In the world of finance, there’s an enticing proposition that’s turning heads – the Scapia Federal Bank credit card. Imagine a credit card that comes with zero annual fees and zero forex charges. That’s precisely what Scapia, a cutting-edge fintech, has brought to the table by joining forces with Federal Bank. In this article, we’ll delve into the remarkable features of the Scapia Federal Bank credit card and why it’s a game-changer for travelers.
Eligibility Criteria: Who Qualifies?
Before we explore the card’s benefits, it’s essential to understand the eligibility criteria. This credit card is a collaboration between Scapia and Federal Bank, which means there are some prerequisites. If you already hold another Federal Bank credit card or have a personal loan with them, you won’t be eligible for the Scapia card. The same rule applies if you possess a OneCard affiliated with Federal Bank. While these criteria may restrict some individuals, there’s hope that Federal Bank might reconsider its one-card policy in the future.
Fee Structure: Nothing to Pay
Now, let’s talk about the financial aspect. One of the standout features of the Scapia Federal Bank credit card is its fee structure:
- Joining Fee: Zero
- Annual Fee: Zero
- Forex Markup: Zero
Yes, you read that right – there are no joining or annual fees, and international travelers can rejoice at the absence of forex markup. This makes the Scapia Federal Bank credit card an attractive proposition, especially if you’re seeking a card that won’t burden you with unnecessary charges.
Rewards: Turning Spending into Earnings
Types of Spending and Rewards Rates
With the Scapia Federal Bank credit card, your spending transforms into rewards:
- All Spends: 10% Scapia Coins, translating to a 2% reward rate
- Travel Spends on Scapia app: 20% Scapia Coins, equivalent to a generous 4% reward rate
- Forex Spends: Zero rewards
- Fuel Surcharge Waiver Transactions: Zero rewards
- Wallets, EMIs, Rent, Education, and Gift Cards: Zero rewards
While the card advertises the reward rates as 10% and 20% Scapia Coins, it’s important to note that 5 Scapia Coins equal Rs 1. So, in reality, you can expect a return of 2% to 4%. Additionally, Scapia’s app serves as a convenient travel booking platform, where flight and hotel bookings earn you a commendable 4% reward rate.
Despite the lucrative rewards, it’s worth mentioning that you won’t earn rewards on forex transactions when using the Scapia card for foreign currency transactions.
Rewards Redemption: Travel-Focused
The Scapia Coins you accumulate can be redeemed exclusively on the Scapia mobile app at a rate of 5 Scapia Coins equal to Rs 1. It’s important to note that this redemption option is limited to travel bookings; there’s no provision for cashback redemption. The silver lining is that there’s no cap on how many Scapia Coins you can redeem, allowing you to cover 100% of your travel expenses with them.
Unlimited Domestic Airport Lounge Access: A Rare Gem
One of the standout features of the Scapia Federal Bank credit card is the unlimited domestic airport lounge access it offers. To unlock this perk, all you need to do is spend Rs 5000 in a month. This is a remarkable feature for a lifetime-free credit card and adds significant value to the overall package.
Final Thoughts: A Promising Choice
In conclusion, the Scapia Federal Bank credit card is a refreshing addition to the world of fintech. Its seamless digital onboarding process makes acquiring the card a breeze. The base reward rate of 2% is quite appealing, especially for a no-annual-fee card. Furthermore, the added advantages of zero forex markup and unlimited domestic airport lounge access make it an enticing option for travelers.
However, there’s room for improvement. A reward rate exceeding 4% for travel spends on the Scapia app would make it an even more compelling choice, given the availability of other portals offering 10% discounts on flight tickets. Additionally, the card’s association with Federal Bank and its one-card policy may limit accessibility for some potential customers.
In summary, the Scapia Federal Bank credit card is a solid choice for those who value no-fee cards, generous rewards, and travel perks. As the fintech landscape continues to evolve, we can expect even more exciting offerings in the future.
Frequently Asked Questions (FAQs) – Scapia Federal Bank Credit Card
- Who is eligible for the Scapia Federal Bank credit card?To be eligible for the Scapia Federal Bank credit card, you should not already hold another Federal Bank credit card or have a personal loan with Federal Bank. The same applies if you possess a OneCard affiliated with Federal Bank.
- What are the fees associated with the Scapia Federal Bank credit card?The Scapia Federal Bank credit card boasts a fee structure that includes zero joining fees, zero annual fees, and zero forex markup fees, making it a cost-effective choice.
- How does the rewards program work for this credit card?The Scapia Federal Bank credit card offers rewards in the form of Scapia Coins. You can earn 10% Scapia Coins on all spends, with a generous 20% Scapia Coins on travel spends made through the Scapia app. Please note that 5 Scapia Coins are equivalent to Rs 1, translating to a reward rate of 2% to 4%.
- Is there any limitation on rewards earned for foreign currency transactions?Unfortunately, you won’t earn rewards on forex transactions when using the Scapia Federal Bank credit card for foreign currency transactions.
- How can I redeem the Scapia Coins I earn?You can redeem the Scapia Coins through the Scapia mobile app at a rate of 5 Scapia Coins equal to Rs 1. However, please be aware that this redemption option is limited to travel bookings; there’s no provision for cashback redemption.
- Tell me more about the unlimited domestic airport lounge access.The Scapia Federal Bank credit card offers unlimited domestic airport lounge access when you spend Rs 5000 in a month. This is a standout feature for a credit card with no annual fees and adds significant value to the card.
- What sets the Scapia Federal Bank credit card apart from other cards in the market?The Scapia Federal Bank credit card stands out due to its unique combination of zero fees, including zero forex markup, attractive rewards rates, and the valuable perk of unlimited domestic airport lounge access. It’s a compelling choice for travelers and those seeking a cost-effective credit card option.
- Are there any drawbacks to consider with this credit card?While the Scapia Federal Bank credit card offers many benefits, it’s essential to note that the reward rate for travel spends on the Scapia app, while competitive, may not be as high as some other portals offering discounts. Additionally, the card’s association with Federal Bank and its one-card policy may limit eligibility for some potential customers.
- How can I apply for the Scapia Federal Bank credit card?You can apply for the Scapia Federal Bank credit card by visiting the official Scapia website and following their application process. Make sure you meet the eligibility criteria before applying.
- Is there a limit on the number of Scapia Coins I can redeem for travel bookings?No, there is no limit on how many Scapia Coins you can redeem for travel bookings. If you have enough Scapia Coins, you can cover 100% of your travel expenses with them.