SimplifyCards take:A good fit if you want a card built for UPI, RuPay, and lifetime free
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Best as a no-fee everyday cardBest for
Lifetime-free, so there's no annual fee to recover before it adds value
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Avoid for heavy international useWatch out
A 3.5% forex markup is on the higher side for overseas spends
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Good fit if you want a card built for UPI, RuPay, and lifetime freeBottom line
It combines milestone rewards and no annual fee
Estimate your Reward Points
Adjust your monthly spend to see the card's estimated annual value
How the card works
Reward Points rates
| Category | Rate | Monthly cap |
|---|---|---|
| UPI Spends | 1 Reward Point / ₹200 spent | - |
| All Other Retail Spends | 1 Reward Point / ₹200 spent | - |
| Insurance Premium Spends | 1 Reward Point / ₹200 spent (capped at 250 points per month) | 250 Reward Points |
Redemption
Statement balanceupto ₹ 0.25 per point
Important conditions
1
Milestone1,000 bonus Reward Points on achieving quarterly spend of ₹50,000
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 ₹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 ₹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
Exclusions
Spending that does not earn reward points
- Fuel transactions
- Cash advance transactions
- Rent payments
- Wallet loading transactions
- EMI transactions
- Government transactions
Compare before you decide
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