Showing 1 card
Best for: UPI credit transactions, existing Federal Bank customers, utility payments via UPI
RuPay Wave Credit Card
APPLY NOW
on Federal Bank's website
Annual fee
FREE
#1Rewards rate
₹0.12/₹100
#302Joining fee
FREE
#1Interest rate
41.88%
#88 Card details
Forex Markup
3.50%
#75
Min Credit Score
700+
#54
Min Monthly Income ₹25
Categories Floater Card, Lifetime Free, UPI, Utility
CardNitty's take
Pros
- Lifetime free floater card - zero fees
- UPI-enabled credit card for seamless payments
- 10% cashback on first 5 UPI transactions (up to Rs.200)
- 1000 bonus points on Rs.50K quarterly spend
- Shares credit limit with primary card
- Quick issuance via FedMobile app
- Valid in India and internationally (except Nepal/Bhutan)
- No cash advance fees
- No over-limit facility charges
- Separate billing for better expense tracking
Cons
- Exclusively for existing Federal Bank cardholders only
- Very low base reward rate (0.125% - worst in category)
- No accelerated rewards on any category
- Reward points valid for limited period
- Higher interest rate at 41.88% per annum
- Quarterly milestone requires high spend (Rs.50K)
- 10% cashback capped at Rs.200 total
- Reward redemption fee of Rs.99 per request
- Lower point value for cash redemption (Rs.0.10/point)
- No lounge access or travel benefits
- Shares credit limit with primary card