Wish Credit Card (Utkarsh SFB x PhonePe)
Utkarsh Small Finance Bank · Open to apply
A digital credit card from Utkarsh Small Finance Bank issued against a fixed deposit and run in the PhonePe app. Earns reward points worth ₹1 each: 3% on bill payments and recharges in PhonePe, 1% on nine named brands and on offline Scan & Pay through PhonePe, each with a monthly cap, plus 200 points for ₹15,000 spent in a month. No joining or annual fee.
- Annual fee
- Lifetime free
- Joining fee
- None
- Base rate
- Nothing on other spends: 0% in Wish reward points (about 0% at cash value)
- Lounges
- None on record
- Forex markup
- 3.5%
- Data
- From bank documents, checked 6 Nov 2026
Main earn rates
- 3% on bill payments and recharges made in the PhonePe app: 3% in Wish reward points (about 3% at cash value)
- 1% on Amazon, Flipkart, Myntra, Ajio, Nykaa, Swiggy, Zomato, District and Urban Company by UPI through PhonePe: 1% in Wish reward points (about 1% at cash value)
- 1% on offline merchants through Scan & Pay in PhonePe: 1% in Wish reward points (about 1% at cash value)
Earns nothing on
- Nothing on other spends
- No rewards on government, rent, wallet loads, gift and prepaid cards, jewellery, insurance, education, fuel, cash advances and EMI
Where the sources disagree
- interest rate on the product page: The product page still says "up to 3% per month" for the finance charge; the KFS and MITC of 21 May 2026 say 3.5% from 21 June 2026. We use the KFS and MITC, which are the newer documents.
- minimum fixed deposit: The product page FAQ gives a minimum deposit of ₹2,000; the MITC says the requirement "shall commence at ₹100". The bank sets the minimum at its discretion, so neither is entered.
Terms the calculator does not value
- The late payment fee is 10% of the outstanding amount capped at ₹1,250; the schedule takes only slabs by amount, so no late fee is entered.
- The rewards lines earn only on UPI payments made with the card in PhonePe. Calculated on the merchant IDs the brands share; transactions below ₹100 earn nothing.
- The 200-point milestone has a further 30-day hold, and its transactions must be settled by the merchant before points can be claimed.
- The fixed deposit that backs the card earns the bank's deposit interest (the page says up to 7.75% a year); that interest is not part of the card's value. The deposit is lien-marked and can be liquidated against unpaid dues.
- The MITC excludes "Insurance / Post Office / Transit / Utilities", but PhonePe bill payments for utilities earn 3%; transit and post office are not mapped to a category (tolls are not entered as transit).
Sources
- Utkarsh Wish Credit Card product page (features, eligibility, limits and charges, FAQs) (Product page, the bank's own, read 6 Nov 2026)
- Wish Card Key Fact Statement (version 21 May 2026) (Most important terms (MITC), the bank's own, read 6 Nov 2026)
- Wish Credit Card MITC (version 21 May 2026) (Most important terms (MITC), the bank's own, read 6 Nov 2026)
- Wish Cardholder Agreement and Terms and Conditions (version 18 Sep 2025) (Reward terms, the bank's own, read 6 Nov 2026)