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RuPay Wave Credit Card

Federal Bank
|
Floater Card Lifetime Free UPI Utility

Annual Fee

FREE

Rewards/₹100 ⓘ

₹0.12

Normalized to balance base rate with bonus categories

Interest Rate

41.88%

Credit Score

700+

At a Glance

Key Benefits

10% cashback on first 5 UPI transactions, 1000 bonus points on Rs.50K quarterly spend, UPI-enabled

Lounge Access

No lounge access available

Eligibility

Age: 18+ years, Must be existing Federal Bank Visa/Mastercard holder

Quick Details

Annual Fee
FREE #1
Joining Fee
FREE #1
Interest Rate
41.88% p.a. #88
Forex Markup
3.50% #75
Rewards/₹100
₹0.12 #302
Reward Type Reward Points
Reward Currency Points
Min Credit Score
700+ #54
Min Monthly Income ₹25
Network RUPAY
Card Replacement Fee 200
Late Payment Fee ₹100
Cash Advance Fee ₹0 0.00% (min ₹0)
Card Replacement Fee ₹200

Reward Structure

Base

All Spends

₹0.13 /₹100

Reward Calculator

₹
Allocate by Category 100%
Other Spends
0.5 pts
100% ₹0
Your Rewards
Points Earned 0
Cash Value ₹0
Breakdown
Quick amounts:

Milestone Benefits

Welcome Bonus

10% cashback on first 5 UPI transactions (up to Rs.200 total)

Spend ₹0 within 30 days

₹200

value

Milestone

1000 bonus reward points (worth Rs.250 at standard redemption)

Spend ₹50,000 within 90 days

₹250

value

Insurance Coverage

Lost Card

₹50,000

Lost card liability cover available on payment of applicable premium

Other

₹0

Optional insurance cover available on payment of premium - details in Key Fact Statement

Lifestyle Perks

Other

UPI-enabled credit card - pay via UPI using credit limit

Other

Separate billing statements for better expense tracking

Quick Analysis

Federal Bank RuPay Wave Credit Card is a specialized floater card designed exclusively for existing Federal Bank cardholders who want UPI-based credit transactions. While it offers the convenience of UPI payments with credit, the very low reward rate makes it unsuitable for rewards seekers. Best used only for specific UPI transactions where credit cards are not accepted.

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

Best For

UPI credit transactions, existing Federal Bank customers, utility payments via UPI

Not Ideal For

Rewards maximization, travel benefits, new card applicants, premium features

Frequently Asked Questions

What is Federal Bank RuPay Wave Credit Card?
It is a floater credit card linked to your primary Federal Bank Credit Card (Visa or Mastercard), enabling UPI transactions using your credit limit. It shares the same credit limit as your primary card.
Who can apply for this card?
Only existing Federal Bank Visa or Mastercard credit cardholders can apply. You can get it in 2 simple steps through the FedMobile app.
Is there any joining or annual fee?
No, the Federal Bank RuPay Wave Credit Card is completely lifetime free with zero joining and annual fees.
What is the welcome cashback offer?
Get 10% cashback on your first 5 UPI transactions made within the first 30 days of card issuance, capped at Rs.200 total.
What is the reward points structure?
Earn 1 reward point for every Rs.200 spent. Each reward point is valued at Rs.0.25 at Federal Rewards portal (or Rs.0.10/point for cash redemption to card account).
What is the quarterly milestone benefit?
Spend Rs.50,000 or more in a quarter to receive 1000 bonus reward points, worth Rs.250 at standard redemption rates.
Does this card have lounge access?
No, the RuPay Wave Credit Card does not offer airport lounge access or any travel benefits.
What is the interest rate?
The interest rate is 41.88% per annum (3.49% per month). The interest-free period can be up to 48 days subject to the scheme applicable.
Are there cash advance fees?
No, cash advance fees are not applicable for the Wave Credit Card. However, this differs from the primary card which may have cash advance charges.
Is there an over-limit facility?
No, once the floater card is issued, you will not be entitled to any over-limit facility. Any over-limit facility on the primary card will also be cancelled.
How does billing work?
The RuPay Wave Credit Card maintains separate billing statements from your primary card. You will receive individual bills for each card, and payments need to be made separately.
What happens if I default on payment?
If you fail to pay the Minimum Amount Due on either card, it will be treated as a default on both cards (Wave and Primary). Both cards may be blocked without prior notice.
What is the Minimum Amount Due?
Minimum Amount Due (MAD) is 5% of Total Amount Due (subject to minimum of Rs.200), plus new EMI debits, previously unpaid EMI debits, GST, and fees.
Can I use this card internationally?
Yes, the card is valid for use in India and abroad. However, it is not valid for foreign currency transactions in Nepal and Bhutan.
What is the forex markup?
The forex markup fee is 3.5% of the transaction amount for international transactions, which is standard for Federal Bank credit cards.
Which transactions do not earn reward points?
No reward points for cash transactions, and rent payments do not accrue reward points effective from April 1, 2023. Insurance transactions have a monthly capping of 250 points per card.
Are there any redemption charges?
Yes, a redemption fee starting from Rs.99 is charged per redemption request. The actual fee is disclosed at the time of redemption depending on the type of redemption.
What insurance coverage is provided?
Insurance cover against card loss/theft/misuse is available upon payment of applicable premium. Details including activation date and nomination are stated in the Key Fact Statement.

User Reviews

Our Rating

3.2
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on Federal Bank's website

Rating Breakdown

Rewards
2.1/5 Top 93%
Benefits
3.1/5 Top 49%
Fees
4.6/5 Top 14%
Value for Money
3.3/5 Top 51%
User Reviews
3.0/5 Top 50%

Important Links

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