Federal Bank MagniFi Credit Card
Rewards & Benefits
Welcome Benefits
Users will get 1000 Fi-coins on their first spend of Rs. 1000 within 30 days of card issuance.
Milestone Benefits
Cashback Rate
Every weekend, there is a 20% cashback on Zomato, Blinkit, AJIO, and BookMyShow.
1 Fi-Coin = INR 0.03. 1x rewards on all spending i.e. 5 Fi-Coins for every spend of Rs. 100. Effective cashback rate: 0.15%.
4x rewards on weekends on selected brands i.e. 20 Fi-Coins for every INR 100 spent. Effective cashback rate: 0.6%.
Movie Benefits
Dining Benefits
Other Benefits
Free accidental death insurance cover of Rs 2 lakh.; Lifetime free credit card.; Easy to apply:Users can apply for the card online or through the Fi app.
Lounge Access
Fees & Charges
Joining Fee
Annual Fee
Cash Advance Fee
Interest rate
3.49% per month i.e. 41.88% annually
Late Payment Fee
Late Payment Fees: Ranges from INR 100 to INR 2000
Foreign Currency Transactions Fee
Forex Mark-up Fees: 3.5%
Other Fees
Joining and Renewal Fees: Nil | Cash Advance Charges: Nil - ATM cash withdrawal not provided on the card.
Cons
Limited rewards on weekdays: Users will only earn 1X rewards on all other spends, including rent and fuel during weekdays. This means that you may not want to use this card for all of your purchases.
Rewards are capped: There is a cap on the amount of rewards you can earn each month.
Requires Fi app: Users must have the Fi app to use this card.
Welcome Benefit: Users will get 1000 Fi-coins on their first spend of Rs. 1000 within 30 days of card issuance.
Reward System: Every weekend, there is a 20% cashback on Zomato, Blinkit, AJIO, and BookMyShow (maximum 400). 1 Fi-Coin = INR 0.03. 1x rewards on all spend i.e. 5 Fi-Coins for every spend of Rs. 100. Effective cashback rate: 0.15%. 4x rewards on weekends on selected brands (Flipkart, Uber, Makemytrip and Urban Company) i.e. 20 Fi-Coins for every INR 100 spent Effective cashback rate: 0.6%.
Lifetime free credit card.
High rewards on weekends: Users can earn 20% cashback on spending across Zomato, Blinkit, BookMyShow, and Ajio on weekends. You can also earn 4X rewards on spending during weekends on brands like Flipkart, Urban Company, MakeMyTrip and Uber.
1X rewards on all other spends: users can also earn 1X rewards on all other spends, including rent and fuel during weekdays. This means that you can still earn some rewards even if you don't use the card on weekends.
Easy to apply: Users can apply for the card online or through the Fi app.
Wide range of benefits: The card also offers several other benefits, such as complimentary lounge access, purchase protection, and lost card liability.
Rewards & Benifits
Welcome Benefits
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Rewards System
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International Forex Markup
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Welcome Benefits and Reward System
Special Features
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Eligibility Criteria
Age: You must be at least 18 years old.
Citizenship: You must be a resident of India.
Credit Score: While the official requirement isn't explicitly stated, it's generally recommended to have a good credit score (above 700) for better chances of approval.
Income: Some sources suggest a minimum income requirement might exist, but the exact amount is not publicly disclosed.
Speical Feature, Eligibility and Benefits
How to apply for Credit Card?
The MagniFi credit card can be applied for online through the Fi app. Here is the step-by-step process:
Download the Fi app and create an account.
Click on the "Credit Cards" tab.
Select the MagniFi credit card.
Fill out the online application form.
Submit the application form.
Once you have submitted your application, you will be notified of the decision within a few days.
Contact Details
1800-425-1199 or 1800-420-1199.
Account Opening and Procedure
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Pros:-
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Cons:-
Welcome Benefit: Users will get 1000 Fi-coins on their first spend of Rs. 1000 within 30 days of card issuance.
Reward System: Every weekend, there is a 20% cashback on Zomato, Blinkit, AJIO, and BookMyShow (maximum 400). 1 Fi-Coin = INR 0.03. 1x rewards on all spend i.e. 5 Fi-Coins for every spend of Rs. 100. Effective cashback rate: 0.15%. 4x rewards on weekends on selected brands (Flipkart, Uber, Makemytrip and Urban Company) i.e. 20 Fi-Coins for every INR 100 spent Effective cashback rate: 0.6%.
Lifetime free credit card.
High rewards on weekends: Users can earn 20% cashback on spending across Zomato, Blinkit, BookMyShow, and Ajio on weekends. You can also earn 4X rewards on spending during weekends on brands like Flipkart, Urban Company, MakeMyTrip and Uber.
1X rewards on all other spends: users can also earn 1X rewards on all other spends, including rent and fuel during weekdays. This means that you can still earn some rewards even if you don't use the card on weekends.
Easy to apply: Users can apply for the card online or through the Fi app.
Wide range of benefits: The card also offers several other benefits, such as complimentary lounge access, purchase protection, and lost card liability.
Limited rewards on weekdays: Users will only earn 1X rewards on all other spends, including rent and fuel during weekdays. This means that you may not want to use this card for all of your purchases.
Rewards are capped: There is a cap on the amount of rewards you can earn each month.
Requires Fi app: Users must have the Fi app to use this card.
The Federal Bank MagniFi Credit Card, issued through the Fi app, is a unique card targeting weekend spenders with its focus on weekend rewards and no annual fees. MagniFi Credit Card is a good option for frequent weekend spenders, especially on the partner brands offered. However, if your spending is more spread out throughout the week or you prefer flexible reward redemption options, other cards might be a better fit.
The Federal Bank MagniFi Credit Card, issued through the Fi app, is a unique card targeting weekend spenders with its focus on weekend rewards and no annual fees. MagniFi Credit Card is a good option for frequent weekend spenders, especially on the partner brands offered. However, if your spending is more spread out throughout the week or you prefer flexible reward redemption options, other cards might be a better fit.
Abhijeet Saxena
Abhijeet Saxena
Nalsar University of Law
Ex- Senior Associate, Shardul Amarchand Mangaldas, Delhi
Ex - Khaitan & Co. Bengaluru,
Ex - National Stock Exchange, Mumbai,
Ex - Argus Partners, Mumbai
Product Review
Fees & Charges
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Fuel Surcharge
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Billing Cycle
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