Product Launch Details

SBI Cards and Payment Services Limited, India's largest pure-play credit card issuer, and Google have jointly launched the 'Google Pay Flex SBI Card' as part of the Flex by Google Pay offering. The co-branded credit card is designed to simplify and elevate everyday payment experience by combining SBI Card's credit card expertise with Google Pay's digital ecosystem.

Key Product Features

  • Rewards System: Customers earn Stars (reward points) on all value purchases with instant redemption at payment time
  • Earning Potential: Up to 18,000 Stars yearly on everyday spends, with up to 8 Stars for every cumulative ₹500 spent
  • Spend Categories: Rewards earned across groceries, bill payments, travel bookings, utility payments, shopping across online and in-store outlets
  • Payment Networks: Available on both RuPay and VISA payment networks
  • UPI Integration: RuPay variant can be linked to UPI for seamless transactions across millions of UPI merchants
  • Tokenization: Both variants can be tokenized on Google Pay for tap-to-pay convenience
  • EMI Option: Customers can convert latest outstanding bill into convenient EMIs

Financial Benefits Structure

Welcome Benefits:

  • Welcome gift worth ₹1000
  • ₹500 credited on first payment via Google Pay
  • Additional Stars worth ₹500 credited on joining fee payment

Reward Programs:

  • Activation Benefit: Earn 2 Stars for every ₹500 spent cumulatively during first two reward cycles
  • Accelerated Program: Earn 2 Stars for every ₹500 spent cumulatively (minimum ₹100 spent in previous statement cycle)
  • Base Program: Earn 1 Star for every ₹500 spent cumulatively on eligible transactions

Milestone Benefits:

  • Up to 4 Stars for every ₹500 spent on achieving spends over ₹15,000 in current billing cycle
  • Up to 8 Stars for every ₹500 spent on achieving spends over ₹30,000 in current billing cycle

Fee Structure:

  • Joining and annual renewal fee: ₹499 plus applicable taxes
  • Renewal fee reversal on achieving annual spends of ₹1,00,000
  • 1 Star = ₹1 value

Digital Integration

The card offers complete digital integration within the Google Pay app, enabling customers to:

  • Apply for the card
  • Make payments
  • Earn rewards
  • Manage account
  • Redeem Stars instantly during UPI payments
  • Redeem against exclusive vouchers on Google Pay App

Executive Commentary

Salila Pande, Managing Director & CEO, SBI Card: "Launch of the Google Pay Flex SBI Card is a significant step toward creating best-in-class products that make transactions simpler, seamless, and more relevant. The distinctive card will redefine everyday payment experience in India through convenience, meaningful rewards, flexibility, and security."

Sharath Bulusu, Senior Director, Google Pay: "We are helping re-imagine credit for India with the Google Pay Flex SBI Card to make it as ubiquitous and accessible as daily UPI payments. This digital credit card democratizes financial access, delivering instant application, flexible repayments, and instant rewards."

Company Background

SBI Cards and Payment Services Limited is a non-banking financial company with over 22.6 million cards-in-force, offering extensive credit card portfolio including lifestyle, rewards, travel & fuel, and banking partnership cards along with corporate cards. The company is listed on NSE and BSE under the entity name 'SBICARD'.