PhonePe and HDFC Bank have launched the Ultimo Credit Card, designed to offer rewards on everyday spending. The card provides 10% cashback on essential PhonePe categories like recharges and utility bills, 1% on Scan n Pay transactions for local shopping, and 5% on select online shopping brands. It also includes complimentary domestic airport lounge access. The card aims to appeal to users seeking value from regular transactions rather than just large purchases, simplifying reward earning.