VALUEMAX is the fifth column in Federal Bank's credit-card fee schedule, beside Signet, Imperio, Celesta and Wave, and it is the only one of the five Federal actually charges for. ₹499 a year, waived the following year if you spend ₹1.5 lakh in the current one.
Our full review4 good · 6 bad
What the fee buys is a reward table built around the petrol pump: 40 Federal points per ₹200 on fuel, which at the ₹0.25 a point Federal itself prints is 5% back, with no monthly cap anywhere in the document. Utility bills and dining earn 16 points per ₹200, or 2%. Everything else earns 4 points per ₹200, or 0.5%, which is still four times Signet's base rate. The catch is the point itself. Federal points are closed-loop, there is no airline or hotel partner, and a cash redemption to the card account computes at 10 paise, which turns the 5% into 2%. VALUEMAX does drop the ₹99 redemption fee its siblings charge. There is no lounge access, no fuel surcharge waiver and a full 3.5% forex markup. Federal has printed the card in its terms without opening an application we could read, so treat it as a fuel card for a Federal customer, priced honestly and not yet confirmed as open.
What's good
40 points per ₹200 on fuel — 5% back at Federal's ₹0.25 a point, with no cap printed
16 points per ₹200 on utilities and dining (2%); 4 points per ₹200 on everything else (0.5%)
₹499 a year, waived for the following year on ₹1.5 lakh of spend in the current year
No ₹99 redemption fee — the one Federal card the MITC exempts
Watch out
Closed-loop points: no airline or hotel transfer, and cash to the card account is 10 paise a point, so fuel drops to 2% back
No lounge access — Federal's variant-wise lounge table names Signet, Imperio and Celesta and stops
3.5% foreign-currency markup and 3.5% dynamic-currency-conversion fee
No fuel surcharge waiver — Federal limits it to Imperio and Celesta
No points on cash, wallet loads, government, insurance, quasi-cash or rent
Federal has published no product page or launch date, and the network is not named in either document
Rewards
About 0.5% back on everyday spend, paid in Federal Bank Reward Points worth ₹0.25 each. Up to 5.0% on its bonus categories.
Category rules: not published. We have not found where this card earns less.
Fees & charges
₹499/yr, plus GST. Spend ₹1,50,000 in a year and the next renewal fee is waived.
Pays for itself at ₹9,000 a month
At ₹9,000 a month (₹1,08,000 a year), on everyday spending this card returns ₹500 (rewards ₹500) against its ₹499 fee, so it comes out at ₹0 a year, the lowest spend where it comes out ahead. How we find the break-even
Keep, downgrade or cancel?
Here is the fee, the spend that clears it, and everything that has moved under this card since you last decided.
The waiver: ₹1,50,000 of spend in the year before renewal (about ₹12,500 a month) and the renewal fee is not charged.
Break-even: ₹9,000 a month (₹1,08,000 a year) is where its value passes the fee.
You hold this card.
Saved on this device only. Never sent to us.
Downgrade: Federal Bank publishes no card you can step down to, so we name none. That leaves keep or cancel.
banded on the previous quarter's average balance — 45.00% (3.75%/mo) below ₹50,000, 23.88% (1.99%/mo) above ₹3,00,000; 45% for customers without a Federal operative account
High
Late payment fee
Nil up to ₹250; ₹250 (₹251–1,000); ₹500 (₹1,001–5,000); ₹1,000 (₹5,001–25,000); ₹1,250 (₹25,001 and above)
Cash withdrawal fee
2.5% of the amount withdrawn or ₹500, whichever is higher; cash capped at 25% of the limit
Add-on card fee
₹100 per card, up to four
Over-limit fee
2.5% of the over-limit amount, minimum ₹500 (eligible customers only)
Reward redemption fee
Nil — VALUEMAX is exempt from the ₹99/request fee
Free
From Federal Bank's most important terms and conditions, checked 10 Jul 2026.
Federal's consolidated credit-card MITC (PDF dated 26 Sep 2026, file name 07-09-2026), schedule columns Signet | Imperio | Celesta | Wave Card | VALUEMAX. VALUEMAX reads "499/-" against both Joining Fee and Annual Membership fee and is the one column the April-2023 no-fee footnote excludes ("Except VALUEMAX variant"); renewal waived on ₹1,50,000 of spend in the current year. Reward table: fuel 40, utility & dining 16, other 4 points per ₹200; "Each Federal Reward Point is valued at Rs. 0.25", cash redemption 10 paise a point. No points on cash, e-wallet loads, government (9399/4784/9311/9222/9402/4011/9405/9211), financial institutions (6012), quasi-cash (6051/6050), insurance (6300/5960) or rent. NO LOUNGE — the variant-wise lounge table names Signet, Imperio and Celesta only — and the 1% fuel surcharge waiver is limited to Imperio and Celesta. Interest-free period up to 48 days; minimum due 2% or ₹200. Network not named.
₹1,50,000 a year is the bar
that waives the ₹499 fee.
Earning points and counting toward that bar are separate rules, and banks write them separately.
Not published. Federal Bank has not said which kinds of spend count toward the fee waiver (the ₹1,50,000 bar). We won't guess it from the earn rules or a sister card.
Have it in writing? Send us the document.
Who can get itNot confirmed on sale
Eligibility
Rule
What the bank says
How you get it
Not confirmed on sale
Income, salaried
not published
Income, self-employed
not published
Age
not published
From Federal Bank's terms document.
Not confirmed on sale — the issuer still documents this card but we could not confirm it is open to new applications. Treat any application path with care.
Federal puts a quarterly spend gate on lounge access across Signet, Imperio and Celesta
Before
Complimentary domestic airport lounge access on all three Federal credit cards, with no spend condition attached.
After
Access is earned, not granted: only primary cardholders who hit a minimum spend in the IMMEDIATELY PRECEDING calendar quarter get visits in the next one — Signet ₹20,000 for 1 domestic visit a quarter, Imperio ₹40,000 for 2, Celesta ₹60,000 for 2. Celesta's 2 international visits a year stay ungated. Add-on cardholders get nothing regardless of the primary's spend, and unused visits do not carry forward.
A ₹499 card whose whole case is fuel: 40 points per ₹200 at the pump is 5% back at Federal's own ₹0.25 a point, while everything outside fuel, utilities and dining earns 0.5%.
We price the card on an everyday mix of spending (30% groceries · 10% utilities · 20% travel · 6% fuel · 34% everything else), using this card's own rules for each kind of
spend.
Then we add milestone bonuses and take off the fee.
This figure does not count a card's bonus categories (they need you to shop a certain way); our rankings add
each card's best bonus category on a realistic share of spend.
Our comparisons use this same figure.
