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

Introduction

The Federal RuPay Wave Credit Card, issued by Federal Bank, is a virtual add-on or floater card designed to complement an existing primary Federal Bank Credit Card (Visa or MasterCard). It shares the same credit limit as the primary card but focuses on enhancing UPI payment experiences. Positioned as a convenient and rewarding option for everyday transactions, its key differentiating benefits include 10% cashback on initial UPI spends, a robust reward points program, and valuable milestone bonuses.

Welcome Benefits

• Earn 10% cashback on your first 5 UPI transactions made within the first 30 days of card issuance, with a maximum cashback of Rs. 200.

Fees

• Joining Fee: Nil
• Annual Fee: Nil
• Rewards Redemption Fee: ₹99
• Foreign Currency Markup: 3.5%
• Interest Rates: 41.88% Yearly (3.49% Per Month)
• Spend-Based Waiver: Not applicable
• Fuel Surcharge Waiver: Not applicable
• Cash Advance Charges: Not applicable

Rewards

• Cashback Rewards: Unlock 10% cashback on your first 5 UPI transactions made within the first 30 days of card issuance, up to Rs. 200.
• Reward Points: Earn 1 reward point for every Rs. 200 you spend.
• Milestone Benefits:
  • Achieve quarterly spending milestones of Rs. 50,000 and receive 1000 bonus reward points.
  • This allows for earning up to 4,000 bonus points in a year.
• UPI Convenience: The Federal RuPay Wave Credit Card simplifies transactions through UPI. Upon issuance, your card will be automatically enabled for UPI payments, allowing you to link it to popular UPI apps like Google Pay and PhonePe for seamless and secure transactions via QR code scan.
• Other Benefits:
  • Movies & Dining: Not applicable
  • Travel: Not applicable
  • Domestic Lounge Access: Not applicable
  • International Lounge Access: Not applicable
  • Golf: Not applicable
  • Insurance Benefits: Not applicable

Rewards Redemption Guide

• Accumulated reward points can be redeemed for exciting benefits, including vouchers and other options, providing more value for your money.

Card Eligibility Criteria

• Eligibility Rules:
  • The RuPay Wave Credit Card is an additional credit card provided exclusively to existing Federal Bank Visa or MasterCard Credit Cardholders.
• How to Apply:
  • The card is accessible only through the FedMobile app in a few simple steps:
    1. Login to the FedMobile app.
    2. Tap on the Wave Credit Card banner.
    3. Accept Terms & Conditions and verify with MPIN.
    4. Your Wave Credit Card is ready to use.
  • To link the RuPay Wave card to other UPI apps:
    1. Open your preferred UPI app and click on the "add RuPay Card" feature.
    2. Enter the required details of the RuPay Wave card.
    3. Verify the details using OTP.

Card Review

• Overall Verdict: The Federal RuPay Wave Credit Card offers unparalleled convenience by enabling UPI payments directly through a credit card, coupled with rewarding benefits. It is a lifetime-free card that significantly enhances the transaction experience for existing Federal Bank customers.
• Who Should Apply: This card is a must-have for existing Federal Bank Visa or MasterCard Credit Cardholders who frequently make UPI payments and wish to earn rewards and cashback on these transactions.
• Pros:
  • Enables easy, seamless, and rewarding UPI payments.
  • Lifetime-free with zero joining and annual charges.
  • Offers 10% cashback on initial UPI transactions.
  • Provides reward points on all spends and attractive milestone bonuses.
• Cons:
  • The credit limit is shared with the primary Federal Bank Credit Card.

Important Product Details

• This is a virtual add-on/floater card issued on the RuPay network.
• It is linked to your primary Federal Bank Credit Card and shares the same credit limit.
• The card is automatically enabled for UPI payments upon issuance, allowing linking to popular UPI apps.
• It maintains separate billing statements from your primary card, and payments need to be made individually for clear expense tracking.
• The repayment mode (Total Amount Due or Minimum Amount Due) for the Wave card will be consistent with the auto-debit mode set for your primary card.

Other Details

• The card variant and network options displayed are for illustrative purposes; the actual selection will be available during the application process.
• Comprehensive Terms & Conditions, Most Important Terms & Conditions (available in English, Malayalam, and Hindi), and Key Fact Statement (KFS) are accessible for detailed review.