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Side-by-Side Comparison|Updated March 2026

PhonePe HDFC Bank Ultimo Credit Card vs Amazon Pay ICICI Bank Credit Card

Detailed comparison of fees, rewards, benefits, and value to help you choose the right credit card for your spending pattern.

HDFC Bank

PhonePe HDFC Bank Ultimo Credit Card

8.5/10
Annual Fee₹999
Base Rewards1%
NetworkRuPay
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ICICI Bank

Amazon Pay ICICI Bank Credit Card

9.5/10
Annual FeeFree
Base Rewards1%
NetworkVisa
View Full Details

Feature-by-Feature Comparison

FeaturePhonePe HDFC Bank Ultimo Credit CardAmazon Pay ICICI Bank Credit Card
Annual Fee₹999Free
Joining Fee₹999Free
Fee Waiver Spend₹2,00,000N/A
Base Reward Rate1%1%
Reward CurrencyReward PointsAmazon Pay Balance
NetworkRuPayVisa
Editor Rating8.5/109.5/10
Forex Markup3.5%3.5%

Accelerated Rewards

PhonePe HDFC Bank Ultimo Credit Card

  • 0% on PhonePe (Bills, Recharges, ... — 1000 pts/month
  • 0% on Online Brands (Amazon, Flip... — 500 pts/month
  • 0% on Scan & Pay (UPI) — 500 pts/month

Amazon Pay ICICI Bank Credit Card

No accelerated rewards listed

Pros & Cons

PhonePe HDFC Bank Ultimo Credit Card

Pros

  • 10% reward points on PhonePe utility bills, recharges, and travel bookings.
  • 5% reward points on major online brands like Amazon, Flipkart, Swiggy, and Zomato.
  • 1% reward points on all UPI Scan & Pay transactions (RuPay on UPI).
  • 1:1 redemption ratio for reward points against statement credit (cashback).

Cons

  • Monthly capping on reward points (1,000 for 10% category, 500 for 5% category).
  • Lounge access is milestone-based (requires ₹75,000 spend in the previous quarter).
  • Reward points expire within 1 year of accrual.

Amazon Pay ICICI Bank Credit Card

Pros

  • Unlimited 5% cashback on Amazon.in for Prime members with no upper cap.
  • Lifetime free card with zero joining and annual fees forever.
  • Rewards are automatically credited as Amazon Pay balance every month.
  • Competitive 1.99% forex markup fee for international transactions.

Cons

  • Cashback is restricted to Amazon Pay balance and cannot be withdrawn as cash.
  • Lounge access is now spend-based (₹75,000 per quarter) rather than flat complimentary.
  • No rewards on fuel, rent, gold, or EMI transactions.

Our Verdict

Amazon Pay ICICI Bank Credit Card edges ahead overall with a stronger combination of rewards and value. However, PhonePe HDFC Bank Ultimo Credit Card could be the better pick if its specific category strengths match your spending habits.

Choose PhonePe HDFC Bank Ultimo Credit Card if

High 10% value-back on utility bills and recharges via the PhonePe app.

Choose Amazon Pay ICICI Bank Credit Card if

Maximum value for Prime members shopping frequently on Amazon India.

Frequently Asked Questions

Which is better: PhonePe HDFC Bank Ultimo Credit Card or Amazon Pay ICICI Bank Credit Card?
Amazon Pay ICICI Bank Credit Card edges ahead overall with a stronger combination of rewards and value. However, PhonePe HDFC Bank Ultimo Credit Card could be the better pick if its specific category strengths match your spending habits.
What is the annual fee difference between PhonePe HDFC Bank Ultimo Credit Card and Amazon Pay ICICI Bank Credit Card?
PhonePe HDFC Bank Ultimo Credit Card has an annual fee of ₹999, while Amazon Pay ICICI Bank Credit Card has no annual fee. PhonePe HDFC Bank Ultimo Credit Card offers a fee waiver on ₹2,00,000 annual spend.
Which card has better rewards: PhonePe HDFC Bank Ultimo Credit Card or Amazon Pay ICICI Bank Credit Card?
PhonePe HDFC Bank Ultimo Credit Card offers a base reward rate of 1% with accelerated rewards on PhonePe (Bills, Recharges, ... and Online Brands (Amazon, Flip.... Amazon Pay ICICI Bank Credit Card offers 1% base rewards. The better choice depends on your primary spending categories.
Can I have both PhonePe HDFC Bank Ultimo Credit Card and Amazon Pay ICICI Bank Credit Card?
Yes, many users hold multiple credit cards to maximize rewards across different spending categories. PhonePe HDFC Bank Ultimo Credit Card and Amazon Pay ICICI Bank Credit Card can complement each other if they cover different reward categories.
Which card is better for beginners: PhonePe HDFC Bank Ultimo Credit Card or Amazon Pay ICICI Bank Credit Card?
For beginners, Amazon Pay ICICI Bank Credit Card may be more approachable with no annual fee. However, evaluate based on your expected spending pattern rather than fee alone.

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