Federal Bank Signet Credit Card 2021 Review

By | October 3, 2021

Federal Bank issued Federal Bank Signet Credit Card in partnership with National Payments Corporation of India (NPCI) and Visa. Signet Credit card offers 3x rewards on spends for Electronics & Apparel categories, 2x rewards on Entertainment category and 1x rewards for other categories. The value of One Federals rewards is Rs.0.25. So, you will get a 0.75% return on Electronics & Apparel, 0.50% entertainment spending, and 0.25% on all other spendings.

Apart from rewards points, Federal Bank Signet Credit Card also offers, Rs.500 Amazon Pay e-Voucher as welcome benefits if you spend Rs.3,000 within 30 days of the card being issued. The main benefit of this credit card is the lowest APR(Annual Percentage Rate, which is the lowest in the present market.

Here is a detailed review of the Federal Bank Signet Credit Card that will help you understand the benefits and disadvantages of this credit card to make informed decision-making.


What’s Ahead

  1. Key Highlights
  2. Pros and Cons
  3. Rates & Fees
  4. Why might you go for a Federal Bank Signet Credit Card?
  5. Why might you want to go for a different card ?
  6. Is Federal Bank Signet Credit Card good for you?

Federal Bank Signet Credit Card
Federal Bank Signet Credit Card

Key Highlights

  • Lowest Annual Percentage Rate (APR) starting from 0.49% p.m. (5.88% p.a.)
  • 3x rewards on spends for Electronics & Apparel spends categories.
  • 2x rewards on Entertainment spends category.
  • 1x rewards for other all spends categories.
  • Rs.500  Amazon Pay e-Voucher as welcome benefits.
  • 8 Domestic airports Complimentary lounge access.
  • 8 International airports Complimentary lounge access.
  • Annual Fees of Rs.750
  • Annual fees can be waived off, if you spends Rs.75,000 or more in the Previous Year.
  • You can get additional Credit card by paying Rs.100
  • Buy One Get One INOX movie tickets.
  • Complimentary Swiggy vouchers on quarterly spend of Rs.20,000
  • Fed Delights program giving upto 15% discounts.
  • Rupay offers and deal as additional perks.

Pros and Cons

Pros✔

  • Lowest APR in the credit card market.
  • 8 Domestic airports Complimentary lounge access.
  • 8 International airports Complimentary lounge access.
  • Rs.500 Welcome Benefits

Cons❌

  • Lowest Rewards rate.
  • Lowest Rate not available to everyone.

Full Review

Here is the full review of the Federal Bank Signet Credit Card.

Rates & Fees

TYPESRATES ($)
Joining FeesRs.750
Annual FeesRs.750
Regular APRThe regular APR start from 0.49% p.m. (5.88% p.a.) to 41.88%
Cash Advance Charges2.5% of the transaction amount or Rs. 500 whichever is higher
Charges on over limit2.5% of the over-limit amount of Rs. 500 whichever is higher.
Rewards Redemption FeeRs. 99/- per redemption request
Loan Processing Fees2.5% of the Loan amount or Rs.500, whichever is higher.
Foreign Currency charges3.5% of Transaction Amount
Reissue of Lost cardRs.200
Fees Table

Why might you go for a Federal Bank Signet Credit Card?

Here are 5 main benefits of the Signet Rupay Credit card.

(1). Lowest APR Rate in the Industry.

The Federal Bank Signet Credit Card offers the lowest Revolving Credit (APR) in the industry. The lowest APR is 0.49% a month or 5.88% annually. However, the highest APR is 41.88% annually, similar to the other credit card in the market.

The APR is different from customer to customer, and the APR rate is based on your Average Monthly Balance for the last Quarter in Federal Bank. Let us understand how the federal Bank calculates APR.

AMB of Last Quarter in your Bank
(Federal Bank )
Applicable  (APR %)
Your Balance is less than Rs.50,00041.88% (3.49% per month)
Your Balance is between Rs.50,000 – 3,00,00030.00% (2.49% per month)
Your Balance is between Rs.3,00,001- 10,00,00018.00% (1.49% per month)
Your Balance is More than Rs.10,00,0005.88% (0.49% per month)
Do not have Bank Balance in Federal Bank 41.88% (3.49% per month)
APR Calculation

It is evident from the above calculation that only if you have an AMB of Rs.10lakh or more in the previous quarter, then can you take benefits of the lowest 5.88% APR rate.

If you are not banking with Federal Bank, this credit card is as normal as any other bank credit card.

(2). Excellent Complimentary Airport lounge access.

The federal Bank offers very good Complimentary Airport lounge access. Here are all the details.

  •  Domestic airports: 2 per quarter at Domestic airports ( 8 Yearly )
  •  International airports : 2 per quarter at Domestic airports ( 8 Yearly )

The Lounge access shall be provided according to credit card types. Suppose you Federal Bank Rupay Signet Credit Card. In that case, the lounge access program shall be provided as per terms of the National Payments Corporation of India (NPCI), and if you have Visa Signet Credit Card, then the program shall be governed by the VISA lounge access program. You can check the Visa access lounge program here.

Most of the Entry-level credit cards do not provide airport lounge access how signet credit card provides excellent airport lounge access. For this reason 👍 can be given to this credit card.

(3). Welcome Benefits

If you spend Rs.3000 thousand or more within 30 days of credit card activation, you will get Rs.500  Amazon Pay e-Voucher as welcome benefits. The E-voucher shall be sent to you by e-mail or SMS.

The Membership Fee is Rs.750, and you are paid only Rs.500 as welcome benefits. You still lose Rs.250 + GST on joining the Federal Bank Signet Credit Card.

(4). Annual Membership Fee (AMC) of Rs.750 can be waived off.

If you spent Rs.75,000 within the previous year, your credit card Annual renewal Fees of Rs.750 should be waived off. However, entry-level credit cards like this should never charge annual fees. Almost all Entry-level credit cards nowadays are coming without Annual Fees.

Federal Bank should consider waiver of Annual fees without any condition for the sake of market captures.

(5). Additional perks

  • Personal accident cover of Rs. 2 Lakhs a
  • 24*7 Concierge Services
  • Unlimited attractive cashback offers, across various brands through Rupay Deals and Offers.
  • BOGO Offers (Buy One Get One) on INOX movie tickets, once a quarter.
  • Complimentary Swiggy vouchers on quarterly spend of Rs.20,000
  •  15% discounts at partner hotels through FedDelights program.

Why might you want to go for a different card ?

Here main disadvantage of the Federal Bank Signet Credit Card which will force you to go for another credit card.

# (1). Poorly structured rewards program.

The rewards program is Poorly structured. Here is how ?. Here is the Signet Credit Card Rewards program.

Types of SpendsRewardsRewards Rate
Electronics & Apparel 3X0.75%
Entertainment2X0.50%
All other spends1X0.25%
Value of One Rewards Points25pps
Federal Card Rewards Program Table

If you spend Rs.100 on Electronics & Apparel, you will get 3X Rewards( Three Rewards Points every Rs.100 spent); however, if you spend on other categories expenses, you will only get 1 Reward which is equal to 0.25% rewards.

If compared this credit card to another credit card in the market, the rewards rate is very low. Even Entry-level credit cards like SBI click credit cards have a better rewards proposition than this card.

# (2). The lowest APR of 5.88% is only market Gimmick

The offering of the lowest 5.88% APR is the only market trick to get attention in public. If you do not have an account with Federal Bank, you can get a lower APR rate.

The Lowest APR of 5.88% is only available to the person who maintains an Average Monthly Balance for the last quarter of at least Rs. 10 lakh. If you can maintain Rs.10 lakh as AMB in Bank, then why will you choose this credit card or take a loan on a credit card?.

#3. Redemption Fee

You will be charged Rs.100 as a Redemption Fee for rewards redemption, and this shall decrease the overall rewards rate, which is already poor.


What is difference between Rupay Signet Credit Card and Visa Signet Credit Card

The only difference both the card are Airport lounge access benefits and Additional perks, are the summary.

TypesVISA Signet Rupay Signet
Domestic Airport Lounge Access2 per quarter 2 per quarter
International Airport Lounge Access None 2 per quarter
Additional PerksVISA cashback and additional deals Rupay cashback and additional deals

Eligibility criteria

The Eligibility criteria are simple; below is the list that should be fulfilled for getting this credit card.

TypesCondition
Age Your Age should be between 21 to 60 years.
Resident You should be a resident of India
Income Your Income should be above Rs.18,000 or more in a month.

How to apply for Signet Credit card ?

The Federal Bank Signet Credit Card opens to apply on their website. You can visit the official website of Federal Bank and apply online. Here is the screenshot of the application.

How to apply for Federal Bank Signet Credit Card
How to apply for Federal Bank Signet Credit Card

Is Federal Bank Signet Credit Card good for you?

Federal Bank Signet Credit Card is similar to any other Entry Level credit card, and the only difference is Airport lounge access benefits and Lower APR.

Federal Bank Signet Credit Card 2021 Review

I think the main benefits of this card are its Complimentary lounge access offering. Entry-level credit cards always do not offer lounge access benefits.

Editor's Rating:
3.2

For me, a Lower APR rate of 5.88% is the only market gimmick, not worth only credit cardholders of Federal Bank.

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Avatar of Dhiraj Jha
Author: Dhiraj Jha

I love to acquire, review, and earn reward points/cashback from Credit Cards for free traveling and enjoying luxury hotels. Helping people about the benefits and optimal utilization of credit cards.

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