Paytm SBI Credit Card: Cashback, Benefits- Apply Online

The Paytm SBI Credit Card, a co-branded offering by SBI Credit Cards and Paytm, was launched in partnership in November 2019. This credit card is specifically designed to cater to the digital-savvy user base of Paytm, India’s leading digital payments and financial services platform. 

The card aims to provide a seamless and rewarding experience for users who frequently engage in online shopping, travel bookings, and various other transactions through the Paytm ecosystem. By integrating the extensive reach and innovative services of Paytm with the robust financial products of SBI Cards, the Paytm SBI Credit Card offers a unique blend of benefits and convenience.

One of the standout features of the Paytm SBI Credit Card is its generous cashback program. Cardholders earn 3% cashback on every Rs. 100 spent on Paytm Mall, movies, and travel, 2% cashback on all other Paytm app purchases, and 1% cashback on all other online and offline transactions. 

Additionally, the card provides a complimentary Paytm First Membership upon activation, granting users access to exclusive benefits worth up to Rs. 25,000 annually. With a joining fee of Rs. 499 + GST and the same amount for annual renewal, the card is an attractive option for individuals seeking to maximise their rewards from everyday spending while enjoying the convenience and security of a digital-first credit card.

Feed and Charges

Fee/Charge	Details
Annual Fee	Rs. 499 + GST
Cash Advance Fee	2.5% of the amount withdrawn, minimum Rs. 500
Reward Redemption Fee	Rs. 99 for specific vouchers, gifts, and cash redemption
Foreign Currency Markup	3.5% of the transaction amount
Interest Rate	3.50% per month (42% per annum)
Fuel Surcharge Waiver	1% on transactions between Rs. 500 to Rs. 3000

Rewards and Benefits

Here’s the content formatted into a table:

Category	Details
Cashback	– 3% Cashback on Paytm Mall, movies, and travel. – 2% Cashback on other Paytm App purchases. – 1% Cashback on all other online and offline transactions.
Protection Cover	Rs. 1 lakh against fraudulent transactions reported within the defined period.
Renewal Benefit	Free Paytm First Membership voucher upon spending Rs. 1 lakh annually.
Reward Redemption	Redeem cashback against Paytm gift vouchers, with a minimum redemption value of Rs. 100.

Product Details

• Earn 3% cashback on Paytm Mall, movies, and travel purchases, 2% on other Paytm app transactions, and 1% on all other offline and online spending.
• Enjoy a complimentary Paytm First membership with benefits worth up to Rs. 25,000 annually.
• Receive a 1% waiver on fuel transactions between Rs. 500 and Rs. 3,000, capped at Rs. 100 per statement cycle.
• Get a cover of Rs. 1 lakh against fraudulent transactions reported promptly.
• A competitive interest rate of 3.50% per month (42% per annum) is applied to outstanding balances.
• Cashback can be redeemed against Paytm gift vouchers, with a nominal redemption fee of Rs. 99 for specific rewards.
• The card is widely accepted globally for transactions and ATM withdrawals, with a foreign currency markup of 3.5%.

Advantages and Disadvantages of Paytm SBI Credit Card

Advantages:

1. Integration with Paytm Ecosystem: Seamless integration with the Paytm app enhances convenience for managing transactions and cashback redemption.
2. Comprehensive Fraud Protection: Besides liability protection, SBI’s robust security measures offer peace of mind against unauthorised transactions.
3. Special Promotions: Periodic promotions and exclusive deals on Paytm app purchases can provide additional savings opportunities.
4. Flexibility in Reward Redemption: Ability to redeem cashback for a wide range of products and services within the Paytm ecosystem.
5. Potential for Annual Fee Waiver: Some users may qualify for an annual fee waiver based on their spending patterns and relationship with SBI Cards.

Disadvantages:

1. Cashback Restrictions: Cashback rates and categories may change over time, affecting the overall value proposition for cardholders.
2. Dependence on the Paytm App: Reliance on the Paytm app for earning and redeeming rewards may limit flexibility for users preferring other platforms.
3. Limited Offline Acceptance: While widely accepted online, offline acceptance may vary compared to traditional credit cards.

Paytm SBI Credit Card Benefits And Features

• Welcome Benefits: Enjoy a complimentary Paytm First membership worth Rs. 899 upon first transaction.
• Annual Fee: Rs. 499 + GST for joining and renewal, making it affordable for regular use.
• Fuel Surcharge Waiver: Avail a 1% waiver on fuel transactions between Rs. 500 and Rs. 3,000, capped at Rs. 100 per statement cycle.
• Global Acceptance: Widely accepted across international locations for transactions and withdrawals.
• Liability Protection: Receive up to Rs. 1 lakh cover against fraudulent transactions reported within specified timelines.
• Contactless Payments: Enjoy the convenience and security of contactless transactions for quick payments.
• Paytm First Membership: Access benefits worth up to Rs. 25,000 annually, including exclusive discounts, vouchers, and cashback on Paytm services.
• Additional Features: Enjoy flexibility in repayment options with interest-free credit periods and easy EMIs on large purchases.

Paytm SBI Credit Card Reward Offers

The Paytm SBI Credit Card offers a lucrative reward structure designed to maximise benefits for users across various spending categories:

1. Cashback Structure:
   • 3% Cashback: Earn 3% cashback on every Rs. 100 spent on Paytm Mall purchases, movie tickets, and travel bookings.
   • 2% Cashback: Get 2% cashback on all other purchases made through the Paytm app, including recharges, utility bill payments, and more.
   • 1% Cashback: Receive 1% cashback on all other offline and online transactions, enhancing rewards on everyday spending.
2. Reward Redemption:
   • Cashback earned can be conveniently redeemed against Paytm gift vouchers, ensuring flexible usage and value realisation for cardholders.
3. Global Acceptance:
   • The card is globally accepted, facilitating transactions and withdrawals internationally, with a 3.5% foreign currency markup.

Paytm SBI Credit Card Fees and Charges

• Cash Advance Fee: 2.5% of the amount withdrawn, minimum Rs. 500
  • Applicable when withdrawing cash using a credit card.
• Foreign Currency Markup: 3.5% of the transaction amount
  • Charged on transactions made in foreign currencies.
• Interest Rate: 3.50% per month (42% per annum)
  • Applied on outstanding balances if the full amount is not paid by the due date.
• Reward Redemption Fee: Rs. 99 for a specific voucher, gift, and cash redemption
  • Charged when redeeming cashback against Paytm gift vouchers.
• Fuel Surcharge: 1% fuel surcharge waiver on transactions between Rs. 500 and Rs. 3,000
  • Maximum waiver capped at Rs. 100 per statement cycle.
• Late Payment Charges: Vary based on the amount overdue:
  • Up to Rs. 500 for balances up to Rs. 1,000
  • Up to Rs. 750 for balances from Rs. 1,001 to Rs. 10,000
  • Up to Rs. 950 for balances above Rs. 10,000
• Overlimit Charges: 2.5% of the over-limit amount, subject to a minimum of Rs. 500
• Cash Payment Fee: Rs. 100 per payment at SBI branch counters

Welcome Benefits of Paytm SBI Credit Card

The Paytm SBI Credit Card offers attractive welcome benefits to new cardholders:

• Complimentary Paytm First Membership: Upon the first transaction, cardholders receive a complimentary Paytm First membership worth Rs. 899.
• Value of Paytm First Membership: Access benefits worth up to Rs. 25,000 annually, including exclusive discounts, vouchers, and cashback on Paytm services.
• Ease of Redemption: Membership benefits can be easily accessed and redeemed through the Paytm platform, enhancing overall user experience and value.

Reasons to Choose the Paytm SBI Credit Card

• Enhanced Security Features: Apart from standard security measures, SBI Cards implements advanced fraud detection systems and offers up to Rs. 1 lakh liability cover against unauthorised transactions, providing robust protection.
• Flexible Redemption Options: Beyond cashback, rewards can be redeemed for a variety of Paytm services, including utility bill payments, shopping vouchers, and more, providing flexibility in reward utilisation.
• Access to Paytm First Benefits: The Paytm First membership, provided complimentary with the card, offers not only discounts and cashback but also access to premium content, priority services, and exclusive events, enhancing lifestyle benefits.
• Customer Support: Benefit from dedicated customer support services tailored for Paytm SBI Credit Card users, ensuring prompt assistance for queries, complaints, and card-related issues.
• Special Partner Offers: Periodic collaborations and partnerships with brands and merchants may offer additional discounts, rewards, or exclusive privileges for cardholders, enhancing the overall value proposition.

Paytm SBI Credit Card: Terms and Conditions

1. Cashback and Rewards:
   • Cashback rates: 3% on Paytm Mall, movies, and travel bookings; 2% on Paytm app purchases; 1% on all other transactions (excluding wallet reloads).
   • Redemption: Cashback can be redeemed against Paytm gift vouchers with a redemption fee of Rs. 99 for specific rewards.
2. Usage and Security:
   • Liability Protection: Up to Rs. 1 lakh cover against fraudulent transactions reported promptly.
   • Contactless Payments: Supports contactless technology for quick and secure transactions.
3. Terms of Use:
   • Card usage is governed by SBI Cards’ terms and conditions, including repayment obligations, dispute resolution, and cardholder responsibilities.
   • Compliance with all applicable laws and regulations governing credit card usage in India.
4. Redemption and Rewards:
   • Cashback and rewards earned are subject to specific terms and conditions outlined by SBI Cards, including eligibility for redemption and expiration policies.

Who Can Apply for the Paytm SBI Credit Card?

The Paytm SBI Credit Card is designed for individuals who meet specific eligibility criteria:

1. Age Requirement:
   • Applicants must be at least 18 years old at the time of application.
2. Income Criteria:
   • Salaried Individuals: Typically, a minimum monthly income of Rs. 20,000 or more is required. However, specific income requirements may vary based on the applicant’s profile and creditworthiness as assessed by SBI Cards.
   • Self-Employed Individuals: Income criteria may differ, and individuals need to provide proof of income through audited financials or bank statements.
3. Credit Score:
   • A good credit score of 750 or more is essential for approval.
4. Employment Type:
   • Both salaried and self-employed individuals can apply for the card, provided they meet the income and documentation requirements.
5. Nationality and Residence:
   • Indian citizens residing in India are eligible to apply for the Paytm SBI Credit Card.
6. Other Factors:
   • Existing relationship with SBI: Having an existing banking relationship with the State Bank of India (SBI) may sometimes be advantageous but is not always a strict requirement for application approval.

Documentation Needed for Paytm SBI Credit Card

To apply for the Paytm SBI Credit Card, applicants need to provide the following documentation:

1. Identity Proof (Any one of the following):
   • Aadhaar Card: A widely accepted form of identification.
   • Passport: Provides both identity and address verification.
   • Voter ID: Government-issued identity proof.
   • PAN Card: Essential for financial transactions and identity verification.
2. Address Proof (Any one of the following):
   • Aadhaar Card: Serves as both identity and address proof.
   • Passport: Valid for proof of address.
   • Utility Bills: Electricity, water, or telephone bills not older than 3 months.
   • Ration Card: Government-issued address proof.
3. Income Proof:
   • Salaried Individuals:
     • Salary Slips: Last three months’ salary slips to verify employment and income.
     • Bank Statements: Bank statements for the last three months showing salary credits.
   • Self-Employed Individuals:
     • ITR (Income Tax Returns): Latest audited ITR to verify income.
     • Bank Statements: Bank statements for the last six months show regular income flow.
4. Photographs:
   • Recent Passport-Sized Photographs: As per the bank’s specifications.

Application Process for Paytm SBI Credit Card

• Visit the Website: Go to the SBI Card official website or open the Paytm app and navigate to the credit card section.
• Select the Card: Choose the Paytm SBI Credit Card from the list of available options.
• Fill out the Application Form: Complete the online application form with accurate personal, contact, and financial details.
• Submit the Application: Review the information and submit the application form online.
• Verification Process: Await a call from SBI Card representatives for further verification and possible document submission.
• Receive the Card: Upon approval, the Paytm SBI Credit Card will be dispatched to your registered address within 7-10 working days.

FAQs