PhonePe SBI Card SELECT BLACK Devaluation: New Reward Points Caps & Exclusions from July 2026

If you use the PhonePe SBI Card SELECT BLACK, there are important changes to how you earn reward points starting 1 July 2026. Here is everything you need to know, explained in simple language.

What is the PhonePe SBI Card SELECT BLACK?

The PhonePe SBI Card SELECT BLACK is a co-branded credit card from SBI Card and PhonePe. It lets you earn reward points on everyday spending — especially on PhonePe app transactions, online purchases, utilities, and insurance payments. From July 2026, SBI Card is updating the reward points cap and exclusions on this card.

What is changing from 01 July 2026?

From 1 July 2026, two things are highlighted in the document:

1. Monthly reward points capping (limits) on some spend types

2. Reward points will NOT accrue on some categories (exclusions), in addition to existing exclusions

Note: The document also says all other benefits and RP accrual remain unchanged.

1) Reward Points Capping (Per Month)

Here are the monthly maximum reward points you can earn for the listed spend types:

• Eligible PhonePe spends: max 2,000 RPs/month

• Eligible online spends: max 2,000 RPs/month

• Insurance spends: max 500 RPs/month

• Other spends: max 1,500 RPs/month

2) Reward Points Exclusion (Where You Won’t Earn RPs)

In addition to existing exclusions, Reward Points will not accrue on the following categories/spends:

• Tolls and Bridges (MCC 4784)

• Gifts and Souvenir (MCC 5947)

• Jewellery (MCC 5094, 5944)

• Educational Institutions (MCC 8220)

• Utilities (non-PhonePe App spends) (MCC 4900, 4814, 4899)

• Insurance (non-PhonePe App spends) (MCC 5960, 6300, 6380)

• UPI (non-PhonePe App spends) (MCC not listed)

Important: The exclusions above specifically exclude non-PhonePe app spends for Utilities, Insurance, and UPI. That means the channel (PhonePe vs non-PhonePe) matters for RP earnings in these areas.

What stays the same?

The document clearly notes that other benefits and reward points accrual remain unchanged, and the card will continue offering value as you use it.

Need help? SBI Card customer support

If you have questions, the document suggests contacting SBI Card through:

• SBI Card Helpline: 39 02 02 02 (prefix your local STD code) / 1860 180 1290

• Or use Website, Chatbot ILA, WhatsApp Connect, or Mobile App (24×7)

FAQ (Quick Answers)

When will the new PhonePe SBI Card SELECT BLACK rules apply?
From 01 July 2026.

Is there a limit on monthly reward points?
Yes—there are monthly RP caps on selected spend types like eligible PhonePe spends, eligible online spends, insurance spends, and other spends.

Will I earn reward points on tolls, jewellery, or education payments?
No—these categories are listed under reward points exclusion, so RPs will not accrue there.