What is 1 Reward Point worth?

Every Reward Point equals ₹1 when credited directly to your card statement, or ₹0.30 when redeemed for flight and hotel bookings via SmartBuy. Points carry a 2-year validity from their accrual date. In terms of effective returns, the card offers up to 2% on utility bill payments (capped at ₹500 monthly), compared to 1% on general spends—measured as true cash return following point conversion.

What network is it, and does it work on UPI?

The card operates on the RuPay payment network and can be linked directly to UPI applications for scan-and-pay merchant (P2M) transactions, which serves as its primary design purpose.

What is the welcome benefit?

New cardholders receive five PhonePe scratch cards worth ₹100 each, earned upon completing the first five 'UPI on Credit Card' transactions of ₹100 or more inside the PhonePe application, providing ₹500 in total value to offset the joining fee. Accounts opened on or before 31 July 2026 received the earlier welcome package: a ₹249 gift voucher on the first transaction followed by ₹25 across ten subsequent payments. Against the all-inclusive joining cost of ₹589 (including 18% GST), this benefit yields a net first-year cost of approximately ₹89 before regular reward earnings.

What is the fee waiver threshold?

Spending ₹1 lakh within a membership year waives the upcoming year's ₹499 renewal fee. Including 18% GST, the charged renewal fee is ₹589, requiring an average monthly spend of around ₹8,333 throughout the card year to secure the waiver.

How has the PhonePe HDFC Bank Uno Credit Card changed over time?

Our dated Value Timeline on this page records 6 updates for the PhonePe HDFC Bank Uno Credit Card since 2025: 4 devaluations, 0 enhancements, and neutral revisions such as launches and benefit restructurings. The latest update on 1 August 2026 restructured the welcome reward into five UPI scratch cards. Every event is verified against official bank documents.

Has the PhonePe HDFC Bank Uno Credit Card been devalued recently?

Yes, our records track 4 devaluations for the card in the last 24 months. The most recent occurred on 15 May 2026, when the dynamic currency conversion markup increased from 1% to 1.75%. The complete historical list with official sources is documented in the Value Timeline below.

When did the PhonePe HDFC Bank Uno Credit Card's fees last change?

The card's fee structure was last updated on 15 May 2026, when the dynamic currency conversion markup was raised from 1% to 1.75%. You can check current fee details in the fee table on this page, with historical changes logged in the Value Timeline.

How did the PhonePe HDFC Bank Uno Credit Card change in 2026?

In 2026, two modifications were logged for the Uno card (including 1 cut): the dynamic currency conversion fee increased to 1.75% on 15 May 2026, and the welcome offer was revised on 1 August 2026. The main revision shifted the onboarding incentive from a ₹249 voucher on the first payment plus ₹25 across ten subsequent spends (totaling ₹499) to five ₹100 scratch cards on the first five UPI spends of ₹100 or more in PhonePe (totaling ₹500). Every dated event can be referenced in the Value Timeline.

HDFC BankENTRY

PhonePe HDFC Bank Uno Credit Card

4.2 / 5SarvCred Editorial Review

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HDFC Bank

PhonePe HDFC Bank Uno Credit Card

Name: PhonePe HDFC Bank Uno Credit Card
Brand: SarvCred
Rating: 4.2 (1 reviews)

Entry levelFee variesRewardsDining

The PhonePe HDFC Bank Uno is a RuPay co-brand card built around the PhonePe app and UPI. It does not pay a blanket rate on ordinary swipes — rewards accrue only in three buckets — 2% on select PhonePe categories (recharges, bills, travel & stays), 1% on select online brands (Amazon, Flipkart, Myntra, Ajio, Uber, Swiggy, Zomato), and 1% on all RuPay-credit-card-on-UPI Scan & Pay — each capped at 500 Reward Points a month. Points are worth ₹1 each as statement credit (₹0.30 on SmartBuy), a genuinely strong ratio. From 1 August 2026 the welcome benefit is five ₹100 scratch cards — one on each of your first five 'UPI on Credit Card' transactions of ₹100 or more in the PhonePe app — ₹500 in all, which roughly offsets the ₹499 fee. That fee waives at ₹1 lakh of spend. You apply exclusively through the PhonePe app. A tidy UPI-first entry card for PhonePe regulars.

Key features

What this card is built to do — the highlights that actually matter.

🎁

Welcome Benefit

~₹500 in vouchers, points or cashback on card activation

⭐

2% on Utility Bills

2% Reward Points (~2%) on select PhonePe categories, capped 500 points/month

⭐

1% on Other

1% (1 point = ₹1) on UPI Scan & Pay — QR-code scans only, though on any UPI app, not just PhonePe. Other payment modes and ordinary offline swipes earn nothing. Capped 500 points a month.

💳

Annual Fee Waiver

Fee of ₹499 + 18% GST (₹589 all-in)/yr fully waived when you spend ₹1,00,000/year

📱

UPI Linked

Link to PhonePe, GPay or Paytm and earn credit card rewards on UPI payments

Full reward structure

Category	Type	Rate	Monthly cap
Utility Bills	reward points	2%	₹500
Other	reward points	1%	₹500
Online Shopping	reward points	1%	₹500

Fees & charges

Charge	Amount
Annual fee (incl. 18% GST)	₹589
Joining fee (incl. 18% GST)	₹589
Finance charge (APR)	3.75% p.m.
Forex markup	3.5%

Perks & benefits

Estimated annual value beyond rewards — ~₹600/yr in total.

⛽

fuel waiver ~ ₹600 /yr

1% fuel surcharge waiver (₹400–₹5,000 per txn), capped ₹250/statement cycle

Should you get it?

Best for: PhonePe-first, UPI-heavy everyday spenders, Users who shop the listed online brands (Amazon, Flipkart, Myntra, etc.)

Entry tier — great for first-time and lower-spend users.

Strongest value if you spend heavily on Utility Bills ( 2% back).

✓ Pros

Reward Points worth ₹1 each — a strong ratio for an entry card
Earns on RuPay-on-UPI Scan & Pay, which most credit cards cannot do
2% on PhonePe recharges/bills/travel; 1% on major online brands
₹500 of welcome scratch cards roughly offsets the fee; waived at ₹1 lakh spend

✕ Cons

Ordinary non-UPI offline spends earn no rewards — only the three defined buckets pay
Each bucket is capped at 500 Reward Points/month; overall redemption capped ₹7,500/month
Applied for only inside the PhonePe app; no website or branch channel
Fuel, rent, insurance, education, wallet loads, gift cards, EMI and government payments earn nothing
The 1% Scan & Pay rate applies only to QR-code scans, not to other UPI payment modes

Eligibility & documents

Age

21 –60 years

Min. income

₹25,000 /mo

How to redeem rewards

Ways to convert what you earn into real value.

🎁 Statement credit / cashback adjustment (₹1/point)

🎁 SmartBuy flight & hotel bookings (₹0.30/point)

🎁 Rewards catalogue

What your HDFC Reward Points are worth

Realistic value per point by redemption route — the difference is what most people leave on the table.

Statement credit / catalogue Standard catalogue & cashback

₹ 0.30 /pt

Gift vouchers (SmartBuy) Brand & e-gift vouchers

₹ 0.30 /pt

SmartBuy flights & hotels BEST Up to ₹0.50/pt on travel via SmartBuy

₹ 0.50 /pt

The concern Only the three defined buckets earn — non-UPI, non-listed offline spends return nothing, and each bucket caps at 500 points/month, so heavy spenders top out quickly.

The bottom line

The Uno represents an affordable UPI-centric credit card featuring an honest 1:1 points-to-rupee statement conversion that is rare for entry-level products. Its constraints lie in the modest monthly caps (₹500 per category) and zero rewards on standard offline swipes, meaning cardholders must run their spending primarily through PhonePe and its featured merchants to realize its benefits. For regular PhonePe users, it easily out-earns its ₹499 annual charge.

Sources & verification

Fees, reward rates, and benefits for the PhonePe HDFC Bank Uno Credit Card are taken from HDFC Bank 's official Most Important Terms & Conditions (MITC) and fee schedule — see the card's official page . Last verified 5 Aug 2026 . Reviewed by Devchandra Sah . Always confirm current details on the issuer's site before applying. How we research →

Independence. CardAdvisor is an independent editorial publication. We are not affiliated with, endorsed by, sponsored by, or authorised to act for HDFC Bank . All issuer names, product names, and payment-network marks are the property of their respective owners and appear here for identification and comparison only. Card faces shown on this site are our own original illustrations — we do not display or host issuer card artwork or logos.

Value timeline

Every real-world change to this card's rewards, fees and benefits we've tracked — newest first, each linked to its source.

Tracking since 2025 · 6 changes · last change Aug 2026

▲ Revaluation ▼ Devaluation ◆ Neutral / reversed

2026 2 changes — 1 cut, 1 neutral

◆ Welcome Effective 1 Aug 2026

Welcome benefit restructured into five UPI scratch cards

₹249 PhonePe gift voucher on the first UPI transaction, plus ₹25 on each of the next ten (₹499) → Five ₹100 cashback vouchers (scratch cards), one on each of the first five UPI-on-credit-card transactions of ₹100+ in the PhonePe app (₹500)

HDFC split the welcome benefit by application date: "For applications submitted on or after 1st Aug'26 — 5 Cashback Vouchers worth ₹100 each (via scratch cards) for every 'UPI on Credit Card' transaction … limited to first 5 transactions with min ₹100 transaction value only via PhonePe app." The rupee total barely moves, but the mechanic does — you now need five qualifying transactions instead of eleven, and each must be ₹100 or more and routed through the PhonePe app. Anyone who applied on or before 31 July 2026 keeps the older gift-voucher structure.