PhonePe HDFC Bank Ultimo Credit Card
Fees
₹2,999 + Taxes
Joining & annual
Reward Rate
10% Reward Points on PhonePe recharges, bills, travel & Pincode spends, capped 1,000 RP/month; 5% on select merchants (Amazon, Flipkart, Myntra, Ajio, Uber, Swiggy, Zomato), capped 500 RP/month; 1% on UPI Scan & Pay via RuPay, capped 500 RP/month; max ₹7,500 cashback redemption/month (1 RP = ₹1)
Welcome Bonus
2,999 PhonePe cashback points on joining fee payment
Lounge
8 Domestic/yr (₹75K Qtr Spend)
Our Expert Take
The PhonePe HDFC Bank Ultimo Credit Card provides up to 10% cashback on PhonePe travel & utility payments with airport lounge access and fee waiver on ₹3 Lakh spend.
Reward limits
Checked 11 Oct 2026 · Bank terms
-
10% on PhonePe recharges, bills and travel
Max 1,000 points per calendar month
Reached after about ₹10,000 of spend
-
5% on Amazon, Flipkart, Myntra, Ajio, Swiggy, Zomato, Uber
Max 500 points per calendar month
Reached after about ₹10,000 of spend
Where this card earns most
Paying directly in the app or site · 0% on other spends
Pros & Cons
Key Advantages
- 10% Reward Points on PhonePe recharges, bills, travel & Pincode spends, capped at 1,000 RP/month
- 8 complimentary domestic airport lounge visits/year (2 per quarter, on ₹75,000 quarterly spend)
- 5% Reward Points on select merchants like Amazon, Flipkart, Myntra & Swiggy, capped at 500 RP/month
- Joining fee fully offset by welcome cashback vouchers
Limitations
- ₹2,999 annual fee is relatively high for a co-branded cashback card
- Max benefit requires heavy usage of the PhonePe ecosystem
- Category cashback subject to monthly capping
Key Perks & Spending Milestones
10% Reward Points on PhonePe recharges, bills, travel (flights/buses/trains/hotels) & Pincode spends, capped at 1,000 RP/month
5% Reward Points on select online merchants (Amazon, Flipkart, Myntra, Ajio, Uber, Swiggy, Zomato), capped at 500 RP/month
1% Reward Points on UPI Scan & Pay via RuPay, capped at 500 RP/month
1% cashback on offline retail purchases
2 complimentary domestic lounge access visits per quarter
1% fuel surcharge waiver on transactions between ₹400 and ₹5,000
Spend milestone
Annual fee waived on annual retail spends of ₹3 Lakh
Fees & Charges
Joining fee
₹2,999 + Taxes
Annual fee
₹2,999 + Taxes
Annual fee waived on ₹3 Lakh annual retail spends
Interest rate
3.6% per month (43.2% per annum)
Late payment fee
- Up to ₹500
- Nil
- ₹501 to ₹1,000
- ₹500
- ₹1,001 to ₹5,000
- ₹600
- ₹5,001 to ₹10,000
- ₹750
- ₹10,001 to ₹25,000
- ₹900
- ₹25,001 to ₹50,000
- ₹1,100
- Above ₹50,000
- ₹1,300
Insurance & Protection Benefits
air accident cover
Up to ₹1 Crore
lost card liability
Up to ₹5 Lakh
purchase protection
Nil
emergency medical cover
Nil
Eligibility Criteria
salaried minimum income
₹50,000 per month
self employed ITR
₹10 Lakh per annum
age
21 to 60 years
Credit score & income
Good to Excellent (750+)
Frequently Asked Questions
What's the real reward structure on PhonePe HDFC Ultimo?
What is a Reward Point worth on this card?
How does lounge access work on PhonePe HDFC Ultimo?
Is the joining fee worth it on PhonePe HDFC Ultimo?
Compare PhonePe HDFC Bank Ultimo Credit Card With Similar Cards
| Card | Annual Fee | Reward Rate | Lounge Access | Rating |
|---|---|---|---|---|
| PhonePe HDFC Bank Ultimo Credit Card This Card | ₹2,999 + Taxes | 10% Reward Points on PhonePe recharges, bills, travel & Pincode... | 8 Domestic/yr (₹75K Qtr Spend) | 4.4/5 |
| Cashback SBI Credit Card | ₹999 + Taxes | 5% cashback on online spends, capped ₹2,000/statement cycle; 1%... | No Lounge Access | 4.7/5 |
| KIWI UPI RuPay Credit Card | Free | Up to 5% cashback on UPI spends via Kiwi Neon program (1.5% base... | Domestic (Neon Spend Milestones) | 4.7/5 |
| Axis Bank ACE Credit Card | ₹499 + Taxes | 5% cashback on Google Pay utilities; 4% on Swiggy, Zomato & Ola;... | 4 Domestic/yr | 4.6/5 |