PhonePe HDFC Bank Ultimo credit card review: fees, rewards and eligibility
The PhonePe HDFC Bank Ultimo has a recorded annual fee of ₹999 plus GST and a base earn of 1% in Reward Points. CardMasters checked its issuer terms on 2026-08-06. Affiliate commission never changes ranking; confirm final terms and approval with HDFC Bank.
PhonePe HDFC Bank Ultimo: short answer
The PhonePe HDFC Bank Ultimo is in the mid tier of HDFC Bank credit cards, with a joining fee of ₹999, an annual fee of ₹999 plus GST (waived on ₹2,00,000 of eligible annual spend), a base earn of 1% in Reward Points and a 3.5% forex markup. Rewards are not earned on fuel, rent, wallet load, emi. It suits phonepe ecosystem, bills utilities, upi credit spending; whether it beats a card you already hold depends on your own spend mix and redemption choices.
Source: CardMasters issuer-evidence catalogue, release 2026-08-06. Confirm final terms with the issuer.
Reward structure
1% base rewards in Reward Points.
- 10 points per ₹100 on PhonePe categories (utilities/movies/hotels/travel/recharges/bills) (1,000 points monthly cap) — 10% RP, capped 1,000 pts/mo
- 5 points per ₹100 on Myntra/Swiggy/Zomato/Amazon/Ajio/Flipkart/Uber (500 points monthly cap)
- 1 points per ₹100 on UPI scan & pay — 1% on UPI scan-and-pay
Eligibility and important limits
published monthly income floor ₹35,000 Approval remains solely at the issuer’s discretion.
Does not earn: fuel, rent, wallet load, emi.
Frequently asked questions
What is the annual fee for the PhonePe HDFC Bank Ultimo?
The published annual fee in our current record is ₹999 plus applicable GST. It can be waived after ₹2,00,000 of eligible annual spend, subject to issuer terms.
How do rewards work on the PhonePe HDFC Bank Ultimo?
1% base rewards in Reward Points. Accelerated routes include 10 points per ₹100 on PhonePe categories (utilities/movies/hotels/travel/recharges/bills) (1,000 points monthly cap); 5 points per ₹100 on Myntra/Swiggy/Zomato/Amazon/Ajio/Flipkart/Uber (500 points monthly cap); 1 points per ₹100 on UPI scan & pay. Reward value depends on the eligible transaction route and redemption method.
Which transactions do not earn rewards on the PhonePe HDFC Bank Ultimo?
The current issuer-sourced exclusions recorded by CardMasters include fuel, rent, wallet load, emi. Merchant category coding and issuer terms determine final eligibility.
Who should consider the PhonePe HDFC Bank Ultimo?
It is most relevant for people focused on phonepe ecosystem, bills utilities, upi credit. Whether it improves your wallet still depends on your actual spending, existing cards, fees and redemption choices.
Is the PhonePe HDFC Bank Ultimo worth it?
It is worth holding only when the rewards and benefits you will genuinely use exceed ₹999 plus GST each year. The fee is waived at ₹2,00,000 of eligible annual spend, so check whether you reach that without forcing spend. Value the rewards at a realistic redemption rate, not the issuer's best-case example.
What is the eligibility for the PhonePe HDFC Bank Ultimo?
The published monthly income floor is ₹35,000. Approval, credit limit and final pricing are decided solely by the issuer.
What is the forex markup on the PhonePe HDFC Bank Ultimo?
The recorded foreign-currency markup is 3.5% before GST. On ₹1,00,000 of international spend that is about ₹3,500 in markup, so compare it against any rewards earned on overseas transactions.
Does the PhonePe HDFC Bank Ultimo offer airport lounge access?
Domestic lounge access: 8/yr (2 per quarter, on ₹75K quarterly spend). International lounge access: none. Spend conditions and guest charges are set by the issuer and can change.