Federal Bank Wave Credit Card
MyRupaya Ratings
Product Details
Credit Card Name :
Federal Bank Wave Credit Card
Bank Name :
Federal Bank
Type :
Cashback Credit Card
Interest Rate :
41.88% (3.49% per month)
Eligibility :
Age: You must be at least 18 years old to apply.
Citizenship: You should be a resident Indian citizen.
Pros
Reward System: For every Rs. 200 you spend, you will earn 1 reward point. 1 RP = 0.25 Paisa. Effective cashback rate: 0.125%. You can also get 10% cashback on your first five UPI transactions with this card.
Milestone Benefit: If the user spends Rs.50,000 in a quarter, then he will receive 1000 bonus reward points.
Cons
No airport lounge access or travel benefits.
Limited acceptance.
Very low reward rates.
Pros & Cons
Welcome Benefits
None
Rewards System
Reward System: For every Rs. 200 you spend, you will earn 1 reward point. 1 RP = 0.25 Paisa. Effective cashback rate: 0.125%. You can also get 10% cashback on your first five UPI transactions with this card.
International Forex Markup
3.5%
Welcome Benefits and Reward System
Special Features
UPI enable card.
Eligibility Criteria
Age: You must be at least 18 years old to apply.
Citizenship: You should be a resident Indian citizen.
Benefits
Lifetime free card.
UPI compatibility.
Milestone benefits.
Speical Feature, Eligibility and Benefits
How to apply for Credit Card?
Login to the FedMobile app.
Tap Click on Wave Credit Card banner.
Accept T&C & verify with MPIN.
Your Wave Credit Card is ready to use.
Contact Details
1800-420-1199
Account Opening and Procedure
Recommended Credit Cards
Pros:-
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Cons:-
Reward System: For every Rs. 200 you spend, you will earn 1 reward point. 1 RP = 0.25 Paisa. Effective cashback rate: 0.125%. You can also get 10% cashback on your first five UPI transactions with this card.
Milestone Benefit: If the user spends Rs.50,000 in a quarter, then he will receive 1000 bonus reward points.
No airport lounge access or travel benefits.
Limited acceptance.
Very low reward rates.
The Federal Bank Wave Credit Card is a decent option for those looking for a free, no-frills credit card for domestic transactions with a focus on utility bill payments through UPI. However, if you travel internationally frequently, require a wider range of reward redemption options, consider other cards.
Federal Bank Wave Credit Card
Abhijeet Saxena
Abhijeet Saxena
Nalsar University of Law
Ex- Senior Associate, Shardul Amarchand Mangaldas, Delhi
Ex - Khaitan & Co. Bengaluru,
Ex - National Stock Exchange, Mumbai,
Ex - Argus Partners, Mumbai
Product Review
Fees & Charges
Lifetime free credit card.
Interest Rate: 41.88% (3.49% per month).
Cash Advance Charges: NIL.
Late Payment Charges: INR 100 to INR 1000.
Reward Redemption Fees: Rs. 99/- per redemption request.
Foreign Currency Mark-up Fees: 3.5%
Fuel Surcharge
N/A
Billing Cycle
30 Days