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PhonePe and Utkarsh Small Finance Bank Launch ‘Wish Credit Card’ — India’s FD-Backed Credit Card Starting from ₹2,000.

Banking & Finance | Dated: 09 Oct 2025

On October 6, 2025, PhonePe, a leading digital payments and financial services platform, in collaboration with Utkarsh Small Finance Bank (Utkarsh SFB), launched the ‘Wish Credit Card’, a Fixed Deposit (FD)-backed RuPay credit card available directly through the PhonePe app, with deposits starting from as low as ₹2,000.

🎯 Key Highlights:

💡 Other Important Facts:

  • (i) The ‘Wish Credit Card’ is designed to expand credit access for users in tier-2 and tier-3 cities and for first-time credit card applicants, offering a simple, digital onboarding experience without traditional income proof or credit history requirements.
  • (ii) This RuPay-based credit card supports Unified Payments Interface (UPI) transactions and links directly to the user’s fixed deposit, ensuring credit security while allowing the FD to continue earning interest for the cardholder.
  • (iii) The card offers 3% reward points on monthly recharges and bill payments via the PhonePe app, 1% rewards on Scan & Pay and select e-commerce purchases, plus an additional ₹200 bonus reward on monthly spends exceeding ₹15,000. Reward points can be redeemed at a rate of 1 point = ₹1.

📚 Test Your Knowledge:

What is the minimum fixed deposit amount required to activate the FD-backed Wish Credit Card launched by PhonePe and Utkarsh Small Finance Bank?

Correct Answer: ₹2,000

🚀 Quick Recap: