Federal Bank RuPay Wave Credit Card Review
Author And Publisher: Gyro 3.oFederal Bank RuPay Wave Credit Card
Financial Expert Advice
Choose Your First (or Next) Credit Card Wisely
Maintain Two Credit Cards: One For Routine Expenses And Auto-Debits, And Another Reserved For Emergencies. Avoid Pursuing Rewards; Prioritize Financial Stability And Discipline.
Federal Bank RuPay Wave Credit Card Review:
Lifetime Free RuPay Floater with 10% UPI Cashback, 0.5% Rewards & Quarterly Milestones
introduction
Federal Bank's RuPay Wave Credit Card is a unique floater card designed for existing Federal Bank primary cardholders seeking enhanced UPI rewards. This innovative floater-only card delivers value through zero fees, 10% cashback on first 5 UPI transactions (₹200 cap), 0.5% reward points (1 RP per ₹200 UPI spend), ₹1,000 bonus reward points on ₹50K quarterly spending, automatic UPI linking via FedMobile and popular apps (Google Pay, PhonePe), shared credit limit with primary card, separate billing statements, and seamless QR code scan-and-pay functionality on RuPay network.
key features and benefits
Welcome Benefits
10% Cashback on First 5 UPI Transactions: Up to ₹200 maximum within 30 days of issuance.
Zero Joining Fee for Virtual card, ₹199/- (if opted for physical card).
Reward Structure
UPI Transactions: 1 Reward Point per ₹200 spent.
Milestone Benefit
₹50,000 Quarterly Spending: 1,000 Bonus Reward Points per quarter.
UPI Integration
Auto-Enabled for UPI: Automatically linked to RuPay network upon issuance.
Quick UPI App Linking: Add to Google Pay, PhonePe, or other UPI apps via "Add RuPay Card" feature.
QR Code Scan-and-Pay: Offline merchant payments via QR scanning.
key points
Shared Credit Limit: Same limit as primary card.
Separate Billing: Individual statements despite shared limit.
Struggling to keep up with mounting credit card bills?
Card Essential
Type:- Reward's Points
____________________________________
Welcome Benefits:- 10% Cashback*
____________________________________
Joining Fee :- ₹199/-(for physical card)
____________________________________
Annual Fee:- ₹199 + gST
____________________________________
Renewal Benefit:- n/a
____________________________________
Interest Rate:- 3.75% per month (i.e., 45% per annum)
____________________________________
Forex Mark-up:- 3.5% + TAXS
____________________________________
Cash Advance Charges:- 2.5% of withdrawal amount, minimum of ₹500
____________________________________
Over Limit Charges:- 2.5% of overlimit amount, minimum of ₹500
____________________________________
Wallet Transactions Charges:- 1% + GST
____________________________________
Rental Transactions Charges :- 1% + GST
____________________________________
Utility Transactions Charges:- ----
____________________________________
Education Fee Payment Charges:- ----
____________________________________
Railway Ticket Purchase Fee:- ----
____________________________________
Fuel Surcharge Waiver:- 1%
Rewards and Benefits Analysis
Best for: Existing Federal Bank cardholders seeking enhanced UPI rewards, digital payment enthusiasts.
Real Value Example (Annual ₹2,00,000 UPI spend - Digital Native): Total Year 1 Value (₹2,00,000 UPI spend) = ₹2,450+ (UPI Transactions ₹250 + Welcome Cashback ₹200 + Quarterly Milestones ₹2,000).
- Extra Perks: 10% welcome cashback, quarterly milestones, shared limit, separate billing, UPI convenience.
Practical Considerations
Fees & Charges Summary:
joining[only for physical card] and annual fees: ₹199 + gST.
Eligibility:
Existing Federal Bank Visa/Mastercard primary cardholder require.
Applied via FedMobile app (4-step process).
Age/income: Same as primary card.
Limitations:
0.5% earning modest (vs primary card categories).
Requires primary card relationship (floater dependency).
₹50K quarterly milestone required for bonus (achievable).
Redemption Options
- Federal Rewards Portal:
- Points redeemable via primary card rewards platform.
- Best Value Strategy:
- Achieve ₹50K quarterly (₹16.7K/month) for 1,000 RP milestone.
- Maximize first 30 days for 10% welcome cashback.
- Link to Google Pay/PhonePe for seamless UPI.
- Use for all QR code merchant payments (offline).
- Consolidate digital spending to reach quarterly milestones.
Ideal User Profile
Existing Federal Bank Visa/Mastercard cardholders.
High-volume UPI/digital payment users.
Young, tech-savvy professionals.
Final Thoughts
Strengths:
10% welcome cashback on first 5 UPI transactions (exceptional entry).
₹1,000 quarterly milestone bonus (4,000 RP annual potential).
Shared credit limit with primary card .
Separate billing for clear tracking.
Auto-UPI enabled with popular app integration.
QR code scan-and-pay convenience.
Limitations:
0.5% earning modest for UPI spending.
Floater-only (requires existing primary card).
₹50K quarterly threshold required for milestones.
No lounge, travel, dining, or lifestyle benefits.
Limited redemption value compared to primary card.
Verdict:
Recommended for digital-savvy Federal Bank primary cardholders; the combination of 10% welcome cashback, ₹1,000 quarterly milestones, shared limit, separate tracking, and seamless UPI integration creates genuine supplementary value for high-volume digital spenders. Best as secondary payment option complementing primary card benefits.
Additional Tips for Applicants
Verify primary card: Ensure you hold active Federal Bank Visa/Mastercard.
Maximize welcome: Use first 5 UPI transactions for ₹200 cashback within 30 days.
Plan quarterly spend: Target ₹50K quarterly (₹16.7K/month) for 1,000 RP bonus.
App integration: Link to Google Pay and PhonePe for redundancy.
This review offers a clear and balanced overview of The Federal Bank RuPay Wave Credit Card’s strengths and limitations, helping readers make an informed choice about whether this card fits their
Spending Habits And Financial Goals.
Gyro - Your Financial Compass Is A Constantly Updating Financial Insights Engine That Aggregates Data From Various Sources To Provide Up-To-Date insights On Banking Products. Cashon.cards Offers Blogs, Videos, And Podcasts To Help Users Make Informed Financial Decisions.