The verdict
A zero-maintenance, zero-liability UPI credit card from Federal Bank. Ideal for anyone looking to link a dedicated Lifetime Free RuPay credit card to their UPI apps for daily tea stalls, grocery runs, and fuel payments.
With ₹0 annual fee, all benefits are pure profit. Spending ₹8,000/month via UPI merchant scans earns 960 reward points/year (~₹240). Adding ₹250 welcome UPI cashback and ₹480 fuel surcharge waiver delivers over ₹970 in annual digital value at zero maintenance cost.
Cardholders seeking accelerated 5% cashback or airport lounge access will prefer cards like HSBC Live+ or SBI Cashback.
✓What works
- +100% Lifetime Free credit card with zero joining fees and zero annual maintenance charges.
- +Seamless RuPay UPI QR Scan & Pay integration across Google Pay, PhonePe, Paytm, and BHIM.
- +10% welcome cashback on the first 3 merchant UPI transactions within 30 days.
- +Earn 1 reward point for every ₹100 spent across all retail and UPI transactions.
- +Instant digital virtual card issuance via Federal Bank FedMobile app.
- +1% fuel surcharge waiver on transactions between ₹400 and ₹5,000.
✕What doesn't
- −Modest base reward rate (1 point per ₹100 spent).
- −No complimentary airport or railway lounge access included.
- −P2P (peer-to-peer) UPI transfers do not earn reward points.
What it earns
1 Federal Wave Reward Point = ₹0.25 for redemption against statement credit or gift vouchers.
| Category | Rate | Monthly Cap | Per ₹1L spent |
|---|---|---|---|
| UPI Merchant QR Scan & Pay Spends | 1 Point / ₹100 (0.25% return) | Uncapped | 1,000 Points (~₹250 value) |
| Online & Offline Retail Transactions | 1 Point / ₹100 (0.25% return) | Uncapped | 1,000 Points (~₹250 value) |
| Fuel Purchases | 0% | Excluded | 0 Points |
Accelerated earn
10% Welcome UPI Cashback + Zero Annual Fee
Earn 10% cashback on initial UPI spends and enjoy lifetime free card ownership.
| Category / Channel | Multiplier Rate | Monthly Cap | Cap / Condition |
|---|---|---|---|
| Initial 3 UPI Transactions10% cashback on first 3 merchant UPI payments made within 30 days of card setup. | 10% Cashback · 10% Cashback | Max ₹250 welcome bonus | — |
| All Other Spends1 reward point per ₹100 across online e-commerce and POS swipes. | 1× · 1 Point / ₹100 | Uncapped | — |
Redemption options
Redeem points on Federal Bank FedRewards portal for statement credit, mobile recharges, or shopping vouchers.
| Redemption Channel | Value Per Point | Minimum | Ceiling / Limits | Fee |
|---|---|---|---|---|
| Statement Cash CreditBEST VALUE | ₹0.25 / Reward Point | 500 pts | None | Nil |
| FedRewards Brand Vouchers | ₹0.20 to ₹0.25 / Reward Point | 1,000 pts | None | Nil |
Reward Scope: Inclusions & Exclusions
✓Eligible Spends (Inclusions)
- +Merchant UPI payments on Google Pay, PhonePe, Paytm, and BHIM.
- +E-commerce purchases, supermarket groceries, utility bills.
- +1% fuel surcharge waiver across India.
✕Excluded Spends & Fee Traps
- −Person-to-person (P2P) UPI money transfers.
- −ATM cash withdrawals and digital wallet loads.
Fee Schedule & Waiver Criteria
| Fee Component | Amount / Rate |
|---|---|
| Joining Fee | ₹0 (100% Lifetime Free) |
| Annual Renewal Fee | ₹0 (Lifetime Free) |
| Finance Charges (Interest Rate) | 3.49% per month (41.88% per annum) |
| Foreign Currency Markup | 3.50% + GST |
| Fuel Surcharge Waiver | 1% waiver on ₹400 to ₹5,000 transactions (Max ₹150/month) |
Eligibility & Approval Criteria
| Criteria | Requirement |
|---|---|
| Age Requirement | 18 to 65 years |
| Minimum Monthly Income | ₹20,000+ per month (Salaried) or ₹3L+ ITR (Self-Employed) |
| Credit Score (CIBIL) | 700+ recommended for instant digital approval |
Frequently Asked Questions
Does Federal RuPay Wave Credit Card offer airport lounge access?
What are the MITC charges, annual fees, and interest rates for Federal RuPay Wave Credit Card?
What is the reward rate and point redemption value on Federal RuPay Wave Credit Card?
Which transactions are excluded from earning rewards on Federal RuPay Wave Credit Card?
Who is Federal RuPay Wave Credit Card best suited for in 2026?
Editorial Deep-Dive Analysis
Comprehensive Overview: Federal RuPay Wave Credit Card
The Federal RuPay Wave Credit Card is a digital-first, zero-liability credit card by Federal Bank, engineered specifically for India’s everyday merchant UPI ecosystem. Issued unconditionally as a 100% Lifetime Free product with zero joining fees and zero recurring annual maintenance charges, the Wave card bridges the convenience of mobile QR scanning with the liquidity and reward potential of a credit line.
Available as an instant virtual credit card through the Federal Bank FedMobile app—with an optional physical card—the Federal RuPay Wave integrates seamlessly into major UPI platforms, including Google Pay, PhonePe, Paytm, and BHIM. Cardholders enjoy an attractive 10% welcome cashback on their first 3 merchant UPI transactions (up to ₹250 within the initial 30 days of issuance), alongside an ongoing 1 Reward Point for every ₹100 spent (0.25% value return) across all eligible UPI merchant QR scans and retail purchases. Featuring a 1% fuel surcharge waiver across India and zero maintenance liability, it functions as the perfect primary card for small-ticket daily transactions.
Key Privileges and Practical Everyday Benefits
- 100% Lifetime Free Card: Zero joining fee and zero annual renewal charges ensure unconditional lifetime card ownership with no spend targets.
- Seamless RuPay Credit on UPI: Link the card instantly to Google Pay, PhonePe, Paytm, and BHIM to scan and pay at millions of local merchant QR terminals.
- 10% Welcome UPI Cashback: Receive 10% instant cashback on your first 3 merchant UPI transactions completed within the first 30 days of card setup (up to ₹250).
- Universal Everyday Rewards: Earn 1 Federal Wave Reward Point for every ₹100 spent across all eligible merchant UPI payments, e-commerce checkouts, and in-store POS swipes.
- Instant Virtual Card Issuance: Get an immediate digital virtual credit card via the FedMobile app for instant UPI linking without waiting for physical postal delivery.
Important Terms and Spend Conditions to Keep in Mind
- Peer-to-Peer (P2P) Exclusions: Reward points and cashback apply strictly to merchant transactions (P2M); person-to-person (P2P) transfers to friends or family are excluded by NPCI regulations.
- Reward Point Valuation & Redemption: 1 Federal Wave Reward Point equals ₹0.25 and can be redeemed directly against statement balance or for brand gift vouchers on FedRewards.
- Fuel Surcharge Waiver Rules: Receive a 1% fuel surcharge waiver on transactions between ₹400 and ₹5,000 at all fuel stations across India (capped at ₹150 per monthly billing cycle).
- No Airport Lounge Access: Built primarily as an everyday micro-payment tool, the card does not include domestic or international airport lounge access privileges.
- Excluded Categories: ATM cash advances, wallet loading, and government tax payments do not earn reward points.
Who Benefits Most
- Daily UPI Mobile Spenders: Users who frequently pay local merchants, kirana stores, cafes, and fuel bunks using Google Pay, PhonePe, or Paytm QR codes.
- First-Time Credit Card Seekers: Young salaried professionals or college graduates seeking an accessible, zero-cost, zero-risk credit card to build an initial CIBIL credit score.
- Budget-Conscious Consumers: Individuals who want the security and 50-day interest-free period of a credit card for routine grocery and utility shopping without recurring annual fee burdens.
- Federal Bank — Federal RuPay Wave Credit Card official schedule of charges and MITC
- National Payments Corporation of India (NPCI) — RuPay Credit on UPI terms & Federal Wave cashback policy
Independent Editorial & Statutory Disclaimers
Institutional Transparency & Nominative Fair Use Statement
CredSutra operates as an independent credit card discovery and consumer intelligence engine. CredSutra is NOT a bank, Non-Banking Financial Company (NBFC), Direct Selling Agent (DSA), or Lending Service Provider (LSP).