DEVALUED: SBI PhonePe Select Black Credit Card

Added: 2026-06-02

[00:00:00]Well done SBI. Well done. You launched the Phone Pay SB Select Black Ride card with much fanfare in July 2025 and before it could even turn one year old, you already killed the rewards. Here is what all is changing from 1st of July 2026. Phone pay insurance rewards earlier capped at 20,000 of spend per month earning you at the rate 10% maximum of 2,000 reward points now has been split into two different caps.

[00:00:23]insurance via phone pay only 5,000 rupees of spend will be rewarded which means maximum of 500 reward points and other phone pay spends like recharges bills and travels now only 15,000 rupees of spend will be rewarded earning you maximum 1,500 reward points per month online spends which were giving you 5% reward like Amazon Swiggy Zumemetto Uber Myntra earlier 40,000 rupees of spend were rewarded every month earning you maximum 2,000 reward points now only 20,000 will be rewarded earning you maximum 1,000 reward points basically your online rewards just got halfed. If you're paying insurance outside of Phone Pay, now you're going to get zero rewards. You pay Scan and Pay on any other app rather than Phone Pay, zero rewards. Jewelry, zero rewards. Tolls, gifts, and souvenirs, zero rewards. And if you are somehow earning rewards on education fees, that is also going to stop because SBI has now added an extra MCC code to make sure that stops too.

[00:01:15]And now here is the best part. This is not a beginner level card. This card cost 1,500 plus GST every year. So you are paying an annual fees for a card whose rewards were cut before it even turned one year old. SBA just did not devalue a card. SBA devalued trust.

[00:01:31]Because now every time a new card launches with great rewards, people will ask just one question. For how long?