Federal Bank MagniFi Credit Card
MyRupaya Ratings
Product Details
Credit Card Name :
Federal Bank MagniFi Credit Card
Bank Name :
Federal Bank
Type :
Rewards Credit Card
Interest Rate :
3.49% per month i.e. 41.88% annually
Eligibility :
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.
Pros
Lifetime free credit card
High rewards on weekends: You can earn 20% cashback on spends across Zomato, Blinkit, BookMyShow, and Ajio on weekends. You can also earn 4X rewards on spends during weekends on brands like Flipkart, Urban Company, MakeMyTrip and Uber.
1X rewards on all other spends: You 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.
Welcome Benefit: Get 1000 Fi-coins on your first spend of Rs. 1000 within 30 days of card issuance.
Easy to apply: You 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.
Cons
Limited rewards on weekdays: You 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: You must have the Fi app to use this card.
Pros & Cons
Welcome Benefits
Get 1000 Fi-coins on your first spend of Rs. 1000 within 30 days of card issuance.
Rewards System
Every weekend, there is a 20% cashback on Zomato, Blinkit, AJIO, and BookMyShow.
4x Rewards on weekends
1x rewards on all spends
Get 20 Fi-Coins for every INR 100 Spent
100 Fi-Coins = INR 3
1 Fi-Coin = INR 0.03
Effective Cashback Rate: 0.6%
International Forex Markup
Up To: 3.5%
Welcome Benefits and Reward System
Special Features
Lifetime Free Credit Card which provides 20% Cashback every weekend on Zomato, Blinkit, AJIO, and BookMyShow.
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.
Benefits
Customers can avail of Weekdays as well as Weekend rewards in the form of cashback and discounts on Zomato, Blinkit, BookMyShow, and Ajio. As well as on Flipkart, Urban Company, MakeMyTrip and Uber.
Free accidental death insurance cover of Rs 2 lakh.
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
Recommended Credit Cards
Pros:-
Change the text to include your own content. Adjust the font, size or scale to customize the style.
Cons:-
Lifetime free credit card
High rewards on weekends: You can earn 20% cashback on spends across Zomato, Blinkit, BookMyShow, and Ajio on weekends. You can also earn 4X rewards on spends during weekends on brands like Flipkart, Urban Company, MakeMyTrip and Uber.
1X rewards on all other spends: You 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.
Welcome Benefit: Get 1000 Fi-coins on your first spend of Rs. 1000 within 30 days of card issuance.
Easy to apply: You 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: You 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: You must have the Fi app to use this card.
HDFC Bank Biz Power Credit Card
The card is a premium credit card with a number of value add features. This card offers cashback on even tax and GST payment. Overall it is a must have card for small business owners/ freelancers.
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
Joining and Renewal Fees: Nil
Cash Advance Charges: Nil - ATM cash withdrawal not provided on Card
Interest Rate: 3.49% per month i.e. 41.88% annually
Late Payment Fees: Ranges from INR 100 to INR 2000
Forex Mark-up Fees: 3.5%
Fuel Surcharge
1% Fuel Surcharge Applicable
Billing Cycle
30 Days