Everything About the New PhonePe HDFC Bank Co-Branded Cards

PhonePe and HDFC Bank have launched two new RuPay Co-Branded Credit Cards aimed at making UPI payments more convenient. The ‘Ultimo’ and ‘UNO’ Credit Cards offer accelerated Reward Points on spends made via PhonePe.

HDFC PhonePe Ultimo and UNO Credit Cards are the latest additions to the ever-increasing list of rewarding co-branded cards in India. Both these cards are targeted at PhonePe users, offering additional rewards and lifestyle benefits. Cardholders can earn up to 10% Reward Points on bill payments, recharges, and travel bookings via PhonePe and take advantage of benefits like free airport lounge access at reasonable charges.

How Can I Apply for New PhonePe HDFC Credit Cards?

The card will be rolled out to eligible PhonePe users in a phased manner.

Sonika Chandra, Chief Business Officer, Consumer Payments at PhonePe, said, “We are excited about our first co-branded credit card launch in partnership with HDFC Bank. This launch underscores our commitment to providing innovative financial solutions to our wide set of user base. This card is positioned to offer PhonePe customers value on their regular spends, by giving them 10% reward points across select categories like bill payments, recharges, and travel bookings. Additionally, consumers can use this card seamlessly across millions of UPI merchants. We are confident that our strategic partnership with HDFC Bank, coupled with the benefits that this card offers will redefine the credit card experience for millions of Indians.”

About PhonePe HDFC Ultimo Credit Card

The PhonePe HDFC Ultimo Credit Card comes with a joining/annual charge of ₹999 + GST and offers cashback worth the same amount on making UPI transactions via PhonePe.

• Earn 10% Reward Points on PhonePe transactions, including recharges, bill payments, flight bookings, hotel bookings, and more.
• Earn 5% Reward Points on top online brands, including Flipkart, Amazon, Swiggy, Zomato, Uber, Myntra, and AJIO.
• Earn 1% Reward Points on Scan and Pay payments through any UPI app.
• Enjoy 8 complimentary airport lounge accesses within India per year.
• Get a 1% waiver on fuel surcharges.

1 Reward Point = ₹1

About PhonePe HDFC UNO Credit Card

The PhonePe HDFC Bank UNO Credit Card comes with a joining and annual fee of ₹499 + GST. Cardholders are eligible for cashback of up to ₹499 on making UPI payments using this card via PhonePe. This card is best suited for individuals with limited or low spending and those who are unwilling to pay a high annual fee. The annual fee can be waived by spending ₹1 lakh or more in a card anniversary year.

• Earn 2% Reward Points on PhonePe transactions, including recharge, bill payments, flight bookings, hotel reservations, and more.
• Get 1% Reward Points on top online brands such as Flipkart, Amazon, Swiggy, Zomato, Uber, Myntra, and AJIO.
• Receive 1% Reward Points on Scan and Pay payments through any UPI app.
• Enjoy a 1% waiver on fuel surcharge.

1 Reward Point = ₹1

Interested users can apply for the new HDFC PhonePe Credit Card through the PhonePe app. While applications are open now, they will be rolled out gradually in phases to all users.

Bottom Line

The Ultimo and UNO Credit Cards by HDFC Bank and PhonePe mark the launch of the first-ever co-branded credit cards from the popular UPI and bill payment platform, PhonePe. These cards will soon be available to PhonePe users.

While the Ultimo Credit Card is designed to offer premium benefits, the UNO Credit Card is better suited for everyday users. Frequent PhonePe users stand to gain the most from these offerings.

The introduction of UPI-focused credit cards, such as the recently launched Axis SuperMoney Pro and now the PhonePe-HDFC Bank Credit Cards, signals the beginning of a new wave of competition in the co-branded credit card space.

What are your thoughts on these new UPI-powered co-branded cards? Share your views below!