PhonePe HDFC Bank Ultimo Credit Card

Annual feeJoining fee

₹999 + GST

Fee waiver rule

Annual Year Fee waived upon spending ₹2,00,000 in the previous year.

Welcome benefit

Get 5 PhonePe Scratch cards worth ₹200 each for the first 5 UPI on Credit Card transactions.

Reward rate

1% Reward Points on All Scan & Pay spends, capped at 500 Reward Points per calendar month.

EMI spend earning

No reward points will be given for EMI transactions.

Fuel earning

No reward points will be given for fuel.

Government spend earning

No reward points will be given for government payments.

Insurance spend earning

No reward points will be given for insurance.

Online earning

5% Reward Points on Select Online Brands – Amazon, Flipkart, Myntra, Ajio, Swiggy, Zomato, Uber; capped at 500 Reward Points per calendar month.

Rent earning

No reward points will be given for rental transactions.

Travel earning

10% Reward Points on Select PhonePe categories (Recharges, Utilities, Bill Payments and Travel)

Utilities earning

10% Reward Points on Select PhonePe categories (Recharges, Utilities, Bill Payments and Travel), capped at 1000 Reward Points per calendar month.

Reward exclusions

No reward points will be given for EMI transactions, fuel, wallet load, gift cards, cash advances, credit card bill payments, charges, government payments, rental transactions, education fees, insurance, investments, jewelry purchases.

Reward caps

Up to 2000 Reward Points per month on everyday spends

What one reward unit is worth

1 Reward Point is equivalent to Re.1 when redeemed as cashback against statement credit; 1 Reward Point is equivalent to Re.0.3 of SmartBuy (Flights/Hotels, Airmiles & Product Catalogue)

Cashback redemption

As cashback in the statement against their outstanding credit card balance through HDFC Bank Netbanking portal.

Catalogue redemptionFlight redemption

1 Reward Point is equivalent to Re.0.3 of SmartBuy (Flights/Hotels, Airmiles & Product Catalogue)

Statement-credit redemption

1 Reward Point is equivalent to Re.1 when redeemed as cashback against statement credit.

Point expiry

Unredeemed Reward Points will expire/lapse after 2 years from the date of accumulation.

Smallest number of points that can be redeemed

500 Reward Points (minimum Reward Point balance required for redemption against the statement balance)

Domestic lounge access

8 complimentary annual domestic lounge access, 2 per quarter (Conditional - Spend ₹75,000 in a quarter to be eligibile for the lounge access)

Milestone benefits

Domestic Lounge Access benefit is milestone-based: lounge voucher on spends of ₹75,000 or more in a calendar quarter.

Fuel surcharge waiver

Save 1% on fuel surcharge at fuel stations when you pay with your card.

Surcharge on railway tickets

1% + GST will be charged on Railway Ticket Purchases

Lost card liability

Zero Cost Card Liability on fraudulent transactions if reported immediately to HDFC Bank's 24-hour Call Centre.

Balance transfer terms

Balance Transfer Processing Charges: 1%.

Forex markup

3.5% on foreign currency transactions.3.5% of the transaction value

Dynamic currency conversion markup

With effect from 15th May 2026, a markup fee of 1.75% is levied on all transactions carried out in Indian Currency at an international location or at merchants located in India but registered overseas

Cash advance fee

2.5% or ₹500 whichever is higher.

Cash advance interest

All cash advances also carry a finance charge equal to charges on revolving credit, from the date of withdrawal until the date of full payment

Cash withdrawal limit

40% of the Credit Limit.

Interest on unpaid balance

3.75% per month (i.e., 45% per annum)

Interest-free period

Up to 50 days of interest-free credit from the date of purchase

Late payment fee

Nil to ₹1,300 (excl. GST), by bill amount

Over-limit fee

No over limit facility is provided.

Payment return or dishonour fee

2% of Payment amount subject to minimum of ₹450 (applicable for cheque payment return or unsuccessful payment attempt through Autopay facility)

Statement or duplicate statement fee

Duplicate physical statement charges: ₹10 per duplicate physical statement.

Card replacement fee

₹199 for non-metal cards; ₹3,500 for metal cards.

Cash payment / cash deposit fee

Cash Processing Fee: ₹100 (for all card payments made by depositing in HDFC Bank branches or ATMs)

Charge for lounge visits beyond the free limit

Additional charge may apply for meals/food/drink items (especially Alcoholic Drinks) and services such as Nap, Massage Service and Spa, as per the discretion of the participating airport lounge.

Education / school fee charge

1% fee on education transactions done through third party applications like (but not limited to) CRED, Nobroker, Cheq etc., capped at ₹4999 per transaction; education transactions done directly through college / school websites or through POS machines at their premises, and international education transactions, will not be charged.

EMI conversion fee

Smart EMI processing fee upto ₹849 (exclusive of GST for all loan amounts), depending on the customer’s eligibility/offer details; EasyEMI processing fee: an EMI processing fee of upto ₹299 for customers availing EMI facility at merchant

Fee on online skill-based gaming spends

From 1st July 2025, 1% fee on online skill-based gaming spends exceeding ₹10,000 in a calendar month; fee applied on the total online skill-based gaming spends in the calendar month; fee capped at ₹4999 per month

Foreign ATM fee

Cash from ATMs in India or abroad: transaction fee of 2.5% or ₹500, whichever is higher, levied on the amount withdrawn and billed in the next statement.

Reward redemption fee

No redemption fee when opting for cashback against statement.

Wallet load charge

From 1st July 2025, 1% fee on wallet loading spends (excl PayZapp) exceeding ₹10,000 in a calendar month; fee applied on the total wallet loading spends in the calendar month; fee capped at ₹4999 per month

Fuel transaction fee

1% fee on fuel transactions exceeding ₹15,000 for consumer cards (₹30,000 for business cards); fee applied on the total transacted amount; fee capped at ₹4999 per transaction.

Rent transaction fee

1% fee on transaction amount will be levied on rental transactions done on any applicable merchant for the month. Fee capped at ₹4999 per transaction.

Utility transaction fee

1% fee on utility spends exceeding ₹50,000 per calendar month for consumer cards (₹75,000 per calendar month for business cards); fee applied on the total utility spends in the calendar month; fee capped at ₹4999 per month.

GST note

GST is applicable on all Fees, Interest, and other Charges

Minimum amount due

Total GST + EMI amount + 100% of Fees/Charges + 5% of (Finance Charge + Retail Spends + Cash Advance); if that 5% is less than the Finance Charge, 100% of Finance Charges + 5% of (Retail Spends + Cash Advance); plus Overlimit Amount (if any)

Income, salaried

Gross Monthly Income > ₹25,000.

Income, self-employed

₹26 lakh per annum

Minimum age

21 years

Documents required

Identity Proof: Passport, Aadhaar card, Voter ID, Driving licence, PAN card, Passport size photograph; Address Proof: Utility bills, Rental agreement, Passport, Aadhaar card, Voter ID; Income Proof: Salary slips, ITR, Form 16, Bank statements.

Residency

Indian