M16S / HDFC Bank / PhonePe HDFC Bank Ultimo Credit Card
entry · cobrand, cashback, upi
PhonePe HDFC Bank Ultimo Credit Card
The PhonePe HDFC Bank Ultimo Credit Card costs Rs 999 a year, waived if you spend Rs 2,00,000 in a year. Its base return is 1%. The forex markup is 3.5%. Lounge visits in India: 8 per year (2 per quarter). Read from the issuer's documents and an aggregator on 31 Oct 2026.
- Annual fee
- Rs 999+ GST
- Fee waived at
- Rs 2,00,000annual spend
- Base return
- 1%
- Forex markup
- 3.5%
- Interest
- 3.75%a month
Apply on hdfc.bank.inOpens the bank’s own page.
Fees
| Joining fee | Rs 999 |
|---|---|
| Annual fee | Rs 999 |
| Annual spend that waives the fee | Rs 2,00,000 |
| Fee notes | Joining Rs 999 + taxes, annual Rs 999 + taxes. Annual fee waived on Rs 2 lakh spend in the previous year; cash advances, fees and EMI spends do not count (product page). |
Rewards
| Welcome benefit | Cards applied on or after 1 Aug 2026: 5 PhonePe scratch cards worth Rs 200 each on the first 5 UPI-on-credit-card transactions (min Rs 100 each, on the PhonePe app). Only when the joining fee is charged. (Cards applied till 31 Jul 2026: Rs 499 gift card on first UPI transaction plus 10 scratch cards of Rs 50.) |
|---|---|
| Reward currency | Reward Points |
| Base earn | 1% Reward Points on UPI Scan & Pay; the page lists no earn on other card spends (monthly maximum of 2,000 RP equals the three category caps) |
| Base return | 1% |
| Point value | 1 RP = Re 1 as cashback against statement; Rs 0.30 on SmartBuy (flights/hotels, airmiles, product catalogue) |
| Accelerated earn | 10% RP on select PhonePe categories (recharges, utilities, bill payments, travel); 5% RP on Amazon, Flipkart, Myntra, Ajio, Swiggy, Zomato, Uber |
| Caps | 10% category 1,000 RP per calendar month; 5% brands 500 RP per month; Scan & Pay 500 RP per month (2,000 RP a month in all). Cashback redemption max Rs 7,500 per calendar month |
| Spends that earn nothingunverified | EMI, fuel, wallet loads, gift cards, cash advances, card bill payments, government, rent, education, insurance, investments, jewellery |
| Points expiry | 2 years from accumulation |
| Reward notes | No redemption fee for cashback against statement; min 500 RP to redeem (product page). Points post once a month for the previous calendar month. base_return_pct = 1% Scan & Pay earn x Re 1 per point; applies to UPI Scan & Pay only, other spends outside the listed categories earn nothing per the page. |
Travel and perks
| Domestic lounge | 8 per year (2 per quarter) |
|---|---|
| International lounge | None |
| Lounge conditions | HDFC documents conflict. MITC v4.17 (October 2026): 2 domestic visits every calendar quarter, plus 2 more (excluding the first quarter) on Rs 75,000 spend in the previous calendar quarter. Product page: 8 a year, 2 per quarter, conditional on Rs 75,000 spend in a quarter. Needs a re-check at HDFC. |
| Forex markup | 3.5% |
| Fuel surcharge waiver | 1% on txns Rs 400-5,000, cap Rs 250 per statement cycle |
Charges and eligibility
| Interest per month | 3.75% |
|---|---|
| Late payment fee | On outstanding balance: up to Rs 100 nil; 101-500 Rs 100; 501-1,000 Rs 500; 1,001-5,000 Rs 600; 5,001-10,000 Rs 750; 10,001-25,000 Rs 900; 25,001-50,000 Rs 1,100; above 50,000 Rs 1,300 (MITC) |
| Cash advance fee | 2.5% of amount, min Rs 500 |
| Eligibility | Apply only through the PhonePe app; bank decides the variant (Ultimo or Uno). Indian national. Salaried: age 21-60, gross monthly income above Rs 25,000. Self-employed: age 21-65; the page prints 'Rs 26 lakh per annum' for income |
| Fine-print notes | Monthly caps are low: maximum 2,000 points a month across all categories, and nothing is listed for ordinary card spends outside them. Rewards on PhonePe Pincode ended 5 Dec 2025 per the page. Product page read 2026-10-12; the exclusion list is not on it. Conflicts with earlier data (issuer page used): points_expiry: aggregator said 1 year; page says 2 years | welcome_benefit: aggregator amounts were inconsistent; page gives 5 scratch cards of Rs 200. Bank-wide charges per MITC: 1% fee on rent payments (cap Rs 4,999/txn); 1% on utility spends above Rs 50,000/month (Rs 75,000 on business cards); 1% on wallet loads above Rs 10,000/month (PayZapp exempt); 1% on fuel spends above Rs 15,000/month (Rs 30,000 business); 1% on online skill gaming above Rs 10,000/month; 1% on education paid via third-party apps; 1% + GST on railway tickets; 1.75% markup on INR transactions at overseas merchants from 15 May 2026. Points lapse if the card is unused for 365 days. |
Questions
- What is the annual fee of the PhonePe HDFC Bank Ultimo Credit Card?
- Rs 999 a year, before GST. It is waived if you spend Rs 2,00,000 in a year.
- Does the PhonePe HDFC Bank Ultimo Credit Card give airport lounge access?
- Yes. In India: 8 per year (2 per quarter). Outside India: none listed. Conditions: HDFC documents conflict. MITC v4.17 (October 2026): 2 domestic visits every calendar quarter, plus 2 more (excluding the first quarter) on Rs 75,000 spend in the previous calendar quarter. Product page: 8 a year, 2 per quarter, conditional on Rs 75,000 spend in a quarter. Needs a re-check at HDFC.
- What is the forex markup on the PhonePe HDFC Bank Ultimo Credit Card?
- 3.5% of each foreign-currency transaction, before GST.
- Which spends earn no rewards on the PhonePe HDFC Bank Ultimo Credit Card?
- EMI, fuel, wallet loads, gift cards, cash advances, card bill payments, government, rent, education, insurance, investments, jewellery