PhonePe HDFC Bank Ultimo Credit Card
HDFC Bank
A PhonePe-native card for users already deep in that ecosystem.
₹999
Joining fee
₹999, waived at ₹2L spend
Annual fee
Official: waived on Rs 2 lakh annual spend (cash advances, EMI, and card fees excluded from qualifying spend).
3.5%
Forex markup
4.0 / 5
Rating
Eligibility
Estimated minimum income: ₹25,000+/month
Estimated — not officially confirmed by the bank.
Estimated minimum CIBIL score: 700+
Estimated — not officially confirmed by the bank.
Income/CIBIL not specified in the official FAQ; credit approval follows the bank's internal policies, with a credit score check performed during application but no numeric threshold disclosed.
Lounge access
Per Year: 8
Condition: Rs 75,000+ spend in that calendar quarter
Per Quarter: 2
International: not mentioned/not offered
Key features
- PhonePe app-based application
- Rewards on eligible PhonePe/UPI transactions
- Fee waived at ₹2L annual spend
Reward details
1% on Scan & Pay (UPI QR codes), capped at 500 points/month
- 10% on PhonePe app transactions (recharges, bills, travel/stays) — 1,000 points/month
- 5% on Select online brands (Amazon, Flipkart, etc., specific MCCs) — 500 points/month
Redemption
Cashback at 1 point = Re 1, minimum 500 points, capped at Rs 7,500/month
Ratio: SmartBuy redemption at 1 point = Rs 0.30
Caps: Rs 7,500/month for cashback redemption
Excluded from rewards: EMI, fuel, wallet loads, gift cards, cash advances, bill payments, government payments, insurance, investments, jewellery
Real-world feedback
Sourced from user reviews and comparison sites (aggregator/user-sourced), not confirmed by the bank.
Praise
- Up to 10% savings on shopping/lifestyle categories appeals to frequent online shoppers; accelerated rewards on bills/utilities (categories generally excluded elsewhere) seen as a differentiator; Rs 2 lakh fee-waiver threshold considered easily achievable — Paisabazaar
Complaints
- Monthly caps on rewards earning, including base-rate categories, limit maximum benefit; point-expiry policy creates redemption urgency; quarterly spend condition on lounge access (Rs 75,000/quarter) adds friction — Paisabazaar
Sources
- Official — fees, eligibility, lounge, rewards
- Aggregator — sentiment, points expiry