PhonePe HDFC Bank Ultimo Credit Card
A RuPay card applied for through the PhonePe app, paying reward points worth ₹1 each against the statement: 10% on bills, recharges and travel booked in the PhonePe app, 5% at listed brands such as Amazon, Flipkart and Swiggy, and 1% on UPI Scan & Pay, each capped monthly; other spends earn nothing. Every figure below is copied from HDFC Bank’s own documents; open a figure’s source link to read it there. Official terms last checked 2026-10-16.
Not on record from an official document: foreign-currency markup. CardWise does not estimate these.
Fees and charges
| Joining fee | ₹999 plus GST Product page |
|---|---|
| Annual fee | ₹999 plus GST Product page |
| Annual fee waiver | On ₹2,00,000 of spend in the year Product page |
| GST on fees | As applicable (18% assumed in calculations) |
| Foreign-currency markup | Not on record |
| Cash advances, card fees and all EMI spends do not count towards the fee waiver. | |
Rewards
Cashback.
| Spend | Earns | Cap |
|---|---|---|
| Listed online brands: Amazon, Flipkart, Myntra, Ajio, Swiggy, Zomato, Uber | 5% cashback Product page | up to ₹500 a month Product page |
| UPI Scan & Pay (QR) payments | 1% cashback Product page | up to ₹500 a month Product page |
| Other spends, outside the select merchant categories | 0% cashback Terms | no cap on record |
Paid as reward points worth ₹1 each as statement credit (no redemption fee; minimum 500 points; up to ₹7,500 a month), or ₹0.30 on SmartBuy.
HDFC Bank states that spends outside the three listed categories earn no reward points, but no quote gives that as a 0% rate, so no base rule is recorded. The 10% PhonePe-app category is a portal benefit and is listed as a highlight.
No rewards on
- Fuel, wallet loads, gift cards, government payments, rent, education fees, insurance, investments, jewellery and EMI Terms
Benefits
- Lounges: 2 domestic lounge visits a quarter (up to 8 a year) — ₹75,000 of spend in the previous calendar quarter Product page
- Fuel: 1% fuel surcharge waived on fills of ₹400 to ₹5,000, up to ₹250 a statement cycle Terms
- Welcome: 5 PhonePe cashback vouchers of ₹200 each on the first 5 UPI-on-credit-card payments in the PhonePe app (cards with the joining fee, applied from 1 Aug 2026) Terms
Also on this card
Quoted from HDFC Bank; not counted in the net value.
- 10% reward points on recharges, bills and travel booked in the PhonePe app, up to 1,000 points a month Product page
- Reward points redeem at ₹1 each against the statement with no redemption fee Product page
Eligibility
- Age 21 or above Product page
- Salaried: age 60 or below Product page
- Self-employed: age 65 or below Product page
- Indian nationality Product page
- Salaried: gross monthly income above ₹25,000 Product page
The issuer publishes only part of its criteria; approval rests on its own assessment.
Not published by HDFC Bank in the documents read
- the foreign-currency markup (the MITC fee table does not tie a figure to this card in quotable text)
Where HDFC Bank’s documents differ, and what is used
- Self-employed income: the product page says "Income: ₹26 lakh per annum", against ₹25,000 a month for salaried applicants; it may be a typo and is not recorded.
- Lounge: the product page, FAQ and lounge terms (9 Apr 2026) give 2 visits a quarter on ₹75,000 of spend in the previous quarter; the MITC (Oct 2026) describes two visits a quarter plus two more on ₹75,000 of spend. The product page is used.
The quotes behind the figures
28 figures, each copied from an official HDFC Bank document.
Show every quote and source
“Joining Fee: ₹999 + applicable taxes”
“Annual Fee: ₹999 + applicable taxes”
“Annual Year Fee waived upon spending ₹2,00,000 in the previous year.”
“5% Reward Points on Select Online Brands - Amazon, Flipkart, Myntra, Ajio, Swiggy, Zomato, Uber (Capped at 500 Reward Points per calendar month).”
“1% Reward Points on All Scan & Pay spends (Capped at 500 Reward Points per calendar month).”
“1% Reward Points on all Scan & Pay transactions Capping of 500 reward points per calendar month Only eligible for UPI spends (3DS is not applicable)”
“Reward Points will be given only on eligible transactions made at select merchant categories as per the program construct. If a transaction does not fall under these predefined categories, it will not qualify for reward points.”
“No reward points will be given for EMI transactions, fuel, wallet load, gift cards, cash advances, credit card bill payments, charges, government payments, rental transactions, education fees, insurance, investments, jewelry purchases”
“Note: You can apply only through the PhonePe App. There is no offline or web-based application process.”
“Eligible only for transactions initiated on the PhonePe App and”
“If the cardholder opts for redemption as Cashback against statement, there will be no redemption fee levied.”
“The minimum Reward Point balance required for redemption against the statement balance is 500 Reward Points.”
“Maximum cashback redemption of Rs 7,500 per calendar month.”
“PhonePe HDFC Bank Ultimo Credit cardholders are eligible for up to 8 domestic airport lounge visits every calendar year (2 lounges per calendar quarter).”
“PhonePe HDFC Bank Ultimo Credit Card - two complimentary domestic lounge access every calendar quarter, additional two complimentary domestic lounge access (excluding first quarter of card issuance)”
“Welcome Benefits offered only for cardholders for whom the Joining fee is applicable.”
“Income: ₹26 lakh per annum.”
“8 complimentary annual domestic lounge access, 2 per quarter (Conditional - Spend Rs 75,000 in a quarter to be eligibile for the lounge access).”
“Fuel surcharge waiver of 1% on all fuel transactions. The waiver is applicable only for fuel transactions between Rs. 400 to Rs. 5,000. (Maximum waiver of INR 250 per statement cycle)”
“5 Cashback Vouchers worth 200 each (via scratch cards)”
“10% Reward Points on Select PhonePe categories* (Recharges, Utilities, Bill Payments and Travel) - Capped at 1000 Reward Points per calendar month.”
“1 Reward Point is equivalent to Re.1 when redeemed as cashback against statement credit”
“Age: Minimum 21 years to maximum 60 years.”
“Age : Minimum 21 years to maximum 65 years.”
“Nationality: Indian”
“Income: Gross Monthly Income> ₹25,000.”
“Get 1% Reward Points on UPI Scan & Pay. Apply Now”
“Powered by the Rupay platform, the card also supports UPI linking for QR payments (P2M - merchant transactions only)”
Terms change, sometimes without notice. Read the issuer’s current terms before applying. CardWise has no affiliate arrangement with HDFC Bank or any issuer. Issuer names and logos belong to their owners and are shown only to identify each card’s issuer; CardWise is not affiliated with any issuer. The logo is HDFC Bank’s own file from its website, unaltered, fetched 2026-10-15. Methodology