Get 5% cashback on weekends, 0.5% on weekdays with MagniFi Fi-Federal Credit Card: Should you apply?

While using this card on weekends (Saturday to Sunday), if you spend Rs 100, you earn 20 Fi-Points, worth Rs 5, it means users earn 5 percent cashback. The user can earn up to 2,000 reward points per month, equivalent to Rs 500 cashback on weekend spend.

On weekdays (Monday to Friday), if you spend Rs 100, you earn 2 Fi-Points, worth Rs 0.5, it means users earn 0.5 percent cashback. The monthly cap for weekday rewards is 2,000 Fi-Points, equivalent to Rs 500 per month.

Rewards are credited as Fi-Points, where 4 points = Re 1. Redeem Fi-Points for air miles, flight discounts, card bill payments, or gift vouchers with up to 50% off.

Additionally, users get 20 percent discounts on weekend spends at Amazon, BookMyShow, Zepto, and Zomato, up to Rs 100 once a month for each brand on transactions above Rs 500. This covers four major categories – shopping, entertainment, grocery and dining.

Fees and Charges

The MagniFi Fi-Federal Credit Card has no joining or annual fees. Finance charges are 3.75% per month (45% p.a.), with late payment charges ranging from Nil to Rs 2,000 based on statement balance. Forex transactions incur a 3.50% markup fee.

What Works

A lifetime-free credit card for weekend shoppers. Then, cardholders get an accelerated rewards on weekend spending and regular rewards on weekdays.

Sumanta Mandal, founder of TechnoFino, a platform that reviews debit and credit cards, said, "Rewarding weekend transactions, anywhere, is smart and refreshing. Unlike co-branded cards tied to specific partners, Magnifi offers 5 percent cashback everywhere on weekends." This flexibility to spend freely is what makes the card stand out.

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What Doesn’t Work

The card's limited reward structure has excluded some of the essential spending categories - insurance, rent, utilities, wallets and government transactions - from earning rewards, which significantly reduces its practicality for everyday use.

Mandal notes that weekday savings are limited, with users earning 0.5 percent cashback.

The 45% p.a. finance charge is high for an entry-level credit card.

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Should you Apply?

“This card is preferable if you spend mostly on weekends, want zero annual fees, and prefer transactions on Amazon, Zomato, Zepto, and BookMyShow over the weekends. As, you get accelerated rewards for the transactions,” said Mandal.

Look for another credit card if you want more rewards on all spends, including weekdays, an all-rounder card, or are willing to pay a higher annual fee for premium benefits.