The Fi-Federal Bank Credit Card is a modern, app-based credit card introduced through a collaboration between Fi, a neobank, and Federal Bank, one of India’s leading private banks. This credit card is designed to cater to the tech-savvy, young professionals who prefer managing their finances digitally. The Fi-Federal Bank Credit Card offers a range of benefits, including rewards on every spend, a seamless digital application process, and a user-friendly interface for tracking and managing your expenses. With its attractive features and rewards program, this credit card is positioned as an excellent choice for those who seek simplicity, transparency, and value in their financial products.
Overview
| Feature | Details |
|---|---|
| Card Type | Fintech Credit Card |
| Reward Rate | 5% on all purchases in the form of Fi-Coins |
| Reward Value | 1 Fi-Coin = ₹1; Fi-Coins can be redeemed for various rewards and vouchers |
| Joining Fee | Nil |
| Unique Selling Points | 5% reward rate, fully digital application process, instant approval |
| Rating | ★★★★☆ (4.5/5) |
Fi-Federal Bank Credit Card Fees and Charges
| Fee Type | Details |
|---|---|
| Joining Fee | Nil |
| Annual Fee | Nil |
| Finance Charges | 3.5% per month (42% per annum) |
| Foreign Transaction Fee | 3.5% + GST |
| Cash Advance Fee | 2.5% of the amount withdrawn (min ₹500) |
| Late Payment Fee | ₹100 to ₹1,000 depending on the outstanding balance |
| Overlimit Fee | 2.5% of the overlimit amount, subject to a minimum of ₹500 |
Fi-Federal Bank Credit Card Benefits
Generous Rewards Program
- 5% Reward Rate: Earn 5% of your spending as Fi-Coins, which can be redeemed for cash, gift vouchers, or used to pay bills.
- No Cap on Rewards: There is no upper limit on the Fi-Coins you can earn, making this card highly rewarding for frequent spenders.
Fully Digital Experience
- Instant Approval: Apply for the Fi-Federal Bank Credit Card through the Fi app and get instant approval based on your eligibility.
- Real-Time Tracking: Manage your card, track your spending, and view statements directly through the Fi app, ensuring you have full control over your finances.
No Hidden Fees
- No Joining or Annual Fees: The Fi-Federal Bank Credit Card comes with no joining or annual fees, making it a cost-effective option for users.
- Transparent Charges: All fees and charges are clearly communicated, ensuring transparency in managing your credit card.
Smart Card Management
- Spending Insights: The Fi app provides detailed insights into your spending patterns, helping you make informed financial decisions.
- Budgeting Tools: Set budgets, track your expenses, and receive alerts when you’re close to exceeding your limits.
Security Features
- Instant Card Lock: If you lose your card or detect suspicious activity, you can instantly lock your card through the Fi app.
- Virtual Card Option: Use a virtual version of your Fi-Federal Bank Credit Card for online transactions, adding an extra layer of security.
Rewards
| Spending Category | Rewards |
|---|---|
| All Purchases | 5% reward rate in Fi-Coins |
Redemption
- Fi-Coins Redemption: Fi-Coins can be redeemed at a rate of 1 Fi-Coin = ₹1. You can use these coins to pay bills, purchase gift vouchers, or convert them to cash.
Fi-Federal Bank Credit Card Usage
- Online and Offline Shopping: Use your Fi-Federal Bank Credit Card at any merchant that accepts Visa cards, including both online and offline stores.
- Bill Payments: Pay your utility bills, mobile recharges, and more using Fi-Coins directly through the Fi app.
- Travel and Entertainment: Enjoy rewards on travel bookings, dining, and entertainment expenses, making this card a versatile option for all your spending needs.
Airport Lounge Access
The Fi-Federal Bank Credit Card does not currently offer airport lounge access, focusing instead on providing high rewards and a seamless digital experience.
Foreign Transaction Fee
| Feature | Details |
|---|---|
| Foreign Transaction Fee | 3.5% + GST |
Eligibility
- Age: 18 years and above.
- Income: Minimum annual income requirement of ₹3 lakh.
- Employment: Available to salaried and self-employed individuals.
How to Apply?
Online Application
- Download the Fi app from the Google Play Store or Apple App Store.
- Complete the KYC process and apply for the Fi-Federal Bank Credit Card within the app.
- If eligible, you’ll receive instant approval and your digital card will be issued immediately.
Fi-Federal Bank Credit Card Review
Editor’s Rating
Summary
The Fi-Federal Bank Credit Card is a cutting-edge financial product that caters to the needs of tech-savvy individuals who prefer managing their finances digitally. With its high reward rate of 5% on all purchases, no joining or annual fees, and a fully digital application process, this card offers significant value. The seamless integration with the Fi app allows users to manage their spending, track rewards, and make payments effortlessly. While it lacks premium features like airport lounge access or travel insurance, the Fi-Federal Bank Credit Card excels in providing everyday financial rewards and convenience, making it an ideal choice for those who prioritize a modern, digital-first banking experience.
Pros and Cons
| Pros | Cons |
|---|---|
| 5% reward rate on all purchases | No airport lounge access or premium travel benefits |
| No joining or annual fees, making it a cost-effective option | Foreign transaction fee of 3.5% + GST |
| Fully digital experience with instant approval and real-time tracking | Limited to domestic use and rewards |
| User-friendly app with budgeting tools and spending insights | No traditional credit card benefits like insurance coverage |
Similar Cards to Fi-Credit Card
| Feature | Fi-Federal Bank Credit Card | HDFC Millennia Credit Card | SBI SimplyCLICK Credit Card |
|---|---|---|---|
| Annual Fee | Nil | ₹1,000 + GST (waived on spending ₹1 lakh annually) | ₹499 + GST (waived on spending ₹1 lakh annually) |
| Reward Rate | 5% reward rate in Fi-Coins | 1% cashback on online spends, 5x points on shopping | 10x reward points on online shopping |
| Spending Insights | Available through the Fi app | Limited spending insights | No spending insights |
| Eligibility | Available to individuals with a minimum income of ₹3 lakh | Available to individuals with a minimum income of ₹3 lakh | Available to individuals with a minimum income of ₹2.5 lakh |
| Foreign Transaction Fee | 3.5% + GST | 3.5% + GST | 3.5% + GST |
Comparison
HDFC Millennia vs Fi-Credit Card
The HDFC Millennia Credit Card offers cashback on online spending and accelerated reward points for shopping, but it comes with an annual fee. While the HDFC Millennia provides more comprehensive benefits, the Fi-Federal Bank Credit Card’s higher reward rate and zero fees make it a more attractive option for users looking to maximize rewards without incurring costs.
SBI SimplyCLICK vs Fi-Credit Card
The SBI SimplyCLICK Credit Card focuses on rewarding online shopping with 10x reward points at partner websites. While it offers valuable rewards for frequent online shoppers, the Fi-Federal Bank Credit Card’s flat 5% reward rate across all categories provides more versatility. Additionally, the Fi-Federal Bank Credit Card’s fully digital experience and fee-free structure make it a more appealing choice for those who prefer a simple and efficient rewards program.
FAQ
What is the annual fee for the Fi-Federal Bank Credit Card?
The Fi-Federal Bank Credit Card has no annual fee, making it a cost-effective option for users.
How do I earn rewards with the Fi-Federal Bank Credit Card?
You earn 5% of your spending as Fi-Coins, which can be redeemed for cash, gift vouchers, or used to pay bills.
Does the Fi-Federal Bank Credit Card support international transactions?
Yes, the card supports international transactions with a foreign transaction fee of 3.5% + GST.
How do I manage my Fi-Federal Bank Credit Card account?
You can manage your card entirely through the Fi app, which offers real-time tracking, spending insights, and budgeting tools.
Are there any hidden fees with the Fi-Federal Bank Credit Card?
No, the Fi-Federal Bank Credit Card has no hidden fees, and all charges are transparently communicated through the app.
