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Features of the Federal Bank RuPay Select Credit Card
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Reward Points Structure:
3-2-1 Rewards Program
The RuPay Select Credit Card offers a tiered 3-2-1 rewards structure, maximizing value based on spending categories. For every ₹200 spent, cardholders earn:- 3x reward points on electronics and apparel purchases, ideal for shoppers of gadgets and clothing.
- 2x reward points on entertainment expenses like movie tickets, streaming subscriptions, and amusement parks.
- 1x reward point on all other spends, including groceries, dining, travel, and utilities.
Reward points can be redeemed via the Federal Bank Rewards Portal for gift vouchers, travel bookings, merchandise, or statement credits. One point is typically valued at ₹0.25.
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UPI Integration:
A standout feature is its seamless integration with Unified Payments Interface (UPI), allowing quick, secure, and contactless payments through popular UPI apps. Cardholders can make payments using QR codes or virtual payment addresses, enhancing convenience without compromising security, especially for small-ticket transactions.
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- Complimentary Lounge Access: The card offers complimentary access to domestic airport lounges, likely up to two visits per quarter, aligning with premium RuPay cards’ offerings. This feature is a significant perk for frequent travelers, providing access to comfortable lounges with amenities like refreshments, Wi-Fi, and seating areas. International lounge access may also be available, potentially up to two visits per year, enhancing the travel experience for cardholders who frequently travel abroad.
- Contactless Payment Technology: Equipped with Chip+PIN and contactless payment technology, the Federal Bank RuPay Select Credit Card ensures secure and swift transactions. The contactless feature allows cardholders to tap and pay at point-of-sale (POS) terminals, reducing transaction time and enhancing convenience for everyday purchases like groceries, dining, or retail shopping. The Chip+PIN technology adds an extra layer of security for high-value transactions.
- Insurance Coverage: The card includes comprehensive insurance benefits, such as personal accident insurance cover worth up to INR 10 lakh, covering death or permanent total disability. This feature provides financial protection to cardholders and their families in unforeseen circumstances, making it a valuable addition for those seeking peace of mind.
- Cashback and Discounts: Cardholders can enjoy cashback offers and discounts across various categories, including dining, shopping, and utility bill payments. For example, the card may offer 5% cashback on utility bill payments (capped at INR 50 per month) and dining expenses, along with merchant-specific discounts at partnered brands like Swiggy, BookMyShow, or BigBasket. These offers maximize savings on everyday spends.
- Milestone Benefits: The card may include milestone-based rewards, such as bonus reward points or vouchers upon reaching specific spending thresholds. For instance, spending INR 50,000 in a quarter could earn 1,000 bonus reward points, while a minimum spend of INR 3,000 within the first 30 days may unlock an Amazon Pay e-voucher worth INR 200–500. These milestones encourage regular card usage and enhance the overall value proposition.
- 24/7 Concierge Services: The card offers access to 24/7 concierge services, providing assistance with travel bookings, restaurant reservations, event planning, and more. Available in English and Hindi, this service caters to cardholders’ lifestyle needs, ensuring personalized support at any time.
- Fuel Surcharge Waiver: A 1% fuel surcharge waiver is available on transactions between INR 400 and INR 5,000 at fuel stations across India, with a maximum waiver of INR 400 per billing cycle. This feature benefits cardholders who frequently use their vehicles, reducing fuel-related expenses.
- Lifetime Free Option:
- >EMI Conversion Options: High-value purchases can be converted into easy Equated Monthly Installments (EMIs) with tenures of 3 or 6 months, often at low interest rates starting at 0.83% per month (9.99% per annum). This feature provides flexibility for managing large expenses, such as electronics or travel bookings, without straining finances.
- Secure Credit Card Option: For those who prefer a secured credit card, the Federal Bank RuPay Select Credit Card may be issued against a Fixed Deposit (FD) with a minimum amount of INR 25,000 and a tenure of at least 6 months. Cardholders can avail up to 80% of the FD amount as a credit limit, capped at INR 10 lakh, making it accessible for those with limited credit history.
- Wide Acceptance: As a RuPay card, it is widely accepted across India at POS terminals, ATMs, and e-commerce platforms. Internationally, it is accepted at Discover Financial Service (DFS)-enabled terminals in over 185 countries, ensuring global usability for travel and online purchases.
- Online Account Management: Cardholders can manage their accounts through Federal Bank’s user-friendly platforms, including the FedMobile app, FedNet internet banking, or the credit card website. Features include viewing statements, tracking transactions, making payments, and redeeming rewards, ensuring complete control over the card’s usage.
- Add-On Cards: The card allows up to three add-on cards for immediate family members (spouse, parents, siblings, or children) aged 18 and above, sharing the same credit limit. This feature is ideal for families looking to streamline expenses while enjoying the card’s benefits.
- Low Interest Rates: The card offers a dynamic Annual Percentage Rate (APR) starting from 0.69% per month (8.28% per annum) to 3.75% per month (45% per annum), depending on the cardholder’s banking relationship with Federal Bank. This flexibility ensures competitive financing options.
- Welcome Benefits:< New cardholders may receive welcome benefits, such as 300 bonus reward points on their first transaction within 90 days or a gift voucher worth INR 200–500 upon spending INR 3,000 in the first 30 days. These perks provide an immediate value-add for new users.
- Customizable Credit Limits: The bank periodically reviews the credit limit based on the cardholder’s creditworthiness and financial profile. Eligible customers can request a limit increase by submitting financial documents, ensuring the card adapts to changing financial needs.
- Fraud Protection: The card includes robust security features, such as zero liability on unauthorized transactions reported promptly. Cardholders can block the card instantly via customer care, mobile banking, or internet banking in case of loss or theft, ensuring financial safety.
- Eco-Friendly Options: Federal Bank may offer a virtual version of the RuPay Select Credit Card, reducing the need for physical plastic and aligning with sustainable practices. The virtual card can be used for online transactions and UPI payments, enhancing convenience.