PhonePe HDFC Bank Ultimo Credit Card
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 (≈10.0% 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.
- Joining Fee₹999
- Annual Fee₹999
- Best Suited ForCo-brand rewards
- Reward TypeReward Points (points)
- 10 pts per ₹100 on phonepe select categories (cap 1000 points / monthly)
- 5 pts per ₹100 on online brands (cap 500 points / monthly)
- Base 1.00% on other spends
- PhonePe Gift card worth ₹499
- Additional scratch cards worth ₹50 each
HDFCmidCo-brand · PhonePeRewards and Benefits
See the math — accelerations & caps
What you'd realistically keep — caps applied, channel premiums cut when you don't route through them, realized redemption value.
No accelerated categories apply to the spend you entered — everything earns the base rate.
Base-rate spend
Non-accelerated spend, summarized at this card's base rate.
- Online shopping₹15,000 · 1.0% = ₹150/mo
Online shopping — earns base; accelerated rate needs booking via amazon, flipkart, myntra, ajio, swiggy, zomato, uber
- Groceries₹8,000 · 1.0% = ₹80/mo
- Dining & food delivery₹8,000 · 1.0% = ₹80/mo
Dining & food delivery — earns base; accelerated rate needs booking via amazon, flipkart, myntra, ajio, swiggy, zomato, uber
- Fuel₹4,000 · 0.0% = ₹0/mo
- Travel & hotels₹10,000 · 1.0% = ₹100/mo
Travel & hotels — earns base; accelerated rate needs booking via phonepe-app
- Utilities & bills₹5,000 · 1.0% = ₹50/mo
Utilities & bills — earns base; accelerated rate needs booking via phonepe-app
₹5,520 rewards − ₹0 annual fee. Estimate for the spend you entered.
Fees & Charges
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
- Annual fee waivable on ₹2,00,000 spend.
- Complimentary domestic airport lounge access (8/annual).
- Accelerated earn worth ≈10.0% on phonepe select categories.
- 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
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 5 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.