Federal Bank MagniFi Credit Card: A Perfect Blend of Banking Trust and Fintech Ease
- Pratibha Sharma
- Aug 18
- 6 min read
Updated: Aug 20
In today's blog, we will provide you the information about the Federal Bank MagniFi Credit Card, mainly about its welcome benefits, cashback rate, and more. For more information, read below:
The Federal Bank MagniFi Credit Card is designed for individuals who are adding value from their everyday spending. Instead of being just another payment option, it works as a tool to save on things you already spend on, like fuel, subscriptions, or utility bills. Every time you swipe, you earn either cashback or reward points, which later convert into vouchers, discounts, or even travel benefits.
The Federal Bank MagniFi Credit Card is the product of a smart partnership between Federal Bank and Fi Money. Federal Bank brings its reliability and banking expertise, while Fi adds a modern, app-based experience that makes the card easy to manage on your phone. Together, they’ve created a card that feels simple, digital, and rewarding, perfect for someone who wants the security of a trusted bank but also the convenience and perks of a fintech app.
What makes this card more attractive is that it is a mix of lifestyle and rewards. If you’re someone who travels, even occasionally, the free airport lounge access can make your journeys smoother and more relaxing. On the other hand, for regular shoppers, whether online or offline, the reward program ensures that no expense goes unnoticed.
What Is The Cashback Rate of the Federal Bank MagniFi Credit Card?
Welcome Benefit: None.
Reward System: 1 Fi point = INR 0.25.
On weekdays cardholder will get 2 Fi points on spending INR 100.
Weekdays Cashback Rate: 0.5%.
On Weekends, cardholders will get 20 Fi points on spending INR 100.
Weekend cashback rate: 5%.
Movie Benefits
20% off once a month on BookMyShow, max cashback: INR 100.
Dining Benefits
20% off once a month on Zomato, max cashback: INR 100.
Other Benefits
A lifetime free credit card. Easy to apply: Users can apply for the card online or through the Fi app.
20% off once a month on Zomato, max cashback: INR 100.20% off once a month on Zepto, max cashback: INR 100.
20% off once a month on Amazon, max cashback: INR 100.
20% off once a month on BookMyShow, max cashback: INR 100. Points can be converted to air miles with Club ITC and Krisflyer. Discount offers from partner brands from time to time.
Club ITC is the loyalty program of ITC Hotels. It is designed for guests who regularly stay, dine, or use services at ITC properties across India. Instead of being just a membership card, it works like a rewards program that gives you value back each time you spend at ITC Hotels or their partner restaurants. Membership is free, and once you join, you start earning points on every expense.
Club ITC also has different tiers of membership, which means the more you spend, the more privileges you unlock new offers. These include faster point earnings, room upgrades, early check-ins, late check-outs, and exclusive offers.
KrisFlyer is the membership program of Singapore Airlines.
When you travel with Singapore Airlines, Scoot, or their partner airlines, you earn something called KrisFlyer miles.
Think of these miles like points. The more you fly, the more points you get.
Later, you can use these miles instead of money to book flight tickets, upgrade to business/first class, or even pay for hotels and shopping with partner brands.
Lounge Access
1 free domestic airport lounge visit per quarter.
Special Feature:
A lifetime free credit card that provides 20% cashback every weekend on Zomato, Blinkit, AJIO, and BookMyShow.
Fees and Charges:
Joining fees: Nil
Annual fees: Nil
Cash advance fees: Nil
Late Payment fees: Late Payment Fees: Ranges from INR 100 to INR 2000
Interest fees: 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.
How To Apply For This 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.
What Are The Pros And Cons Of Having a Federal Bank MagniFi Credit Card?
Pros:
Cashback on essentials – You save on fuel, utility bills, and digital subscriptions, making everyday expenses lighter for users.
Reward points on shopping – Both online and offline purchases earn you points that can be redeemed later.
Airport lounge access – Free entry to select airport lounges adds comfort to your travels.
Visa Platinum perks – Comes with purchase protection, global acceptance, and exclusive Visa lifestyle offers.
Security & insurance – Extra cover in case of emergencies, giving peace of mind.
Balanced card – Not overly premium, so easier eligibility compared to Signature or Infinite cards.
Cons:
Limited lounge access – Only a few free visits per year, unlike higher-tier cards.
Not premium enough – Misses out on luxury perks like concierge or international travel insurance that Signature/Infinite cards offer.
Reward rate is moderate – Reward rate on weekdays is slower as compared to weekends.
Conclusion:
The Federal Bank MagniFi Credit Card manages to bring together savings, rewards, and lifestyle benefits in such a way that it feels best for everyday expenses. practical for everyday use. Instead of being positioned as a very premium card that only a select few can access, it stays within reach of a wider audience while still offering perks that make your spending feel more rewarding. The cashback on fuel, utility bills, and digital subscriptions takes care of routine expenses, while reward points on shopping ensure that every purchase gives some value back to users in rewarding form.
Another strength is its travel benefit, complimentary lounge access, something that even occasional flyers can appreciate. The decision to run the card on the Visa Platinum platform makes sense because it adds global acceptance, protection features, and exclusive offers, while keeping the card affordable and easier to qualify for.
This card is meant for those who want reliable savings, decent rewards, and a few lifestyle comforts without the heavy price tag of a luxury credit card. For most users, it strikes the right balance between value and convenience.
Since it runs on the Visa Signature network, the MagniFi card also brings premium features such as global acceptance, concierge assistance, and complimentary insurance coverage. These are small things that add up to make your card more useful and rewarding; hence, these features make it more competitive than other cards.
Overall, it’s a card that gives the user the best experience that blends savings with comfort. Whether you’re dining out, streaming your favorite shows, booking tickets, or filling fuel, the MagniFi Credit Card ensures you get more benefits every time you make a payment.
Federal Bank Description:
Federal Bank is a well-known private bank in India, with its headquarters in Aluva, Kerala. It started off as a small regional bank many decades ago, but over time, it has grown into one of the trusted names in the Indian banking space. What makes Federal Bank stand out is the way it has embraced technology while still keeping a customer-friendly approach.
The bank offers almost every service you would expect: savings accounts, deposits, loans, credit cards, investment options, and NRI banking. It has a wide network of branches and ATMs, but at the same time, it has built a strong digital platform. Its mobile banking app and online services are easy to use, which is why many young professionals and even NRIs prefer it.
Another key point is how Federal Bank has partnered with big payment networks like Visa, Mastercard, and RuPay to give customers a variety of card options. Whether it’s for shopping, travel, or day-to-day payments, the bank has designed products that fit different needs.
In simple words, Federal Bank has managed to stay modern and tech-driven while keeping the trust and personal touch that customers value in a bank.
If you want to know the unbiased AI score of the Federal Bank MagniFi Credit Card, read their detailed review, click here
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