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Federal Bank MagniFi Credit Card

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.

Federal Bank MagniFi Credit Card
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:

  1. Download the Fi app and create an account.

  2. Click on the "Credit Cards" tab.

  3. Select the MagniFi credit card.

  4. Fill out the online application form.

  5. 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
Federal Bank MagniFi Credit 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.

Abhijeet Saxena

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

Fees & Charges
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