1. Federal Bank Wave Credit Card (“Federal Wave Credit Card”) is an additional Credit Card linked to RuPay Card Payment Network provided by the Bank to Card holder, for operating/utilising the credit limits granted/agreed to be granted under the primary Federal Bank Credit Card already issued and standing in the name of the Cardholder (“Primary Credit Card”). Federal Wave Credit Card shall be supplemental to the Primary Credit Card and enables seamless transactions (including UPI payments) within the credit limits set for the Primary Credit Card account, subject to the Terms and Conditions contained herein.
2. Federal Wave Credit card will be linked to the Primary Credit Card with the single shared Credit Limit for both Wave Credit Card and Primary Credit Card. The Credit Limit applicable for Primary Credit Card shall be shared with the Federal Wave Credit Card. Federal Wave Credit Card and Primary Credit Card are hereinafter collectively referred to as “Credit Card”.
3. Issuance of Federal Wave Credit Card will be strictly subject to Federal Bank’s internal policy/ guidelines.
4. Cardholders holding Visa or Mastercard as Primary Credit Card only shall be eligible to avail Federal Wave Credit cards.  Cardholders issued with RuPay variant cards as Primary Credit Card shall not be eligible for availing Federal Wave Credit Card.
5. The Federal Wave Credit Card is being issued to Cardholders in virtual as well as physical form, based on the Customer’s option at the time of applying for Federal Wave Credit Card and subject to the terms and conditions as Federal Bank may stipulate in this regard.  If the Cardholder opts for Federal Wave Credit Card in a virtual form, he/she shall not, under any circumstances be entitled    for Federal Wave Credit Card in physical form at a later date. Conversely, a Cardholder opting for Federal Wave Card in physical form shall be provided with option to view virtual Federal Wave Credit Card in Federal Bank’s Mobile Banking Platform viz. FedMobile. Issuance and maintenance of physical cards shall be subject to payment of applicable fees and charges to Federal Bank.
6. The Bank shall have the sole and absolute discretion on the issuance of Wave Credit Cards in physical or virtual form, based on the options submitted by the Cardholders and subject to such terms and conditions as Federal Bank may stipulate in this regard.
7. The Cardholder shall be eligible for only one Federal Wave Credit Card against the Primary Credit Card. If Federal Bank finds any other Wave Credit Card in the name of the Cardholder, such additional Federal Wave Credit Card will be closed by the Federal Bank, without any prior intimation.
8. All the terms and conditions/ other communications (as amended from time to time) in respect of the Federal Wave Credit Card will be sent to the registered e-mail address/ postal address/ mobile number of the Card holder, which shall be deemed as due notice to the Cardholder.
9. Single shared credit limit will be set against the respective Primary Credit Card and Federal Wave Credit Cards to the effect that the aggregate Credit Limit permissible under both the Credit Cards shall not exceed the Credit Limit set for the Primary Credit Card as specified in the MITC, T&C and KFS. Federal Wave Credit Card transaction limit is set by the Bank, at its sole discretion, upon the request of the Primary Credit Card holder which can be up to the maximum credit limit allowed on Primary Credit Card.
10. For the Cards secured by means of Term Deposits, the Bank will mark lien on such Term Deposits for the amounts/ credit limits granted under both Primary Credit Card and Federal Wave Credit Cards. If the Fixed Deposits offered as security is/are required to be closed for any reasons whatsoever, such closure shall be done/permitted to be done, only upon closure of both Primary Credit Card and Federal Wave Credit cards after paying the entire outstanding dues thereunder. The Bank shall be entitled to adjust/set- off the proceeds under the Term Deposits either wholly or in part, against any outstanding liabilities under both the Primary Credit Card and Federal Wave Credit Card, without any prior notice to the Cardholder.  All the terms and conditions in connection with securing of Cards as applicable to the Primary Credit Card, shall apply mutatis- mutandis to the Federal Wave Credit Card, as well.
11. Once the Federal Wave Credit Card is issued, the Cardholder shall not be entitled for any Overlimit Facility. The Over-limit facility, if any, granted/ agreed to be granted by the Bank under the Primary Credit Card will be cancelled/ revoked for all the Card Accounts viz. Primary Credit Card/Add-on Card issued to the Cardholder, without any further notice in this regard, as and when the Federal Wave Credit Card is issued. (Overlimit Facility means the temporary overdraft/ exceeding granted by the Bank to the Cardholder upto a pre-determined percentage of the original Credit Limit under Primary Credit Card, subject to such terms and conditions as stipulated by the Bank).
12. The Billing statements shall be issued separately for Primary Credit Card and Federal Wave Credit Card on same dates intimating the respective Minimum Amount Due (MAD), Total Amount Due (TAD), Due Date for payment etc., as applicable for each Card. The billing cycle / period   applicable for both Primary Credit Card and Federal Wave Credit Card shall be the same.  Any changes effected in the billing cycle/ period for any of the Cards i.e., Primary Credit Card or Federal Wave Credit Card, shall be squarely applicable for the other.
13. For all the transactions done using the Federal Wave Credit Card, transaction alert and OTP will be sent to the Card holder’s registered mobile number / e-mail address.
14. The amounts paid by the Cardholder against each Billing Statement shall be credited to the corresponding Credit Card (Primary Credit Card or Federal Wave Credit Card) account as applicable. The Cardholder shall not be entitled to reverse/ retransfer any payments effected to each Card, in the event of any incorrect/excess payments made in respect of either of the Credit Cards (Federal Wave Credit Card or Primary Credit Card), under any circumstances. Federal Bank shall not be liable for any losses incurred/ to be incurred by the Cardholder, on account of any such incorrect / excess payments made by the Cardholder and adjustment against the respective Credit Cards.
15. Non-repayment of outstanding amounts under each Credit Card(s) (Federal Wave Credit Card or Primary Credit Card) separately, will lead to debiting of applicable charges in the respective Card Accounts in line with the Most Important Terms and Conditions (MITC) for the respective credit cards variants. Cardholder shall not be entitled to claim the benefit of any excess/ surplus amounts credited with or available in one Card for dispensing with the applicable Charges on the other Card.
16. (i) If the Cardholder fails to pay the Minimum Amount Due on or before date indicated in the billing statement with respect to any of the Credit Cards, it shall be treated as a default in respect of both the Credit Cards i.e., Federal Wave Credit Card and Primary Credit Card.

    (ii) In case of default in payment of Dues in respect of any of the Credit Cards, the Bank shall be entitled to report the default along with the details to Credit Information Companies (CIC) or to such other agencies as approved by law. However, before reporting any default, the Bank will inform the Cardholder at least seven days in advance regarding the reporting of   default. 

    (iii) In connection with default reporting to CICs, following conditions will apply:

    • the Days Past Due (DPD) reported shall be the highest Days Past Due reflected amongst the Primary Card Account and the Federal Wave Card Account. (“Days Past Due” mentioned herein refers to the number of days from the Payment Due Date indicated in the Billing Statements, for which the Credit Card Account remains overdue i.e., without receipt of at least the Minimum Amount Due).
    • Outstanding Balance (which means and includes the principal, interests, charges, fees and any other amounts  payable by the Cardholder under the Credit Card Account/s to the Bank, from time to time) which shall be reported to CIC, shall be the aggregate sum of the total amounts outstanding under the Primary Card Account and the Federal Wave Card Account jointly in a particular  billing cycle/period.

    (iv) The Bank reports the details of defaulted Credit Card Accounts with CICs, on a monthly basis. In view thereof, the repayment status of the Credit Card Accounts shall also be reported on a monthly basis. Therefore, any settlement of dues made by the Cardholders after reporting to Credit Information Companies in the previous month shall be reported on the due date applicable for the upcoming month only. Further, in case any dispute/s is/are raised on any transactions, the reports pertaining to the defaults will be made only after settlement of such disputes. The Credit Information Companies will upload the submitted data onto their servers in another thirty days. In view of these reasons, removal of Cardholder details from the CIC default reports upon settlement of dues may involve the time gap afore mentioned.

17. Any default in repayment of the outstanding amounts/dues in respect of the Federal Wave Credit Card and classification of the Card Account thereof as Special mentioned Accounts (SMA), or Non-Performing Asset (NPA) as per the terms stipulated in MITC would result in blocking of the Primary Credit Card and Federal Wave Credit Card, without any prior notice and vice versa. The Credit Cards (both Primary Credit Card and Federal Wave Credit Card) will not be upgraded to Standard Asset/s and the cardholder shall not be permitted to utilize the Credit Cards (Primary Credit Card and Federal Wave Credit Card), unless and until the entire arrears /dues in respect of all Card accounts are settled/cleared.
18. Federal Wave Credit Card and the Primary Credit Card will have separate Reward points/other benefits. Interchangeability of reward points/ benefits between the Primary Credit card and the Federal Wave Credit card shall not be permissible.
19. The Federal Wave Credit Card offers the following benefits to the Cardholder:
    • 10% cashback on the minimum first 5 UPI transactions made within the first 30 days of card issuance upto Rs. 200/- (Note-Reversal transactions will not be considered as eligible transaction for cashback).
    • 1000 reward points on spending Rs.50,000 in the first quarter after card issuance.
    • One reward point on every Rs.200 spend. The reward points are not applicable on restricted categories as mentioned in the MITC.

    The reward redemption norms as well as the restricted categories shall be as per the terms provided in the MITC.

20. UPI facility and Ecom card controls will be automatically activated once the Cardholder has been issued with the Federal Wave Credit Card.
21. The Cardholder agrees that the mode of repayment of dues under the Federal Wave Credit Card (which includes the designated account to which auto-debit is linked, whether the amounts to be auto-debited is Total Amount Due or Minimum Amount Due etc.) shall be the same as that of the terms applicable thereof to the Primary Card. If the Cardholder desires to make any changes to the mode of repayment, the Cardholder shall submit specific request to the Federal Bank Contact Centre (e-mail: creditcards@federalbank.co.in / toll free 1800 420 1199) which may be sanctioned by Federal Bank at its sole and absolute discretion.  Any changes in the mode of repayment made to Primary Card subsequent to issuance of Federal Wave Credit Card shall not be applied/ reflected in the Federal Wave Credit Card.   Similarly, any subsequent changes made in the Wave Credit Card repayment terms shall not be applicable for the Primary Card. 
22. Federal Bank reserves the right to change the features/benefits of the Wave Credit Card without giving any reasons thereof.
23. For issuance of Federal Wave Credit Card it is mandatory that the Cardholder’s account associated with the Primary Credit Card should be in regular status, as per the Bank’s norms in accordance with Reserve Bank of India (RBI) guidelines.
24. Federal Bank reserves the right to decline the application for Federal Wave Credit Card without giving any reasons whatsoever.
25. Federal Bank reserves the right to deactivate and/or block Federal Wave Credit Card issued to the Cardholder, without any prior notice and without giving any reasons whatsoever.
26. In the event the Cardholder wishes to terminate the Primary Credit Card, he/she will first have to terminate the Federal Wave Credit Card. Notwithstanding anything contained herein, the Federal Wave Credit Card will be automatically invalidated upon invalidation of the respective Primary Credit Card, for any reasons whatsoever.
27. Any value-added services in relation to Federal Wave Credit Card (including and not limited to EMI facility for transaction amounts etc.) shall be separate from that of the Primary Credit Card.
28. Federal Bank reserves the right at any time, to add, alter, modify, change or vary all or any of these terms and conditions or to replace wholly or in part of this Terms and Conditions. Any change in the terms and conditions shall be intimated to you through SMS or email, at least one month prior to the revised terms and conditions becoming effective.
29. If the Bank has effected any changes in the charges which is favorable to you, we will notify the change/s within 30 days of such change. However, if the change/s is/are adverse to you, prior notice of minimum 30 days will be provided, and you will be provided with options to close the Card account or switch to any other eligible loan product without having to pay the revised charge or interest within 60 days of such notice. Any cashback offered by Federal Bank in respect of various purchases/other transactions and eligible to the Cardholder will be credited to the Card Account, within 60 days of such transaction, unless withheld by Federal Bank for any specific reasons.  The cashbacks offered by merchants will be credited in the Card Account, only upon receipt of such amounts from the Merchant.
30. Federal Bank further reserves its right to modify, alter, withdraw any offer granted under the   Federal Wave Credit Card or substitute the offer with another offer, whether similar to the existing offer or not.  The Card holder will not hold Federal Bank responsible for, or liable for, any actions, claims, demands, losses, damages, costs, charges, expenses, which the Cardholder may suffer, sustain or incur by such modification/ alteration/ withdrawal of the Offer.
31. Issuance/ maintenance of Federal Wave Credit Card is subject to the T&Cs, MITC and KFS executed for the Primary Credit Card. In the event of any inconsistencies in the terms and conditions mentioned in any of the above documents with the Terms and Conditions herein, these Terms and Conditions shall prevail in respect of Federal Wave Credit Card.

All disputes, if any, arising out of or in connection with or as a result of the Offer or otherwise relating to the Federal Wave Credit Card shall be subject to the exclusive jurisdiction of the competent Courts/Tribunals in Ernakulam only.