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Federal Bank Wave Credit Card

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.

Federal Bank Wave Credit Card
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: Spend Rs.50,000 in a quarter, and receive 1000 bonus reward points. 

  • Other Benefits: Federal RuPay Wave Credit Card simplifies your transactions through UPI. 

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

IFM: 3.5% 

Welcome Benefits and Reward System
Special Features

UPI enable credit 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 Bonuses

Speical Feature, Eligibility and Benefits
How to apply for Credit Card?
  1. Login to the FedMobile app.

  2. Tap Click on Wave Credit Card banner.

  3. Accept T&C & verify with MPIN.

  4. Your Wave Credit Card is ready to use. 

Contact Details

1800-420-1199

Account Opening and Procedure
Federal Bank Wave Credit Card

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.

Abhijeet Saxena

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

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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

Fees & Charges
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