The PhonePe HDFC Bank Ultimo Credit Card is the premium variant of the co-branded credit cards launched by PhonePe and HDFC Bank. It’s designed for users who have higher spending patterns, especially on the PhonePe app and other popular online platforms, and who also value lifestyle benefits like lounge access. Being a RuPay credit card, it offers seamless integration with UPI for “Scan & Pay” transactions.
Here’s a detailed look at its features:
Key Features and Benefits:
- Accelerated Rewards Program:
- 10% Reward Points: On select PhonePe categories like recharges, utility bill payments, travel bookings (flights, bus, trains, hotels), and Pincode (PhonePe’s hyperlocal delivery app). Capped at 1,000 Reward Points per calendar month.
- 5% Reward Points: On select online platforms like Amazon, Flipkart, Myntra, Ajio, Uber, Swiggy, and Zomato. Capped at 500 Reward Points per month.
- 1% Reward Points: On all “Scan & Pay” spends via UPI using the RuPay credit card. Capped at 500 Reward Points per month.
- Reward Point Redemption:
- 1 Reward Point = ₹1 when redeemed as cashback against the statement balance (minimum 500 RPs required). This is a highly attractive redemption value.
- 1 Reward Point = ₹0.30 for flight/hotel bookings on HDFC SmartBuy, Airmiles, and product catalogue.
- Reward points are valid for 1 year from the date of accumulation.
- Welcome Benefits:
- ₹499 (50% of joining fee) as a PhonePe Gift Card on your first RuPay Credit Card on UPI transaction on the PhonePe app (minimum ₹100 transaction).
- Remaining ₹500 spread as 10 PhonePe Gift Cards of ₹50 each over the next 10 RuPay Credit Card on UPI transactions (minimum ₹100 each). This effectively offsets the entire joining fee in the first year.
- Complimentary Domestic Airport Lounge Access:
- 8 complimentary lounge visits per year, capped at 2 per quarter.
- Conditional Access: You need to spend ₹75,000 or more in a quarter to be eligible for lounge access in the subsequent quarter.
- Fuel Surcharge Waiver: 1% fuel surcharge waiver on transactions between ₹400 and ₹5,000, with a maximum waiver of ₹250 per statement cycle.
- UPI Integration: As a RuPay card, it can be seamlessly linked to any UPI app (PhonePe, Google Pay, Paytm, etc.) for convenient “Scan & Pay” credit card payments.
- Card Management: Manage your card settings, generate statements, set PIN, and more through HDFC Bank’s MyCards portal or NetBanking.
Fees and Waivers:
- Joining Fee: ₹999 + GST
- Annual Fee: ₹999 + GST
- Annual Fee Waiver: Waived if you spend ₹2,00,000 or more in the previous year.
Who is it for?
The PhonePe HDFC Bank Ultimo Credit Card is ideal for:
- High spenders who extensively use PhonePe for various transactions (recharges, bill payments, travel).
- Frequent online shoppers on major e-commerce and food delivery platforms (Amazon, Flipkart, Swiggy, Zomato, Myntra, Ajio, Uber).
- Individuals who make a significant number of UPI “Scan & Pay” transactions.
- Travelers who can meet the quarterly spending criteria to avail of domestic airport lounge access.
- Anyone looking for a rewarding credit card that offers a high cashback value (1 RP = ₹1) on statement credit redemption.
How to Apply:
The application process for the PhonePe HDFC Bank Ultimo Credit Card is digital and is primarily available through the PhonePe app. Eligible PhonePe users will see the option to apply within the app. You will need to complete the application form and provide the necessary documents for KYC verification by HDFC Bank.
Important Considerations:
- Reward Caps: While the reward rates are high, there are monthly caps on the reward points earned in each category. Plan your spending accordingly to maximize benefits.
- Lounge Access Condition: Remember the ₹75,000 quarterly spend condition for lounge access. Ensure your spending habits align with this to utilize the benefit.
- Excluded Spends: Like most credit cards, reward points are not earned on certain categories such as EMI spends, fuel, wallet loads, gift card purchases, cash advances, credit card fees/charges, government transactions, rental payments, education fees, insurance, and investments.
- Reward Point Validity: Reward points expire after 1 year, so ensure you redeem them regularly.
Overall, the PhonePe HDFC Bank Ultimo Credit Card offers a compelling value proposition for users with significant digital spending, particularly on the PhonePe ecosystem and popular online brands, combined with the convenience of UPI integration and domestic lounge access for frequent travelers.
