Card Details
Rupay Wave Credit Card
Monzy Score
6.5/ 10
Good for lounge-hungry travellers.
Lifetime free, so no fee to earn back; thin rewards outside its core category; high 3.5% forex markup.
Card Issuer
Federal Bank
Joining Fee
Zero
Annual Fee
Zero
Reward Type
Reward Points
Card Access
Standard
Changes to this card
Earn Points
10% cashback
First 5 UPI transactions within 30 days (max ₹200)
1 RP/₹200
Reward points on everyday spends
1,000 bonus RP
On ₹50,000 quarterly spend milestone
Benefits
10% cashback on first 5 UPI payments
- UPI-linked floater card with welcome cashback and ongoing rewards
- Auto-enabled for UPI payments
- Earn 1 reward point per ₹200 spent
- Get 1,000 bonus reward points on ₹50,000 quarterly spends
- 10% cashback limited to first five UPI transactions within 30 days and capped at ₹200
Lifetime free (no joining or annual fee)
- Quarterly bonus at ₹50,000 spend
Reward Calculator
NOTE: Enter your monthly spends to see
projected returns.
Excluded: fuel
Estimated Returns
All spends
1RP/200 base ~0.125%
₹38
Total Annual Return
₹450
0.13% Effective ROIWhat Users Are Saying
Community Feed
Jul 2025
“Federal bank Credit Card”
by r/CreditCardsIndia, Jul 2025
“Federal Bank Rupay Card - Unable to Register UPI”
by r/CreditCardsIndia, Jul 2025
“Any rupay LTF credit card with no spend creteria for longe”
by r/CreditCardsIndia, Jul 2025
“Rupay was a mistake”
by r/CreditCardsIndia, Jul 2025
“Help me in optimising my credit card collection.”
by r/CreditCardsIndia, Jul 2025
Frequently Asked Questions
The Rupay Wave Credit Card is a lifetime free card, so there is no joining fee and no renewal fee to recover. Everything you earn on it is net gain, which also means the only thing worth watching is the reward caps and the excluded categories. Check that the card still has no fee on your welcome letter, because Federal Bank prices some variants differently.
Things to Keep in Mind
10% cashback applies only to the first five UPI transactions made within 30 days of issuance and is capped at ₹200.
The nil joining fee/annual fee applies to the virtual variant. Physical card is charged separately at 199/-
