Federal RuPay Wave Credit Card
KeepYour Federal card's credit limit, on UPI, for nothing — and an earn rate that rounds to nothing too.
a year at ₹40,000 a month, after the fee
Skip the arithmetic — the board, ranked → · nothing to sign up for
What it's worth to you, after the fee
Welcome: 10% cashback on the first five UPI transactions made within 30 days of issuance, capped at ₹200 in total
Priced on the everyday mix — 30% groceries · 10% utilities · 20% travel · 6% fuel · 34% everything else — with this card's published category rules applied. Plus milestones, minus the fee. No accelerator credit — the ranking model on /compare adds ~20% of spend at the card's best accelerator, so its ₹ for this card reads higher.
How these numbers are computed — and why the rankings show a bigger one →
Spend tiers, milestones and fee waivers included, at our house ₹/point. Portal and category multipliers can push higher — run your exact number →
Pays from the first rupee
At ₹1,000 a month — ₹12,000 a year — on the everyday mix this card returns ₹0 gross (earn ₹0) against its ₹0 fee = ₹0 net — at or above ₹0 from the first rung we price. The ladder runs in ₹1,000 steps to ₹1,00,000 a month and ₹10,000 steps to ₹5,00,000; figures are rounded to the hundred, and the accelerator is never credited.
3 notes on the card itself: how it is issued · the network variants · why it ranks #388
Why #388 A floater card cannot be judged on its own earn, and this one earns 0.125%. It is on the board because it is the only way a Federal Signet, Imperio or Celesta holder gets their existing credit limit onto UPI, free, and because the quarterly milestone pays more than the swiping ever will.
₹0.25 a point is the Federal Rewards catalogue rate. Take the points as cash to the card account instead and the MITC pays 10 paise a point — a 60% haircut, and the only exit that needs no catalogue.
The take
Wave is not a card you get. It is a card you ADD: a virtual RuPay floater that Federal issues to existing Visa and Mastercard cardholders inside the FedMobile app, sharing the primary card's credit limit rupee for rupee and billing separately. Two statements, two payments, one limit. If you hold a Signet, an Imperio or a Celesta, this is how that limit reaches a QR code. The economics are honest and small. One reward point per ₹200 at ₹0.25 a point is **0.125%** — the second-weakest rate on this board — and Federal has already carved fuel, government, wallet loads, rent, financial institutions and quasi-cash out of earning anything at all. The insurance MCCs are throttled to 250 points a month. What actually pays is the milestone: ₹50,000 in a quarter returns 1,000 points, worth ₹250, which is eight times what swiping that same ₹2 lakh earns. Hit it four times and the card returns ₹1,000 a year on ₹2 lakh of spend — 0.5%, which is still not a rewards card, but is four times its own headline. Take it because it is free, because credit-card-on-UPI is genuinely useful at a kirana counter, and because the milestone is real. Do not take it expecting rewards, do not take it abroad — the markup is the full 3.5% — and if Federal offers you the physical plastic, read the next paragraph before you say yes.
Your renewal — keep, downgrade or cancel
This card is lifetime free. There is no fee due, no renewal to weigh, and nothing to cancel to save.
Keep, downgrade or cancel
nothing due at the anniversary · 5 spend bands
The charge ₹0 — lifetime free
At your spend
₹1,400 a year at ₹3,00,000 of annual spend
₹1,800 a year at ₹6,00,000 of annual spend
₹2,500 a year at ₹12,00,000 of annual spend
₹5,500 a year at ₹36,00,000 of annual spend
₹8,500 a year at ₹60,00,000 of annual spend
Everyday earn plus milestones, with no fee to subtract — the same model as the value panel above, so the two cannot disagree. run your exact spend →
The downgrade
Federal Bank publishes no document naming a card you can step down to, so we name none — an invented product change is a phone call you would waste. That leaves keep or cancel, and the numbers above are the whole of it.
What has changed under this card
- 1 Oct 2025 Federal puts a quarterly spend gate on lounge access across Signet, Imperio and Celesta issuer-wide
We price what is in force today — a change that has not happened yet is not in these numbers. the full archive for this card →
If you call to cancel
What the bank offers to keep you is the one fact this desk cannot compute. We are collecting those reports — dated, and only in aggregate — before publishing any: an offer one reader was made is not one you are owed. Called about this card? Tell us what they offered →
The desk publishes subscribable .ics feeds for the dates it knows — offer deadlines, devaluations, expiry audits. Your renewal date is not one of them: only your statement knows it.
What's good
- Lifetime free as issued: the MITC prints NIL against both the joining and the annual fee
- Credit-card-on-UPI from day one — scan any UPI QR with the card's limit behind it
- 1,000 bonus reward points (₹250) every quarter you spend ₹50,000 — the card's real earn
- 10% cashback on your first five UPI transactions in 30 days, up to ₹200
- Shares the primary card's credit limit, so no second underwriting and no second limit to manage
- No cash-advance fee, no add-on fee, and Federal's TDS-on-cash-withdrawal clause does not apply
Watch out
- Federal's Key Fact Statement prices the optional PHYSICAL plastic at ₹199 + GST at issuance and ₹199 + GST a year — the MITC and the product page both print NIL, because the free card is the virtual one
- 0.125% base earn — 1 point per ₹200 at ₹0.25 a point, and the cash exit is 10 paise
- 3.5% foreign-currency markup and no lounge access: Federal's lounge table names Signet, Imperio and Celesta, and not Wave
- Fuel, government, wallet loads, rent, financial institutions and quasi-cash earn nothing; insurance is capped at 250 points a month
- Existing Federal Visa or Mastercard cardholders only — there is no standalone application
- Billed and paid separately from the primary card; the auto-debit mode carries over, the bill does not
What these points actually fly
No live transfer route takes Federal Bank Reward Points into a programme that publishes an award chart. These points buy catalogue and portal redemptions, not award seats — so this page has no flight to show you, and will not invent one.
what the cards that DO reach a chart can fly — 2,196 corridors priced →
Lounge access
0 of 793 tracked doors
No lounge access. This card opens exactly 0 of 793 tracked lounge doors — board with the crowd, or find a card that doesn't →
Can you get it?
the route in — no cutoffs published
The cutoffs and the actual route in — not the "apply now" button, the door that opens.
Direct application — no invite list, no banking relationship required.
There is no web form. Federal's own FAQ: "The RuPay Wave Credit Card is exclusively available through the FedMobile app in two simple steps. Existing Visa or MasterCard Credit Cardholders can apply." Log into FedMobile, tap the Wave banner, accept the terms, verify with your MPIN, and the card is live — no fresh underwriting, because the limit is the one you already hold.
Federal Bank publishes no income or age cutoffs for this card. Blank means blank — we don't invent numbers to fill a grid.
per the official Federal Bank MITC — figures marked (community) aren't in the PDF; the issuer won't say · filter the board by what you can get →
The fine print
5 of 7 MITC rows published
What the MITC actually says — the rates, fees and cutoffs the brochure skips.
FEE COLUMNS ARE NOT INVERTED AND NOT COMBINED: Federal prints separately labelled ROWS, "Joining Fee" and "Annual Membership fee", across four columns headed Signet | Imperio | Celesta | Wave Card. The Wave column reads NIL against both, and the product-page FAQ calls it "your lifetime-free RuPay Wave Credit Card". The KEY FACT STATEMENT DISAGREES, and it is the only Federal document that does: its Wave row prices an optional PHYSICAL card at ₹199 + GST at issuance and ₹199 + GST a year, with the virtual card NIL. The card as issued inside FedMobile is virtual, so annualFee is the sourced 0 and the ₹199 pair is a watchOut. Reward table: "Wave — 1 Point per Rs.200/- Spend", and "Each Federal Reward Point is valued at Rs. 0.25" — but a cash redemption to the card account computes at 10 paise a point (w.e.f. 15 Jul 2024). Milestone: ₹50,000 of quarterly spend pays 1,000 bonus points. EARNS NOTHING on cash, fuel (MCC 5541/7983/5172/5542), e-wallet loads, government (9399/4784/9311/9222/9402/4011/9405/9211), financial institutions (6012) or quasi-cash (6051/6050); insurance (6300/5960) capped at 250 points per card per calendar month; rent has earned nothing since 1 Apr 2023. NO LOUNGE — the MITC's variant-wise lounge table names Signet, Imperio and Celesta and stops. Fee for cash payment at a branch ₹100. Interest-free period up to 48 days; minimum amount due 5% or ₹100.
per the official Federal Bank MITC · reviewed 10 Jul 2026
What's changed for this card
6 dated changes
Devaluations and buffs that touch this card directly, its issuer, or the points and programs it earns and transfers to. Every one is dated here; the tracker carries each one's before → after and the write-up.
- 23 Aug 2026Federal Bank discontinues the Jupiter Edge and Fi co-brand programmesFederal Bank issued co-branded credit cards with Europa Neomarketing (Federal Edge, sold as Jupiter Edge) and Fi Brand (AmpliFi, SimpliFi, MagniFi). → Both programmes discontinued. Federal's co-branded index carries two support mailboxes for existing holders and nothing else.
Federal Bank's co-branded credit-card index, stamped "Last Updated On : 23 Aug 2026", says it plainly: the programmes run with Europa Neomarketing and Fi Brand "have been discontinued". The three Fi siblings were already carried as closed on this board; the Jupiter Edge was the row nobody flipped, and it sat at `availability: open` until today. Recorded as a launch-class event because what changed is the PROGRAMME, not a price — no fee moved and no rate was cut. The card simply stopped being something a reader could get, which is the one fact a shelf must never be wrong about. Note the disagreement rather than resolving it: jupiter.money still sells the card with a live apply funnel, so a reader can currently apply for a product the issuing bank says is discontinued. The issuer's word governs the shelf; the partner's page is recorded in the card's watchOut. Federal's notice does NOT name the CSB-issued Edge cards, so nothing here reaches them.
- 20 Mar 2026The Federal Fi credit-card programme ends and reward accrual stops
- 27 Feb 2026Scapia doubles the lounge bar and kills its easiest earn
- 1 Oct 2025Federal puts a quarterly spend gate on lounge access across Signet, Imperio and Celesta
- 20 Jun 2023Scapia launches: 0% forex and unlimited lounges, for free
- 3 Sept 2021Federal Bank deals its first own cards — Celesta on top
Every Federal Bank change we've dated → 6 events since 2021, 2 of them nerfs — worst year 2025.
Verified against Federal Bank's own documents on · the net-annual-value engine, at our house ₹/point
Every document behind this page — 3 of them, each with the day we read it
- official Product page and FAQ — 1 reward point per ₹200, 1,000 bonus points on ₹50,000 of quarterly spend, 10% cashback on the first five UPI transactions in 30 days up to ₹200, lifetime free
- official MITC — Wave Card column: NIL joining and NIL annual membership fee, 3.5% foreign-currency markup, 1 point per ₹200, and each Federal Reward Point valued at ₹0.25
- official Key Fact Statement — the Wave row prices the optional physical card at ₹199 + GST at issuance and ₹199 + GST a year, while the virtual card stays NIL