Paytm SBI Card Review 2026: 3% on Paytm Travel, Uncapped Rates, No Fee Waiver & FAQs

The Paytm SBI Card is a ₹499 fintech co-brand paying 3% on Paytm Travel, 2% on other Paytm app purchases and 1% on everything else — at Re. 1 a Reward Point, with no published caps on any rate. It includes ₹1 lakh of cyber fraud insurance and a complimentary Paytm First membership.

Two things to weigh: there is no fee waiver at any spend level, and wallet loads earn nothing — on any app, including Paytm's own.

Paytm SBI Card Quick Overview

Eligibility Criteria

SBI Card publishes no age or income threshold. Approval rests on its own assessment. Indian residency and a valid PAN are required. Add-on cards are free.

The Mechanism Changed on 1 July 2024

Worth knowing when comparing against older reviews. SBI's own note reads:

W.e.f. 1st July '24, the Cashback that you were earning on spends made with your Paytm SBI Card / Paytm SBI Card SELECT will be replaced…

— by Reward Points at Re. 1 each. The headline percentages are unchanged. What changed is that the return is now a redeemable points balance rather than cashback credited automatically. Since a point is worth a rupee, the arithmetic is the same either way.

Reward Structure

No caps on any rate, which is genuinely rare at ₹499. Compare the PhonePe SBI Card PURPLE, at the same fee, where every rate is capped and the card tops out at ₹2,750 a month.

A 1% base rate in rupee-valued points is the headline worth noticing. SBI's SimplySAVE, also ₹499, pays 0.17% on anything outside four categories, in points worth ₹0.25 each. On general spending this card returns nearly six times as much.

The rates are merchant-and-channel conditions

Both Paytm rates apply to spend made through the Paytm app, with the higher rate for the travel vertical inside it. That is a merchant-and-channel condition, not a merchant category, so:

• A travel booking made outside the Paytm app may not earn 3%
• A merchant paid via Paytm's gateway on their own website may or may not register as Paytm app spend

Worth checking your first statement if either describes how you use Paytm.

Wallet Loads Are Excluded — On Every App

This deserves its own heading, because of the card it appears on. SBI excludes wallet loads, and is explicit that this means wallet loads on ANY app, not just Paytm's.

On a card co-branded with a wallet company, that is the term to read twice. Topping up your Paytm wallet earns nothing and attracts SBI's 1% wallet load fee on amounts above ₹1,000 on top. If your mental model of this card is "put money in my Paytm wallet and get rewarded", it is the wrong model.

Insurance

₹1,00,000 of cyber fraud insurance cover.

Cyber fraud cover is unusual in this dataset — most Indian cards cover lost-card liability rather than online fraud specifically. At a ₹499 fee it is a real inclusion. The SELECT variant doubles it to ₹2 lakh.

Welcome Benefit and Milestone

Welcome: a complimentary Paytm First membership. SBI does not publish a rupee value for it, so it is not priced in the maths below — its worth depends entirely on whether you would subscribe anyway.

Milestone: an e-voucher for renewal of the Paytm First membership at ₹1,00,000 of annual spend. Again unpriced by SBI, but it means the membership continues year after year for anyone using the card regularly.

Note the SELECT variant has no milestone at all, so this is one place the cheaper card is actually better structured.

The Missing Fee Waiver

No spend-based fee reversal is published for either Paytm card at any level. The ₹499 is payable every year regardless of spend.

At ₹499 that is a low bar — roughly ₹50,000 of annual spend at the 1% base rate covers it, and far less if you use Paytm Travel. But it is worth knowing that unlike most SBI entry cards, this one never becomes free.

Worked Example

Illustrative, at ₹25,000 a month — ₹3 lakh a year, which clears the milestone:

Annual tally:

Plus ₹1 lakh of cyber fraud cover and the Paytm First membership, neither priced.

A 1.23% net return on a ₹499 card with no caps is solid for the entry tier — and it does not require your spending to fall into any particular offline category.

Where You Won't Earn

The fuel surcharge waiver is the whole fuel benefit: 1% reversed on transactions between ₹500 and ₹3,000, capped at ₹100 per statement cycle.

SBI's range-wide transaction fees apply: ₹199 per rent payment, 1% on utility payments once the cycle total passes ₹50,000, and 1% on education payments through third-party apps.

Fees and Charges

Paytm SBI Card vs Paytm SBI Card SELECT

The SELECT raises only the Paytm Travel rate. Break-even on the ₹1,000 fee difference is ₹1,000 ÷ 2% = ₹50,000 of annual Paytm Travel spend. Below that, this card wins — and it keeps a milestone the SELECT drops.

Paytm SBI Card vs PhonePe SBI Card PURPLE

Same ₹499 fee, same idea, different structures.

PhonePe's fee is waivable and its 2% covers all online spend, not just one app. Paytm's rates are uncapped and it has no ₹100 minimum, which suits small frequent transactions better. For most people the PURPLE's waivable fee and broader 2% band win; for a heavy Paytm-ecosystem user, this card's uncapped rates and cyber cover do.

Is the Paytm SBI Card Worth It?

Yes, if you use the Paytm app regularly. 2% uncapped on app purchases and 3% on travel, in rupee-valued points, at ₹499 — the fee is recovered on about ₹50,000 of annual spend.

Yes, for its base rate alone. A genuine 1% on everything, uncapped, in points worth ₹1 each, beats most SBI entry cards outside their narrow accelerated categories.

No, if you mainly top up your Paytm wallet. Wallet loads earn nothing on any app and attract a 1% fee above ₹1,000.

No, if you want a card that becomes free. Unlike most SBI entry cards, there is no spend-based reversal at any level.

Consider the SELECT if your Paytm Travel spend exceeds ₹50,000 a year — but note it drops the milestone this card has.

Frequently Asked Questions

What is the annual fee of the Paytm SBI Card? ₹499 plus GST, on joining and renewal. No spend-based fee reversal is published at any level for either Paytm card.

What is the reward rate? 3% on Paytm Travel, 2% on other Paytm app purchases and 1% on everything else — with no published caps on any rate. Points are worth ₹1 each, so these are true percentages.

Did the card used to pay cashback? Yes. With effect from 1 July 2024 the cashback was replaced by Reward Points at Re. 1 each. The percentages are unchanged; the return is now a redeemable points balance.

Are wallet loads excluded? Yes — and SBI is explicit that this covers wallet loads on any app, not just Paytm's. They also attract a 1% load fee above ₹1,000.

What insurance is included? ₹1,00,000 of cyber fraud cover — unusual among Indian cards, which more often cover lost-card liability than online fraud specifically. The SELECT variant doubles it to ₹2 lakh.

What is the milestone benefit? An e-voucher for renewal of the Paytm First membership at ₹1,00,000 of annual spend. The SELECT variant has no milestone at all.

Does the card offer lounge access? No. Neither Paytm SBI card has a lounge programme.

How does it compare with the PhonePe SBI Card PURPLE? Same ₹499 fee. PhonePe's fee is reversed at ₹1 lakh and its 2% covers all online spend; Paytm's rates are uncapped, have no ₹100 minimum and come with cyber fraud cover.