Federal Bank RuPay Signet Credit Card – Benefits, Fees & Eligibility

Introduction

The Federal Bank RuPay Signet Credit Card is an entry-level offering from Federal Bank, designed for young and energetic individuals. This lifetime free credit card offers a seamless blend of convenience, rewards, and security. Key benefits include its unique 3-2-1 rewards structure on Electronics & Apparel, Entertainment, and other categories, the ability to link to a UPI ID for digital payments, and attractive welcome benefits like an Amazon Pay e-Voucher. Cardholders also enjoy perks such as Buy One Get One (BOGO) offers on INOX movie tickets and complimentary domestic lounge access.

Welcome Benefits

• Get an Amazon Pay e-Voucher worth ₹200 on a minimum spend of ₹3,000 within the first 30 days of card issuance.

Fees

• Joining Fee: Nil (Lifetime Free Credit Card).
• Annual Fee: Nil (Lifetime Free Credit Card).
• Rewards Redemption Fee: A nominal convenience fee (minimum ₹99) will be charged per redemption request. The actual fee will be displayed at the time of redemption.
• Foreign Currency Markup Fee: 3.5%.
• Interest Rates (Annual Percentage Rate - APR):
  • Starting from 1.99% per month (23.88% per annum).
  • Dynamic APR linked with Average Monthly Balance (AMB) in the operative account, ranging from 1.99% to 3.75% per month (23.88% to 45.00% per annum).
  • Specific monthly APRs based on AMB for the last quarter:
    • Less than ₹50,000: 3.75%
    • ₹50,000 - ₹3,00,000: 2.69%
    • ₹3,00,001 - ₹10,00,000: 1.69%
    • More than ₹10,00,000: 0.69%
• Fuel Surcharge Waiver: 1% fuel surcharge waiver on fuel transactions between ₹400 and ₹5,000. The maximum benefit is capped at ₹150 per month.
• Cash Advance Charges: 2.5% of the amount withdrawn or a minimum of ₹500, whichever is higher.
• Late Payment Fee:
  • ₹0 - ₹250 Total Amount Due: ₹0
  • ₹251 - ₹1,000 Total Amount Due: ₹250
  • ₹1,001 - ₹5,000 Total Amount Due: ₹500
  • ₹5,001 - ₹25,000 Total Amount Due: ₹1,000
  • ₹25,001 & above Total Amount Due: ₹1,250
• Card Replacement Fee: ₹200 + applicable taxes.
• Add-on Card Charges: ₹100 + GST per card.
• 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 Rates: Range from 13% to 15% per annum + Applicable GST.

Rewards

• Rewards Rate:
  • Earn 3 Reward Points on every ₹200 spent on Electronics & Apparel categories.
  • Earn 2 Reward Points on every ₹200 spent on Entertainment categories.
  • Earn 1 Reward Point on every ₹200 spent on other categories.
• Movies: Avail a Buy One Get One (BOGO) offer on INOX movie tickets once every quarter.
• Dining:
  • Receive complimentary Swiggy vouchers on a quarterly spend of ₹20,000 or more.
  • Access exciting dining discount offers.
• Travel:
  • Domestic Lounge Access: Enjoy 1 complimentary domestic lounge access per quarter (up to 4 free visits annually) upon spending ₹20,000 or more in the preceding quarter.
  • International Lounge Access: Not available with this card.
• Insurance: Benefit from a Personal Accident insurance cover of up to ₹2 Lakhs.
• Lifestyle: Gain access to a wide variety of RuPay offers and deals, including those for travel, food and dining, shopping, sports, entertainment, and lifestyle.
• Milestone Benefits: Complimentary Swiggy vouchers are provided when you spend ₹20,000 or more in a quarter.

Rewards Redemption Guide

• Reward Points can be redeemed against various options available at the Federal Rewards portal.
• The value of 1 Reward Point is ₹0.25 when redeemed at the Federal Rewards portal.
• When redeemed as cash against the statement, the value of 1 Reward Point is ₹0.10.
• A nominal convenience fee (minimum ₹99) will be charged per redemption request.
• No reward points are awarded for cash transactions, fuel expenditures, rent payments, e-wallet loading, or government transactions.
• Reward Points for insurance transactions are capped at 250 points per card per month.

Card Eligibility Criteria

• Eligibility Rules

  • Age: Minimum 18 years of age to apply for a Secured Federal Credit Card, and minimum 21 years of age to apply for an Unsecured Federal Credit Card.
  • Credit History: A good credit history is beneficial for approval.
  • Nationality: Applicant must be an Indian resident or a Non-resident Indian (NRI).
  • For Secured Credit Card:
    • 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.
    • Should have an existing Savings Bank account with Federal Bank.

• Documents Required

  • PAN Card
  • Aadhar Card
  • Last 3 Months bank statement (PDF), with salary crediting bank account statement required for salaried individuals.
  • Income Tax Login Credentials for non-salaried/self-employed clients.

Card Review

• Overall Verdict: The Federal Bank RuPay Signet Credit Card is a great choice for individuals who spend across various categories and aim to maximize savings. It is particularly curated for young, energetic persons.
• Pros:
  • Offered as a lifetime free credit card with zero joining and annual fees.
  • Available on both Visa and RuPay networks, with the RuPay variant linkable to UPI for seamless digital payments.
  • Provides attractive welcome benefits, milestone rewards, movie offers, and complimentary domestic lounge access.
  • Includes a 1% fuel surcharge waiver.
• Cons:
  • Does not offer complimentary international airport lounge access.
  • Lifestyle perks are somewhat limited beyond the BOGO movie offers.
  • While decent, the reward rate may not be considered extraordinary compared to some other lifetime free credit cards available in the market.

Important Product Details

• Lifetime Free: No membership fee and no joining fee (limited period offer, effective from 3rd April 2023).
• UPI Linkage: The RuPay Signet Credit Card can be linked to a UPI ID, enabling safe and secure payment transactions directly.
• Rewards Structure: Enjoy a bespoke 3-2-1 rewards structure: 3x rewards on Electronics & Apparel, 2x rewards on Entertainment, and 1x rewards for other categories.
• Welcome Offer: Get an Amazon Pay e-Voucher worth ₹200 on a minimum spend of ₹3,000 in the first 30 days.
• Movie Benefits: Buy One Get One (BOGO) offers on INOX movie tickets, once a quarter.
• Dining Benefits: Complimentary Swiggy vouchers on quarterly spend of ₹20,000.
• Insurance Cover: Personal Accident insurance cover of ₹2 Lakhs.
• Concierge Services: 24*7 Concierge Services available.
• Domestic Lounge Access: Complimentary lounge access (1 per quarter) upon spending ₹20,000 or more in the previous quarter, totaling four free visits