Utkarsh Small Finance Bank Wish Credit Card
A lifetime-free RuPay credit card against a fixed deposit (from ₹2,000), used through PhonePe: reward points worth ₹1 each at 3% on PhonePe bill payments and 1% on PhonePe Scan & Pay, each capped at 150 points a statement month, plus 200 points on ₹15,000 of monthly spend. Every figure below is copied from Utkarsh Small Finance Bank’s own documents; open a figure’s source link to read it there. Official terms last checked 2026-10-16.
Applied for and used in the PhonePe app against a fixed deposit with Utkarsh; issued by Utkarsh Small Finance Bank.
Not on record from an official document: a reward rate for spends outside the PhonePe UPI categories; a base reward rate for other spends. CardWise does not estimate these.
Fees and charges
| Joining fee | Nil MITC |
|---|---|
| Annual fee | Nil MITC |
| Annual fee waiver | Not needed |
| GST on fees | 18% |
| Foreign-currency markup | 3.5% of the transaction, plus GST MITC |
| From 21 Jun 2026 an account maintenance charge of ₹100 + GST applies for year 1 but is waived unless you close the card within 12 months. A physical card costs ₹249 + GST below the eligible FD amount. | |
Rewards
Reward points, ₹1 each when redeemed as stated MITC.
| Spend | Earns | Cap |
|---|---|---|
| 3% in points on recharges and bill payments paid by UPI through PhonePe Bill Payments, up to 150 points a statement month | 3% in reward points MITC | up to 150 points a statement cycle MITC |
| 1% in points on offline Scan & Pay through PhonePe, up to 150 points a statement month | 1% in reward points MITC | up to 150 points a statement cycle MITC |
Points are claimed as cashback of equal value into your PhonePe account (minimum 50 points); they are valid for 12 months.
Utkarsh states reward rates only for UPI spends through PhonePe in the listed categories; other spends have no stated rate. Gold, jewellery and EMI transactions earn nothing.
No rewards on
Benefits
- Lounges: none on record
- Milestone: 200 reward points (worth ₹200) on ₹15,000 of spend in a statement month MITC
Also on this card
Quoted from Utkarsh Small Finance Bank; not counted in the net value.
- 1% in points on UPI spends through PhonePe at Amazon, Flipkart, Myntra, Ajio, Nykaa, Swiggy, Zomato, District and Urban Company, up to 200 points a statement month MITC
Eligibility
- Age 18 or above Product page
- Age 80 or below Product page
- Indian resident Product page
- A fixed deposit of at least ₹2,000 with Utkarsh Product page
The issuer publishes only part of its criteria; approval rests on its own assessment.
Not published by Utkarsh Small Finance Bank in the documents read
- a fuel surcharge waiver
- lounge access
Where Utkarsh Small Finance Bank’s documents differ, and what is used
- The MITC lists utilities among spends that earn nothing (by MCC) but gives 3% on bill payments made by UPI through PhonePe Bill Payments; CardWise applies the 3% to utilities as the specific rule, assuming the bills are paid that way.
The quotes behind the figures
24 figures, each copied from an official Utkarsh Small Finance Bank document.
Show every quote and source
“Joining Fee / Annual Nil Fee”
“Goods & Services Tax 18% on fees/charges & interest”
“Forex Mark-up Fee 3.5% of transaction amount”
“Each reward point is worth Re 1.”
“1. You shall be eligible for 3% reward points on UPI spends using your WIsh card on PhonePe for the given categories here Mobile Recharge, FASTag, DTH, Cable TV, Electricity, Mobile Postpaid, Broadband/Landline, Prepaid Meter, Piped Gas via PhonePe Bill Payments.”
“Piped Gas via PhonePe Bill Payments. You can earn a total of 150 reward points per statement month in this category”
“4. Cashback is only applicable on transactions where transaction amount is greater than or equal to Rs 100”
“4. All per month caps shall mean a statement month of the cardholder.”
“3. You shall be eligible for 1% reward points on all offline merchants using Scan & Pay via PhonePe. You can earn a total of 150 reward points per statement month in this category”
“1. Govt related transactions 2. Agriculture / Contractor Services MCCs 3. Rent payments/ Wallet loads / gift or prepaid card loads / voucher purchase 4. Purchase of gold / jewellery 5. Insurance / Post Office / Transit / Utilities 6. Education 7. Fuel”
“Limits and Charges Annual Fees Nil Joining Fees Nil”
“Effective 21-June-2026, an Account Maintenance Charge of Rs 100 plus taxes will be applied for year 1. The fee is waived in all instances except any customer-initiated closures within a period of 12 months from the date of issuance of the card.”
“Reward points shall be available for claim in the app, and on claiming the reward points the cashback of equivalent value shall be credited into the cardholder's PhonePe account.”
“You can earn a total of 200 reward points per statement month in this category.”
“You shall earn reward points when you transact with your Wish credit card depending on the transaction value and the purchase category as defined below.”
“12. Reward points are valid only for 12 months from the date of accumulation.”
“From PhonePe app itself customer can generate PIN & also set up for UPI.”
“On completing transactions worth Rs 15,000 in any statement month across any mode of transaction, you shall be eligible to earn 200 reward points additionally.”
“2. You shall be eligible for 1% reward points on UPI spends using your Wish card using PhonePe on these `Preferred Merchants' : Amazon, Flipkart, Myntra, Ajio, Nykaa, Swiggy, Zomato, District, Urban Company.”
“Age Limit: 18 to 80 years ( FD Backed Credit Card)”
“Has to be an Indian Resident”
“The minimum deposit required is just Rs 2000/-.”
“Visit PhonePe app & apply for Wish Credit Card, it's a do it yourself journey.”
“The Card is acceptable at any Merchant Establishments accepting RuPay cards.”
Terms change, sometimes without notice. Read the issuer’s current terms before applying. CardWise has no affiliate arrangement with Utkarsh Small Finance 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 Utkarsh Small Finance Bank’s own file from its website, unaltered, fetched 2026-10-16. Methodology