- Features And Benefits Of Federal Bank Visa Signet Credit Card
- Fees And Charges Of Federal Bank Visa Signet Credit Card
- Interest On Revolving Credit for Federal Bank Visa Signet Credit Card
- Federal Bank Visa Signet Credit Card: Eligibility And Documentation
- Should You Apply For Federal Bank Visa Signet Credit Card?
- Cards Similar To Federal Bank Visa Signet Credit Card
- Other Credit Cards
Following Mastercard’s suspension, the Federal Bank, in collaboration with Visa, introduced the Federal Bank Visa Signet Credit Card, aimed at young professionals. It was introduced alongside the Federal Bank Visa Imperio and Celesta credit cards, each of which was intended for a certain demographic. Customers who use the Signet credit card receive a 500 rupee Amazon gift card as a welcome gift. Spending Rs. 100 with this card might earn you up to 3 Reward Points. Regarding its entertainment features, you can use Inox to receive one free movie ticket each month. You also receive special travel and lifestyle privileges, including as free access to airport lounges and a 15% dining discount. The card offers a plethora of additional features that enable users to consistently reduce their spending. Continue reading the provided details to learn more about the Federal Bank Visa Signet Credit Card.
Features And Benefits Of Federal Bank Visa Signet Credit Card
The Federal Bank Visa Signet Credit Card provides its users with a number of advantages, including rewards, complimentary gift cards, waivers of fuel surcharges and yearly fees, among others. On the other hand, the leisure and lifestyle benefits of this credit card are well known. The salient characteristics and advantages of this credit card are listed below:
Welcome Benefits
- As a welcome bonus, you receive an Amazon gift card worth Rs. 500 when you spend Rs. 3,000 or more in the first thirty days following the date of card activation.
Federal Bank Visa Signet Credit Card Rewards
- For every Rs. 100 you spend on clothing and electronics, you will receive three reward points.
- For every Rs. 100 spent on entertainment categories, you receive two Reward Points.
- For every Rs. 100 spent in the other categories, you receive one reward point.
Rewards Redemption
- You can redeem your Reward Points at Federal Rewards against a variety of categories when you use your Federal Bank Visa Signet Credit Card.
- Hence, 4 Reward Points = Re. 1 and 1 Reward Point = Re. 0.25.
- One year from the date of accrual, the reward points expire.
Milestone Benefits
- Receiving free Swiggy coupons each quarter is contingent upon reaching a minimum quarterly expenditure of Rs. 20,000.
Travel Benefits
- A complimentary domestic lounge pass is granted to you once every quarter (four times annually) when you use your Federal Bank Visa Signet credit card.
Dining And Movie Benefits
- Through the FedDelights Programme, Federal Bank Visa Signet Credit Cardholders can receive up to a 15% meal discount.
- Every quarter, Inox offers a Buy 1 Get 1 Free deal on movie tickets.
Fuel Surcharge Waiver
- The Federal Bank Visa Signet Credit Card offers a 1% fuel surcharge waiver on all fuel transactions at all authorized petrol stations in India when the payment is made with the card.
Joining And Renewal Fee Waiver
- If you spent at least Rs. 75,000 in the year prior to your anniversary, you will not be charged the Rs. 750 renewal cost.
Fees And Charges Of Federal Bank Visa Signet Credit Card
The following table lists the fees and charges related to this credit card:
| Type of Charge | Fee |
|---|---|
| Annual fee | Rs.750 |
| Add-on credit card | Rs. 100 for each additional card |
| Cash advance fee | 2.5% of the withdrawal amount or Rs. 500, whichever is greater |
| Cash advance limit | 10% |
| Overlimit charges | 2.5% of the amount overboardThis requires a minimum of 500 rupees. |
| Late payment | Above Rs. 1,000 – Rs. 500Rs.5,001 to Rs.10,000 – Rs. 600Rs.10,001 to Rs.25,000 – Rs.750Rs.25,001 to Rs.50,000 – Rs.950Over Rs.50,000 – Rs.1,000 |
| Returned cheque | 2 percent of the cheque amount, with a minimum of Rs. 450 |
| Outstation cheque processing fee | Value of cheque up to Rs. 5,000 – Rs. 25Value of cheque exceeding Rs. 5,000 – Rs. 50 |
| TDS on cash withdrawals (more than Rs.1 crore) | 2% is charged for all cash withdrawals combined. |
| Foreign currency mark-up fee | 3.5% |
| Rewards redemption fee | Per redemption request, Rs.99 |
| Cash payment of fee at Federal Bank branches | Rs.100 |
| Re-issue of credit card | Rs.200 |
Interest On Revolving Credit for Federal Bank Visa Signet Credit Card
| Average monthly balance (last quarter) | Annual Percentage Rate (APR %) |
|---|---|
| Up to Rs.50,000 | 41.88% or 3.49% monthly |
| Rs.50,000 to Rs.3 lakh | 30.00% or 2.49% monthly |
| Rs.3,00,001 to Rs.10 lakh | 18.00% or 1.49% monthly |
| Over Rs.10 lakh | 5.88% or 0.49% monthly |
Federal Bank Visa Signet Credit Card: Eligibility And Documentation
The following eligibility requirements must be met by the applicant in order to apply for the Federal Bank Visa Signet Credit Card:
| Particular | Details |
| Age | 18-70 years |
| Occupation | Be it self-employed or salaried |
| Documents Required | Click here to see the list of necessary paperwork |
Should You Apply For Federal Bank Visa Signet Credit Card?
The Federal Bank Visa Signet Credit Card offers a number of advantages in a range of areas, including entertainment, travel, and lifestyle. Many folks may be disappointed to learn that you can also receive reward points for each transaction in certain areas. Thus, you are unable to use this credit card to benefit from the majority of reward point benefits.
For those seeking a credit card with perks related to entertainment and leisure, this is a great choice. With this credit card, you can also receive free lounge visits and a discount on movie tickets. All in all, for as little as Rs. 750 per year. Therefore, this card is a fantastic choice for those who want a credit card with respectable advantages but don’t want to spend a high annual fee.
Cards Similar To Federal Bank Visa Signet Credit Card
| Credit Card | Annual Fee | Key Feature |
| SBI SimplyCLICK Credit Card | Rs. 499 | 10X incentives for online purchases made with select partners |
| HDFC MoneyBack Credit Card | Rs. 500 | 10X incentives for online purchases made with select partners |
| BPCL SBI Card | Rs. 499 | Purchase petrol at BPCL Petrol Pumps and earn 13X reward points. |
| Axis Bank Ace Credit Card | Rs. 499 | On bill payment, DTH, and cellphone recharge, receive 5% cashback. |
| Flipkart Axis Bank Credit Card | RS. 500 | Every Rs. 100 spend earns you 10 reward points. |
Conclusion
Considering all of the Federal Bank Visa Signet Credit Card’s features and advantages, it’s safe to say that young professionals searching for an inexpensive credit card to control their spending would find the card to be a terrific option. For a comparatively small annual charge of just Rs. 750, the card offers rewards programmes and other privileges that are typically associated with premium credit cards. In terms of travel, entertainment, dining, and shopping, this card offers benefits in every area. Therefore, the Federal Bank Visa Signet Credit Card is the best option for you if you’re a young professional seeking for a credit card that offers the greatest rewards.
FAQs
What is the minimum repayment amount for the Federal Bank Visa Signet Credit Card?
The minimum repayment amount is 5% of the amount payable or a minimum of Rs.100.
What is the Tax Collection at Source (TCS) to be paid?
TCS is applicable if the amount that has been remitted in a financial year is more than Rs.7 lakh. Please note that TCS is applicable only on remittances that come under Liberalised Remittances Scheme (LRS). The current TCS rate is 5%. However, if you do not have a PAN card or an Aadhaar card, the TCS is 10%.
How many times can I avail the BOGO offer on movie tickets with my Federal Bank Visa Signet Credit Card?
You can avail buy one get one free movie ticket offer once a quarter on INOX. However, the maximum discount is capped at Rs. 100. If the ticket amount exceeds Rs. 100, then the cardholder has to pay the rest of the amount.
What is the cash advance fee charged on Federal Bank Visa Signet Credit Card?
Federal Bank charges a cash advance fee of 2.5% of the transaction amount for this credit card. Therefore, it is advisable not to withdraw cash using your credit card as it comes with charges and can also impact your credit score.
I have lost my Federal Bank Visa Signet Credit Card. What should I do to retrieve the card?
In such a case, you should contact the customer care of Federal Bank and inform them about your loss, so that they can immediately block your credit card. You can contact customer care on 18004251199/ 18004201199.
What is the forex mark-up fee charged on this credit card?
Federal Bank Visa Signet Credit Card charges a forex mark-up fee of 3.5% of the transaction amount.
Why is my credit score essential to get a Federal Bank credit card?
Your credit score indicates your credibility. It asserts your repayment capacity to the banker. Since a credit card is a type of credit, the banker prefers an applicant with a good credit score.
What are the documents I need to submit to get a Federal Bank credit card?
The primary documents to be submitted are Identity Proof, Address Proof & Income Proof.
What is the minimum income requirement to apply for Federal Bank credit cards?
The individual should have a minimum income of Rs. 18,000 per month to avail Federal Bank credit cards.
Can a foreigner apply for Federal Bank credit cards?
No, only Indian citizens and NRIs can apply for Federal Bank credit cards.
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