Federal Bank on September 28 joined hands with the National Payments Corporation of India (NPCI) to launch the 'Federal Bank RuPay Signet Contactless Credit Card.' It comes with the lowest annual percentage rate (APR), starting from just 5.88 per cent per annum, the bank said.

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"The Federal Bank RuPay Signet credit cardholders will gain access to a wide variety of offers and deals across categories, including travel, food and dining, shopping, sports, entertainment, lifestyle and much more," the bank said in a release. The card is currently offered to existing customers of the bank.

The offers include Amazon Gift vouchers as welcome benefits, attractive reward points, Buy One Get One (BOGO) free offer at INOX, complimentary membership programmes, complimentary Swiggy vouchers, complimentary lounge access at domestic and international airports and much more.

"Adopting a 'Digital First' card approach, the card is immediately made available for use in FedMobile, the bank's Mobile Banking application, through a three click process. The physical card will be delivered to the customer in due course," the bank said. Federal Bank said the card is specially designed for millennial customers and offers an interesting 3-2-1 rewards structure personalised for them.

"They would get 3x rewards on spends for electronics and apparel categories, 2x rewards on entertainment category and 1x rewards for other categories, using the Federal Bank RuPay Signet credit card," it said.

Praveena Rai, COO of the NPCI, said the card has a significant potential to attract new-age customers as it has a complete package of benefits suiting their lifestyle backed up with an innovative cashback scheme.

"At NPCI, for RuPay, we continue to work towards offering a delightful and contactless shopping experience to all our customers. We also believe our association with Federal Bank will provide a wider penetration of RuPay contactless cards in the country," Rai said.

Virtually launching the card, Shalini Warrier, Executive Director and Business Head, Retail, of Federal Bank, said the card is also a symbol of a strong partnership with NPCI, an entity known for innovation in the retail payments space.

(Edited by : Shoma Bhattacharjee)