What is PhonePe-Utkarsh Small Finance Bank’s Wish Credit Card? How You Can Borrow While Earning FD Interest

PhonePe has collaborated with Utkarsh Small Finance Bank to launch its latest Wish credit card. It will help users to borrow while earning interest on their fixed deposits (FDs). From homemakers to college students, nearly everyone can opt for PhonePe's new credit card against FD to spend without losing out on savings.

People can subscribe to PhonePe's Wish credit card by making a deposit as low as Rs 2,000. One of the key features of an FD backed credit card is that it helps customers to earn interest, while borrowing credit. For those interested in the recently launched FD credit card, here are all the features about it.

PhonePe-Utkarsh FD Credit Card: What Are The Key Features?

-It is a RuPay Credit Card, hence it enables seamless UPI payments and offers rewards on everyday spending. Additionally, it can also help customers build a strong credit history.
-Users earn 3% reward points on recharges and bill payments made via the PhonePe app.
-There are 1% reward points for Scan & Pay transactions and purchases from select eCommerce brands.

-A milestone benefit of 200 bonus points is available monthly for spending ₹15,000.
-Wish credit card users can integrate it with their PhonePe application to make digital payments without any delay.
-The card's features include simple redemption, where each reward point equals Re 1. Terms and conditions apply to these benefits.

PhonePe Wish Credit Card: How to Apply?

Customers can apply for the PhonePe Wish Credit Card on the PhonePe application. It is important to log in and install the application and then apply for a credit card. The feature to apply for the credit card on PhonePe is yet to become available and will be introduced in a phased manner, as per the press release.

Other than Wish credit card, PhonePe also offers co-branded credit cards with SBI Cards and other brands. Initially, started as a digital payment platform, PhonePe now offers a range of insurance, credit, lending, and other solutions. Its services span consumer payments, lending, insurance distribution, and more.

PhonePe's partner for Wish credit card, Utkarsh Small Finance Bank Limited is headquartered in Varanasi and received a small finance banking license in November 2016.

Utkarsh Small Finance Bank Limited began operations in January 2017 after receiving a small finance banking license in November 2016. Headquartered in Varanasi, it focuses on microfinance for underserved communities with over 1103 outlets as of September 2025.
The bank provides various digital services like internet banking and UPI facilities supported by ATMs to ensure smooth transactions for its customers.