Paytm introduces two contactless credit cards in partnership with SBI and VISA


Paytm has announced a new partnership with SBI and VISA, introducing two new credit cards in India, called the Paytm SBI Card and Paytm SBI Card SELECT. Paytm has integrated these cards with their app, enabling many smart features and giving their user’s rewards and benefits.

The Paytm app will offer multiple one-touch features such as blocking/ unblocking the card for online transactions, blocking the card in case of loss, issuance of a duplicate card and viewing outstanding credit-limit. The cards will also have protections against fraud for international payments and will come with a personalized spend analyzer to keep track of expenses.

The benefits for each card are as follows:

Paytm SBI Card SELECT

  • Annual Fees – Rs. 1499
  • Welcome Benefit Type – Complimentary Paytm First Membership worth Rs. 750, Rs. 750 Cashback
  • Annual Fee Waiver- Annual Fee reversal on achieving Rs. 200,000 Annual Retail spend
  • Spends based Cashback Benefit Structure –  5% Cashback on all Travel, Movies and Mall purchases through Paytm App, 2% Cashback on all other purchases through Paytm App, 1% Cashback everywhere else
  • Fuel – 1% Fuel Surcharge Waiver
  • Fraud Insurance – Complimentary Cyber Fraud Insurance cover of Rs. 200,000
  • International Lounge Program – Complimentary Priority Pass worth $99 for first two years of cardholder membership
  • Domestic lounge Program – Complimentary 4 Domestic Lounge visits
  • Milestone Benefits – Rs. 2,000 gift voucher on achieving Annual Retail spend of Rs. 4 Lakh,  Rs. 4,000 gift voucher on achieving Annual Retail spend of Rs. 6 Lakhs

Paytm SBI Card

  • Annual Fees -Rs. 499
  • Welcome Benefit – Complimentary Paytm First Membership worth Rs. 750 on first settled transaction
  • Spends based Cashback Benefit Structure – 3% Cashback on all Travel, Movies and Mall purchases through Paytm app, 2% Cashback on all other purchases through Paytm app, 1% Cashback everywhere else
  • Fuel – 1% Fuel Surcharge waiver
  • Fraud Insurance – Complimentary Cyber Fraud Insurance cover of Rs. 1,00,000
  • Milestone Benefits – Complimentary Paytm First Membership E-Voucher on renewal on achieving Annual Retail spend of Rs. 1,00,000

The card will be available to everyone sometime around Diwali and Paytm customers can apply for the cards directly from the Paytm app. Customers can also choose between two-color variants for the cards.

Commenting on the launch, Bhavesh Gupta, CEO — Paytm Lending said:

We proudly welcome SBI Card as our partner to introduce India’s most sincere credit card with intelligent features and great rewards that never expire. Our cards are truly designed to benefit India’s aspiring youth and evolved professionals. These cards will help them lead a healthier financial life by managing and analyzing their spends through the Paytm app and make well-informed financial decisions. Our partnership aims towards democratizing access of credit cards amongst the masses. We believe this can transform the credit market by bringing ‘new to credit’ users into the formal economy” and providing a truly personalized card management experience to our customers.