Over the last few years, PhonePe has become much more than just a UPI app people use for daily payments. The platform has slowly expanded and launched co-branded credit cards with major banks like HDFC Bank and SBI Card. Two of its popular options are the PhonePe HDFC Ultimo Credit Card and the PhonePe SBI SELECT BLACK Credit Card.
Both cards are aimed at people who regularly shop online, pay bills, book travel, and use the PhonePe app quite often. While the HDFC Ultimo card comes with a joining and annual fee of ₹999 + GST, the SBI SELECT BLACK card is priced slightly higher at ₹1,499 + GST and offers more benefits. From reward points and cashback opportunities to lounge access and entertainment perks, both cards bring plenty of features to the table, which makes choosing between them a little confusing for many users.
In Terms of Fees and Welcome Benefits
When comparing the PhonePe HDFC Ultimo Credit Card and the PhonePe SBI SELECT BLACK Credit Card on the basis of fees and welcome benefits, there are a few noticeable differences. The PhonePe HDFC Ultimo Credit Card comes with a joining and annual fee of ₹999 + GST, making it the more affordable option between the two. In comparison, the PhonePe SBI SELECT BLACK Credit Card charges a higher joining and annual fee of ₹1,499 + GST.
On the basis of welcome benefits, the PhonePe SBI SELECT BLACK Credit Card clearly offers a higher-value joining bonus compared to the PhonePe HDFC Ultimo Credit Card. With the SBI SELECT BLACK card, cardholders receive a ₹1,500 PhonePe Gift Card after paying the joining fee, which is credited within 45 days. In contrast, the PhonePe HDFC Ultimo Credit Card offers a more activity-based welcome benefit. Users get a ₹499 PhonePe gift voucher on making their first UPI transaction through the card on PhonePe, followed by ₹50 PhonePe gift cards for the next 10 eligible UPI payments, excluding the first transaction. This means the total welcome value can go up to ₹999, but only if the user continues making multiple UPI transactions through the app.
In Terms of Reward Rate
When it comes to rewards, both the PhonePe HDFC Ultimo Credit Card and the PhonePe SBI SELECT BLACK Credit Card follow a similar earning structure. Cardholders earn 10 Reward Points for every ₹100 spent on PhonePe transactions such as bill payments, mobile recharges, travel bookings, and Pincode purchases. They also earn 5 Reward Points per ₹100 spent on selected online merchants and 1 Reward Point per ₹100 on all other eligible spends, including UPI scan-and-pay transactions.
The main difference between the two cards is the monthly cap on reward earnings. The PhonePe HDFC Ultimo Credit Card allows users to earn up to 1,000 Reward Points per month on PhonePe transactions, 500 Reward Points on partner merchant spends, and 500 Reward Points on UPI transactions.
For the PhonePe SBI SELECT BLACK Credit Card, Reward Points on eligible PhonePe transactions are capped at 1,500 points per month, while insurance payments made via PhonePe are subject to a separate cap of 500 points per month. Additionally, cardholders can earn up to 1,000 Reward Points per month on eligible online spends.
The SBI SELECT BLACK card offers higher reward-earning potential than the HDFC Ultimo card in some categories. Users with moderate spending may find the HDFC Ultimo card sufficient, while those who spend frequently through PhonePe can still get more value from the SBI SELECT BLACK card.
It is also worth noting that utility and insurance payments made outside the PhonePe app on the SBI card earn only the base reward rate of 1 Reward Point per ₹100 spent. To maximize rewards, users should make these payments through the PhonePe app whenever possible.
| Feature | PhonePe HDFC Ultimo | PhonePe SBI SELECT BLACK |
| PhonePe Spends Reward Rate | 10 RPs per ₹100 Capped at 1,000 RPs/month | 10 RPs per ₹100 Capped at 1,500 RPs/month |
| Online Spends Reward Rate | 5 RPs per ₹100 Capped at 500 RPs/month | 5 RPs per ₹100, Capped at 1,000 RPs/month |
| Other Spends Reward Rate | 1 RP per ₹100 | 1 RP per ₹100 |
| Insurance Rewards Cap | Not separate | 500 RPs/month |
| Reward Point Value | 1 RP = ₹1 as Statement Cashback; 1 RP = ₹0.30 for Airmiles, Product Catalogue, or SmartBuy Redemptions | 1 RP = ₹1 |
In Terms of Milestone Benefits
When it comes to milestone benefits, the PhonePe SBI SELECT BLACK Credit Card offers more value than the PhonePe HDFC Ultimo Credit Card. With the SBI card, users can get the annual fee waived if they spend ₹3 lakh in a year. Apart from that, spending ₹5 lakh annually gives cardholders a Yatra voucher worth ₹5,000, which is useful for people who travel often. On the other hand, the PhonePe HDFC Ultimo Credit Card does not offer any milestone rewards or spending-based benefits.
| Milestone Benefit | PhonePe HDFC Ultimo | PhonePe SBI SELECT BLACK |
| Annual Fee Waiver | N/A | Annual Fee Waived on Spending ₹3 Lakh in the Card Anniversary Year |
| Annual Spend Reward | N/A | ₹5,000 Yatra Voucher on Annual Spends of ₹5 Lakh |
In Terms of Airport Lounge Access
The PhonePe HDFC Bank Ultimo Credit Card gives two free domestic lounge visits every quarter, which can go up to eight visits in a year, but only if you spend ₹75,000 in the previous quarter.
The PhonePe SBI SELECT BLACK Credit Card offers one free domestic lounge visit per quarter, or four visits in a year, and it does not come with a high spending condition like the HDFC card. Along with this, the SBI card also gives a free Priority Pass membership for the first two years, which is helpful for international lounge access.
So, the HDFC Ultimo card is better for those who can meet the spending requirement and want more domestic lounge visits, while the SBI SELECT BLACK card is better for people who want simpler benefits and some international lounge access as well.
Bottom Line
Both the PhonePe HDFC Ultimo Credit Card and the PhonePe SBI SELECT BLACK Credit Card are quite similar in terms of the core rewards they offer, especially when it comes to PhonePe spends, online shopping, and everyday transactions. The main difference is not really in what you earn, but how much you can earn and the extra benefits that come along with each card.
The SBI SELECT BLACK card is priced higher, but it also gives more flexibility with higher reward caps, better milestone benefits, and added travel perks like Priority Pass membership.
The HDFC Ultimo card, on the other hand, comes at a lower fee and still offers the same reward structure, but with stricter monthly limits and more basic overall benefits.
In simple terms, the two cards have similar reward systems, but they target different users. The SBI card is better for those who spend more, allowing them to earn rewards faster. The HDFC card is for users with lower spending, focusing on more controlled and valuable rewards.