Federal Bank MagniFi Credit Card: Best Credit Card?
If you are looking for a credit card that offers you great rewards, discounts, and benefits, you might want to check out the Federal Bank MagniFi Credit Card. This card is designed to suit your lifestyle and spending habits and to reward you for every transaction you make. Whether you shop online or offline, dine out or travel, pay bills, or book tickets, you can earn reward points, cashback, vouchers, and more with the Federal Bank MagniFi Credit Card. In this blog post, we will tell you everything you need to know about this card, including its features, benefits, fees, eligibility, and how to apply for it.
Federal Bank MagniFi Credit Card:
Joining Fees: Nil
Interest Rate: 3.49% per month i.e. 41.88% annually
Welcome Benefit: Get 1000 Fi-coins on your first spend of Rs. 1000 within 30 days of card issuance.
Special Feature: Lifetime Free Credit Card which provides 20% Cashback every weekend on Zomato, Blinkit, AJIO, and BookMyShow.
Features and Benefits:
Here are some of the features and benefits of the Federal Bank MagniFi Credit Card:
Rewards:
Weekend:
20% cashback on spends at Zomato, Blinkit, BookMyShow, and Ajio (capped at ₹100 per spend and ₹200 per month).
4X rewards (20 Fi-Coins per ₹100) on Flipkart, Urban Company, MakeMyTrip, and Uber.
Weekday:
1X rewards (1 Fi-Coin per ₹100) on all other spends.
Fi-Coins:
Earned on all spends (weekend and weekday).
1 Fi-Coin = ₹1 when redeemed for gift vouchers or bill payments within the Fi app ecosystem.
No minimum redemption amount.
Other Features:
Lifetime free: No annual or joining fees.
Wide acceptance: Visa network ensures global acceptance.
Easy management: Manage the card and redeem rewards through the Fi app.
Free Visa® credit card issued instantly at all Federal Bank branches.
Digital banking account with free Mobile App.
Digital wallet service.
Free eStatements.
Emergency credit line increases.
25 day grace period.
ID Navigator powered by NortonLifeLock (identity theft protection).
24/7 Visa® fraud dispute line.
Pros and Cons:
Pros of Federal Bank MagniFi Credit Card:
No annual fee: Unlike many other credit cards that charge you a hefty annual fee, the Federal Bank MagniFi Credit Card is free for life. This means you don't have to worry about paying any extra charges to enjoy the benefits of this card.
High cashback: The main attraction of this card is the 20% cashback that you get every weekend on selected categories. You can save up to Rs. 1,000 per month on your dining, entertainment, shopping and travel expenses with this card. The cashback is credited to your account within 30 days of the transaction.
Reward points: Apart from cashback, you also earn reward points on every transaction with this card. You get 4 reward points for every Rs. 100 spent on weekends and 1 reward point for every Rs. 100 spent on weekdays. You can redeem these points for vouchers, merchandise, air miles and more from the Federal Rewards catalogue.
Lounge access: If you are a frequent flyer, you will appreciate the complimentary lounge access that this card offers. You get two free visits per quarter to select domestic airport lounges across India. You can relax and enjoy the amenities while waiting for your flight.
Other benefits: The Federal Bank MagniFi Credit Card also comes with other benefits such as fuel surcharge waiver, zero liability on lost or stolen cards, emergency credit line increase, ID Navigator powered by NortonLifeLock, Visa purchase alerts and digital wallet service.
Cons of Federal Bank MagniFi Credit Card:
High interest rate: The biggest drawback of this card is the high interest rate that it charges. The APR (Annual Percentage Rate) of this card is 36%, which is one of the highest in the market. If you don't pay your bill in full every month, you will end up paying a lot of interest on your outstanding balance.
Limited cashback categories: The 20% cashback that this card offers is only applicable on four categories: Zomato, Blinkit, Paytm Movies and Ajio. If you don't spend much on these categories, you won't be able to maximize the benefit of this card. Moreover, the cashback is capped at Rs. 250 per category per month, which means you can only save up to Rs. 1,000 per month with this card.
Minimum income requirement: To be eligible for this card, you need to have a minimum monthly income of Rs. 25,000 or an annual income of Rs. 3 lakh. This might exclude some potential customers who don't meet this criterion.
Conclusion:
The Federal Bank MagniFi Credit Card is a premium card that offers a range of benefits and rewards for its customers. Whether you are looking for travel, dining, shopping, entertainment, or lifestyle perks, this card has something for you. You can earn up to 10X reward points on select categories, enjoy complimentary lounge access, get discounts on movie tickets, and avail of exclusive offers from partner merchants. You can also redeem your reward points for cashback, gift vouchers, air miles, or charity donations. With a low annual fee and a high credit limit, this card is designed to suit your needs and preferences. If you are looking for a card that gives you more value for your money, the Federal Bank MagniFi Credit Card is the one for you. Apply online today and get ready to experience the magnificence of this card.
Federal Bank Credit Cards:
Here are some of the benefits of choosing a federal bank credit card:
You can enjoy a low interest rate and a high credit limit, depending on your credit history and income. Federal bank credit cards often have lower interest rates than other types of cards, because they have access to cheaper funds from the federal reserve. They also have higher credit limits, which can help you with large purchases or emergencies.
You can earn rewards and cash back on your spending. Many federal bank credit cards offer reward programs that let you earn points, miles or cash back on your purchases. You can redeem these rewards for travel, merchandise, gift cards or statement credits. Some federal bank credit cards also offer sign-up bonuses or introductory offers that can boost your rewards.
You can protect yourself from fraud and identity theft. Federal bank credit cards have advanced security features that can help you prevent unauthorized transactions and protect your personal information. For example, some federal bank credit cards have chip technology that encrypts your data and makes it harder for hackers to copy your card. Some federal bank credit cards also have zero liability policies that protect you from paying for fraudulent charges.
You can access online banking and customer service. Federal bank credit cards come with online banking features that let you manage your account, pay your bills, check your balance and monitor your transactions from anywhere. You can also contact customer service 24/7 by phone, email or chat if you have any questions or issues with your card.
Federal bank credit cards are a great option for anyone who wants a reliable, convenient and rewarding credit card. They can help you save money on interest, earn rewards on your spending and protect yourself from fraud. To find out more about federal bank credit cards, you can visit the websites of the banks that offer them or compare them online using a credit card comparison tool.
FAQs:
Q: Who is eligible for the MagniFi Credit Card?
A: Indian residents with a good credit score and PAN card can apply.
Q: Does this card require any income proof?
A: No, income proof is not mandatory, but a credit score check will be done.
Q: Is there an annual fee for the MagniFi Credit Card?
A: No, it's a lifetime free card with no joining or annual fees.
Q: Are there any other charges I should be aware of?
A: Yes, standard charges like late payment fees, over-limit fees, and foreign currency markup apply. You can find details on the Fi app or website.
Q: What kind of rewards does the MagniFi Card offer?
A: You earn Fi-Coins on all spends: 1X on weekdays and 4X (20 Fi-Coins per ₹100) on weekends on specific partner brands like Flipkart, Zomato, Urban Company, etc.
Q: How do I redeem my Fi-Coins?
A: Fi-Coins can be redeemed for gift vouchers from various brands or for bill payments within the Fi app ecosystem.
Q: What are the weekend benefit brands and how often can I use them?
A: Partner brands and offers may change, but currently include Zomato, Blinkit, BookMyShow, Ajio, Flipkart, Urban Company, MakeMyTrip, and Uber. You can avail each offer once per card per month on weekends (Saturday-Sunday).
Q: How do I apply for the MagniFi Credit Card?
A: You can apply directly through the Fi app. The process is completely digital and paperless.
Q: Can I manage my MagniFi account online?
A: Yes, you can view your statements, track rewards, pay bills, and manage all aspects of your card through the Fi app.
Q: Does the MagniFi Card offer international usage?
A: Yes, it's a Visa card accepted globally wherever Visa is accepted.