After successful co-branded credit card launches with HDFC Bank and SBI Card, PhonePe has now partnered with Utkarsh Small Finance Bank to introduce the Wish Credit Card. This new offering is a fixed deposit-backed credit card, specially designed for users who are starting their credit journey or looking to improve their credit score.
The Wish Credit Card combines the convenience of UPI payments, the safety of a secured credit card, and attractive rewards on everyday transactions made through the PhonePe app.
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What Is the PhonePe Wish Credit Card
The PhonePe Wish Credit Card is a secured credit card issued against a fixed deposit. It is available exclusively through the PhonePe app and is being rolled out in phases.
The card is lifetime free, which means there are no joining or annual charges. Users can earn reward points on common expenses like mobile recharges, utility bill payments, and daily Scan & Pay transactions.
Each reward point earned is valued at ₹1, making the reward structure easy to understand and use.
Reward Structure Explained
The PhonePe Wish Credit Card focuses on rewarding everyday digital payments.
- 3% reward points on mobile recharges and utility bill payments made via PhonePe
- 1% reward points on shopping with select leading e-commerce platforms
- 1% reward points on all Scan & Pay transactions through PhonePe
- Monthly milestone bonus of 200 reward points on spends of ₹15,000 or more
- 1 Reward Point = ₹1
This makes the card particularly useful for users who rely heavily on PhonePe for regular payments.
Key Features of PhonePe Wish Credit Card
- Zero joining and renewal fees
- FD-backed secured credit card
- Rewards on bill payments and UPI transactions
- Monthly milestone rewards
- Can be used directly via UPI
- Helps build or improve credit score
The minimum fixed deposit required starts from ₹2,000, and users also earn interest on their FD, currently up to 6%, while using the credit card.
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Who Should Consider This Card
The PhonePe Wish Credit Card is ideal for:
- First-time credit card users
- Individuals with no or low credit history
- Users who want a risk-free way to build credit
- People who make frequent bill payments and UPI transactions via PhonePe
Bottom Line
With the launch of the Wish Credit Card, PhonePe is expanding its presence beyond UPI payments and unsecured credit cards. This secured offering, launched in partnership with Utkarsh Small Finance Bank, makes credit cards accessible to a much wider audience.
The card stands out due to its lifetime free nature, rewards on bill payments, and the added advantage of earning interest on the fixed deposit backing the card. For anyone starting their credit journey, this is a simple, low-risk, and rewarding option.