SBI Card and Eternal Limited Launch New Co-Branded Credit Card

SBI Cards and Payment Services Ltd announced the launch of the 'Eternal SBI Card', a strategic partnership with Eternal Limited (formerly Zomato Limited). The card integrates benefits across Zomato, Blinkit, and the District platform.

Reader Takeaway: Expands retail portfolio through high-frequency transaction rewards, though adoption metrics and fee-waiver impact remain key variables.

What just happened

SBI Card has introduced a co-branded card with a joining fee of Rs 499, which includes a six-month Zomato Gold membership. The card offers a 10% instant discount on Zomato, District, and specific Blinkit categories, capped at Rs 2,000 per month. A 5% cashback on partners like Uber and Urban Company is also included.

Why this matters

This partnership deepens SBI Card’s penetration into the digital-first, high-frequency consumer segment. By embedding the card into the Eternal ecosystem, the company aims to drive higher customer engagement and transaction volumes. The annual fee waiver threshold of Rs 2,00,000 incentivizes higher spending patterns among the cardholder base.

What changes now

Starting 22 October 2026, the card will roll out in phases. Investors should track how this impacts the 'cards-in-force' (CIF) metric. The management expects this product to bolster their retail segment performance, directly competing for wallet share among frequent users of food delivery and quick-commerce services.

Risks to watch

Execution risk remains a factor due to the phased rollout. The profitability of this segment depends on managing the cost of discounts and cashback, particularly the 3.50% forex markup on foreign currency spends and the monthly caps on rewards.

What to track next

Watch for upcoming quarterly filings for data on the incremental contribution of this co-branded product to the overall portfolio and the rate of digital onboarding success.