SimplifyCards take
A quick decision view before the full facts.
Good fit if: you want a card built for UPI, RuPay, and lifetime free.
Why it can work
It combines milestone rewards and no annual fee.
Where value may drop
Fuel, rent, and wallet loads don't earn rewards. Monthly reward caps apply on the top categories. The 3.5% forex markup is high for overseas use.
Quick facts
The key fields before the full details.
Reward calculator
Enter your monthly spend to estimate how many reward points you earn and what they are worth.
Milestone rewards
Milestone value is estimated and only counts once you reach each spend threshold.
What your points are worth
Same points, very different value depending on how you redeem.
How you earn it
| Category | Monthly spend | Reward Points/yr |
|---|---|---|
| UPI payments | Rs 5,000 | 300 |
| Other spends | Rs 8,000 | 480 |
| Insurance | Rs 2,000 | 120 |
Estimates only. Reward rates, caps, and redemption values follow each bank's current terms and can change.
Best for / avoid if
Who this card suits — and who should skip it.
Best as a no-fee everyday card
Lifetime-free, so there's no annual fee to recover before it adds value.
Avoid for heavy international use
A 3.5% forex markup is on the higher side for overseas spends.
Avoid if you spend big on fuel, rent, and wallet loads
These categories are excluded and won't earn rewards.
Avoid if you expect uncapped rewards
Top reward categories are capped each month, so very high spends don't scale linearly.
Rewards and redemption
Earn rates, caps, and how points convert to value.
| Category | Rate | Monthly cap |
|---|---|---|
| UPI spends | 1 Reward Point / Rs 200 spent | - |
| All other retail spends | 1 Reward Point / Rs 200 spent | - |
| Insurance premium spends | 1 Reward Point / Rs 200 spent (capped at 250 points per month) | 250 reward points |
Redemption
Lounge and milestone rules
The spend conditions worth knowing before you rely on a benefit.
Exclusions
Categories that earn no rewards on this card.
- Fuel transactions
- Cash advance transactions
- Rent payments
- Wallet loading transactions
- EMI transactions
- Government transactions
Benefits and fine print
Welcome, renewal, and other listed benefits.
Joining benefits
- 10% cashback on first 5 UPI transactions within first 30 days of card issuance (capped at Rs 200)
Additional benefits
- RuPay card enabled for UPI payments — link to any UPI app and pay via QR codes
Additional details
- The Wave card is a floater RuPay card linked to your primary Federal Bank Visa or Mastercard credit card. It shares the same credit limit but generates a separate billing statement and requires separate payment.
- Eligible only for existing Federal Bank Visa or Mastercard credit card holders. Not available if your primary card is already a RuPay variant.
- A redemption convenience fee of Rs 99 + GST applies per redemption request.
Eligibility
Check this before you apply.
Salaried
- Existing Federal Bank Visa or Mastercard credit card holder
- Minimum age: 21 years
- Subject to Federal Bank credit guidelines
Self-employed
- Existing Federal Bank Visa or Mastercard credit card holder
- Minimum age: 21 years
- Subject to Federal Bank credit guidelines
Compare before you decide
Alternatives based on what you might want instead.