In-depth review
PhonePe HDFC Bank Ultimo Credit Card
The premium tier of HDFC's PhonePe co-brand pair — 10% Reward Points on PhonePe recharges, bills and travel (capped 1,000 points/month), 5% on select online brands, 1% on RuPay-on-UPI Scan & Pay, with points worth a real ₹1 each. It adds up to 8 domestic lounge visits a year, but only if you clear ₹75,000 of spend each quarter. ₹1,000 of welcome scratch cards covers most of the ₹1,179 all-in joining fee, and the renewal waives at ₹2 lakh. Worth it only if your life genuinely runs through PhonePe — ordinary offline swipes earn nothing.
Read the full review →Key features
What this card is built to do — the highlights that actually matter.
Welcome Benefit
~₹1,000 in vouchers, points or cashback in year one — usually conditional on a first spend within 30–90 days
10 points/₹100 on Utility Bills (~10% value)
10% Reward Points on select PhonePe categories, capped 1,000 points/month
5 points/₹100 on Online Shopping (~5% value)
5% Reward Points on select online brands, capped 500 points/month
Airport Lounge Access
Up to 8 domestic lounge visits/year (2/quarter), each quarter unlocked by ₹75,000 spend in the PREVIOUS calendar quarter
Annual Fee Waiver
Fee of ₹999 + 18% GST (₹1,179 all-in)/yr fully waived when you spend ₹2,00,000/year
UPI Linked
Pay UPI QR codes from your credit line. What UPI payments earn can depend on the app you pay through, so check the rewards details.
✈️ TRAVEL BENEFITS
Lounge access, miles, forex rates and travel perks at a glance.
AIRPORT LOUNGE ACCESS
✓
Domestic lounges
₹4,000
Estimated annual value
3.5%
Forex markup
- Domestic airport lounge access (worth ~₹4,000/yr)
For heavy PhonePe users who will max the 10% recharges/bills/travel bucket each month and want domestic lounge access — provided they can clear ₹75,000/quarter to unlock it.
Full reward structure
What you earn on every rupee, per spend category — as of 11 Oct 2026. Rates assume 1 pt = ₹1.00. How we value points →
| Category | Type | Rate | Monthly cap |
|---|---|---|---|
| Utility Billsonly at PhonePe app — recharges, bills, and travel & stays (flights, bus, trains, hotels) | reward points | 10%10 pts/₹100 × ₹1.00 | ₹1,000 |
| Online Shoppingonly at Amazon, Flipkart, Myntra, Ajio, Uber, Swiggy, Zomato | reward points | 5%5 pts/₹100 × ₹1.00 | ₹500 |
| Other | reward points | 1%1 pts/₹100 × ₹1.00 | ₹500 |
Utility Bills: 10% Reward Points on select PhonePe categories, capped 1,000 points/month · PhonePe app — recharges, bills, and travel & stays (flights, bus, trains, hotels)
Online Shopping: 5% Reward Points on select online brands, capped 500 points/month · Amazon, Flipkart, Myntra, Ajio, Uber, Swiggy, Zomato
Other: 1% (1 point = ₹1) on UPI Scan & Pay — QR-code scans only, though on any UPI app, not just PhonePe. Other payment modes and ordinary offline swipes earn nothing. Capped 500 points a month.
Earns nothing on: Fuel · EMI Conversions · Wallet Loads · Rent · Government & Tax · Education · Insurance · Cash Advances · Gift Cards & Vouchers · Investments · Jewellery · Card bill payments
These spends earn no rewards at all — not a reduced rate, and not the base rate. They are also normally left out of any milestone or fee-waiver calculation.
Fees & charges
The numbers that matter beyond rewards — verify on the issuer site before applying. Fees below are shown inclusive of 18% GST, as of 11 Oct 2026.
| Charge | Amount |
|---|---|
| Annual fee (incl. 18% GST) | ₹1,179 |
| Joining fee (incl. 18% GST) | ₹1,179 |
| Finance charge (APR) | 3.75% p.m. |
| Forex markup | 3.5% |
Perks & benefits
Estimated annual value beyond rewards — ~₹4,600/yr in total.
1% fuel surcharge waiver (₹400–₹5,000 per txn), capped ₹250/statement cycle
Up to 8 domestic lounge visits/year (2/quarter), each quarter unlocked by ₹75,000 spend in the PREVIOUS calendar quarter
Should you get it?
- Best for: Heavy PhonePe users who will max the 10% recharges/bills/travel bucket, UPI-first spenders who also want domestic lounge access
- Mid tier — a solid all-rounder for steady monthly spend.
- Strongest value if you spend heavily on everyday spends (1% back; 10% only at PhonePe app — recharges, bills, and travel & stays (flights, bus, trains, hotels)).
- Frequent travellers benefit from the included airport lounge access.
Pros & cons
✓ Pros
- 10% Reward Points on PhonePe recharges, bills and travel (points worth ₹1 each)
- 5% on major online brands; 1% on RuPay-on-UPI Scan & Pay
- Up to 8 domestic lounge visits/year on quarterly spend
- ₹1,000 of welcome scratch cards covers most of the ₹1,179 all-in joining fee; renewal waived at ₹2 lakh spend
✕ Cons
- Rich rates are capped (~2,000 points/month total) and confined to PhonePe and listed online brands
- Ordinary non-UPI offline spends earn nothing
- Domestic lounge access needs ₹75,000 of spend every calendar quarter; no international lounges
- Fuel, rent, insurance, education, wallet loads, gift cards, EMI and government payments earn nothing
- The 1% Scan & Pay rate applies only to QR-code scans, not to other UPI payment modes
Eligibility & documents
This is the figure for salaried applicants. Where HDFC Bank sets a separate one for the self-employed, its own eligibility page gives it.
How to redeem rewards
Ways to convert what you earn into real value.
- 🎁Statement credit / cashback adjustment (₹1/point)
- 🎁SmartBuy flight & hotel bookings (₹0.30/point)
- 🎁Rewards catalogue
What your HDFC Reward Points are worth
Realistic value per point by redemption route — the difference is what most people leave on the table.
Standard catalogue & cashback
Brand & e-gift vouchers
₹0.50/pt on travel via SmartBuy on most HDFC cards; Infinia, Infinia Metal and Diners Club Black redeem at ₹1 there
The rich rates are capped (~2,000 points/month total) and confined to PhonePe/listed brands — non-UPI offline spends earn nothing, and the lounge needs ₹75,000 every quarter.
Frequently asked questions
What is 1 Reward Point worth?
What earns the headline 10%?
How does the lounge access work?
What is the fee waiver?
What is the welcome benefit?
How has the PhonePe HDFC Bank Ultimo Credit Card changed over time?
Has the PhonePe HDFC Bank Ultimo Credit Card been devalued recently?
When did the PhonePe HDFC Bank Ultimo Credit Card's fees last change?
How did the PhonePe HDFC Bank Ultimo Credit Card change in 2026?
The bottom line
The Ultimo is a genuinely strong UPI-first card if your spending concentrates on PhonePe — 10% back on recharges, bills and travel (worth up to ₹1,000/month) is rare, and the ₹1 point value makes it real money. The limits are the caps and the fact that ordinary offline spends earn nothing, so its value tracks how much of your life runs through PhonePe. For that user it clears its ₹999 fee easily.
How this page was built
Counted from this card’s own record: 3 earn rules, 3 of them capped, 2 paid only at named merchants, the spends listed as earning nothing and 2 recorded perks. The renewal fee is conditional — it is waived on a published spend target, so the fee you pay depends on what you spend.
Last updated 11 Oct 2026.
Sources & verification
Fees, reward rates, and benefits for the PhonePe HDFC Bank Ultimo Credit Card are taken from HDFC Bank's official Most Important Terms & Conditions (MITC) and fee schedule — see the card's official page. Last updated 11 Oct 2026. Reviewed by Devchandra Sah. Always confirm current details on the issuer's site before applying. How we research →
Independence. CardAdvisor is an independent editorial publication. We are not affiliated with, endorsed by, sponsored by, or authorised to act for HDFC Bank. All issuer names, product names, and payment-network marks are the property of their respective owners and appear here for identification and comparison only. Card faces shown on this site are our own original illustrations — we do not display or host issuer card artwork or logos.
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Guides and reviews related to this card.
PhonePe HDFC Bank Ultimo Credit Card
The premium tier of HDFC's PhonePe co-brand pair — 10% Reward Points on PhonePe recharges, bills and travel (capped 1,000 points/month), 5% on select online brands, 1% on RuPay-on-UPI Scan & Pay, with points worth a real ₹1 each. It adds up to 8 domestic lounge visits a year, but only if you clear ₹75,000 of spend each quarter. ₹1,000 of welcome scratch cards covers most of the ₹1,179 all-in joining fee, and the renewal waives at ₹2 lakh. Worth it only if your life genuinely runs through PhonePe — ordinary offline swipes earn nothing.
PhonePe HDFC Bank Uno Credit Card
A RuPay-on-UPI entry card that pays in HDFC Reward Points worth a genuinely strong ₹1 each — but only in three buckets: 2% on PhonePe recharges, bills and travel, 1% on select online brands, and 1% on RuPay-on-UPI Scan & Pay, each capped 500 points a month. Ordinary offline swipes earn nothing, and you apply only inside the PhonePe app. A tidy, honest choice for the PhonePe-first, UPI-heavy spender — and the wrong card for anyone wanting rewards on general spends.
Value timeline
Every real-world change to this card's rewards, fees and benefits we've tracked — newest first, each linked to its source.
Tracking since 2025 · last change Aug 2026
2026
- ◆ WelcomeEffective 1 Aug 2026
Welcome benefit restructured into five UPI scratch cards
₹499 PhonePe gift voucher on the first UPI transaction, plus ₹50 on each of the next ten (₹999)→Five ₹200 cashback vouchers (scratch cards), one on each of the first five UPI-on-credit-card transactions of ₹100+ in the PhonePe app (₹1,000)
HDFC split the welcome benefit by application date: "For applications submitted on or after 1st Aug'26 — 5 Cashback Vouchers worth ₹200 each (via scratch cards) … limited to first 5 transactions with min ₹100 transaction value only via PhonePe app." The rupee total is unchanged in substance, but the mechanic is not — five qualifying transactions instead of eleven, each ₹100 or more and routed through the PhonePe app. Anyone who applied on or before 31 July 2026 keeps the older gift-voucher structure. Confirmed in HDFC's Ultimo FAQ v2.2 dated 28 July 2026.
Verification: HDFC Bank ↗ · Confidence: High
- ▼ FeeEffective 15 May 2026
Dynamic currency conversion markup raised to 1.75%
1% markup→1.75% markup
HDFC's MITC: "Dynamic currency conversion Markup Fee: With effect from 15th May 2026, a Markup fee of 1.75% will be levied on all transactions carried out in Indian Currency at an international location or at merchants which are located in India but registered overseas." This is separate from, and stacks on top of, the card's ordinary foreign-currency markup. It is the charge you pay for accepting a terminal's offer to bill you in rupees while abroad - always decline that offer and pay in the local currency. It also catches India-based purchases from merchants registered overseas, which is easy to trigger without leaving the country. The PIXEL MITC dates the same change 17 May 2026.
Verification: HDFC Bank ↗ · Confidence: High
2025
- ▼ FeeEffective 1 Jul 2025
1% fee added on rent, wallet loads and online gaming
No category surcharge on rent, wallet loads or gaming→1% on rent (cap Rs 4,999 per transaction); 1% on wallet loads and on online skill-based gaming above Rs 10,000 a calendar month (cap Rs 4,999 a month)
HDFC's MITC: "Rent Pay Transactions: W.e.f. 1st July 2025, 1% fee on transaction amount will be levied on rental transactions... Fee capped at Rs 4999 per transaction"; "Wallet Loading (excl PayZapp) - W.e.f. 1st July 2025, 1% fee will be levied on Wallet loading spends exceeding Rs 10,000 in a calendar month"; "Online Skill based Gaming - W.e.f. 1st July 2025, 1% fee... exceeding Rs 10,000 in a calendar month". These are charges on top of the fact that most HDFC cards already earn zero reward points on the same categories - you pay to spend, and earn nothing for it. PayZapp wallet loads are exempt from the wallet fee.
Verification: HDFC Bank ↗ · Confidence: High
- ▼ FeeEffective 1 Jul 2025
1% fee on utilities above Rs 50,000 and on third-party education payments
No surcharge on utility or education payments→1% on utility spends above Rs 50,000 a calendar month (cap Rs 4,999 a month); 1% on education paid through third-party apps
HDFC's MITC: "Utility Charges: 1% fee will be levied on utility spends exceeding Rs 50,000 per Calendar month for consumer cards... Fee capped at Rs 4999 per month"; "Education Charges: 1% fee... on Education transactions done through third party applications like (but not limited to) CRED, Nobroker, Cheq etc." Paying school or college fees DIRECTLY to the institution is not charged - only routing them through a third-party app is. A 1% fee also applies to fuel transactions above Rs 15,000.
Verification: HDFC Bank ↗ · Confidence: High
- ▼ RewardEffective 1 Jul 2025
Insurance reward points capped, online gaming stops earning
Insurance uncapped on most cards; online skill-based gaming earned points→Insurance capped at 2,000 reward points a month (5,000 on Diners Black, 10,000 on Infinia); online skill-based gaming earns nothing
HDFC's MITC: "With effect from 1st July 2025, Reward Points accrued for insurance transactions will have a maximum cap of... 2000 per month for all other credit cards" and "With effect from 1st July 2025, Online Skill-Based gaming transactions will not earn Reward Points/CashPoints on all the cards." Insurance premiums are a common way to hit a milestone quickly, so the cap matters more than its size suggests.
Verification: HDFC Bank ↗ · Confidence: High
Each change links to the issuer's own document — bank T&C, MITC, notice, press release or product page — where one is public. Where the bank published nothing, it's marked CardAdvisor Research and verified against the card's current terms. Independent of the live terms shown above. This timeline is one card's slice of our market-wide change record across every tracked card.
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Source: <a href="https://cardadvisor.in/cards/hdfc-phonepe-ultimo#value-timeline">PhonePe HDFC Bank Ultimo Credit Card value timeline</a>, CardAdvisor (CC BY 4.0).
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