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Side-by-Side Comparison|Updated March 2026

PhonePe HDFC Bank Ultimo Credit Card vs Axis Bank - Flipkart Axis 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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Axis Bank

Axis Bank - Flipkart Axis Bank Credit Card

7.2/10
Annual Fee₹500
Base Rewards1%
NetworkVisa
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Feature-by-Feature Comparison

FeaturePhonePe HDFC Bank Ultimo Credit CardAxis Bank - Flipkart Axis Bank Credit Card
Annual Fee₹999₹500
Joining Fee₹999₹500
Fee Waiver Spend₹2,00,000₹3,50,000
Base Reward Rate1%1%
Reward CurrencyReward PointsCashback
NetworkRuPayVisa
Editor Rating8.5/107.2/10
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

Axis Bank - Flipkart Axis Bank Credit Card

  • 0% on Myntra — 4000 pts/month
  • 0% on Flipkart — 4000 pts/month
  • 0% on Cleartrip — 4000 pts/month
  • 0% on Preferred Merchants (Swiggy...

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.

Axis Bank - Flipkart Axis Bank Credit Card

Pros

  • 7.5% cashback on Myntra spends (capped at ₹4,000 per quarter)
  • 5% cashback on Flipkart and Cleartrip (capped at ₹4,000 per quarter each)
  • Unlimited 4% cashback on preferred partners like Swiggy, Uber, PVR, and Cult.fit
  • Unlimited 1% cashback on all other eligible spends with no minimum transaction value

Cons

  • Complimentary domestic airport lounge access has been discontinued since June 2025
  • High annual fee waiver threshold of ₹3.5 lakh compared to other entry-level cards
  • Cashback exclusions include fuel, wallet loads, rent, insurance, and utilities

Our Verdict

PhonePe HDFC Bank Ultimo Credit Card edges ahead overall with a stronger combination of rewards and value. However, Axis Bank - Flipkart Axis Bank 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 Axis Bank - Flipkart Axis Bank Credit Card if

High cashback rates on these platforms make it the best choice for frequent shoppers.

Frequently Asked Questions

Which is better: PhonePe HDFC Bank Ultimo Credit Card or Axis Bank - Flipkart Axis Bank Credit Card?
PhonePe HDFC Bank Ultimo Credit Card edges ahead overall with a stronger combination of rewards and value. However, Axis Bank - Flipkart Axis Bank 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 Axis Bank - Flipkart Axis Bank Credit Card?
PhonePe HDFC Bank Ultimo Credit Card has an annual fee of ₹999, while Axis Bank - Flipkart Axis Bank Credit Card has an annual fee of ₹500. PhonePe HDFC Bank Ultimo Credit Card offers a fee waiver on ₹2,00,000 annual spend. Axis Bank - Flipkart Axis Bank Credit Card offers a fee waiver on ₹3,50,000 annual spend.
Which card has better rewards: PhonePe HDFC Bank Ultimo Credit Card or Axis Bank - Flipkart Axis 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.... Axis Bank - Flipkart Axis Bank Credit Card offers 1% base rewards with bonuses on Myntra and Flipkart. The better choice depends on your primary spending categories.
Can I have both PhonePe HDFC Bank Ultimo Credit Card and Axis Bank - Flipkart Axis Bank Credit Card?
Yes, many users hold multiple credit cards to maximize rewards across different spending categories. PhonePe HDFC Bank Ultimo Credit Card and Axis Bank - Flipkart Axis 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 Axis Bank - Flipkart Axis Bank Credit Card?
For beginners, Axis Bank - Flipkart Axis Bank Credit Card may be more approachable with a lower annual fee of ₹500. However, evaluate based on your expected spending pattern rather than fee alone.

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