M16S / Federal Bank / Federal RuPay Wave Credit Card
entry · upi, rewards, lifetime-free
Federal RuPay Wave Credit Card
The Federal RuPay Wave Credit Card charges no annual fee and no joining fee. Its base return is 0.13% (1 point per Rs 200). The forex markup is 3.5%. It lists no airport lounge access. Read from the issuer's own documents on 11 Oct 2026.
- Annual fee
- Free
- Fee waived at
- —
- Base return
- 0.13%
- Forex markup
- 3.5%
- Interest
- 3.75%a month
Apply on federal.bank.inOpens the bank’s own page.
Fees
| Joining fee | Free |
|---|---|
| Annual fee | Free |
| Fee notes | Lifetime free virtual add-on style card; no add-on fee. |
Rewards
| Welcome benefitunverified | 10% cashback (max Rs 100) on a UPI transaction of Rs 150+ within 30 days of issuance. The page FAQ instead says 'first five UPI transactions'; the two statements conflict. |
|---|---|
| Reward currency | Federal Rewards points |
| Base earn | 1 point per Rs 200 |
| Base return | 0.13% |
| Point value | 1 point = Rs 0.25 on the Federal Rewards catalogue; cash redemption to card account = Rs 0.10 per point (from 15 Jul 2024) |
| Caps | Insurance spends capped at 250 points per calendar month. |
| Spends that earn nothing | No points on cash transactions, e-wallet loading, fuel (MCC 5541, 5542, 5172, 7983), government services, financial institutions (MCC 6012), quasi-cash (MCC 6050, 6051) and rent. Insurance (MCC 6300, 5960) capped at 250 points per card per calendar month. |
| Milestone benefits | 1,000 bonus points on Rs 50,000 spend in a quarter. |
| Reward notes | base_return_pct = 0.5 point per Rs 100 x Rs 0.25. Redemption fee Rs 99 per request. Targeted UPI bonus-point campaigns run from time to time for RuPay Signet and Wave. |
Travel and perks
| Domestic lounge | None |
|---|---|
| International lounge | None |
| Forex markup | 3.5% |
Charges and eligibility
| Interest per month | 3.75% |
|---|---|
| Late payment fee | Total amount due Rs 0-250: nil; 251-1,000: Rs 250; 1,001-5,000: Rs 500; 5,001-25,000: Rs 1,000; 25,001+: Rs 1,250 |
| Cash advance fee | Not applicable (no cash limit) |
| Eligibility | Existing Federal Bank Visa or Mastercard credit cardholders only; applied for in FedMobile. Shares the primary card's limit, billed separately. |
| Fine-print notes | A UPI floater on the limit of an existing Federal credit card, not a standalone card. Rent and wallet loads carry 1% fee. Dynamic APR linked to average monthly balance (AMB) in the Federal Bank operative account. MITC (revised rates from 10 Jan 2026): 3.75% p.m. (45% p.a.) for lower AMB bands, 1.99% p.m. (23.88% p.a.) for AMB above Rs 3 lakh. Product pages still show an older four-band table (down to 0.69% p.m. above Rs 10 lakh AMB) and an FAQ line of '5.88% p.a.'; these conflict with the MITC. Without a Federal Bank balance, assume 3.75% p.m. |
Questions
- What is the annual fee of the Federal RuPay Wave Credit Card?
- No annual fee.
- Does the Federal RuPay Wave Credit Card give airport lounge access?
- No lounge access is listed for this card.
- What is the forex markup on the Federal RuPay Wave Credit Card?
- 3.5% of each foreign-currency transaction, before GST.
- Which spends earn no rewards on the Federal RuPay Wave Credit Card?
- No points on cash transactions, e-wallet loading, fuel (MCC 5541, 5542, 5172, 7983), government services, financial institutions (MCC 6012), quasi-cash (MCC 6050, 6051) and rent. Insurance (MCC 6300, 5960) capped at 250 points per card per calendar month.