Federal Bank Collabs With Visa After Interdiction of Mastercard

Last Friday, i.e., on September 3, 2021, Federal Bank announced its partnership with the Visa network to issue new credit cards. The decision has been taken by the bank following the RBI’s ban to issue fresh credit cards on Mastercard. The Federal Bank has come up with three credit cards in partnership with Visa, each of them targeting different customers. Moreover, the bank promises to issue credit cards with annual interest rates as low as 5.9%.

Federal Bank Issues 3 Credit Cards in Association with Visa

In collaboration with Visa, the Federal Bank issues three credit cards, which are: Celesta, Imperio, and Signet. The Federal Bank Celesta Credit Card targets high net worth individuals, Imperio Credit Card targets family-oriented people, and Signet is specially made for young professionals. Here are a few details about these credit cards and their features:

Federal Bank VISA Celesta Credit Card

Targeting HNIs (High Net-worth Individuals, the Federal Bank VISA Celesta Credit Card comes with exciting rewards and benefits over several categories, including travel, dining, movies, shopping, and many more. Following are some of its key features:

• 2X Rewards on dining spends and 3X Rewards on travel and international spends.
• Buy 1 Get 1 free offer on movie tickets on INOX once every month.
• A discount of up to 15% on dining through the FedDelights Program.
• Amazon gift vouchers worth Rs. 2,000 as a welcome gift.
• Complimentary domestic/international airport lounge access.

Federal Bank VISA Imperio Credit Card

Federal Bank VISA Imperio Credit Card targets family-oriented individuals and hence comes with reward plans that are more beneficial for your household spends, such as groceries, utility bill payments, etc. Following are the key features of this card:

• 3X Rewards on groceries & health care and 2X Rewards on the utility bills.
• Buy 1 Get 1 Free offer on movie tickets once each quarter.
• Welcome gift voucher worth Rs. 1,000.
• A 15% discount on dining through FedDelights Program.
• Complimentary domestic lounge access twice per quarter.

Federal Bank VISA Signet Credit Card

The Federal Bank VISA Signet Credit Card targets young professionals and provides all the exclusive benefits keeping their requirements in mind. Be it reward plans, travel benefits, or entertainment benefits, the card is the best choice for young professionals. Following are the key features of the card:

• 3X Reward Points on Apparel and electronics-related spends.
• Welcome benefit of an amazon gift voucher worth Rs. 500.
• Buy 1 Get 1 Free offer on movies on INOX.
• 1 complimentary domestic lounge access every quarter.
• A discount of up to 15% on dining through FedDelights.

These credit cards follow a 3 clicks application approach and are completely digital. The bank is issuing credit cards starting with the lowest interest rates, i.e.5.88% per annum (0.49% per month). It will be lowest for the customers who maintain an average balance of Rs. 10 lakhs in their account. The interest will be indirectly proportional to the account balance, i.e., the interest will increase with decreasing account balance. For customers having an average account balance of Rs. 3 lakhs or more, the interest will be charged at 18% per annum and for those maintaining a balance of Rs. 50,000 or more, the annual interest will be 30%.

Bottom Line

The Federal Bank has come with the three credit cards in association with Visa, which is targeting three different segments of people. No matter, if you are a young professional or a high net worth individual, you can apply for one of these credit cards. The simple and easy application process and usage of the cards make them even more convenient. Although these credit cards have been launched with the Visa network due to RBI’s ban on Mastercard, the step taken by the bank seems to be very right. 

**Must Read: RBI bans MasterCard from onboarding new customers