HDFC Bank
PhonePe Ultimo
The PhonePe HDFC Bank Ultimo Credit Card is the premium co-branded RuPay credit card variant offered by HDFC Bank in collaboration with PhonePe. Designed to maximize savings on everyday digital transactions, this card stands out by offering substantial value-back on utility bills, recharges, and UPI spends.
Direct link to the issuer's website. Terms apply — verify current offer with the bank.
Data last updated 7 June 2026.
At a Glance
Annual Fee
₹999
Joining Fee
₹999
Fee Waiver
Spend ₹2,00,000 annually
Lounge Access
See details
Forex Markup
3.5%
Effective Yield
1% – 10%
Our Take
CreditGully Rating
Based on CreditGully editors' analysis. Not influenced by card issuers.
The PhonePe HDFC Bank Ultimo Credit Card is the premium co-branded RuPay credit card variant offered by HDFC Bank in collaboration with PhonePe. Designed to maximize savings on everyday digital transactions, this card stands out by offering substantial value-back on utility bills, recharges, and UPI spends. The card features an accessible first-year fee of Rs. 999, which can be comfortably offset by welcome rewards, making it an affordable entry point for average spenders.
Standout features of the PhonePe Ultimo credit card include its dual-tiered accelerated rewards program. Cardholders earn up to 10% reward points on utility bills, recharges, movie tickets, hotels, travel bookings, the PhonePe Pincode app, and PhonePe's Travel Switch category. Additionally, a 5% reward rate applies to spends on major shopping and lifestyle platforms like Amazon, Flipkart, Myntra, Ajio, Swiggy, Zomato, and Uber. On top of these rates, users earn 1% reward points on other Scan & Pay UPI transactions, with points redeemable at a highly lucrative 1:1 ratio for statement cashback with zero redemption fees.
This card is best suited for individuals who regularly use PhonePe as their primary payment interface and want to earn rewards on categories that are typically excluded from other credit card loyalty programs, such as utilities and recharges. It is also an excellent option for those seeking a RuPay card to optimize UPI transactions while enjoying occasional domestic airport lounge access by meeting reasonable quarterly spend thresholds.
What We Like
We highly appreciate the ability to earn 10% reward points on everyday household expenses like utilities and recharges, which are commonly excluded from reward structures. The 1:1 conversion rate of reward points to statement cashback with zero redemption fees offers exceptional value. Additionally, the generous welcome benefits of up to Rs. 1,000 in PhonePe gift cards help fully offset the initial joining fee.
Pros
- ✓Up to 10% savings on shopping and common lifestyle categories
- ✓Accelerated rewards on categories, like bills and utilities, that are generally excluded
- ✓No cashback redemption fee charged
- ✓Up to 8 complimentary domestic airport access
- ✓Easily achievable spending condition for annual fee waiver
Cons
- ✗Capping on rewards earnings, including base rate category spends
- ✗Earned reward points expire after 1 year of accrual
- ✗Airport access comes with quarterly spending condition
Get This Card If
- ✓You are looking for a RuPay credit card to save on UPI transactions and get accelerated savings on popular shopping apps and platforms
- ✓PhonePe is either your preferred payments app or you can maximise your value-back by start using this app for payments
- ✓You want a credit card to save on spends like utilities, bill payments and recharges - categories that are often excluded
- ✓You are looking for card with domestic airport lounge access and can meet the quarterly spend condition to avail this benefit
Earning & Redemption
How You Earn
| Category | Reward rate | Yield % | Cap |
|---|---|---|---|
| PhonePe Categories (10% Rewards) | 10 Reward Points (RP) per ₹100 | 10.00% | 1,000 RP per calendar month |
| Select Online Brands (5% Rewards) | 5 RP per ₹100 | 5.00% | 500 RP per calendar month |
| Scan & Pay (RuPay UPI) | 1 RP per ₹100 | 1.00% | 500 RP per calendar month |
| Excluded Categories | No Points Earned | 0.0% | — |
Milestone Rewards
| Spend | Benefit | Value | Summary |
|---|---|---|---|
| ₹0.8 Lakh | Lounge Access Trigger | 2 Lounge Visits | Spending ₹75k in a calendar quarter unlocks lounge access for the next quarter. |
| ₹2 Lakh | Fee Waiver | ₹999 + GST Savings | Annual fee waived for the following year upon hitting this spend target. |
Redemption Value
| Channel | Value per point | Verdict |
|---|---|---|
| Statement Credit (Cash) | ₹1.00 per point1:1 Ratio | Best Value (Min 500 RP required; No redemption fee for cashback) |
| SmartBuy (Flights/Hotels) | ₹0.30 per point3.33:1 Ratio | Avoid (Significant value loss compared to statement credit) |
What You Need to Know
Low Category Capping
The 10% rate ends after ₹10,000 spend, and the 5% rate ends after ₹10,000 spend.
Impact: Heavier users will see their yield drop to zero quickly on these 'super' categories.
2026 Utility Surcharge
1% fee on total utility payments exceeding ₹50,000 per month.
Impact: Even though you earn 10% (up to ₹1k), large bills over ₹50k attract a net cost penalty.
Welcome Benefit Friction
The ₹999 benefit is split: ₹499 on the first UPI txn, and ₹50 each for the next 10 txns.
Impact: Users must make at least 11 transactions on PhonePe to 'recover' the joining fee.
Redemption Block
You cannot redeem for cashback until you have accumulated at least 500 points (₹500).
Impact: Casual users may take several months to see any actual credit back in their account.
Essential Fine Print
Reward Exclusions
Excluded Categories (No Points): Fuel, Rent payments, Government transactions, Wallet loading, and Cash advances.
EMI Transactions: Reward points are not earned on Easy EMI transactions.
Welcome Offer
PhonePe Giftcard
Get PhonePe Gift card ₹499 on your first Rupay CC on UPI transaction. (Minimum transaction of ₹100)
Additional Scratchcards worth 500
Additional Scratch cards worth ₹50 each on your next 10 Rupay CC on UPI transactions. (Minimum transaction of ₹100)
Lounge Access
Domestic Lounge Access
8 complimentary annual domestic lounge access, 2 per quarter (Conditional on spending ₹75,000 in a quarter to be eligibile for the lounge access).
Dining Benefits
5% Reward Points on Swiggy/Zomato
5% reward points on Swiggy/Zomato and other merchants
Milestone Benefits
Annual Fee Waiver
Renewal fee waived upon spending ₹2,00,000 or more in the preceding year.
Additional Features
Zero Lost Card Liability
Report card loss immediately to the 24-hour call center for zero liability on fraudulent transactions.
Interest-Free Period
Up to 50 days of interest-free period from the date of purchase.
Fees & Charges
| Fee Type | Amount / Details |
|---|---|
| Joining Fee | ₹999 |
| Annual / Renewal Fee | ₹999 |
| Fee Waiver Threshold | Spend ₹2,00,000 annually |
| Forex Markup | 3.5% |
| Reward Redemption Fee | ₹99 per redemption |
| Fuel Surcharge Waiver | 1% surcharge |
Eligibility Criteria
Age
Age between 21 and 65 years
Income
Should have a steady, verifiable income.
Disclaimer
The final application decision, variant (Ultimo or Uno) & credit limit will be subject to Bank's internal policies.
Ready to apply for PhonePe Ultimo?
Annual fee: ₹999 · Waived on ₹2,00,000 spend
Frequently Asked Questions
Annual fee
₹999
1% – 10% yield