Paytm SBI Credit Card Select
The Paytm SBI Credit Card Select is a premium Visa credit card launched by SBI Card in partnership with Paytm. It lets you shop at over 24 million stores globally and 3 lakh shops across India while earning cashback on online and offline purchases. One of its standout features is the Paytm First Membership, which gives free access to services like Zomato Pro, Zee5, and Voot Select.
This card is great for frequent travelers, offering access to domestic airport lounges and international lounges through the Priority Pass program. You also get a 1% fuel surcharge waiver across all fuel stations in India, helping you save on petrol and diesel costs. With benefits like milestone rewards and travel perks, it's a good option for those who enjoy shopping and want to save while spending.
Rewards and Benefits
Fees & Charges
What should you consider before applying for a credit card in India?
Key Considerations Before Applying for a Credit Card in India:
- Eligibility Criteria: Ensure you meet the eligibility requirements, which typically include age, income, credit score, and employment status as defined by the issuing bank or financial institution.
- Credit Score: A strong credit score can significantly improve your chances of approval and result in more favorable terms, such as lower interest rates or higher credit limits. Verify that your credit score is healthy before applying.
- Interest Rates and Fees: Compare the annual percentage rates (APR), processing fees, late payment penalties, and foreign transaction charges associated with various cards. These costs can vary widely and impact the overall value of the card.
- Rewards and Benefits: Evaluate the rewards, cashback, discounts, or other perks offered by the card to ensure they align with your spending patterns. Some cards may provide better benefits in specific categories, such as travel, shopping, or dining.
- Credit Limit: Review the credit limit offered by the card to ensure it meets your financial needs. Avoid applying for cards with excessive limits if you are concerned about managing debt, as this can lead to higher interest charges.
- Repayment Terms: Understand the repayment structure, including the minimum payment amount, payment due dates, and any associated penalties. Being clear about these terms can help you manage payments effectively and avoid interest buildup.
- Card Type and Features: Choose a card type that matches your specific needs—whether standard, premium, or specialized cards like those offering travel rewards or dining privileges. Ensure the features of the card align with your lifestyle and spending habits.
- Bank’s Reputation: Opt for a financial institution with a proven reputation for customer service and transparency. Consider researching customer reviews and assessing their support channels to ensure reliable service.
- Hidden Charges: Be aware of any hidden fees, including annual fees, balance transfer charges, foreign transaction fees, or cash withdrawal charges. These can add up over time and affect the overall cost-effectiveness of the card.
- Credit Utilization: Maintain a balance within your credit limit to avoid high credit utilization ratios, which can negatively impact your credit score. Responsible use of credit is essential for maintaining financial health.
- Long-Term Financial Plans: Consider how the credit card fits into your overall financial strategy. Avoid accumulating unnecessary debt and choose a card that supports your long-term financial goals without adding financial strain.
How long will it take to get my Paytm SBI Credit Card?
Once your application is approved and your documents are checked, you will receive your Paytm SBI Credit Card within 7 business days.
Do I earn reward points on purchases?
Yes, when you make purchases, you earn cashback in the form of reward points. These points are automatically converted into Paytm Gift Voucher Balance that you can use.
What is the minimum age to apply for a Paytm SBI Card SELECT?
You need to be at least 21 years old to apply for the Paytm SBI Card SELECT.
Can I apply for the Paytm SBI Card SELECT again?
Yes, you can reapply for the Paytm SBI Credit Card through the bank's website or by visiting an SBI branch. But you have to wait for at least 6 months after your first application is rejected before you can apply again.
What does the Easy Money facility offer?
The Easy Money facility lets you get a draft or cheque against the cash limit available on your credit card. It will be delivered directly to your doorstep.
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