After successful collaborations and co-branded credit card launches with HDFC Bank and SBI Card, PhonePe has now partnered with Utkarsh Small Finance Bank to launch the all-new Wish Credit Card. This fixed deposit-backed credit card is ideal for individuals starting their credit journey or seeking to enhance their credit score.
The all-new PhonePe Wish Credit Card shall offer 3% Reward Points on recharges and bill payments made through PhonePe. This is extremely useful as we all regularly pay for utilities such as electricity, water, and more. The card also offers 1% Reward Points on spends made with leading online platforms (Zepto, Amazon, and many more) and Scan & Pay transactions made via PhonePe. Each Reward Point is valued at ₹1.
This is a lifetime free card, meaning there are no joining or annual fees associated with it.
On the launch, Mr. Govind Singh, MD & CEO of Utkarsh Small Finance Bank, said, “We are cognizant of the fact that the Nation is witnessing a significant adoption of digital products and services. It is therefore imperative that banks offer a range of products and services that would enable customers from various walks of life to adopt the right financial channels and payments that suit their lifestyle. This partnership with PhonePe to offer an FD backed Credit Card is a significant step towards blending traditional and new age banking. While the customer gets the benefit of an FD, not only that backs their credit spending but in addition allows them to earn an interest and at the same time helps them improve their credit score when they spend on their shopping through Wish Credit Card. In addition, this Credit Card enables the customer to transact through UPI. This truly is a Wish come true.”
Features of the New Wish Credit Card
The all-new Utkarsh PhonePe Wish Credit Card is a secured offering that can be applied for via the PhonePe app. Applications shall be rolled out in phases.
- Zero joining or renewal charges.
- Earn 3% reward points on recharges and bill payments made through the PhonePe app.
- Get 1% reward points on shopping from select leading e-commerce platforms.
- Enjoy 1% reward points on all Scan & Pay transactions.
- Receive a monthly milestone bonus of 200 reward points on spends of ₹15,000 or more.
1 Reward Point = ₹1
Bottom Line
PhonePe recently partnered with HDFC Bank and SBI Card to launch new co-branded credit cards in the market. The PhonePe SBI Select Black Credit Card has gained significant popularity among users, thanks to the attractive benefits it offers on payments made through the PhonePe app. These launches have helped PhonePe reach an even wider audience, further strengthening its position beyond UPI payments.
Now, with the launch of a secured credit card, PhonePe is set to become even more popular.
The new Wish Credit Card, introduced in collaboration with Utkarsh Small Finance Bank, known for its superCard, is designed to cater to a broader range of users, especially those beginning their credit journey. It’s a lifetime free credit card that can be availed against a fixed deposit starting from just ₹2,000. Cardholders will also earn 6% interest on their fixed deposit, making it a smart and rewarding way to build credit.
1 comment
Chirag Goel
This is a really good initiative by Utkarsh Bank and PhonePe. The new Wish Credit Card, backed by an FD, reduces risk for the issuer and gives users peace of mind. Plus, starting with just a ₹2,000 deposit makes it easily accessible for many people.