Question 1

What is the annual fee on the Rupay Wave Credit Card and how do you get it waived?

Accepted Answer

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.

Question 2

What is the reward rate on the Rupay Wave Credit Card?

Accepted Answer

You earn 1 point per ₹200 on all other. Each point is worth about ₹0.25 when you redeem it well, so ₹10,000 of top category spend gives you 50 points, roughly ₹12, which is about 0.12% back.

Question 3

Does the Rupay Wave Credit Card give free airport lounge access?

Accepted Answer

The Rupay Wave Credit Card gives 2 complimentary domestic lounge visits a year. There is no prior spend requirement on paper, though Federal Bank has been moving cards to spend linked access, so confirm before you rely on it at the airport.

Question 4

What changed on the Rupay Wave Credit Card recently and is it still worth it in 2026?

Accepted Answer

No card specific cut has been announced, though Federal Bank has been trimming rewards across its portfolio. It costs nothing to hold, so keep it as a backup card and stop treating it as your main one if your top category no longer earns.

Card Details

Rupay Wave Credit Card

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Benefits

Reward Calculator

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