For those who often buy via Paytm, the Paytm SBI Card is an entry-level, low-fee card. Along with 1% flat cashback on all other transactions, you may enjoy significant cashback on Paytm Mall purchases, cinema tickets, and travel. The greatest option for cashback on internet purchases is a credit card. One of two co-branded credit cards that Paytm and SBI Card created together is this one. Paytm SBI Card Select is the other version. Continue reading to learn the specific advantages of this credit card.
Quick Overview
| Joining Fee | Rs 499 |
| Annual Fee | Rs 499 |
| Reward Rate range | 1 to 10 % |
| Minimum Age to apply | 18 years |
| Customer Rating | ⭐⭐⭐⭐⭐ |
| Best Suited for | Shopping |
| Interest Rate | 3.5% per month or 42% per annum |
Features and Benefits
1. You will get a variety of benefits and deals (up to Rs 75,000) under the Paytm First Membership on food, travel, fashion, entertainment, etc.
2. Complimentary Cyber Fraud Insurance cover of Rs. 1,00,000
3. 5% cashback on all travel, movies, and many more services, on every transaction
4. Card is a global credit card that may be used at 3,25,000 businesses in India and over 24 million elsewhere.
5. Earn cashbacks on Paytm Mall and Paytm App as Reward.
6. 1% of the fuel levy is waived on all transactions between Rs. 500 and Rs. 3,000. For the Paytm SBI Credit Card, the maximum fee waiver each statement cycle is Rs. 100.
7. Forex Markup Charges is about 3.50%+GST ~4.13%
Benefits:
1. You are protected from every credit card misuse and abuse thanks to this insurance.
2. This regulation only applies to cards with chip and pin technology.
3. The term “gross negligence” is not used.
4. Within 45 days of the fraud transaction date, claims must be shared.
5. Any claim resulting from a willful violation of the law would not be payable.
6. 1.5% cashback on every purchase.
7. Automatic cashback redemption
8. When your yearly spending exceed Rs. 1 lakh, you will get a free Paytm First Membership Voucher when your membership is renewed.
Eligibility Criteria
There are some fundamental qualifying requirements for the Paytm SBI Credit Card Select:
1. A person must be at least 18 years old.
2. Regular source of income, whether employed by a company or on their own.
3. One should have a respectable credit history or score (ideally over 700).
Pros and Cons of the card
| Pros | Cons |
|---|---|
| + 1-2% cashback on every purchase | – Not much feature is present |
| + Reward rate is high | – Interest rate is high |
| + High Security on every purchase | |
| + Salaried Teenagers or students can Apply | |
| + International payment is possible |
How to Apply for the Card?
You will need the following documentation to apply for a Paytm SBI card:
1. Aadhar Cards, PAN Cards (or Form 16 if you don’t have a PAN Card), Driving Licenses, and Voter ID Cards are acceptable forms of identification.
2. Aadhar cards, driver’s licenses, voter ID cards, passports, and utility bills on the applicant’s name are acceptable forms of proof of address.
3. If the individual providing the card is salaried, you must provide the past three months’ worth of pay stubs or bank statements as proof of income. You may also provide an ITR or a Form 16 as evidence.
Conclusion
Your standard entry-level credit card is the Paytm SBI card. We would be better off utilizing other cashback credit cards like Axis Ace, Flipkart Axis, or SBI Cashback, which provide 1% to 3% cashback on purchases. There are also additional problems. On this card, there is no spend-based annual fee waiver. This is a feature that all basic credit cards must have.
But now that a Rupay counterpart has been released, this gives UPI users another payment choice. The payback rate for UPI payments will presumably be 1%, albeit this is not yet guaranteed. Therefore, the Paytm SBI card is an alternative if you are unable to get the Tata Neu Infinity credit card. The Tata Neu Infinity credit card, however, is lifetime free, while the Paytm SBI card has an annual cost.