PhonePe HDFC Bank Ultimo Credit Card

Lounge access

• Domestic lounge access only: 8 complimentary domestic airport lounge accesses per year (2 per calendar quarter) on spends of ₹75,000 or more in a calendar quarter.
• Also stated as: two complimentary domestic lounge access every calendar quarter, plus additional two complimentary domestic lounge access (excluding first quarter of card issuance) on minimum spends of ₹75,000 in previous calendar quarter.
• Ineligible spends for lounge access: cash advances, credit card fees or any charges, all EMI spends.

Verified · Most Important Terms & Conditions (MITC) - English (governs PhonePe HDFC Bank Ultimo Credit Card) · 2026-07-30 · source

Forex markup

3.5% foreign currency markup (% of transaction value; currency conversion rate as on settlement date applicable).

Verified · Most Important Terms & Conditions (MITC) - English (governs PhonePe HDFC Bank Ultimo Credit Card) · 2026-07-30 · source

Interest-free period

• Interest free (grace) period could range from 20 to 50 days, subject to the scheme applicable and submission of claims by the merchant.
• Not applicable if previous month's balance is not cleared in full or if cash has been withdrawn from ATM.

Verified · Most Important Terms & Conditions (MITC) - English (governs PhonePe HDFC Bank Ultimo Credit Card) · 2026-07-30 · source

Charge

• Finance charge (revolving credit & cash advances): 3.75% per month (45% per annum).
• Cash advance fee: 2.5% of amount withdrawn or ₹500 whichever is higher.
• Cash processing fee (payments at HDFC Bank branches/ATMs): ₹100.
• Payment return charges: 2% of payment amount, minimum ₹450.
• Balance transfer processing: 1% of BT amount or ₹250 whichever is higher.
• Rewards Redemption Fee: ₹99 per redemption request.
• Cashback Redemption Charges: NOT applicable (excluded).
• Over-limit charges: NOT applicable (no over limit facility provided).
• Dynamic Currency Conversion Markup Fee (w.e.f. 15th May 2026): 1.75% on transactions in INR at international location or at merchants located in India but registered overseas.
• Reissue of lost/stolen/damaged card: ₹199 (non-metal).
• Add-on card fee: Lifetime Free.
• Rent Pay: 1% fee (w.e.f. 1st July 2025), capped ₹4999 per transaction.
• Fuel charges: 1% on fuel transaction exceeding ₹15,000 (consumer), capped ₹4999 per transaction.
• Utility charges: 1% on utility spends exceeding ₹50,000 per calendar month, capped ₹4999 per month.
• Education charges: 1% on education via third-party apps (CRED, Nobroker, Cheq etc.), capped ₹4999 per transaction.
• Online Skill based Gaming (w.e.f. 1st July 2025): 1% on spends exceeding ₹10,000 per calendar month, capped ₹4999 per month.
• Wallet Loading excl PayZapp (w.e.f. 1st July 2025): 1% on spends exceeding ₹10,000 per calendar month, capped ₹4999 per month.
• Railway Ticket Purchase Fee: 1% + GST.
• Late Payment Charges (basis outstanding): Nil up to ₹100.
• ₹100 (₹101-500).
• ₹500 (₹501-1,000).
• ₹600 (₹1,001-5,000).
• ₹750 (₹5,001-10,000).
• ₹900 (₹10,001-25,000).
• ₹1,100 (₹25,001-50,000).
• ₹1,300 (above ₹50,000).
• Duplicate physical statement: ₹10.
• Card validation charges: ₹2.

Verified · Most Important Terms & Conditions (MITC) - English (governs PhonePe HDFC Bank Ultimo Credit Card) · 2026-07-30 · source

Fuel surcharge waiver

• 1% fuel surcharge waiver on fuel transactions between ₹400 and ₹5,000, with maximum waiver of ₹250 per statement cycle.
• GST on fuel surcharge is not reversed.

Verified · Reward Points Terms & Conditions (v.3) · 2026-07-30 · source

Reward cap

• 10% category capped at 1,000 Reward Points per calendar month.
• 5% category capped at 500 Reward Points per calendar month.
• 1% Scan & Pay capped at 500 Reward Points per calendar month.
• Credit Card purchases via UPI mode earn up to a maximum of 500 points in a calendar month.

Verified · Reward Points Terms & Conditions (v.3) · 2026-07-30 · source

Award example

• On spending ₹40,000 (PhonePe Categories ₹10,000, Online Brands ₹10,000, Scan & Pay ₹5,000, Fuel ₹5,000, Wallet ₹2,000, EMI ₹8,000): eligible spends = ₹25,000.
• Reward Points earned = 1,000 (10% of 10,000) + 500 (5% of 10,000) + 50 (1% of 5,000) = 1,550.

Verified · Reward Points Terms & Conditions (v.3) · 2026-07-30 · source

Reward exclusion

Verified · Reward Points Terms & Conditions (v.3) · 2026-07-30 · source

Insurance

• Zero Cost Card Liability / Lost Card Liability - available on any fraudulent transactions made on the Credit Card if reported immediately to HDFC Bank's 24-hour Call Centre.
• After receipt of proper notification of loss by the bank, cardmember's subsequent liability is zero.

Verified · PhonePe HDFC Bank Ultimo Credit Card product page · 2026-07-30 · source

Eligibility

• Apply only through the PhonePe app (no offline or website-based application).
• Credit score checked as part of application.
• Can apply even if you already have an HDFC Bank Credit Card provided no ongoing credit card application created in last 60 days.
• Existing credit limit will be distributed between cards held (Floater Card).
• Credit limit determined per Bank's internal policies and eligibility.
• Cash withdrawal limit: 40% of credit limit.

Verified · PhonePe HDFC Bank Ultimo Credit Card FAQs (v.2.1.4, 18 June 2026) · 2026-07-30 · source

Official terms

https://www.hdfc.bank.in/credit-cards/phonepe-hdfc-bank-ultimo-credit-card.

Verified · PhonePe HDFC Bank Ultimo Credit Card product page · 2026-07-30 · source