Federal RuPay Wave Credit Card: Fees, Rewards & Benefits
Rewards card
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A free, UPI-enabled RuPay card whose only real earning is the 1,000-point quarterly milestone at Rs.50,000 spend, since the ~0.125% base is negligible. Useful purely as a no-cost UPI credit line, not as a rewards card.
Rewards card
The Bottom Line
The Federal RuPay Wave is built for upi-first user and no-fee minimalist. With no annual fee, it offers a welcome benefit worth ₹200 and upi payments. It makes the most sense if your spending matches upi-first user and no-fee minimalist.
It earns a base reward rate of 0.125% and stacks best when your spending lines up with UPI-first user, No-fee minimalist.
Who Should Get This Card
Use this as a quick filter before comparing rewards or fees in detail.
Best fit for
IdealThose who want to put everyday UPI spends on a free credit line and pick up 1,000 bonus points each quarter at Rs.50,000 spend.
Users wanting a zero-cost RuPay card purely for convenience rather than reward earning.
Probably not for
SkipAt ~0.125% base earn with no accelerated tiers, the card earns almost nothing in points.
No lounge access and a 3.5% forex markup make it unsuitable for travel.
Is It Worth It For You?
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Reward Rates
Federal RuPay Wave offers 0.125% basic reward rate.
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Welcome Offer
10% cashback on the first 5 UPI transactions made within the first 30 days of card issuance, capped at Rs. 200 total.
Milestone Benefits
1000 bonus reward points on spending Rs. 50,000 in a quarter.
Fees & Charges
Eligibility
- Add-on RuPay card for existing Federal Bank Visa/Mastercard primary cardholders only; lifetime free; no separate income requirement.
Exclusions & Terms
Forex markup
- Foreign currency markup
Cash Transactions / Cash Advances
- Do not earn reward points. Cash advance transaction fee is not applicable for the Wave card.
Frequently Asked Questions
2 data-backed answers from our card database
Ready to apply?
No annual fee. Apply on the Federal Bank website.
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