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

Federal Bank RuPay Signet Credit Card

Introduction

The Federal Bank RuPay Signet Credit Card offers a seamless blend of convenience, rewards, and security, designed to empower users with effortless financial management. This card is available on both Visa and RuPay networks and is currently offered as a lifetime free credit card. It provides appealing benefits such as an Amazon e-gift voucher upon meeting initial spend criteria, accelerated reward points on specific categories, complimentary Swiggy vouchers, and BOGO offers on movie tickets. Additionally, cardholders can enjoy domestic airport lounge access and fuel surcharge waivers, making it a comprehensive choice for everyday spending and lifestyle perks.

Welcome Benefits

• Receive 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, effective 3rd April 2023).
• Renewal Fee: Nil (Lifetime Free, effective 3rd April 2023).
• Annual Percentage Rate (APR):
  • Starting from 0.69% per month (8.28% per annum).
  • Dynamic rates linked with Average Monthly Balance (AMB) in the operative account:
    • Less than Rs. 50,000 AMB: 3.75% per month (45.00% per annum)
    • Rs. 50,000 - 3,00,000 AMB: 2.69% per month (32.28% per annum)
    • Rs. 3,00,001 - 10,00,000 AMB: 1.69% per month (20.28% per annum)
    • More than Rs. 10,00,000 AMB: 0.69% per month (8.28% per annum)
• Late Payment Fee (LPC):
  • Rs. 0 for Total Amount Due (TAD) Rs. 0 - 250.
  • Rs. 250 for TAD Rs. 251 - 1000.
  • Rs. 500 for TAD Rs. 1001 - 5000.
  • Rs. 1,000 for TAD Rs. 5001 - 25000.
  • Rs. 1,250 for TAD Rs. 25001 & above.
• Cash Advance Fee: 2.5% of the amount withdrawn or Rs. 500, whichever is higher.
• Foreign Currency Markup Fee: 3.5%.
• Rewards Redemption Fee: A nominal convenience fee of minimum Rs. 99 will be charged per redemption request. The actual fee will be displayed at the time of redemption.
• Card Replacement Fee: Rs. 200 + applicable taxes for reissue/replacement.
• Fuel Surcharge: 1% fuel surcharge waiver on fuel transactions between ₹400 and ₹5,000. The maximum benefit is capped at ₹150 per month.
• Credit Card EMI Processing Fee:
  • For transactions converted to EMI via Offline merchant outlets or online merchants: 1% of the transaction amount or Rs. 99, whichever is lower.
  • For transactions converted to EMI via FedMobile/FedNet/Contact Centre: 2.5% of the transaction amount or Rs. 200, whichever is higher.

Rewards

• Rewards Structure: Enjoy a bespoke 3-2-1 rewards structure:
  • 3x rewards on spends for Electronics & Apparel categories.
  • 2x rewards on Entertainment category.
  • 1x rewards for other categories.
• Movies: Avail Buy One Get One (BOGO) offers on INOX movie tickets once every quarter.
• Dining & Lifestyle:
  • Receive complimentary Swiggy vouchers on quarterly spends of ₹20,000 or more.
  • Gain access to a wide variety of RuPay offers and deals, including travel, food and dining, shopping, sports, entertainment, and lifestyle.
• Travel - Domestic Lounge Access:
  • Enjoy complimentary domestic lounge access once every quarter.
  • A total of four free visits are available annually.
  • To avail this benefit in the next quarter, a minimum spend of INR 20,000 or more is required in the current quarter.
• Insurance: Benefit from a Personal Accident insurance cover of Rs. 2 Lakhs.
• Concierge Services: Access 24*7 Concierge Services.
• Fuel Surcharge Waiver: Get a 1% fuel surcharge waiver on all fuel transactions between ₹400 and ₹5,000, with a maximum benefit of ₹150 per month.

Rewards Redemption Guide

• Reward Points earned can be redeemed against various options available at the Federal Rewards portal.
• The value of 1 Reward Point is ₹0.25 when redeemed through the Federal Rewards portal.
• When redeemed as cash against the statement, 1 Reward Point equals ₹0.10.
• Reward points are not 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.
• A nominal convenience fee (minimum Rs. 99) is charged per redemption request, with the actual fee displayed at the time of redemption.

Card Eligibility Criteria

• Age:
  • Minimum 18 years of age to apply for a Secured Federal Credit Card.
  • Minimum 21 years of age to apply for an Unsecured Federal Credit Card.
• Credit History: A good credit history is essential for easy approval.
• Nationality: Must be an Indian resident or a Non-resident Indian (NRI).
• For Secured Credit Card:
  • Should maintain a Fixed Deposit with Federal Bank (minimum FD amount INR 25,000 and minimum FD tenure 6 months).
  • Age: Minimum 18 years and maximum 80 years.
  • Only Residents can apply.
  • Should have an existing Savings Bank account with Federal Bank.

Documents Required for Online Application

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

Card Review

The Federal Bank RuPay Signet Credit Card is an advantageous choice, especially for individuals who engage in diverse spending categories and aim to maximize savings. It is the sole RuPay network card offered by Federal Bank, though a Visa variant with similar features is also available. The card's reward structure provides up to 3x points on every ₹200 spent, complemented by benefits like complimentary domestic lounge access, BOGO movie offers, dining discounts, and fuel surcharge waivers.

Pros

• Currently offered as a lifetime free credit card, eliminating joining and annual fees.
• Available on both Visa and RuPay networks, providing flexibility.
• The RuPay variant can be conveniently linked to a UPI ID for digital payments.

Cons

• Does not offer any complimentary international airport lounge access.
• Lifestyle perks are somewhat limited, primarily focusing on BOGO movie offers.
• The overall reward rate, while decent, might not be considered extraordinary when compared to some other lifetime free credit cards available in the market.

Important Product Details

• Annual Percentage Rate (APR) starts from 0.69% per month (8.28% per annum).
• The RuPay Signet Credit Card can be linked to a UPI ID, enabling safe and secure payment transactions.
• Enjoys a bespoke 3-2-1 rewards structure: 3x rewards on Electronics & Apparel, 2x rewards on Entertainment, and 1x rewards on other categories.
• Welcome benefit of an Amazon Pay e-Voucher worth ₹200 on a minimum spend of Rs. 3,000 in the first 30 days.
• Buy One Get One (BOGO) offers on INOX movie tickets, available once a quarter.
• Complimentary Swiggy vouchers are awarded on quarterly spends of ₹20,000 or more.
• Includes a Personal Accident insurance cover of Rs. 2 Lakhs.
• Provides 24*7 Concierge Services.
• Offers complimentary domestic lounge access (1 per quarter) upon spending INR 20,000 or more in the preceding quarter.
• Access to a wide variety of RuPay offers and deals, covering travel, food, dining, shopping, sports, entertainment, and lifestyle.
• This is a Lifetime Free Credit Card with no membership fee or joining fee (effective 3rd April 2023).

Other Details

• UPI Linking: The RuPay Signet Credit Card can be linked to a UPI ID for direct, safe, and secure payment transactions.
• Credit Card Activation:
  • To activate your Physical Credit Card for POS/ATM/Contactless transactions, you need to first set the PIN. This can be done via the FedMobile App (Login -> Credit Card -> Set Credit Card Pin), FedNet (Login -> Credit Cards -> Manage Card -> Set Credit Card Pin), or through the Interactive Voice Response (IVR) System by dialling 0484-2630994.
  • For E-commerce transactions, activate by logging into the FedMobile App and accepting the Terms & Conditions, or by initiating a missed call to 080-49670455 from your registered mobile number.
• Card Controls and Transaction Preferences:
  • Conveniently enable/disable Online, Contactless, and/or International transactions on your Credit Card through your FedNet/FedMobile app (Credit Cards Tab -> Manage Card -> Manage Credit Card).
  • Manage transaction limits (Domestic/International) through FedNet/FedMobile app (Credit Cards Tab -> Manage Card -> Manage Transaction Limits).
• Contactless Payment:
  • Make quick, confident, and secure payments by tapping your card at retail outlets with Near Field Communication (NFC) enabled POS machines.
  • The maximum limit for contactless payments is Rs. 5,000 without a PIN and Rs. 50,000 with a PIN.
• Credit Limit:
  • The total credit limit is the maximum amount that can be spent based on eligibility.
  • The available credit limit is the current balance after monthly spends.
  • The Bank assesses eligibility for credit limit revision and communicates it to eligible customers.
• Cash Withdrawal Limit:
  • The maximum amount that can be withdrawn as cash from an ATM using the card is 10% for Signet variant.
  • Cash withdrawals are subject to interest charges and a cash withdrawal fee.
• PIN (Personal Identification Number): A 4-digit code to verify card ownership and protect against fraud, used for transactions like ATM withdrawals.
• CVV (Card Verification Value): A 3-digit code on the back of the card, acting as an additional security layer for online transactions. Cardholders must protect their CVV.
• Card Renewal: A new renewal card will be received at least a month before the expiry of the present card.
• Address Change: To change the communication address, place a request at the nearest Federal Bank branch with required documents. Alternatively, if you hold a Federal Bank savings account, you can change the address by logging into the Fedepoint section.
• Mobile Number Change: To change the registered mobile number, place a request at the nearest Federal Bank branch.
• Email ID Change: To change the registered email ID, place a request at the nearest Federal Bank branch. Alternatively, the email ID can be updated through FedMobile (Menu -> View profile -> Personal details -> Email address).
• Card Delivery and Re-dispatch:
  • The physical card will be delivered to the communication address within a few days, and the status can be tracked using a tracking ID shared via SMS. An instant virtual credit card is issued upon successful application and can be accessed via FedMobile App.
  • If a credit card is undelivered and returned to the Bank, customers can contact the toll-free numbers (1800-420-1199/1800-425-1199/0484-2630994) for re-dispatch, or the Bank team will contact the customer.
• Billing Date/Cycle and Due Date:
  • The default billing date is the 21st of every month, and the due date is 18 days after the billing date.
  • Customers can change the billing date (a one-time option, maximum 5 times in the lifetime of the card) by contacting customer care via toll-free numbers or email (creditcards@federalbank.co.in).
• Total Amount Due (TAD) and Minimum Amount Due (MAD):
  • Total Amount Due: The full amount due for payment on the billing date, including opening balance, new spends, fees & finance charges (if any), minus the last payment or any other due credits.
  • Minimum Amount Due: The minimum amount required to be paid by the due date, calculated as 5% of the Total Amount Due (subject to a minimum of Rs. 200). Interest is charged on the carried-forward balance if only MAD is paid.
• Add-on Card:
  • A supplementary credit card that can be issued to up to 4 family members of the Primary cardholder.
  • Shares the existing credit limit and features of the primary card.
  • Charges: ₹100 + GST per card.
  • Primary cardholder is responsible for activation, enabling/disabling card controls, and liable for all spends and transactions made by the Add-on cardholder.
  • Add-On cards are delivered to the registered address of the primary cardholder.
  • OTP for E-commerce transactions initiated with the Add-on card will be sent to the registered mobile number of the primary cardholder.
• Credit Card EMI:
  • Benefits: Flexible repayment tenures, no down payment, attractive cashbacks & instant discounts, and a processing fee starting at just ₹25*.
  • Conversion Methods:
    • POS Machines of Select Payment Aggregators (Pinelabs, Ezetap, PayTM).
    • Select Online Merchants supported by Razorpay.
    • FedMobile App (Login -> Credit Cards -> More -> EMI Conversion).
    • EMI on Call (Toll-free numbers 1800-420-1199 / 1800-425-1199).
  • Interest Rate: Ranges from 13% to 15% per annum + Applicable GST, based on the tenure availed.
• Balance Transfer (BT):
  • A facility allowing the transfer of outstanding balances from other bank credit cards to the Federal Bank Credit Card, based on eligibility.
  • Benefits: Easy EMIs, zero processing fees, zero documentation, lowest interest rates at 0.83% per month (9.99% per annum), and flexible repayment tenures of 3 & 6 Months.
  • Process: Eligible customers are intimated by the bank via SMS/Email/Push Notification.
  • Amount: Minimum amount Rs. 2,500, maximum Rs. 7,50,000 (based on available credit limit).
• Card Disputes & Grievance Redressal:
  • Transactions can be disputed within 30 days of the transaction date.
  • Channels to report disputes:
    • Visit the nearest Federal Bank branch.
    • Via FedMobile App: Login FedMobile -> Help and Support -> Category: Credit Card -> Raise Ticket.
    • Through IVR: Dial toll-free numbers 1800-420-1199 / 1800-425-1199 / 0484-2630994 (for abroad calls).
    • Via Email: creditcards@federalbank.co.in for first-level grievances. For second-level grievances (if unsatisfied with resolution), email support@federalbank.co.in with complaint details.
  • Billing disputes are typically addressed within 14 working days, depending on the nature of the dispute.
  • Customers will be intimated through SMS/e-mail or call regarding the resolution of the dispute.