Federal Bank RuPay Wave
Federal Bank · Checked 2026-10-09
Federal Bank RuPay Wave is a no-annual-fee option centred on shopping rewards and reward points.
CardIQ editorial view
Our take
Federal Bank RuPay Wave is a no-annual-fee option centred on shopping rewards and reward points.
Who it suits
- People who prioritise shopping rewards.
- People who prioritise reward points.
- People who prefer keeping a card without an annual membership cost.
Key strengths
- 1 reward point per ₹200 of eligible spending.
Trade-offs to understand
- Available only to eligible existing Federal Bank primary credit-card holders through FedMobile.
- 1,000 bonus points on ₹50,000 quarterly spending, subject to milestone terms.
- Digital RuPay floater card issued through FedMobile; it shares the existing primary card credit limit.
CardIQ verdict
A sensible long-term choice when you want shopping rewards and reward points without a recurring membership charge. Check this condition before applying: Available only to eligible existing Federal Bank primary credit-card holders through FedMobile.
Compare before deciding
- AU LIT — A similarly priced alternative for comparing shopping rewards and reward points.
- AU NOMO — A similarly priced alternative for comparing shopping rewards and reward points.
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Benefits, limits and conditions
- Available only to eligible existing Federal Bank primary credit-card holders through FedMobile.
- 1,000 bonus points on ₹50,000 quarterly spending, subject to milestone terms.
- Digital RuPay floater card issued through FedMobile; it shares the existing primary card credit limit.
- 1 point = ₹0.25 for eligible rewards or ₹0.10 for cash redemption to the card account; welcome offers must be confirmed in FedMobile.