Federal MagniFi Fi Credit Card Review
Rewards card
The Federal MagniFi Fi is lifetime free (no joining or annual fee). It earns 0.5% back on regular spends. Best for: digital-first users wanting a free everyday card — our verdict: recommended.
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A zero-fee digital card with an attractive ~1% base, a 10x bonus up to a 2,000-point monthly cap and handy weekend app discounts. The 3.5% forex markup, lack of lounges and convenience fees on bills keep it a value-focused everyday card rather than an all-rounder.
Rewards card
The Bottom Line
The Federal MagniFi Fi is built for digital-first young user and everyday online spender. With no annual fee, it offers 5% rewards on other and 20% instant discount on partner platforms. It makes the most sense if your spending matches digital-first young user and everyday online spender.
It earns a base reward rate of 0.5% and stacks best when your spending lines up with Digital-first young user, Everyday online spender.
Who Should Get This Card
Use this as a quick filter before comparing rewards or fees in detail.
Best fit for
IdealApp-savvy users wanting a no-fee card with a strong ~1% base, 10x bonus and weekend discounts on Amazon, Zomato and Zepto.
Those who can fill the 2,000-point monthly 10x cap on routine spends for an effective ~5% in that band.
Probably not for
SkipNo lounge access and a 3.5% forex markup make this a poor fit for travel or overseas spending.
Convenience fees on fuel, utilities, rent and wallet loads erode value for those who route such payments to the card.
Is It Worth It For You?
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Reward Rates
Federal MagniFi Fi offers 0.5% basic reward rate.
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Welcome Offer
Fees & Charges
Eligibility
- Min Income: ₹3 Lakhs
- Min Credit Score: 730
- Lifetime free card; min monthly income ₹25,000 for salaried; discontinued March 2026 (Fi–Federal programme ended).
Exclusions & Terms
Forex markup
- Foreign currency markup
Cash Advance / ATM Withdrawal
- ATM cash withdrawal is not provided on the card.
Frequently Asked Questions
6 data-backed answers from our card database
Ready to apply?
No annual fee. Apply on the Federal Bank website.
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