Home / Federal Bank / Fi MagniFi Credit Card
Card Image

Fi MagniFi Credit Card

Federal Bank
|
Cashback Lifestyle No Annual Fee Rewards Shopping

Annual Fee

FREE

Rewards/₹100 ⓘ

₹0.50 - ₹5.00

Normalized to balance base rate with bonus categories

Interest Rate

45.00%

Credit Score

730+

At a Glance

Key Benefits

Lifetime free, 5% weekend cashback, 20% off Amazon/Zomato/Zepto/BookMyShow, 50% off gift vouchers

Lounge Access

No lounge access benefits available

Eligibility

Age: 18-65 years, Income: Rs 25,000+/month, CIBIL: 730+, Indian resident

Quick Details

Annual Fee
FREE #1
Joining Fee
FREE #1
Interest Rate
45.00% p.a. #244
Forex Markup
3.50% #75
Rewards/₹100
₹0.50 - ₹5.00 #49
Reward Type Reward Points
Reward Currency Points
Min Credit Score
730+ #180
Min Monthly Income ₹20
Network VISA
Card Replacement Fee 250
Late Payment Fee ₹100
Over Limit Fee ₹500 2.50% (min ₹500)
EMI Processing Fee ₹200 2.50% (min ₹200)
Card Replacement Fee ₹250
Cheque Return Fee ₹250

Reward Structure

Base

All Spends

₹0.50 /₹100
Cat

Weekend Spends (Saturday & Sunday) - All Categories

₹5.00 /₹100

Reward Calculator

₹
Allocate by Category 100%
Weekend Spends (Saturday & Sunday) - All Categories
20.0 pts
60% ₹0
Other Spends
2.0 pts
40% ₹0
Your Rewards
Points Earned 0
Cash Value ₹0
Breakdown
Quick amounts:

Milestone Benefits

Welcome Bonus

1,000 Fi-Points (worth Rs 250) on first spend of Rs 1,000 within 30 days of card issuance

Spend ₹1,000 within 30 days

₹250

value

Lifestyle Perks

Shopping

4 /month

20% instant discount on Amazon, Zomato, Zepto, BookMyShow on weekends (max Rs 100 per platform, min order Rs 500, once per month per platform)

Other

1

Up to 50% off on gift vouchers across multiple brands - perfect for gifting or personal use

Other

1

Fi-Points redemption: Cash (bill payment), air miles, flight bookings, gift vouchers (no minimum threshold, no redemption fee)

Other

1

Fi-Points never expire - remain valid as long as you use the card

Other

1

Fully digital card management via Fi Money app - track spends, set limits, lock/unlock card instantly

Quick Analysis

Fi MagniFi Credit Card is an excellent choice for users who primarily spend on weekends and shop frequently on partner platforms like Amazon, Zomato, Zepto, and BookMyShow. The 5% weekend cashback combined with lifetime free status makes it a strong no-fee option. However, the extremely low weekday rewards (0.5%), lack of lounge access, and absence of travel insurance limit its appeal for frequent travelers or those seeking comprehensive premium benefits.

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

Best For

Weekend shoppers, online shopping enthusiasts, users seeking lifetime free cards, Amazon/Zomato regulars, budget-conscious millennials

Not Ideal For

Frequent travelers, high weekday spenders, users seeking lounge access or travel insurance, international travelers (3.5% forex)

Frequently Asked Questions

What are Fi-Points and how much are they worth?
Fi-Points are reward points earned on every spend. The redemption value is 4 Fi-Points = Rs 1. On weekends (Saturday & Sunday), you earn 20 Fi-Points per Rs 100 spent (5% value back). On weekdays (Monday to Friday), you earn 2 Fi-Points per Rs 100 spent (0.5% value back). Fi-Points never expire as long as you continue using the card.
Is the Fi MagniFi Credit Card really lifetime free?
Yes, the Fi MagniFi Credit Card has zero joining fee and zero annual fee for the entire lifetime you hold the card. There are no renewal fees or minimum spend requirements to keep the card free. This makes it one of the best no-fee credit cards in India.
How does the 20% partner discount work?
You get 20% instant discount on Amazon, Zomato, Zepto, and BookMyShow on weekends (Saturday and Sunday only). The discount is capped at Rs 100 per platform per month, with a minimum order value of Rs 500. You can use this offer once per month on each of the 4 platforms.
What is the monthly reward cap on Fi MagniFi?
You can earn a maximum of 2,000 Fi-Points per month, which equals Rs 500 in value. This cap applies to both weekend and weekday spends combined. For example, if you earn 2,000 points on weekend shopping, you will not earn additional points on weekday spends that month.
Which spends are excluded from earning rewards?
The following categories are excluded from earning Fi-Points: fuel purchases, utility payments, insurance premiums, jewellery and gold purchases, wallet reloads (PayTM, PhonePe, etc.), rental payments, real estate transactions, education fees, and government/agriculture/veterinary services.
Can I withdraw cash using the Fi MagniFi Credit Card?
No, cash withdrawals are currently not available on the Fi MagniFi Credit Card. This is a design choice by Fi Money to encourage responsible credit usage and avoid high cash advance fees.
How do I redeem Fi-Points earned on this card?
Fi-Points can be redeemed instantly through the Fi Money app for: (1) Cash - direct bill payment/statement credit, (2) Air miles - convert to airline miles, (3) Flight bookings - get discounts on flights, (4) Gift vouchers - up to 50% off on various brands. There is no minimum redemption threshold and no redemption fees.
Does the Fi MagniFi card have lounge access?
No, the Fi MagniFi Credit Card does not offer any airport lounge access benefits - neither domestic nor international. If lounge access is important to you, consider the Fi AmpliFi Credit Card instead, which offers quarterly lounge visits.
What is the forex markup on international transactions?
The Fi MagniFi card charges 3.5% forex markup on international transactions. This is the standard rate for most Indian credit cards. If you travel internationally frequently, the Fi AmpliFi card offers zero forex markup and would be a better choice.
What is the eligibility criteria to apply?
To apply for Fi MagniFi Credit Card, you must: (1) Be 18-65 years old, (2) Be an Indian resident, (3) Have a minimum monthly income of Rs 25,000, (4) Have a credit score of 730 or above. For existing Fi users, no additional documentation is required - the entire process is 100% digital.
What is the interest rate on unpaid balances?
The interest rate is 3.75% per month (45% per annum) on unpaid balances. You get up to 48 days interest-free period if you pay the full balance by the due date. To avoid interest charges, always pay your full statement balance before the due date.
Who issues the Fi MagniFi Credit Card?
The Fi MagniFi Credit Card is a co-branded credit card issued by Federal Bank in partnership with Fi Brand Pvt Ltd (Fi Money). It runs on the Visa network. The card was launched in October 2025 and is designed specifically for weekend shoppers.
Can I get the 50% off on gift vouchers anytime?
Yes, the up to 50% discount on gift vouchers is an ongoing benefit available to all Fi MagniFi cardholders. You can redeem your Fi-Points for gift vouchers from various partner brands at discounted rates through the Fi Money app.
What is the welcome benefit on Fi MagniFi?
You receive 1,000 Fi-Points (worth Rs 250) as a welcome benefit when you make your first spend of Rs 1,000 or more within 30 days of card issuance. This bonus is credited automatically to your account.
Is EMI conversion available on this card?
Yes, you can convert retail purchases from Rs 1,500 to Rs 7,50,000 into EMI at interest rates up to 15% per annum depending on tenure. An EMI processing fee of Rs 200 or 2.5% of the principal amount (whichever is higher) applies. EMI foreclosure charges are 3% + GST on remaining principal.

User Reviews

Our Rating

4.1
APPLY NOW

on Federal Bank's website

Rating Breakdown

Rewards
4.3/5 Top 15%
Benefits
3.7/5 Top 7%
Fees
4.5/5 Top 3%
Value for Money
4.3/5 Top 7%
User Reviews
3.0/5 Top 50%

Important Links

Ready to Apply for Fi MagniFi Credit Card?

Get started with your application today and enjoy premium benefits, rewards, and exclusive privileges.

Apply Now
APPLY NOW

Compare Cards

0 of 4 cards selected

No cards selected

Add cards to compare their features, fees, and rewards side by side.

Select at least 2 cards to compare