Federal Bank Imperio Credit Card – Benefits, Fees & Eligibility

Introduction

The Federal Bank Imperio Credit Card, issued by Federal Bank, is positioned as a lifetime free credit card primarily targeting family-oriented individuals. It is available on both Visa and Mastercard networks, offering a balanced suite of benefits tailored to household needs. Key differentiating features include an accelerated rewards structure on essential categories like groceries and healthcare, complimentary domestic airport lounge access, and entertainment perks such as Buy 1 Get 1 Free movie ticket offers.

Welcome Benefits

• Receive an Amazon Pay e-Voucher worth ₹400 upon spending a minimum of ₹5,000 within the first 30 days of card issuance/activation.

Fees & Charges Breakdown

• Joining Fee: Nil
• Renewal Fee: Nil
• Reward Redemption Fee: ₹99 per redemption request (minimum). The actual fee will be displayed at the time of redemption.
• Foreign Currency Markup: 3.5% of the transacted amount.
• Interest Rates (Annual Percentage Rate - APR):
  • Dynamic rates ranging from 1.99% per month (23.88% per annum) to 3.75% per month (45% per annum).
  • The specific APR is linked to the Average Monthly Balance (AMB) maintained in the operative account for the last quarter.
  • For AMB less than ₹50,000, the APR is 45.00% (3.75% per month).
  • For AMB between ₹50,000 and ₹10,00,000, the APR is 23.88% (1.99% per month).
  • For AMB more than ₹10,00,000, the APR is 23.88% (1.99% per month).
• Fuel Surcharge Waiver: 1% fuel surcharge waiver at all fuel stations across India.
• Cash Advance Charges: 2.5% of the amount withdrawn or ₹500, whichever is higher.
• Add-on Card Fee: ₹100 + GST per card.
• Card Replacement Fee: ₹200 + applicable taxes for reissue/replacement.
• Late Payment Fee: Applicable if the Minimum Amount Due is not paid by the payment due date.
• EMI Processing Fee:
  • For transactions converted to EMI via offline merchant outlets or online merchants: 1% of the transaction amount or ₹99, whichever is lower.
  • For transactions converted to EMI via FedMobile/FedNet/Contact Centre: 2.5% of the transaction amount or ₹200, whichever is higher.
• EMI Interest Rate: Ranges from 13% to 15% per annum + applicable GST.
• Balance Transfer Interest Rate: Lowest interest rates at 0.83% per month (9.99% per annum) with zero processing fees.

Rewards & Cashback Structure

• Earning Rate:
  • 3 Reward Points for every ₹150 spent on groceries and healthcare categories.
  • 2 Reward Points for every ₹150 spent on utility categories (e.g., bill payments for electricity, gas, mobile).
  • 1 Reward Point for every ₹150 spent on all other eligible categories.
• Reward Redemption: Reward Points can be redeemed at Federal Rewards against an array of categories.
• Point Value: 1 Reward Point is valued at ₹0.25 (equivalent to 4 Reward Points = ₹1).
• Point Expiry: Reward points are valid for 3 years from the date of accrual.

Travel, Lounge & Lifestyle Perks

• Domestic Lounge Access: Enjoy 2 complimentary domestic airport lounge accesses every quarter, totaling 8 domestic lounges in a year.
• Lounge Access Spend Condition: Cardholders need to spend ₹40,000 or more in the previous quarter to be eligible for domestic lounge access. This benefit is only available for the primary cardholder.
• International Lounge Access: The card does not provide complimentary international airport lounge access.
• Movie Benefits: Buy 1 Get 1 Free offer on movie tickets with INOX (and BookMyShow as per introduction) once every quarter, up to ₹100.
• Milestone Benefits: Receive complimentary Big Basket gift vouchers worth ₹300 when you spend ₹50,000 or more in a quarter.
• Dining Discounts: Access fabulous dining offers at partner hotels through the FedDelights program, providing up to 15% discounts.
• Visa Offers: Gain access to a wide variety of Visa offers and deals, including those related to travel, food and dining, shopping, sports, entertainment, and lifestyle.

Card Eligibility Criteria & Income Requirements

• Minimum Age:
  • 18 years for a Secured Federal Credit Card.
  • 21 years for an Unsecured Federal Credit Card.
• Credit History: A good credit history is preferred for easier approval.
• Nationality: Applicant must be an Indian resident or a Non-resident Indian (NRI).
• Required Documents for Online Application:
  • PAN Card
  • Aadhar Card
  • Last 3 Months bank statement (for salaried individuals, salary crediting bank account statement is required).
  • Income Tax Login Credentials (for non-salaried/self-employed clients).
• Secured Credit Card Specific Eligibility:
  • Must maintain a Fixed Deposit with Federal Bank (minimum FD amount ₹25,000, minimum FD tenure 6 months).
  • Age: Minimum 18 years & Maximum 80 years.
  • Only Residents can apply.
  • Must have an existing Savings Bank account with Federal Bank.

Credit Card Review

The Federal Bank Imperio Credit Card is a lifetime free offering that provides significant value for family-oriented individuals, particularly those focused on household expenses. Its accelerated reward structure on groceries and healthcare, coupled with complimentary domestic lounge access and movie benefits, makes it a strong contender in the entry-to-mid-range segment.

Pros

• The card is a lifetime free credit card with zero joining and annual charges.
• Available on both Visa and Mastercard networks, offering flexibility.
• Strong reward earning potential on essential family spending categories.
• Includes valuable entertainment and milestone benefits.

Cons

• Does not provide complimentary international airport lounge access.
• Foreign currency markup of 3.5% is relatively high.
• Limited lifestyle perks compared to premium cards.

Important Product Details

• The Federal Bank Imperio Credit Card is a lifetime free credit card, meaning it has zero joining and annual membership fees.
• It is available on Visa and Mastercard networks.
• An instant virtual credit card is issued upon successful application completion, which can be activated via FedMobile for online transactions before the physical card arrives.
• Cardholders can manage various card controls (enable/disable online, contactless, international transactions, and manage transaction limits) conveniently through the FedNet or FedMobile app.
• Contactless payment limits are ₹5,000 without a PIN and up to ₹50,000 with a PIN.
• Add-on cards can be issued to up to 4 family members, sharing the primary cardholder's credit limit and features. The primary cardholder is liable for all spends on add-on cards and receives OTPs for e-commerce transactions made with add-on cards.

Other Details

• The billing date for Federal Bank Credit Cards is the 21st of every month by default, and the due date is 18 days after the billing date.
• Customers have a one-time option to change their billing date, up to a maximum of 5 times in the lifetime of the card.
• The Minimum Amount Due (MAD) is calculated as 5% of the Total Amount Due, subject to a minimum of ₹200.
• Credit limit increases are subject to the bank's internal eligibility checks, repayment history, and income documentation.
• Cardholders can cancel their credit card through multiple channels: email request, Phone Banking (IVR self-service flow), SMS request, FedMobile App, or FedNet (Internet Banking).
• Disputes regarding transactions can be initiated within 30 days of the transaction and are typically resolved within 14 working days.
• Federal Bank provides comprehensive General Terms & Conditions and Most Important Terms & Conditions (MITC) documents in multiple languages for detailed information on card usage, fees, and policies.