PhonePe-Utkarsh Small Finance Bank: PhonePe has teamed up with Utkarsh Small Finance Bank to launch a new credit card called the Wish Credit Card. This new card is special because its let people borrow money while still earning interest on their fixed deposits (FDs). The idea is simple, basically people can spend using credit and at the same time keep their savings growing.
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The Wish Credit Card works against a fixed deposit, so people can start with as little as ₹2,000. This means you don’t need a big balance or credit history to get a credit card. What makes this card different is that it helps users build their credit score and still earn from their FD. The card is made on the RuPay network so it supports UPI payments easily. It also gives reward points on regular spending through the PhonePe app.
Simple to Use
People who use this card can earn 3% reward points on mobile recharges and bill payments made through the PhonePe app. There is also 1% reward on Scan & Pay and on shopping from some online stores. Another good thing is that if someone spends ₹15,000 in a month, they get 200 bonus points as a reward. The best part is that each point is worth Rs 1 and the points can be used easily for payments or other offers.
The card can be linked directly to the PhonePe app, so users can make quick digital payments without delay. The company said the reward system is simple, and all the points can be redeemed easily. However some conditions still apply depending on where and how the rewards are used.
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How to get the Wish Credit Card?
To get this card, users need to apply through the PhonePe app. The option to apply will appear on the app soon since the feature is being rolled out slowly in different phases. People just have to log in to their PhonePe account deposit the FD amount, and then apply for the card.
Other co-branded credit cards
PhonePe already has other co-branded credit cards with SBI Cards and other financial partners. PhonePe has grown from a simple payment app to a big platform that offers insurance, credit and other money services. The company now provides services for payments, lending and even insurance.
It’s partner in this launch, Utkarsh Small Finance Bank, started in January 2017 after getting its banking license in November 2016. The bank is based in Varanasi and is known for helping small borrowers and low-income communities.
As of September 2025 the bank has more than 1,100 outlets across the country. It also gives customers easy access to UPI, internet banking and ATMs for smooth digital transactions.
