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CheQ AU Credit Card VS PhonePe HDFC Bank Ultimo Credit Card

A detailed, side-by-side look at 2 leading credit cards. Analyze the features that matter most to you and make an informed choice.
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Last updated: 13 July 2026

Both CheQ AU Credit Card and PhonePe HDFC Bank Ultimo Credit Card suit different spenders, but they earn and cost differently. CheQ AU Credit Card is lifetime-free and earns up to 12 percent on select brands; 5 percent on other online spends; 2.5 percent on CheQ UPI; 1 percent on all other transactions. PhonePe HDFC Bank Ultimo Credit Card costs Rs 500 + GST and offers PhonePe integration with accelerated rewards on PhonePe spends and fuel and lounge benefits. CheQ AU Credit Card also brings Indias first LED card with dual Visa + RuPay issuance, while PhonePe HDFC Bank Ultimo Credit Card counters with its own niche benefits. Compare the fee and reward differences above against your priority spend category - shopping, dining, fuel, or travel - to pick the right fit.

CheQ AU Credit Card
CheQ AU Credit Card
PhonePe HDFC Bank Ultimo Credit Card
PhonePe HDFC Bank Ultimo Credit Card

Fees & Charges

Joining FeeLifetime Free
Joining Fee₹999 + GST
Renewal FeeLifetime Free
Renewal Fee₹999 + GST
Spend Based Waiver
Spend Based WaiverAnnual fee waived upon spending ₹2,00,000 in the previous year.
Foreign Transaction Fees3.49% on all foreign currency transactions.
Foreign Transaction Fees
Interest Rate (APR)3.75% per month (45% per annum) on revolving credit and cash advances.
Interest Rate (APR)

Rewards & Benefits

Welcome BonusThe card is marketed as Lifetime FREE, meaning no joining fee and no annual fee for the standard variant. An optional upgrade to the LED Credit Card incurs a one-time issuance fee of ₹999 + GST
Welcome Bonus₹499 PhonePe Gift Card on 1st UPI transaction; ₹50 scratch cards on 10 UPI spends.
Rewards RateUp to 12% on select brands; 5% on other online spends; 2.5% on CheQ UPI; 1% on all other transactions.
Rewards RateUp to 10% Reward Points on PhonePe categories; 5% on select online brands; 1% on Scan & Pay.
Reward TypeReward Points
Reward TypeReward Points
Reward Redemption FeeNo rewards redemption fee.
Reward Redemption FeeNo redemption fee levied for cashback against statement.

Travel & Lifestyle

Domestic Lounge AccessNot available on the CheQ AU Credit Card.
Domestic Lounge Access8 complimentary annual domestic lounge access, 2 per quarter, on ₹75,000 quarterly spend.
International Lounge AccessNot available on the CheQ AU Credit Card.
International Lounge Access
Travel BenefitsEarn 12% rewards on CheQ Travel (flights & hotels) and 5% on other travel spends. Redeem points for flights/hotels.
Travel BenefitsUp to 10% Reward Points on PhonePe travel bookings.
Movie Benefits
Movie Benefits
Dining Benefits
Dining Benefits5% Reward Points on Swiggy & Zomato spends.
Golf Benefits
Golf Benefits
Fuel Surcharge Waiver1% fuel surcharge waiver up to ₹150 on fuel spends.
Fuel Surcharge Waiver1% fuel surcharge waived on transactions ₹400-₹5,000, max waiver ₹250/statement cycle.

Security & Other

Insurance Benefits
Insurance BenefitsZero Cost Card Liability for fraudulent transactions if reported immediately.
Cash Advance Charges2.5% of the withdrawn amount, or ₹500, whichever is higher.
Cash Advance Charges
Apply Now(opens in new tab)
Apply Now(opens in new tab)
Best valueHigher costHighlights apply to Joining Fee and Renewal Fee only.

CheQ AU Credit Card

PhonePe HDFC Bank Ultimo Credit Card

Who is it for?

The CheQ AU Credit Card is India’s first LED-enabled credit card, offering a unique visual experience and strong rewards. It provides up to 12% rewards on popular brands, 2.5% on CheQ UPI, and 1% on other spends. Marketed as lifetime free for the standard variant, it also offers the convenience of two cards (Visa LED and RuPay) with a single application. This card is ideal for those seeking high reward rates, unique features, and convenient digital banking for everyday online shopping, food delivery, travel, and utility payments.

Who is it for?

The PhonePe HDFC Bank Ultimo Credit Card, on the RuPay network, is ideal for digital-first users, offering up to 10% Reward Points on PhonePe utilities, travel, and bill payments. It also provides 5% rewards on popular online brands and 1% on UPI Scan & Pay transactions. Cardholders enjoy 8 complimentary domestic lounge accesses annually and a strong cashback redemption value of 1 RP = ₹1. This card is perfect for those who frequently use PhonePe and seek substantial rewards on their everyday digital and travel spends.

Pros

Key benefits and features.

India's first LED-enabled credit card offers a unique and visually engaging payment experience.

High reward rates up to 12% on popular brands and categories like shopping, travel, and utilities.

Lifetime free for the standard variant, making it an attractive option with no annual fees.

Receive both a Visa (LED) and RuPay card with a single application, offering great versatility.

Uncapped base rewards ensure continuous earning even after reaching accelerated rewards limits.

Pros

Key benefits and features.

High reward rates (up to 10%) on specific PhonePe categories and online brands.

Enjoy excellent cashback redemption value, where 1 Reward Point equals ₹1 against statement credit.

Benefit from 8 complimentary domestic airport lounge accesses annually, enhancing travel comfort.

Receive a 1% fuel surcharge waiver on transactions at petrol pumps across India.

Offers Zero Cost Card Liability, protecting against fraudulent transactions if reported promptly.

Cons

Key drawbacks and limitations.

Accelerated rewards are capped at 12,000 CheQ points per month, limiting high spenders.

Rewards are not applicable on several categories like fuel, education, gold, and rent payments.

Optional LED card incurs a one-time issuance fee of ₹999 + GST, which is an additional cost.

Interest rate on revolving credit is high at 3.75% per month (45% per annum), typical of the category.

No domestic or international airport lounge access on this card.

Applications for the LED card open only from April 28, 2026, indicating a future availability.

Cons

Key drawbacks and limitations.

Reward points are capped monthly for all high-earning categories.

Lounge access is conditional on a quarterly spend threshold (₹75,000).

Welcome benefits are conditional on the joining fee being applicable.

Annual fee waiver requires a significant annual spend (₹2,00,000).

Reward points on PhonePe PINCODE are time-limited (until 5th Dec’25).

How We Compare These Cards

Every comparison on CardsForYou is built from the same verified data set we use across the site - joining and renewal fees, reward rates, forex markup, lounge access, and insurance benefits - sourced directly from each issuer and refreshed regularly. We highlight the lower-cost option on fees automatically, but "best" always depends on your own spending pattern: a card that wins on annual fee may lose on reward rate for a heavy spender, and vice versa. Use the table above alongside your own typical monthly spend to judge real value, not just the headline numbers.

Ready to Choose?

Based on your comparison, select the credit card that best matches your spending habits and financial goals.
Apply for CheQ AU Credit Card(opens in new tab)Apply for PhonePe HDFC Bank Ultimo Credit Card(opens in new tab)