Mass-MarketEntryRuPay✦ PhonePe

PhonePe HDFC Bank Ultimo Credit Card

Annual fee₹999Waived on ₹2.0L spend

Rewards1%Assumes 1 Reward Point = Re.1 when redeemed as cashback against statement credit (issuer's primary redemption path); min 500 RP to redeem, max cashback redemption ₹7,500 per calendar month. SmartBuy path only Re.0.3/RP.

Forex markup3.5%3.5% on all foreign currency transactions

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Welcome benefits

worth ₹999

PhonePe Gift card worth ₹499 on first RuPay CC on UPI transaction + 10 scratch cards worth ₹50 each on next 10 transactions

Type: Gift Card
Trigger: Spend ₹100
Partner: PhonePe

Rewards

Base earn rate

1% Reward Points on All Scan & Pay spends (Capped at 500 Reward Points per calendar month)

Category	Details
Phonepe categories	Recharges, Utilities, Bill Payments and Travel on PhonePe
Online brands	Amazon, Flipkart, Myntra, Ajio, Swiggy, Zomato, Uber
Upi scan and pay	All Scan & Pay spends

Redemption options

Statement credit:₹1 per point(minimum 500 points)Smartbuy:₹0.30 per point

• Unredeemed Reward Points will expire/lapse after 2 years from the date of accumulation
• Minimum redemption: 500 points
• Redemption fee: ₹99

Lounge access

Domestic

8visits / year

Max 2 per quarter
Requires ₹75,000 prior spend

HDFC SmartBuy Lounge Program lounge programme →

International

Not included

Fees & charges

Joining fee: ₹999 + applicable taxes
Annual / renewal fee: ₹999 + applicable taxes
Annual fee waiver: Annual Year Fee waived upon spending ₹2,00,000 in the previous year. Below spends will not be considered for the waiver – Cash advances, Credit Card fees or any charges, All EMI spends, Any other categories excluded as per the Bank's internal policies
Interest rate: Infinia, Infinia (Metal Edition), Diners Black Metal Edition, Diners Black, BizBlack Metal Card: 1.99% per month (23.88% p.a.). All other variants: 3.75% per month (45.0% p.a.). w.e.f 1st August 2024.
Interest-free period: 50 days
Cash advance fee: Transaction fee of 2.5% (Excluding Infinia, Infinia Metal Edition) or ₹500 whichever is higher on ATM withdrawals. Cash withdrawal limit: 40% of credit limit.
Payment dishonour: 2% of Payment amount subject to minimum of ₹450. Capping of ₹4999 for Infinia & Infinia Metal Credit Card. Applicable for cheque payment return or unsuccessful autopay.
Forex markup: 3.5% on all foreign currency transactions
DCC markup: 3.50%
Reward redemption: ₹99 per redemption
Fuel surcharge: 1% waiver, on ₹400–₹5000 txns, max ₹250/cycle

Late payment

Outstanding amount	Late fee
₹0 – ₹100	₹0
₹101 – ₹500	₹100
₹501 – ₹1,000	₹500
₹1,001 – ₹5,000	₹600
₹5,001 – ₹10,000	₹750
₹10,001 – ₹25,000	₹900
₹25,001 – ₹50,000	₹1,100
Above ₹50,001	₹1,300

View official MITC →

Insurance covers

Fraud liability

Zero Cost Card Liability - Available on any fraudulent transactions made on your Credit Card if reported immediately to HDFC Bank's 24-hour Call Centre

Eligibility

Age: 21–65 years

Features

✓ Contactless✓ Chip & PIN✓ UPI linkage

Additional features

Card Controls to set daily limits, domestic/international usage, online spends limit
Statement Request to generate monthly/yearly Credit Card statements
PIN Setting for Credit Card usage
SmartEMI to convert transactions/outstanding balance to EMI
BillPay to automate Bill payments like electricity, mobile, broadband
Service Requests for card hot listing, issuing new Credit Cards
Block your Credit Card functionality

No rewards on

Cash Advances · Credit Card Fees · Emi Spends

Card management via MyCards.

Is this card worth it for you?

Your monthly spend

₹10,000₹5,00,000

Phonepe recharges bills travel stays — 10% back

0% of spend100% of spend

Select online brands — 5% back

0% of spend100% of spend

Remaining 65% of spend earns the 1% base rate.

Rewards / year

₹6,000

≈ 1.00% effective

Annual fee

₹0 (waived)

waived at ₹2,00,000/yr spend

Net steady-state return

+₹6,000/year

Strong fit at this spend

At ₹50,000/month, rewards outrun the fee by ₹6,000 a year.

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One-time joining fee (year 1 only): ₹999

One-time welcome benefit: ~₹1,000 — For cards applied after 1st Aug'26: 5 Cashback Vouchers of ₹200 each on the first 5 'UPI on Credit Card' transactions via PhonePe app, each with min ₹100 transaction value; only for cardholders for whom Joining fee is applicable. (Cards applied on/before 31st Jul'26 got ₹499 voucher on first UPI-CC txn + ₹50 scratch cards on next 10 txns.)

Based on published rates as of 2026-08-07; assumes 1 Reward Point = Re.1 when redeemed as cashback against statement credit (issuer's primary redemption path); min 500 RP to redeem, max cashback redemption ₹7,500 per calendar month. SmartBuy path only Re.0.3/RP.. Rewards estimates, not guarantees.