SBI Card and Google Pay Launch Co-Branded Flex Card for Enhanced Digital Payments
SBI Card and Google, have jointly launched the 'Google Pay Flex SBI Card', a co-branded offering designed to simplify and elevate everyday payment experiences in India. This partnership combines SBI Card’s established credit card expertise with Google Pay's digital ecosystem, aiming to deliver a seamless blend of security, flexibility, and rewards for consumers.The Google Pay Flex SBI Card allows customers to convert daily spending into rewarding opportunities by enabling the earning of Stars on all value purchases. The card supports comprehensive shopping across online and in-store outlets, including groceries, utility payments, travel bookings, bill payments, and general shopping. Users can also benefit from financial flexibility through the option to convert their latest outstanding bill amounts into convenient EMIs.
The integrated digital journey for cardholders is available within the Google Pay app, allowing users to apply for the card, make payments, earn rewards, and manage their accounts efficiently. The credit card is available on both the RuPay and VISA payment networks, providing choice in payment methods. Furthermore, the RuPay variant can be linked with UPI for seamless transactions across millions of merchants nationwide. Both versions support tokenization on Google Pay for tap-to-pay at eligible outlets.
Reward Structure and Benefits
The Google Pay Flex SBI Card offers a multi-tiered reward system to enhance customer engagement. Rewards are calculated based on spending categories, while milestone benefits are tied to specific monthly or annual expenditure targets. Redemption is flexible; Stars can be redeemed instantly during UPI payments made via the Google Pay App or against exclusive vouchers available within the app.Key financial details and benefit structures are detailed below:
| Feature | Details |
|---|---|
| Joining & Annual Fee | ~499 plus applicable taxes |
| Spend-Based Reversal | Renewal fee reversal upon achieving annual spends of ~1,00,000 |
| Base Earning Rate | 1 Star for every ~500 spent cumulatively on eligible transactions. |
| Activation Bonus | Earn 2 Stars for every ~500 spent during the first two reward cycles. |
| Accelerated Program | 2 Stars for every ~500 spent, provided a minimum spend of ~100 was made in the previous statement cycle. |
| Milestone Tier 1 | Up to 4 Stars for every ~500 spent on spending over ~15,000 in the current billing cycle. |
| Milestone Tier 2 | Up to 8 Stars for every ~500 spent on achieving spends of over ~30,000 in the current billing cycle. |
Initial Incentives and Rewards
New cardholders are eligible for several welcome benefits:- Welcome Gift: A gift worth ~500 will be credited upon making the first payment via Google Pay.
- Joining Fee Bonus: An additional Stars bonus, equivalent to ~500, will be credited to the Google Pay account upon payment of the joining fee.
As noted by Salila Pande, Managing Director and Chief Executive Officer at SBI Card, the launch signifies a significant step in creating best-in-class products that redefine the everyday payment experience through convenience and meaningful rewards. Sharath Bulusu, Senior Director at Google Pay, added that this card aims to democratize financial access in India by delivering instant application, flexible repayments, and immediate rewards.
SBICARD Stock Price Movement
Today, SBI Cards and Payment Services Limited shares edged higher, closing at ₹660.5 after gaining 0.93% or ₹6.10. The stock saw strong post-market activity, trading on a volume of 779,077 shares.Disclaimer: Due care and diligence have been taken in compiling and presenting news and market-related content. However, errors or omissions may arise despite such efforts.
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