 1.5% on other spends |
| HDFC Millennia Credit Card | HDFC Bank | 5% cashback on Amazon, Flipkart, etc. (selected merchants) |
Official Links & Application
For authentic information and to apply for Paytm SBI Credit Card, visit these official resources:
- Official Card Page on SBI Card Website
- How to Apply Guide
- Terms & Conditions
- Paytm SBI Card Application via Paytm
Paytm SBI Credit Card - Our Review
Rating: 4.2/5
The Paytm SBI Credit Card is an excellent choice for frequent Paytm users and online shoppers. Here's our detailed assessment:
Pros:
- Best-in-class 5% cashback on Paytm transactions
- No joining fee makes it risk-free to try
- Easy eligibility criteria compared to other SBI cards
- Good acceptance as it's a Visa/Mastercard network card
- Simple cashback structure without complex reward points system
Cons:
- Cashback capped at ₹500 per month across Paytm categories
- No lounge access benefits
- High interest rates if you revolve credit
- Annual fee from second year unless you spend ₹50,000
Verdict: If you're a regular Paytm user who frequently recharges wallet, pays bills or shops on Paytm Mall, this card is a must-have. The 5% cashback effectively gives you discounts on all Paytm transactions. However, if you don't use Paytm much, other cashback cards might be better suited.
Disclaimer
Important: The information provided here about Paytm SBI Credit Card is for general informational purposes only. While we strive to keep the information accurate and up-to-date, we make no representations or warranties of any kind about the completeness or reliability of this information. This is not the official website of SBI Card. For exact terms, conditions and current offers, please always refer to the official SBI Card website. Card features, benefits and fees are subject to change by the issuer without prior notice. Credit card approval is at the sole discretion of SBI Card based on their eligibility criteria.
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