PhonePe HDFC Bank Ultimo Credit Card
HDFC Bank · Open to apply
PhonePe's co-brand RuPay card for people who pay bills, book travel and shop online through the PhonePe app: 10% in Reward Points on recharges, bills and travel booked in the app (1,000 points a month), 5% on seven online brands (500 a month), 1% on UPI scan and pay (500 a month), and nothing on other spends. Points are worth ₹1 against the statement. ₹999 fee, waived at ₹2 lakh a year; 8 domestic lounge visits a year on ₹75,000 a quarter.
- Annual fee
- ₹999 + GST a year
- Joining fee
- ₹999 + GST
- Fee waiver
- Annual fee waived on ₹2,00,000 spend per card year
- Base rate
- No Reward Points on other spends: 0% in Reward Points (about 0% at cash value)
- Lounges
- Domestic: 2 visits a calendar quarter after ₹75,000 spend
- Forex markup
- 3.5%
- Data
- From bank documents, checked 6 Nov 2026
Main earn rates
- 10% in Reward Points on recharges, bills, flights, hotels and tolls booked in the PhonePe app: 10% in Reward Points (about 10% at cash value)
- 10% in Reward Points on train and bus tickets booked in the PhonePe app: 10% in Reward Points (about 10% at cash value)
- 5% in Reward Points on Amazon, Flipkart, Myntra, Ajio, Uber, Swiggy and Zomato: 5% in Reward Points (about 5% at cash value)
- 1% in Reward Points on UPI scan and pay: 1% in Reward Points (about 1% at cash value)
Earns nothing on
- No Reward Points on other spends
- No Reward Points on fuel, wallet, gift cards, EMI, cash, government, rent, education, insurance, jewellery or skill gaming
Where the sources disagree
- domestic lounge entitlement: The lounge T&C (version 2, 9 April 2026), the FAQ (28 July 2026) and the product page give 8 complimentary domestic visits a year, 2 a quarter, all on spend of ₹75,000 or more in a calendar quarter. The MITC v4.15 says "two complimentary domestic lounge access every calendar quarter, additional two ... (excluding first quarter of card issuance) on min spends of Rs.75,000 in previous calendar quarter", which reads as 2 unconditional visits plus 2 more on spend. The lounge T&C, FAQ and page are used (the lower reading): the lounge T&C is the document specific to this benefit and three sources agree.
Terms the calculator does not value
- The seven brands earn only when the transaction's MCC is in the eligible list, so some purchases at these brands (for example Instamart groceries, MCC 5411) earn nothing; the calculator's generic cab line has no merchant, so cab rides are not valued at the 5% Uber rate, and MCC 4121 taxis other than Uber are not in either list.
- Welcome vouchers are paid as PhonePe scratch cards and gift cards that can be spent only on eligible merchants on the PhonePe app.
- SmartBuy accelerated cashback (the "Other credit card" column) is not entered: nothing in the card's T&C or FAQ says it applies to this card.
- The T&C says a transaction not posted in the regular monthly cycle can be posted up to 60 days after the transaction month.
Sources
- HDFC Bank credit cards listing (explore credit cards) (Product page, the bank's own, read 20 Oct 2026)
- PhonePe HDFC Bank Ultimo Credit Card product page (Product page, the bank's own, read 6 Nov 2026)
- PhonePe HDFC Bank Ultimo Credit Card Reward Points TnCs (file last changed 31 July 2026) (Reward terms, the bank's own, read 6 Nov 2026)
- PhonePe HDFC Bank Ultimo Credit Card FAQs, v.2.2 of 28 July 2026 (FAQ, the bank's own, read 6 Nov 2026)
- PhonePe HDFC Bank Ultimo Credit Card Complimentary Domestic Airport Lounge Access TnCs, version 2 of 9 April 2026 (Reward terms, the bank's own, read 6 Nov 2026)
- HDFC Bank credit cards Most Important Terms and Conditions (Key Fact Statement), version 4.18, updated 31 October 2026 (Most important terms (MITC), the bank's own, read 6 Nov 2026)
- HDFC Bank notice "Updates on your credit card rewards, fees & charges" from 15 May 2026 (reward accrual ₹150 to ₹200, DCC fee, reissue fee) (Bank notice, the bank's own, read 20 Oct 2026)