Federal Bank Launches Credit Cards In Association With Visa: Should You Apply?

Federal Bank has announced the introduction of its credit card in collaboration with Visa. The card comes in three varieties and is packed with a variety of strong benefits and is now available to the existing customers of the bank. The three variants of cards Celesta, Imperio, and Signet and all are tailored to meet the financial needs of the customer base. The card comes in three varieties: Celesta, Imperio, and Signet, each of which is tailored to meet the needs of a particular client group. The Celesta card is aimed at high-net-worth individuals (HNIs), the Imperio card is aimed at families, and the Signet card is aimed at young, early-career professionals.

To provide the finest benefits in the market, the bank will provide credit cards with the lowest Annual Percentage Rates - dynamic Annual Percentage Rate (APR) beginning at 0.49 percent p.m. (5.88 percent p.a.).

Exclusive benefits include Amazon gift cards as welcome gifts, alluring reward points, a Buy One Get One Free offer at INOX, complimentary membership programs, amazing dining with minimum 15% discounts, a 1% fuel surcharge waiver at all fuel stations across India, complimentary airport lounge access, and even more.

The bank has undertaken a 'Digital First' card methodology to credit card issuance, offering an instant credit card with only three clicks. The card is instantly usable on FedMobile, the bank's mobile banking service and the physical card will be issued in the near future. In collaboration with the National Payments Corporation of India (NPCI), the bank is also planning to introduce Rupay Credit Card variations.

"Our Credit Card is completely digital with a 3- click application approach which would make the card instantly available for use on FedMobile, our mobile banking application. We are glad we could take this digital leap and provide the consumers with the convenience they expect. We are delighted to bring forth our Credit Card to customers in partnership with Visa," Shyam Srinivasan, MD & CEO of the bank said.

T R Ramachandran, Group Country Manager, India and South Asia said, "Consumers often turn to credit cards when planning big ticket purchases but more recently, we have seen this usage extend to more segments, geographies and categories. We are delighted to partner with Federal Bank and extend credit card services to the Bank's different consumer segments and needs." He further added that "With the number of credit cards in the country currently far lower than credit eligible customers, we see great potential in partnering with the bank to scale up through such partnerships and offering consumers the convenience and benefits of paying by credit cards."

Should you apply?

One of the best factors to apply and use a credit card is to build a decent credit score. And the new credit cards of Federal Bank are no doubt offering amazing goodies like welcome bonuses, enticing reward benefits, universal acceptance, balance transfer options and much more. All new cards come with the lowest Annual Percentage Rates (APR) which indicates the interest rate that you will be required to pay against the outstanding daily balance of your card. However, apart from low APR and other complimentary benefits, you should look at the applicable credit card charges and terms and conditions of the cards having a consideration on your personal finance budget and spending habit also before applying.