Federal Bank MagniFi Credit Card

Federal Bank MagniFi Credit Card is a rewards credit card from Federal Bank. Every weekend, there is a 20% cashback on Zomato, Blinkit, AJIO, and BookMyShow.

Joining fee: Nil
Annual fee: Nil
Forex markup: 3.5%
Interest: 3.49% per month i.e. 41.88% annually

More Federal cards

Welcome benefits

Users will get 1000 Fi-coins on their first spend of ₹1000 within 30 days of card issuance

Rewards & cashback

Every weekend, there is a 20% cashback on Zomato, Blinkit, AJIO, and BookMyShow
1 Fi-Coin = ₹0.03
1x rewards on all spending i.e. 5 Fi-Coins for every spend of ₹100
Effective cashback rate: 0.15%
4x rewards on weekends on selected brands i.e. 20 Fi-Coins for every ₹100 spent
Effective cashback rate: 0.6%

Airport lounge access

Wide range of benefits:The card also offers several other benefits, such as complimentary lounge access, purchase protection, and lost card liability

Dining

20% off once a month on Zomato, max cashback: ₹100

Movies

20% off once a month on Bookmyshow, max cashback: ₹100

More benefits & features

Lifetime free credit card which provides 20% cashback every weekend on Zomato, Blinkit, AJIO, and BookMyShow
Free accidental death insurance cover of ₹2 lakh.; Lifetime free credit card.; Easy to apply:Users can apply for the card online or through the Fi app

Fees & charges

Joining fee: Nil
Annual fee: Nil
Foreign currency markup: 3.5%
Interest rate: 3.49% per month i.e. 41.88% annually
Late payment: Ranges from ₹100 to ₹2000
Fuel surcharge: 1%
Billing cycle: 30 Days
Other fees: Nil | Cash Advance Charges: Nil - ATM cash withdrawal not provided on the card

Pros and cons

What works well

Users will get 1000 Fi-coins on their first spend of ₹1000 within 30 days of card issuance
Every weekend, there is a 20% cashback on Zomato, Blinkit, AJIO, and BookMyShow (maximum 400). 1 Fi-Coin = ₹0.03
1x rewards on all spend i.e. 5 Fi-Coins for every spend of ₹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 ₹100 spent Effective cashback rate: 0.6%
Lifetime free credit card

Worth knowing

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

Who can apply

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

How to apply

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

Details come from information published by Federal Bank and may change. Confirm current fees, benefits and eligibility with the bank before applying. Some links are partner links; MyRupaya may earn a commission at no extra cost to you.