Federal Bank RuPay Wave Credit Card

Federal Bank · Open to apply

A floater card for people who already hold a Federal Visa or Mastercard credit card (Signet, Imperio or Celesta). It shares the primary card's credit limit, is switched on for UPI payments and bills separately. It earns 1 Federal Reward Point per ₹200, plus a one-time 10% cashback (up to ₹200) on the first five UPI payments and 1,000 bonus points for ₹50,000 spent in the first quarter. The annual fee is ₹199 plus GST under Federal's current MITC and KFS.

Annual fee
₹199 + GST a year
Joining fee
None
Base rate
1 Federal Reward Point per ₹200: 1 Federal Reward Points per ₹200 (about 0.05% at cash value)
Lounges
None on record
Forex markup
3.5%
Data
From bank documents, checked 6 Nov 2026

Earns nothing on

  • No rewards on fuel
  • No rewards on government services and tolls
  • No rewards on e-wallet loading
  • No rewards on rent paid by card
  • No rewards on cash, financial institutions and quasi-cash

Where the sources disagree

  • annual fee: The MITC (page of 2026-07-31) and the KFS (copy of 2026-07-13) give an annual fee of ₹199 + GST and a joining fee of ₹199 + GST for a physical card, as do the Wave MITC (copies of 2025-09-16 and 2026-04-11) and the general KFS copy of 2026-04-15. Federal's charges schedule (w.e.f. 2026-04-01) and the Wave-only KFS (copies of 2025-12-08 and 2026-04-15) list Nil for joining and annual fee, and the product page (2026-05-15) calls the card "lifetime-free". The ₹199 is in every MITC and general KFS since September 2025, while the Nil documents look like pages not updated since launch. We use the MITC and current KFS, the more specific documents.
  • first-quarter bonus points: The product page describes quarterly spending milestones ("when you spend Rs.50,000 in a quarter, you will receive 1000 bonus reward points"). The T&C give the 1,000 points only for spending ₹50,000 "in the first quarter after card issuance". We use the T&C.
  • cash advance: The MITC's schedule table lists a 2.5% / ₹500 cash advance fee under the Wave column, but the MITC's clause B and the KFS say cash advance is not applicable to Wave and the charges schedule gives a cash limit of Nil. We treat Wave as having no cash withdrawal.
  • late payment slabs and APR in the older KFS copy: The KFS copy of 2026-04-15 still lists the earlier late fee slabs (₹100 to ₹1,000) and an APR of 41.88% below ₹50,000. The MITC, the charges schedule and the current KFS give the slabs of ₹0, ₹250, ₹500, ₹1,000 and ₹1,250 and 45%, which are Federal's issuer defaults and the ones used.

Terms the calculator does not value

  • The 10% UPI cashback on the first five UPI payments is capped at ₹200 in total, so it is only worth that much if the five payments add up to ₹2,000 or more. It is entered at the cap.
  • The credit limit is shared with the primary card, so spend on Wave uses up the primary card's limit. Wave is billed on its own statement on the same dates, repaid separately, and a missed minimum payment on either card is a default on both.
  • Federal does not publish the exact MCC lists for its exclusions beyond those it names, and our categories do not line up one for one (see the notes on each rule).

Sources

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