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Best for: Weekend shoppers, online shopping enthusiasts, users seeking lifetime free cards, Amazon/Zomato regulars, budget-conscious millennials
Fi MagniFi Credit Card
APPLY NOW
on Federal Bank's website
Annual fee
FREE
#1Rewards rate
₹0.50 - ₹5.00/₹100
#49Joining fee
FREE
#1Interest rate
45.00%
#244 Card details
Forex Markup
3.50%
#75
Min Credit Score
730+
#180
Min Monthly Income ₹20
Categories Cashback, Lifestyle, No Annual Fee, Rewards, Shopping
CardNitty's take
Pros
- Lifetime free - zero joining and annual fees forever
- 5% cashback on all weekend spends (Saturday & Sunday)
- 20% instant discount on Amazon, Zomato, Zepto, BookMyShow (weekends)
- Up to 50% off on gift vouchers
- 1,000 Fi-Points welcome bonus on first Rs 1,000 spend
- Monthly reward cap of 2,000 Fi-Points (Rs 500 value) protects profitability
- Fi-Points never expire - redeem for cash, flights, miles, vouchers
- Fully digital app-based card management via Fi Money app
- Easy redemption - no minimum threshold or redemption fees
- Perfect for weekend warriors and online shoppers
Cons
- Very low weekday rewards - only 0.5% cashback
- No lounge access benefits whatsoever
- No travel or personal accident insurance coverage
- High forex markup of 3.5% (poor for international travel)
- High interest rate of 45% per annum on unpaid balances
- Monthly reward cap of 2,000 Fi-Points limits high spenders
- Partner discounts limited to 4 brands (Amazon, Zomato, Zepto, BookMyShow)
- Cash withdrawals not permitted on this card
- Fuel, utilities, wallets, rent excluded from rewards
- 20% partner discount capped at Rs 100 per brand per month