PhonePe HDFC Bank Ultimo Credit Card
Updated 3 Jul 2026Source-linked
The PhonePe HDFC Bank Ultimo Credit Card is a mid co-branded credit card from HDFC Bank and PhonePe, with a joining fee of ₹999 + GST.
It earns up to 10 pts per ₹100 (≈2.0% value) on PhonePe spends in the form of reward points (points).
Cardholders get 8 annual domestic airport lounge access, plus phonepe gift card worth ₹499 as a welcome benefit.
PhonePe HDFC Bank Ultimo Credit Card
- Joining Fee₹999
- Annual Fee₹999
- Best Suited ForCo-brand rewards
- Reward TypeReward Points (points)
Rewards Rate
- 10 pts per ₹100 on phonepe select categories (cap 1000 points / monthly)
- 5 pts per ₹100 on online brands (cap 500 points / monthly)
- Base 0.20% on other spends
Welcome Benefits
- PhonePe Gift card worth ₹499
- Additional scratch cards worth ₹50 each
HDFCmidCo-brand · PhonePeRewards and Benefits
Rewards Rate
10 pts per ₹100 on phonepe select categories (cap 1000 points / monthly)
5 pts per ₹100 on online brands (cap 500 points / monthly)
Base 0.20% on other spends.
Reward Redemption
N/A
Welcome Benefits
PhonePe Gift card worth ₹499
Milestone Rewards
N/A
Domestic Lounge Access
8 visits each annual on making spends of ₹75,000 in the previous quarterly.
International Lounge Access
N/A
Travel
N/A
Movie & Dining
N/A
Golf
N/A
Insurance Benefits
N/A
Other Benefits
N/A
Fees & Charges
Spend-Based Waiver
₹2,00,000 in the preceding year
Rewards Redemption Fee
N/A
Foreign Currency Markup
3.50%
Interest Rates
3.75% per month (45.0% annualised)
Fuel Surcharge Waiver
1.0% waiver on transactions between ₹400 and ₹5,000, capped at ₹250 per statement.
Cash Advance Charges
N/A
Product Details
- Co-branded mid card by HDFC Bank and PhonePe.
- Joining / annual fee of ₹999 + GST, waived on annual spends of ₹2,00,000.
- Available on the RuPay network.
- Complimentary airport lounge access: domestic (8/annual).
Pros & Cons
Pros
- Annual fee waivable on ₹2,00,000 spend.
- Complimentary domestic airport lounge access (8/annual).
Cons
- Standard forex markup of 3.50% — suboptimal for international spend.
- No rewards on fuel spends.
₹499 welcome benefit
- PhonePe Gift card worth ₹499Joining fee applicable; first RuPay CC on UPI transaction (min ₹100)
- Additional scratch cards worth ₹50 eachNext 10 RuPay CC on UPI transactions (min ₹100 each)
Accelerated rewards
- 10 pts per ₹100 on phonepe select categories (cap 1000 points / monthly)Merchants: phonepe-recharges, phonepe-utilities, phonepe-bill-payments, phonepe-travel10% Reward Points on select PhonePe categories (Recharges, Utilities, Bill Payments and Travel). Capped at 1000 Reward Points per calendar month. Rewards on PhonePe PINCODE valid until 5th Dec'25.
- 5 pts per ₹100 on online brands (cap 500 points / monthly)Merchants: amazon, flipkart, myntra, ajio, swiggy, zomato, uber5% Reward Points on select online brands (Amazon, Flipkart, Myntra, Ajio, Swiggy, Zomato, Uber). Capped at 500 Reward Points per calendar month.
Exclusions
The following spend categories earn no rewards on this card:
- emi
- fuel
- wallet loads
- rent
- government
- insurance premiums
- education
- gift cards
- cash advance
Airport lounge access
Domestic
8 visit(s) / annual. Via issuer-direct.
Unlocks after ₹75,000 / quarterly spend.
8 complimentary domestic lounge visits per year (2 per quarter). Milestone-based: a lounge voucher is issued via Gyftr on ₹75,000 net spend in the preceding calendar quarter.
Fuel surcharge waiver
1.0% waiver on fuel transactions between ₹400 and ₹5,000, capped at ₹250 per statement.
Sources
- : www.hdfc.bank.in · retrieved 3 Jul 2026
Last verified 3 Jul 2026. Verify with the issuer before applying.
Eligibility
- Age
- 21–65
- Credit score
- 720+
- Income (salaried)
- ₹6,00,000 p.a.
- Income (self-employed)
- ₹6,00,000 p.a.