Federal Bank has a reputation of punching above its weight in the case of credit cards. This comprehensive review will delve into the benefits, drawbacks, fees, and charges associated with Federal Bank Wave Credit Card to help credit card enthusiasts make an informed decision.
Benefits of Federal Bank Wave Credit Card
Key benefits of Federal Bank Wave Credit Card are as follows:
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.
Drawbacks of Federal Bank Wave Credit Card
The number of benefits offered by Wave are pretty limited. Overall the credit card does not seem to have any USP that will attract customers. Some of its key drawbacks are as follows:
No airport lounge access or travel benefits.
No free movie tickets.
Very low reward rates.
Fees and Charges
When considering a credit card, understanding the associated fees and charges is crucial. Cardholders should pay attention to these fees to manage their expenses effectively and avoid unnecessary costs.
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%
Conclusion
In conclusion, the Federal Bank Wave Credit Card is a below-average offering from Federal Bank. It lacks standard features like free airport lounge visits are missing. The cashback rate is low. No stand-out features are there.
For a more detailed review of the Wave credit card click here.
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