Federal Bank Signet Credit Card Review 2026: Lifetime Free, Rewards & Fees
Federal Bank · Lifetime-free card · Visa, Mastercard or RuPay
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TL;DR
Signet is Federal Bank’s lifetime-free rewards card. Its base earn is low — 1 point per ₹200 — with 3X on electronics and apparel and 2X on entertainment. Points are worth up to ₹0.25 in the catalogue, so even the 3X categories return under 0.4%. Spend ₹20,000 in a quarter and you get one domestic lounge visit the next quarter. Forex markup is a standard 3.5%. It is a free backup card, not a rewards or travel card.
Pros & cons
- No joining or annual fee
- Available on Visa, Mastercard or RuPay
- ₹200 Amazon Pay voucher on ₹3,000 spend in 30 days
- Interest can be as low as 1.99% a month for customers with high Federal Bank balances
- Low reward rate — about 0.375% even on 3X categories
- Cash redemption is only ₹0.10 a point
- Lounge access is one visit a quarter, spend-linked, primary only
- 3.5% forex markup
- No rewards on fuel, government, wallet, rent or quasi-cash
Fees
| Charge | Amount |
|---|---|
| Joining / annual fee | Nil (cards issued from 3 April 2023) |
| Forex markup | 3.5% + GST |
| Interest | 1.99%–3.75% a month (23.88%–45% a year), linked to your Federal Bank balance; 3.75% without an account |
| Late payment fee | Up to ₹1,250, depending on the amount due |
Rewards
| Spend | Points per ₹200 | Approx. value |
|---|---|---|
| Electronics & apparel | 3 | ≈0.375% |
| Entertainment | 2 | ≈0.25% |
| Other eligible spends | 1 | ≈0.125% |
| Fuel, government, wallet, rent, quasi-cash | Nil | — |
Values assume ₹0.25 a point on catalogue redemption. Cash redemption to the card account gives only ₹0.10 a point, so avoid it. Insurance points are capped at 250 a month. The Visa variant also lists 3X on travel and international spends and 2X on dining, so check the categories for your variant.
Benefits
- ₹200 Amazon Pay e-voucher on ₹3,000 spend within the first 30 days
- One complimentary domestic lounge visit in the next quarter after ₹20,000 spend in a quarter (primary cardholder only)
- Complimentary Swiggy vouchers on ₹20,000 quarterly spend
- Buy-one-get-one INOX movie tickets once a quarter
Who it’s for
- Federal Bank customers who want a free backup card
- People who want a card on RuPay for UPI
- You want meaningful rewards — the base rate is very low
- You want a travel card with low forex or regular lounge access
Verdict
Signet is free and easy to hold, and Federal Bank customers with high balances can get a lower interest rate. As a rewards card it is weak, and with a 3.5% forex markup and one spend-linked lounge visit a quarter it is not a travel card either. Keep it as a no-cost backup.
FAQ
Is the Federal Bank Signet card lifetime free?
Yes, for cards issued from 3 April 2023.
What is the forex markup?
3.5% + GST.
Does Signet give lounge access?
One domestic lounge visit in the next quarter after you spend ₹20,000 in a quarter. Add-on cardholders are not eligible.
How much is a reward point worth?
Up to ₹0.25 on catalogue redemption, but only ₹0.10 as cash.