Federal Bank Signet Credit Card Review

Welcome to our in-depth review of Federal Bank’s credit cards—where innovative features meet customer-centric solutions. Federal Bank has rolled out three variants of its Signet credit cards, tailored to diverse spending habits and financial goals. In this blog post, we break down every detail—from fees and dynamic APR to reward structures and lifestyle perks—so you can decide if a Federal Bank credit card aligns with your wallet and your lifestyle.

Overview of Federal Bank Credit Card Variants

Federal Bank offers three Signet credit card variants, all designed to cater to different segments:

1. Standard Signet Card

2. Premium Signet Card

3. Elite Signet Card

All three variants come with, dynamic APR linked to your average monthly balance, and a rich array of welcome benefits and rewards.

Fees & Charges

Sticking to a zero-fee model, Federal Bank ensures transparency and simplicity:

• Joining Fee: Nil

• Renewal Fee: Nil

• Annual Fee (Paid Card): ₹750 + GST, waived on spend of ₹75,000 within a year

• Add-on Card: ₹100 + GST per card (up to 4 cards)

Lifetime Free Credit Card
These Signet cards carry no membership or joining fees—ever.

Interest Rates & Repayment Terms

Dynamic APR

Your Annual Percentage Rate is linked to the Average Monthly Balance (AMB) in your operative account, ranging from 0.68% to 3.75% per month.

Interest-Free Period

Enjoy up to 48 days of interest-free credit on purchases.

Note: For the first uncleared bill cycle only; subsequent transactions may attract APR from day one of the billing cycle.

Minimum Repayment

You’re required to clear 5% of the outstanding balance or a minimum of ₹100, whichever is higher.

Welcome & Milestone Benefits

Amazon Pay e‑Voucher

Spend a minimum of ₹3,000 within the first 30 days to receive a ₹200 Amazon Pay e‑voucher.

Swiggy Vouchers

Quarterly spending of ₹20,000 unlocks ₹150 in Swiggy vouchers every quarter.

First Transaction Offer

• Offer: Earn 10× rewards on your first POS or ECOM transaction

• Eligibility: Minimum ₹500 spend within 10 days of card issuance

• Cap: Maximum 500 bonus points

• Crediting: Within 30 days of transaction month

Note: The standard 3‑2‑1× rewards structure does not apply to this introductory offer.

Core Features & Benefits

Competitive APR Tiers

If you pay only the minimum due, your APR on the remaining balance is as follows:

Reward Structure (per ₹200 Spent)

• 3× Rewards on Electronics & Apparel

• 2× Rewards on Entertainment

• 1× Reward on all other categories

• Reward Point Value: 1 point = ₹0.25

• Validity: 36 months

• Redemption Fee: ₹99 per redemption request

• Cash Redemption Rate: 10 paise per point

Important Exclusions & Caps:

• No points on cash advances, fuel, e‑wallet loads, government or rent payments

• Insurance spends capped at 250 points/card/month

• Rewards forfeited if account is in arrears, suspended, defaulted, or on card termination

Lifestyle & Travel Perks

Airport Lounge Access

Complimentary access once per quarter at domestic lounges, subject to ₹20,000 spend in the previous quarter.
Full list of lounges

Movie Offers

Enjoy BOGO (Buy One Get One) on INOX movie tickets once per quarter (up to ₹100 value).

Visa Offers

Access exclusive deals on travel, dining, shopping, sports, entertainment, and more.

Dining & Other Discounts

• FedDelights Program: 15% off on dining at partner restaurants.

Additional Charges & Security Features

• Foreign Transaction Fee: 3.5% on all international spends

• Fraud Liability: Zero Lost Card Liability Cover for fraud-related losses

Verdict

Federal Bank’s Signet credit cards shine with zero joining/renewal fees, dynamic APR, and rich rewards. However, at a base rate of 0.125% (1 point per ₹200), even the 3× reward ceiling is just 0.375%, which is modest compared to many co‑branding or lifestyle cards offering 1%+ base rates. Cash redemption at ₹0.10/point further dilutes value to 0.05%. If maximum rewards and higher base rates matter, alternative cards (e.g., Airtel, Myntra, Tata Neu) may deliver 1% back on offline spends.