Federal BankIs the Federal Bank RuPay Wave Credit Card Right for You?
The Federal Bank RuPay Wave Credit Card is best suited for users who prioritize Shopping, Utilities. With a joining fee of Nil and a renewal fee of Nil, this card offers free entry for new applicants. It offers Reward Points as its primary reward mechanism, with a rewards rate of Earn 1 Reward Point for every ₹200 spent. Get 1000 bonus RPs on ₹50,000 spend per quarter (up to 4,000/year)..
Key Card Details
Nil
Nil
Reward Points
3.5%
Notable Perks
Domestic Lounge
Not Applicable
International Lounge
Not Applicable
Insurance
Not Applicable
Fee Waiver
Not required as card is lifetime free.
Movie Benefits
Not Applicable
Golf
Not Applicable
Things to Consider
Shares credit limit with primary Federal Bank card, potentially limiting independent spending.
As a virtual-only card, it may not be suitable for all types of offline transactions.
Requires an existing Federal Bank Credit Card (Visa or Mastercard) to be eligible.
Benefits & Features
Welcome Offer
Unlock 10% cashback on your first five UPI transactions within 30 days, max cashback up to Rs. 200.
Rewards Rate
Earn 1 Reward Point for every ₹200 spent. Get 1000 bonus RPs on ₹50,000 spend per quarter (up to 4,000/year).
Reward Type
Reward Points
Reward Redemption
Accumulated reward points can be redeemed for exciting benefits and vouchers, offering more value.
Domestic Lounge Access
Not Applicable
International Lounge Access
Not Applicable
Premium Benefits
Not Applicable
Insurance Coverage
Not Applicable
Movie
Not Applicable
Dining
Not Applicable
Travel Benefits
Not Applicable
What matters, explained clearly
Federal Bank RuPay Wave Credit Card
The Federal Bank RuPay Wave Credit Card is a virtual add-on or floater card that complements your existing Federal Bank Credit Card (Visa or Mastercard). It operates on the RuPay network, making it an ideal choice for convenient and rewarding UPI payments. This card shares the credit limit with your primary card but comes with its own set of distinct benefits and promotions, enhancing your transaction experience with seamless QR-code-based payments, cashback, and attractive reward points.
Welcome Benefits
- Unlock 10% cashback on your first five UPI transactions made within the first 30 days of card issuance, with a maximum cashback of up to Rs. 200.
Fees
- Joining Fee: Nil (Lifetime free card)
- Renewal Fee: Nil (Lifetime free card)
- Rewards Redemption Fee: ₹99
- Foreign Currency Markup: 3.5%
- Interest Rates: 41.88% Yearly (equivalent to 3.49% Per Month)
Rewards
- General Spends: Earn 1 Reward Point for every ₹200 you spend using the card.
- Milestone Benefit:
- Achieve quarterly spending milestones to earn bonus reward points.
- Receive 1000 bonus reward points when you spend ₹50,000 in a quarter. This allows you to earn up to 4,000 bonus points in a year.
- UPI Convenience: Simplifies your transactions through UPI with just a quick scan of a QR code, allowing for seamless payments.
Rewards Redemption Guide
- The accumulated reward points can be redeemed for exciting benefits and vouchers, effectively giving you more value for your money.
Card Eligibility Criteria
- The RuPay Wave Credit Card is available to existing Federal Bank Visa or MasterCard Credit Cardholders.
- It is exclusively accessible through the FedMobile mobile application.
Card Review
The Federal Bank RuPay Wave Credit Card offers unparalleled convenience, especially for individuals who frequently use UPI for their transactions. As a lifetime-free, virtual add-on card, it perfectly complements your existing Federal Bank credit card by providing dedicated benefits for UPI payments. Its easy linking to popular UPI apps like Google Pay and PhonePe makes it a must-have for seamless and rewarding digital payments.
Pros
- Lifetime Free: Comes with zero joining and annual fees.
- Rewarding UPI Payments: Offers cashback on initial UPI transactions and reward points on regular UPI spends.
- Convenience: Seamless QR-code-based payments via UPI apps.
Cons
- Shared Credit Limit: The card shares its credit limit with your primary Federal Bank Credit Card, which might be a limitation for some users.
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. For example, if your primary card has a limit of "X", your RuPay Wave Credit Card will also have the same "X" limit.
- The card is automatically enabled for UPI payments upon issuance, allowing you to link it to popular UPI apps instantly.
- It maintains separate billing statements from the primary card, ensuring clear tracking of expenses for each card.
- Payments for the Wave card need to be made separately.
- Repayment: The auto-debit mode (whether Total Amount Due or Minimum Amount Due) marked for your primary card will also apply to the floater card, ensuring a consistent repayment process.
Other Details
How to Apply
You can get your Federal Bank RuPay Wave Credit Card in 4 simple steps through the FedMobile app:
- Login to the FedMobile app.
- Tap on the Wave Credit Card banner.
- Accept Terms & Conditions & verify with MPIN.
- Your Wave Credit Card is ready to use!
How to Link Wave to UPI Apps
To link your RuPay Wave Credit Card to other UPI apps:
- Open your preferred UPI app and click on the "add RuPay Card" feature.
- Enter the required details of your RuPay Wave Credit Card.
- Verify the details using an OTP.
In just these two steps, you can utilize the feature of UPI on Credit Card through your RuPay Wave.