HDFC Bank
PhonePe HDFC Bank Ultimo Credit Card
Annual Fee
₹1,179₹999 + GSTBase Reward
10% points
Foreign Markup
3.5%
Welcome Benefits
Get 50% of the Joining Fee Back as a PhonePe Gift Card on Your First RuPay Credit Card UPI Transaction, and the Remaining 50% as 10 Gift Cards on Continued UPI Spends
Product Highlights
- 10% Reward Points on bill payments via PhonePe up to 1,000 Reward Points
- 5% Reward Points on popular online platforms like Flipkart, Amazon, Ajio, Swiggy, Zomato
- Free domestic airport lounge access with minimum spend
Category Rewards
utilities
10% Reward Points
10X
shopping
5% Reward Points
5X
Fee Waiver
Renewal fee waiver on annual spends of ₹2 Lakh or more
Merchant-Specific Rewards
1 pt ≈ ₹0.25–₹0.50
PhonePe app
★ 10% on PhonePe app — Recharges & Bills, Travel & Stays
Reward Calculator
Earns ₹21/year (net)
Modest gain. Solid hold if you like the perks.
₹13K
across all your buckets
4.8K
HDFC Reward Points
₹1.2K
via statement credit · ₹0.25/pt
Effective rate
0.77%
Annual fee
₹1,179
Year 1 net
+₹21
Year 2+ net
+₹21
ongoing
Adjust your spend by reward bucket
2 bucketsSurcharges & Exclusions
Watch-outs that quietly erode your effective rewards. Categories listed as “excluded” earn 0% even if the merchant looks normal.
Excluded from rewards
emi, fuel, wallet, gift cards, cash advance, credit card bill payment, card fees, government, rent, education, insurance, investments, jewelry
Surcharges are typically charged 1 cycle after the transaction and may include GST. Always confirm with the bank's most recent T&C.
Rewards Details
10 Reward Points/₹100 on Select PhonePe Spends Like Recharges, Bill Payments, Movies, Hotels, Utilities, and More. 5 Reward Points/₹100 on Brands Like Amazon, Flipkart, Myntra, Ajio, and More. 1 Reward Point/₹100 on Scan & Pay UPI Spends.
- 1 Reward Point = ₹1 (Redemption Against Statement). 1 Reward Point = ₹0.30 When Redeemed for Airmiles, Product Catalogue or Smartbuy.
Benefits & Features
Domestic: 2 Lounge Visits Each Quarter (Min ₹75,000 quarterly spend required for activation) International: N/A Complimentary lounge access on ₹75,000+ quarterly spend. Without spend criteria, lounge access is not available.
Pros & Cons
Pros
- 10% Reward Points on PhonePe spends
- No charges for reward point redemption against statement
- Free domestic airport lounge access with minimum spend
Cons
- Requires ₹75,000 quarterly spend for lounge access
- No reward points for EMI transactions, fuel, wallet loads, and certain other categories
Additional Info
Reward Points are only valid for a period of one year.
Minimum of 500 Reward Points is required for redemption.
Card can only be applied for via the PhonePe app.
Capping of 1,000 Reward Points per calendar month for PhonePe spends, 500 Reward Points per calendar month for select merchants.
Excluded Categories
Partner Merchants
Ready to apply?
Apply directly on the bank's official website. Quick approval, no hidden steps.
Apply NowOfficial bank website · Secure
Fees & Charges
Eligibility
Networks
Fee Waiver
Renewal fee waiver on annual spends of ₹2 Lakh or more