Federal bank and RuPay have now joined hands to launch the Federal Bank Rupe Signet Credit card, bringing you the best features in a single card Like.
The lowest dynamic annual percentage rate starting from 5.88% per annum.
"3x Rewards" on Spence for electronics and apparel categories "2X Rewards" on entertainment category.
Personal accident insurance cover of Rupees to Lakhs
24/7 concert services
Complimentary airport lounge access,
Complimentary Swiggy vouchers
Buy One Get One offers on Inox Movie
Federal Bank Signet Credit CardWelcome Benefits:
Amazon Pay E-voucher worth Rupees 500 on spent off Rupees 3000 and above in 1st 30 days.
Additionally, experience fabulous dining offers at partner hotels through the Fed Delights programme,
Giving up to 15% discounts gain access to a wide variety of RuPay offers and deals, including travel, food and dining, shopping, sports, entertainment, lifestyle and much more.
Adopting a digital-first card approach, the card is immediately made available for use in Fed Mobile, the bank's mobile banking application through a three-click process and within a few days the physical card, too, will reach you.
Now your bank balance need not determine your shopping budget, nor do you need to postpone your purchases. Get your Federal Bank RuPaySignat Credit Card today.
Federal Bank Signet Credit Card 2021 Review
The Federal Bank Signet Credit Card is similar to any other entry-level credit card, and the only difference is in airport lounge access benefits and a lower APR. I think the main advantage of this card is its complimentary lounge access offering. Entry-level credit cards don't always offer lounge access benefits.
Eligibility criteria for Federal Bank Signet Credit Card
The Eligibility criteria are simple; below is the list that should be fulfilled for getting this credit card.
TYPES
CONDITION
Age
Your Age should be between 21 to 60 years.
Resident
You should be a resident of India
Income
Your Income should be above Rs.18,000 or more in a month.
Rates & Fees Tabel of Federal Bank Signet Credit Card
TYPES
RATES ($)
Joining Fees
Rs.750
Annual Fees
Rs.750
Regular APR
The regular APR start from 0.49% p.m. (5.88% p.a.) to 41.88%
Cash Advance Charges
2.5% of the transaction amount or Rs. 500 whichever is higher
Charges on over limit
2.5% of the over-limit amount of Rs. 500 whichever is higher.
Rewards Redemption Fee
Rs. 99/- per redemption request
Loan Processing Fees
2.5% of the Loan amount or Rs.500, whichever is higher.
Foreign Currency charges
3.5% of Transaction Amount
Reissue of Lost card
Rs.200
Here are 5 main benefits of the Signet RuPay Credit Card.
(1). Lowest APR rate in the industry. Federal Bank offers the lowest revolving credit (APR) in the Signet credit card industry. The lowest APR is 0.49% month by month or 5.88% annually. However, similar to other credit cards in the market, the highest APR is 41.88% annually. The APR differs from customer to customer, and the APR rate is based on your average monthly balance at Federal Bank for the last quarter. Let's understand how Federal Bank calculates APR. APR Calculation
AMB OF LAST QUARTER IN YOUR BANK (FEDERAL BANK )
APPLICABLE (APR %)
Your Balance is less than Rs.50,000
41.88% (3.49% per month)
Your Balance is between Rs.50,000 – 3,00,000
30.00% (2.49% per month)
Your Balance is between Rs.3,00,001- 10,00,000
18.00% (1.49% per month)
Your Balance is More than Rs.10,00,000
5.88% (0.49% per month)
Do not have Bank Balance in Federal Bank
41.88% (3.49% per month)
It is clear from the above calculation that if you have an AMB of Rs 10 lakh or more in the previous quarter, can you avail of the lowest APR rate of 5.88%.
If you are not banking with Federal Bank, this credit card is as normal as any other bank credit card.
Federal Bank offers very good complimentary airport lounge access. Here are all the details.
Domestic airports: 2 per quarter (8 yearly) at domestic airports
International airports: 2 per quarter (8 yearly) at domestic airports
Lounge access will be provided as per the types of credit cards. Suppose you have Federal Bank RuPay Signet Credit Card. In that case, the Lounge Access Program will be provided in accordance with the terms of the National Payments Corporation of India (NPCI), and if you hold a Visa Signet Credit Card, the Program will be governed by the Visa Lounge Access Program. You can view the Visa Access Lounge program here.
Most entry-level credit cards do not provide airport lounge access similar to how the Signet credit card provides excellent airport lounge access. For this reason, this credit card can be given.
(3). welcome benefit
If you spend Rs.3000 or more within 30 days of credit card activation, you will get an Amazon Pay e-voucher worth Rs.500 as a welcome benefit. The e-voucher will be sent to you by e-mail or SMS.
The membership fee is Rs 750, and you are paid only Rs 500 as a welcome benefit. You still incur a loss of Rs.250 + GST on joining the Federal Bank Signet Credit Card.
(4). The Annual Membership Fee (AMC) of Rs 750 can be waived.
If you have spent Rs 75,000 within the previous year, your credit card annual renewal fee of Rs 750 should be waived. However, such entry-level credit cards should never charge an annual fee. Almost all entry-level credit cards nowadays come with no annual fee.
Federal banks should consider waiving the annual fee unconditionally in order to capture the market.
(5). additional allowances
Personal accident cover of Rs. 2 lakh a
24*7 Concierge Services
Unlimited attractive cashback offers across various brands through RuPay deals and offers.
BOGO offers (buy one get one) once a quarter on INOX movie tickets.
Complimentary Swiggy Voucher on the quarterly expenditure of Rs.20,000
15% off partner hotels through the FedDelights program.
Why would you want to go for another card?
Here is the main disadvantage of the Federal Bank Signet credit card which will compel you to go for another credit card.
# (1). Poorly structured rewards program.
The rewards program is poorly structured. How here? Here's the Signet Credit Card Rewards Program.
Federal Card Rewards Program Table
TYPES OF SPENDS
REWARDS
REWARDS RATE
Electronics & Apparel
3X
0.75%
Entertainment
2X
0.50%
All other spends
1X
0.25%
Value of One Rewards Points
25pps
If you spend Rs.100 on electronics and apparel, you will get 3X rewards (three reward points for every Rs.100 spent); However, if you spend on other categories of expenses, you will only get 1 reward which is equivalent to 0.25% of the reward. If this credit card is compared with any other credit card in the market then the reward rate is very less. Even entry-level credit cards like the SBI Cliq credit cards have better rewards propositions than this card. # (2). Minimum APR of 5.88% is just a market gimmick offering the lowest APR of 5.88% is the only market move to attract public attention. If you don't have an account with Federal Bank, you can get a lower APR rate. The minimum APR of 5.88% is available only to an individual who maintains an average monthly balance for the last quarter of at least Rs. 10 lakhs. Why would you choose this credit card or take a loan against a credit card if you can keep Rs 10 lakh as AMB in a bank? #3. redemption fee you will be charged a redemption fee of Rs 100 to redeem the rewards, and this will reduce the overall rewards rate, which is already bad. What is the difference between RuPay Signet Credit Card and Visa Signet Credit Card? The only differences between the two cards are the airport lounge access benefits and additional perks, summarised?
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