Federal One Credit Card: Fees, Rewards & Benefits
Rewards card
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A lifetime-free metal card whose real draw is the low 1% forex markup and a slick app-first experience rather than rewards, since points are worth only 0.1 each. Best kept as a cheap travel/forex companion card, not a primary earner.
Rewards card
The Bottom Line
The Federal One is built for international spender and app-first minimalist. With no annual fee, it offers 1% rewards on other and lifetime free metal card. It makes the most sense if your spending matches international spender and app-first minimalist.
It earns a base reward rate of 0.2% and stacks best when your spending lines up with International spender, App-first minimalist.
Who Should Get This Card
Use this as a quick filter before comparing rewards or fees in detail.
Best fit for
IdealUsers who value the low 1% forex markup on a lifetime-free metal card for occasional overseas spends.
Those wanting a no-fee metal card with instant virtual issuance and fee-free OneCard app redemption.
Probably not for
SkipWith points worth just 0.1 each, even the 5x rate caps out around ~1%, far below dedicated rewards cards.
No lounge access at all makes it weak for those who want airport benefits.
Is It Worth It For You?
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Reward Rates
Federal One offers 0.2% basic reward rate.
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Welcome Offer
Fees & Charges
Eligibility
- Min Credit Score: 750
- Lifetime free card; no stated minimum income; good credit history required; open to salaried and self-employed.
Exclusions & Terms
Forex markup
- Foreign currency markup
Transfers
- Transfers of any kind do not earn reward points.
Cash Advances
- Cash advance fee of 3.5% of the withdrawal amount (minimum INR 500). Cash withdrawals do not earn reward points.
Frequently Asked Questions
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Ready to apply?
No annual fee. Apply on the Federal Bank website.
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