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MagniFi Fi-Federal Credit Card offers 5% cashback on weekends and 20% discount on Amazon, Zomato, Zepto and BookMyShow. This lifetime free card is beneficial for weekend shoppers, but only 0.5% cashback on weekdays and no rewards on many important expenses. Therefore the card is better only for those who spend more on weekends.
MagniFi Fi-Federal Credit Card: If you spend more during weekends then this news is useful for you. Actually, private sector bank Federal Bank and Fi.Money have together launched a new co-branded credit card MagniFi Fi-Federal Credit Card. It is specially designed for those people who spend more during weekends and use online services like Amazon, Zomato, Zepto, Bookmyshow. You can get this card through Fi Money app or online application.
What is the big advantage of the card?
- 5% cashback on weekends i.e. Saturday and Sunday is the biggest attraction of Magnify Fi-Federal Credit Card. On weekends, you get 20 Fi-Points for every Rs 100 spent, whose value is equal to Rs 5. In this category, maximum cashback can be availed up to Rs 500 per month.
- On weekdays i.e. from Monday to Friday, you get 2 Fi-Points i.e. 0.5% cashback on every Rs 100 spent. In this category also, maximum cashback up to Rs 500 can be availed in a month.
- Fi-Points can be redeemed for flight discounts, air miles, card bill payments or gift vouchers.
- Apart from this, during the weekend, 20% discount (up to Rs 100) is also available on orders above Rs 500 on Amazon, Zomato, Zepto and BookMyShow. The benefit of 20 percent discount at all four merchants can be availed once a month.
MagniFi Fi-Federal Credit Card Charges
The Magnify Fi-Federal Credit Card is a lifetime free credit card. There is no joining fee or annual fee.
What is missing?
No rewards are available on some essential expenses like insurance, rent, utility bills, wallet and government payments. The savings on weekdays are only 0.5 percent, which is quite low. The finance charge is 45% per annum, which is considered high for an entry-level card.
Who should take it?
If you spend more on weekends, want a free card and often use Amazon, Zomato, Zepto and Bookmyshow then this card is beneficial. If you want more rewards on every spend or are willing to pay an annual charge for premium benefits, then it would be better to choose another card.
