MagniFi Credit Card – Lifetime-free Card for Weekend Shoppers

Below mentioned are some of the major MagniFi Credit Card features and benefits:

Cashback Benefits

The card offers 20% cashback on weekend spends at popular brands across various categories as per the below details:

Brand	Minimum Order Value	Cashback on Weekends
Zomato	Rs. 400	20% (Up to Rs. 100, 2 times a month)
Ajio	Rs. 3,000	20% (Up to Rs. 600, once a month)
BookMyShow	2 tickets; Rs. 400	20% (Up to Rs. 100, once a month)
Blinkit	Rs. 500	20% (Up to Rs. 100, once a month)

Suggested read: Best Credit Cards for Cashback in India | Check Eligibility for Top Cards

Reward Benefits

Cardholders can earn accelerated rewards on weekend spends at popular brands as per the below details:

• 4X rewards (20 Fi-Coins per Rs. 100 spent) every weekend on Flipkart, Uber, UrbanCompany and MakeMyTrip
• 1X rewards on all spends, every day
• 1X = 5 Fi-Coins for every Rs. 100 spent
• Redeem rewards at a value of 100 Fi-Coins = Rs. 3
• Redeem rewards against vouchers of top brands, credit card bill payment or merchandise from rewards catalogue

Note: Cardholders can earn a maximum of 1,000 Fi-Coins per transaction, without any capping on the total number of Fi-coins that can be accrued. Cardholders can earn a maximum of 1,000 Fi-Coins on Rental spend category in a month.

Suggested read: Best Rewards Credit Cards in India | Check Eligibility for Top Cards

MagniFi Credit Card is a lifetime-free credit card designed for people who prefer to shop online on weekends. Setting itself apart from other cards, this card offers higher benefits exclusively on weekend spends at popular shopping or travel brands, such as Flipkart, MakeMyTrip, Uber, Ajio, and others. Alongside weekend spends, cardholders can also earn basic rewards: 5 Fi-Coins per Rs. 100 spent on everyday spends.

As this is a weekend credit card, it is crucial to use it smartly. If you prefer shopping on weekdays, this card may not be the best choice for you. Conversely, if you prefer to make purchases on weekends, this card can offer accelerated rewards or cashback. However, when considering rewards, the value of 10 rewards is equivalent to Rs. 3, which is very low, especially if you want to earn good value back through rewards. On the other hand, cards available in the market, like HDFC Millennia, offer a 1:1 rewards conversion ratio. Therefore, after getting this card, you will have to plan your spends in such a way that you can earn the maximum value from it. Hence, this credit card would be a reasonable choice if you are looking for an option to save on your weekend spends and do not want to pay any annual fee.

Consider getting this card if:

• You prefer to shop online during the weekends
• You do not want to pay an annual fee
• You do not want to avail benefits on categories other than shopping

Consider other options if:

• You want to earn higher benefits across all spends
• You are looking for an all-rounder credit card
• You are ready to pay a higher annual fee

Look for Top 25 Credit Cards in India | Check Eligibility for Top Cards

Type of Fee or Charge	Amount
Joining Fee	Nil
Annual/ Renewal Fee	Nil
Finance Charges	3.49% p.m. (41.88% p.a.)
Late Payment Charges	For Statement Balance Up to Rs. 100: Nil Between Rs. 101 to Rs. 500: Rs. 100 Between Rs. 501 to Rs. 5,000: Rs. 500 Between Rs. 5,001 to Rs. 10,000: Rs. 750 Between Rs. 10,001 to Rs. 25,000: Rs. 1,000 Between Rs. 25,001 to Rs. 50,000: Rs. 1,500 Above Rs. 50,000: Rs. 2,000

Click here to know about detailed fees & charges and other terms & conditions.

The applicant must fulfill the below-mentioned eligibility criteria to apply for this credit card:

• Both salaried or self-employed can apply
• The applicant must be an Indian resident

Q. How can I apply for a MagniFi Credit Card?

A. To apply for this credit card, download the Fi.Money app. All you need to do is download the app and apply for the card by submitting the relevant details. You can also apply offline by visiting the nearest branch of the Federal Bank and applying for the same.

Q. Can I use my MagniFi Credit Card for international transactions?

A. Yes, you can use the MagniFi Credit Card for international transactions. However, the bank charges a forex markup fee of 3.5% of the transacted amount.

Q. How do I get weekend benefits on my MagniFi Credit Card?

A. You can earn 4X rewards on weekend spends at Flipkart, Uber, UrbanCompany, and MakeMyTrip. Besides this, cardholders can also earn 20% cashback on weekend transactions at Zomato, Ajio, BookMyShow, and Blinkit.

Q. Can I withdraw cash using my MagniFi Credit Card?

A. No, at present, you cannot withdraw cash using your MagniFi Credit Card. However, it is advisable not to withdraw cash using your credit card, as it attracts high interest charges.

Q. Does MagniFi Credit Card offer lounge access benefits?

A. No, currently there are no travel benefits like international or domestic lounge access offered on this credit card.

Q. Where do I receive cashback or rewards earned on MagniFi Credit Card?

A. You will receive the cashback and rewards as Fi-Coins in the rewards section of the app. If you have a savings account with Federal Bank through Fi, your cashback will get transferred straight to it. However, if you don’t have a savings account, the cashback will be directly transferred to your credit card.