Phonepe SBI black redemption update

General Discussion
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Hey everyone,

I’ve been using the SBI PhonePe Select Black for a couple of days now and did 4 different transactions via UPI to check reward points allotment. Here are my observations:

  • Electricity payment — got 10% RP

  • Blinkit — got 5% RP

  • Local food delivery app — got 5% RP

  • UPI merchant payment — got 1% RP

Note: For the electricity payment via PhonePe UPI, it charged me 2.1% convenience fee.

Now coming to redemption:

  • My statement hasn’t been generated yet, so cash redemption is untested.

  • Went into the SBI app redemption store and saw that 1 RP = ₹1, exactly as advertised on PhonePe.

  • There were vouchers available, each having equal redemption cash value as the points, unlike some reports of 4:1 conversion from SBI.

So, I repeat — for vouchers, it’s 1:1 conversion!

I’m assuming cash redemption will also be 1:1, though I’m not sure about any redemption fee yet. Once my statement is generated, I’ll try cash redemption and update.

For comparison, my SimplyClick card has a 4:1 redemption ratio, which is clearly visible in the voucher store.

Hope this helps anyone who’s evaluating the PhonePe SBI Select Black card :smiley: