Federal Bank · Scored floater guide

Federal Bank RuPay Wave

Base 1 point/₹200 (₹0.10 statement cash value), with nil card fee and a redemption fee. Requires an existing Federal primary card.

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How this estimate works

Wave is a floater card sharing the credit limit of an existing Federal Bank primary Visa or Mastercard credit card; it is not a standalone card. The current issuer KFS lists nil joining and nil annual fees for Wave, with a post-3 April 2023 no-fee footnote; the older MITC table still lists a ₹199 physical-card joining and ₹199 annual charge but says those charges do not apply to post-2023 onboarding. The model assumes current post-2023 eligibility and nil recurring card fee. Confirm the offer on your card statement; costs of the required existing primary card are not included.

Federal Reward Points earn at 1 per complete ₹200 eligible purchase. The issuer values points at ₹0.25 for general rewards, but statement cash redemption yields only ₹0.10 per point effective 15 July 2024; the model uses cash, not catalogue value. It projects a single eligible purchase each month for a year and subtracts one ₹99 plus estimated GST redemption fee when cash value exceeds that fee. The issuer has not verified a universal minimum point balance for redemption here. Points accrue at the enterprise level, so actual economics can differ if combined with primary-card points.

Fuel, government, rent, wallet loading, financial/quasi-cash and cash transactions earn no points. The insurance limit of 250 points per month is not modeled, and uncertain merchant-code categories show zero. Initial five-UPI-transaction cashback and the 1,000-point milestone for ₹50,000 quarterly spend are omitted because the generic transaction input does not establish qualifying UPI route, initial sequence, or quarterly total.

Issuer terms: https://www.federal.bank.in/rupay-wave-credit-card-kfs and https://www.federalbank.co.in/rupay-wave-credit-card-terms-and-conditions .

Modeled fee: Nil Wave card annual membership under the current KFS for post-April 2023 onboarding; primary-card costs excluded. One ₹99 redemption charge plus estimated GST when cash rewards cover it. The cost of the required primary card is excluded.

Issuer source

https://www.federalbank.co.in/rupay-wave-credit-card

Fee terms rechecked 30 Sep 2026. Confirm eligibility and redemption terms with the issuer.

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