MyFinCards
Rupay Wave

Joining Fee

Free

Annual Fee

Rs. 0 + Taxes

Federal Bank
Cashback
Rewards
Best For: Existing Federal Bank credit cardholders wanting UPI rewards, Frequent UPI/QR code payment users

Rupay Wave

Rewards Structure

Base Reward Rate

0.5% on spends

Point Value

1 Point = ₹0.25

Earning Cap

₹5,000 /monthly

Pros

  • Lifetime free card with no joining or annual fee
  • 10% cashback on first 5 UPI transactions
  • Earn reward points on every Rs. 200 spent
  • Quarterly milestone bonus of 1000 points on Rs. 50,000 spend
  • Seamless UPI payments via QR scan

Cons

  • Cashback capped at Rs. 200 for welcome offer
  • Shared credit limit with primary card
  • Available only to existing Visa or Mastercard credit cardholders
  • Only accessible through FedMobile app

Hidden Catches (Transparency Policy)

To build trust with our users, we highlight the fine print that issuers often tuck away in policy documents.

Credit limit is shared with primary card, not additional

Separate billing and payment required from primary card

Welcome cashback applies only to first 5 UPI transactions within first 30 days

Key Benefits & Features

Floater card linked to primary Visa/Mastercard credit card, sharing the same credit limit with separate billing

Auto-enabled for UPI payments; linkable to Google Pay, PhonePe and other UPI apps via QR scan

Eligibility Criteria

Occupation

SALARIEDSELF_EMPLOYED
Official Terms & Conditions

About Rupay Wave

The Federal Bank RuPay Wave Credit Card is a unique floater card designed exclusively for existing Federal Bank credit cardholders. Linked to your primary credit card and sharing the same credit limit, it functions as a powerful add-on that brings a dedicated set of benefits focused on UPI payments. Available only through the FedMobile app, the card is automatically enabled for UPI upon issuance, allowing you to seamlessly link it to popular apps like Google Pay and PhonePe for quick QR-based payments. The card delivers strong introductory value with 10% cashback on your first five UPI transactions made within 30 days of issuance, up to Rs. 200. Ongoing rewards include 1 reward point for every Rs. 200 spent, redeemable for exciting benefits. High spenders can also unlock a milestone bonus of 1,000 reward points upon reaching Rs. 50,000 in quarterly spending. What sets the RuPay Wave apart is its ability to combine the spending power of a credit card with the everyday convenience of UPI payments. It maintains separate billing statements from the primary card for clear expense tracking, while repayment follows the same auto-debit preferences. With no joining or annual fees, it is a truly lifetime-free card that rewards every tap and scan.

Expert Review

Our Verdict

Lifetime-free RuPay floater card with UPI cashback, reward points, and quarterly milestone bonuses.

Frequently Asked QuestionsAbout Rupay Wave

OTHERWhat is a floater card (RuPay Wave Credit Card)?
A floater card is an additional Credit Card provided to existing primary cardholders. The Federal Bank RuPay Wave Credit Card is issued on the RuPay network, unlocking a world of benefits. With this card, you can link to UPI apps and enjoy cashback and reward points on your UPI transactions. It's your key to seamless and rewarding payments, combining the convenience of a credit card with the simplicity of UPI.
BENEFITSWhat are the major benefits of the Federal Bank RuPay Wave Credit Card?
The RuPay Wave Credit Card offers several key benefits: 10% cashback on your first five UPI transactions (up to Rs. 200), 1 reward point for every Rs. 200 spent, seamless UPI payments via QR code scan, and quarterly milestone bonuses of 1000 reward points when you spend Rs. 50,000 in a quarter. It is also a lifetime-free card with no joining or annual fee, making it a cost-effective addition to your wallet.
APPLICATIONHow can I avail the Federal Bank RuPay Wave Credit Card?
The RuPay Wave Credit Card is exclusively available through the FedMobile app. It is only accessible to existing Visa or MasterCard Credit Cardholders of Federal Bank. To apply, log in to the FedMobile app, tap on the Wave Credit Card banner, accept the Terms & Conditions, and verify with your MPIN. Your Wave Credit Card will then be ready to use immediately.
OTHERWhat is the credit limit available for the RuPay Wave Credit Card?
The credit limit on the RuPay Wave Credit Card is shared with your primary card. For example, if your primary Visa or MasterCard credit card has a limit of Rs. X, your RuPay Wave Credit Card will also operate within the same Rs. X limit. There is no separate or additional credit limit assigned to the Wave card. This shared limit helps simplify your overall financial management.
USAGEHow can I make a payment to a retail offline merchant using my Federal Bank RuPay Wave Credit Card on UPI?
To pay at an offline retail merchant, open your UPI app and tap on 'Scan.' Use the QR scanner to scan the merchant's QR code. Enter the payment amount, select your Federal Bank RuPay Wave Credit Card as the payment source, and confirm the transaction using your UPI PIN. You will receive a payment confirmation once the transaction is successfully completed, making in-store payments quick and hassle-free.
USAGEHow can I make a payment to an e-commerce merchant using my Federal Bank RuPay Wave Credit Card on UPI?
For e-commerce transactions, select UPI as your payment mode on the merchant's website or app. You can use either an Intent request or a Collect request from the merchant. Log in to your UPI app, choose your Federal Bank RuPay Wave Credit Card as the payment method, and confirm the payment with your UPI PIN. Once the payment is completed, you will be redirected to the merchant page with a payment confirmation.
USAGEHow do I repay the due amount on my Wave card?
You have the flexibility to pay either the Total Amount Due (TAD) or the Minimum Amount Due (MAD) on your Wave card. The auto-debit mode set for your primary card — whether TAD or MAD — will automatically apply to the Wave floater card as well, ensuring a consistent and hassle-free repayment process. Note that while the Wave card shares the credit limit with your primary card, it maintains a separate billing statement.
USAGEHow do I link my RuPay Wave Credit Card to UPI apps?
To link your RuPay Wave Credit Card to a UPI app like Google Pay or PhonePe, open your preferred UPI app and look for the 'Add RuPay Card' feature. Enter the required details of your RuPay Wave Credit Card and verify the information using an OTP. Once verified, your card will be linked and ready for UPI-based credit card transactions. The card is automatically enabled for UPI payments upon issuance.
ELIGIBILITYWho is eligible to apply for the Federal Bank RuPay Wave Credit Card?
The Federal Bank RuPay Wave Credit Card is exclusively available to existing Federal Bank credit cardholders who hold a primary Visa or MasterCard credit card. The application can only be made through the FedMobile app. There are no separate minimum age or minimum income requirements published for this card, as eligibility is tied to your existing primary credit card relationship with Federal Bank.
FEESWhat are the joining and annual fees for the RuPay Wave Credit Card?
The Federal Bank RuPay Wave Credit Card is a lifetime-free card, meaning there is no joining fee and no annual fee applicable. You can enjoy all the benefits, including cashback rewards, reward points, and milestone bonuses, without incurring any card maintenance charges. This makes it a highly cost-effective payment tool for existing Federal Bank credit cardholders looking to maximize their UPI transaction rewards.
REWARDSHow does the 10% cashback welcome offer work on the RuPay Wave Credit Card?
Upon receiving your RuPay Wave Credit Card, you can earn 10% cashback on your first 5 UPI transactions made within the first 30 days of card issuance. The cashback is capped at a maximum of Rs. 200 in total across these five transactions. This welcome offer is a great way to get rewarded right from the start of your card usage. Terms and conditions apply.
REWARDSHow do reward points work on the RuPay Wave Credit Card?
You earn 1 reward point for every Rs. 200 spent using your Federal Bank RuPay Wave Credit Card. These reward points accumulate over time and can be redeemed for exciting offers and benefits. Additionally, you can earn bonus reward points through the quarterly milestone program — spending Rs. 50,000 in a quarter rewards you with 1000 bonus reward points, significantly boosting your points balance.
OTHERDoes the RuPay Wave Credit Card have separate billing from my primary credit card?
Yes, although the RuPay Wave Credit Card shares the credit limit with your primary Visa or MasterCard credit card, it maintains separate billing statements. You will receive individual bills for each card, and payments need to be made separately for each. This ensures clear and transparent tracking of expenses made on the Wave card versus your primary card, making financial management more organized.
INTERNATIONALCan I use the Federal Bank RuPay Wave Credit Card for international transactions?
The Federal Bank RuPay Wave Credit Card operates on the RuPay network and is primarily designed for UPI-based transactions within India. No forex markup rate has been specified for this card, and its core features are centered around domestic UPI payments via QR code scanning. For international usage, it is advisable to check with Federal Bank directly, as RuPay network acceptance may be limited outside India.
APPLICATIONHow do I apply for the RuPay Wave Credit Card step by step?
Applying for the Federal Bank RuPay Wave Credit Card is simple and fully digital. Follow these four steps: (1) Log in to the FedMobile app on your smartphone. (2) Tap on the Wave Credit Card banner displayed on the app. (3) Read and accept the Terms & Conditions, then verify your identity using your MPIN. (4) Your Wave Credit Card will be instantly ready to use. No branch visit or physical documentation is required.

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