Utkarsh Wish Credit Card
KeepLifetime free, FD-backed, and it only pays you inside the PhonePe app.
a year at ₹40,000 a month, after the fee
Skip the arithmetic — the board, ranked → · nothing to sign up for
What it's worth to you, after the fee
Priced on the everyday mix — 30% groceries · 10% utilities · 20% travel · 6% fuel · 34% everything else — with this card's published category rules applied. Plus milestones, minus the fee. No accelerator credit — the ranking model on /compare adds ~20% of spend at the card's best accelerator, so its ₹ for this card reads higher.
How these numbers are computed — and why the rankings show a bigger one →
Spend tiers, milestones and fee waivers included, at our house ₹/point. Portal and category multipliers can push higher — run your exact number →
Pays from the first rupee
At ₹1,000 a month — ₹12,000 a year — on the everyday mix this card returns ₹0 gross against its ₹0 fee = ₹0 net — at or above ₹0 from the first rung we price. The ladder runs in ₹1,000 steps to ₹1,00,000 a month and ₹10,000 steps to ₹5,00,000; figures are rounded to the hundred, and the accelerator is never credited.
3 notes on the card itself: how it is issued · the network variants · why it ranks #431
Why #431 Base earn is zero — every rupee this card pays is routed through PhonePe. rankingValue now credits the 3% bills-and-recharges tap (150 points a month × ₹1 × 12 = ₹1,800) on top of the ₹15,000-a-month milestone; the 1% preferred-merchant and Scan & Pay lids stay as category rows because the engine has one accelerator field. It sits here so a reader holding it can be told exactly what it is.
The MITC is unambiguous — "Each reward point is worth Re 1." — so ₹1.00 is floor, value and ceiling alike. One thing that number does not tell you: the money does not land on the card. Claimed points are "credited into the cardholder's PhonePe account", a wallet balance governed by PhonePe's own terms, not a statement credit against your outstanding. A 50-point minimum applies to claim, points expire 12 months from accrual, and milestone points sit under an additional 30-day hold before they can be claimed at all.
The take
Utkarsh's PhonePe card is a fixed-deposit-backed RuPay card with no joining or annual fee and a rewards programme that stops at the edge of one app. Read the MITC's rewards section and it is three lines long: 3% on PhonePe bill payments and recharges, 1% at nine named merchants paid by PhonePe UPI, 1% on offline PhonePe Scan & Pay. Spend anywhere else, on any other rail, and the bank publishes no rate at all — because there isn't one. The caps then do the rest of the work: 150, 200 and 150 reward points a statement month respectively, so the whole programme tops out at 500 points a month, ₹6,000 a year, plus 200 more in any month you clear ₹15,000 of spend on any rail. Call it ₹8,400 a year at an absolute maximum, and you would have to route your entire bill-payment life through PhonePe to get there. What you are actually buying is a credit line against your own deposit. The limit is "minimum 90% of the fixed deposit", the minimum deposit is ₹2,000, the bank holds a lien and can liquidate it without notice, and the door opens at 18 rather than 21 because of it. That makes this a credit-builder, and as credit-builders go it is a cheap one — nothing to pay to hold it, ₹249 only if you want plastic and nothing even then if your deposit is ₹10,000 or more. Take it for the bureau file, not for the earn. Two numbers to know before you carry a balance or a passport. Interest went to 3.5% a month — 42% a year — on 21 June 2026, and forex is 3.5%, exactly India's norm, on a card with no travel benefit of any kind: no lounge, no travel accelerator, no transfer partner. And the rupees you earn arrive in a PhonePe wallet rather than against your statement, which is a different thing from cashback even when it is worth the same.
Your renewal — keep, downgrade or cancel
This card is lifetime free. There is no fee due, no renewal to weigh, and nothing to cancel to save.
Keep, downgrade or cancel
nothing due at the anniversary · 5 spend bands
The charge ₹0 — lifetime free
At your spend
₹2,400 a year at ₹3,00,000 of annual spend
₹2,400 a year at ₹6,00,000 of annual spend
₹2,400 a year at ₹12,00,000 of annual spend
₹2,400 a year at ₹36,00,000 of annual spend
₹2,400 a year at ₹60,00,000 of annual spend
Everyday earn plus milestones, with no fee to subtract — the same model as the value panel above, so the two cannot disagree. run your exact spend →
The downgrade
Utkarsh Small Finance Bank publishes no document naming a card you can step down to, so we name none — an invented product change is a phone call you would waste. That leaves keep or cancel, and the numbers above are the whole of it.
If you call to cancel
What the bank offers to keep you is the one fact this desk cannot compute. We are collecting those reports — dated, and only in aggregate — before publishing any: an offer one reader was made is not one you are owed. Called about this card? Tell us what they offered →
The desk publishes subscribable .ics feeds for the dates it knows — offer deadlines, devaluations, expiry audits. Your renewal date is not one of them: only your statement knows it.
What's good
- Nothing to pay to hold it — the Key Fact Statement prints Joining Fee / Annual Fee as Nil
- 3% back on PhonePe bill payments and recharges, capped at 150 reward points a statement month
- 1% on nine named brands paid by PhonePe UPI and 1% on offline PhonePe Scan & Pay
- 200 bonus reward points in any statement month you clear ₹15,000 of spend, on any rail
- Each reward point is worth exactly ₹1, and 50 points is enough to claim
- FD-backed, so the door opens at 18 and the limit is at least 90% of your deposit — ₹2,000 minimum
- The ₹249 physical-card fee does not apply at all if your eligible deposit is ₹10,000 or more
Watch out
- Spend outside the PhonePe app earns NOTHING — the bank publishes no rate on general spend and the MITC's rewards list is exhaustive
- The three earning buckets cap at 150, 200 and 150 reward points a statement month — ₹6,000 a year in total before the milestone
- Rewards land in your PhonePe wallet, not against your card balance, and are governed by PhonePe's wallet terms
- Transactions below ₹100 earn nothing even in a qualifying category
- Reward points expire 12 months from accrual; milestone points carry a further 30-day hold before you can claim them
- Interest rose to 3.5% a month — 42% a year — effective 21 June 2026
- Forex is 3.5%, exactly India's norm, and it also applies to rupee transactions at any merchant or gateway based outside India
- No lounge access of any kind — the MITC has no airport-lounge section for this card
- Government, agriculture, rent, wallet and gift-card loads, gold and jewellery, insurance, post office, transit, utilities, education and fuel are excluded from rewards by merchant category code
- The bank holds a lien on your fixed deposit and states it may liquidate it without cause or notice
- A ₹100 account-maintenance charge applies for year one from 21 June 2026 — waived unless you close the card yourself inside 12 months
- The product page still carries a stale block about 'spends on debit card'; it is not this card's earn
What these points actually fly
No live transfer route takes Statement cashback (₹) into a programme that publishes an award chart. These points buy catalogue and portal redemptions, not award seats — so this page has no flight to show you, and will not invent one.
what the cards that DO reach a chart can fly — 2,196 corridors priced →
What earns, what doesn't
1 sourced rule
The MITC's rewards table is exhaustive and every line of it is a PhonePe line — the bank publishes no rate on general spend at all. The first line is the telecom one: "3% reward points on UPI spends using your WIsh card on PhonePe for the given categories here Mobile Recharge, FASTag, DTH, Cable TV, Electricity, Mobile Postpaid, Broadband/Landline, Prepaid Meter, Piped Gas via PhonePe Bill Payments. You can earn a total of 150 reward points per statement month in this category." Only the telecom row is asserted here.
- Telecom · capped 3% — 3 reward points per ₹100, a point being ₹1 — on mobile recharges, mobile postpaid, broadband and landline, DTH and cable TV paid through PhonePe Bill Payments, capped at 150 reward points a statement month shared with the electricity, piped-gas, prepaid-meter and FASTag legs of the same bucket — about ₹5,000 of that spend a month exhausts it; paid anywhere but PhonePe a phone bill earns nothing, and nothing earns on a transaction below ₹100 even inside it
per Utkarsh Small Finance Bank T&C · rank every card by spend category →
Lounge access
0 of 793 tracked doors
No lounge access. This card opens exactly 0 of 793 tracked lounge doors — board with the crowd, or find a card that doesn't →
Can you get it?
the route in — no cutoffs published
The cutoffs and the actual route in — not the "apply now" button, the door that opens.
Direct application — no invite list, no banking relationship required.
Applied for inside the PhonePe app — the product page's call to action is "Visit PhonePe app & apply" — and the card is virtual-first, with plastic an optional ₹249 request. Eligibility is thin by design: "Individual Customer with Valid PAN details, Mobile no & Email ID", "Indian Resident", and "Age Limit: 18 to 80 years (FD Backed Credit Card)". No income criterion is published, because there is no underwriting to speak of — the limit is a percentage of a fixed deposit you place with the bank, minimum ₹2,000, and the deposit can be withdrawn from the app at the cost of a smaller limit.
Utkarsh Small Finance Bank publishes no income or age cutoffs for this card. Blank means blank — we don't invent numbers to fill a grid.
no MITC row researched for this card yet · filter the board by what you can get →
What's changed for this card
nothing tracked yet — which is itself a fact
No tracked devaluations or changes yet — this card's history starts here.
Verified against Utkarsh Small Finance Bank's own documents on · the net-annual-value engine, at our house ₹/point
Every document behind this page — 3 of them, each with the day we read it
- official Utkarsh Wish product page — no joining fee, no annual fee, the PhonePe earn buckets, the ₹15,000 monthly milestone and the 18-to-80 FD-backed eligibility
- official Key Fact Statement, version 21-May-2026 — Nil to join and Nil a year, 3.5% forex, 42% interest from 21 June 2026, and the ₹249 physical-card fee waived at a ₹10,000 deposit
- official Most Important Terms & Conditions — the complete three-bucket PhonePe rewards table with its monthly caps, the ₹1-per-point value, and the wallet the money is paid into