Amidst the hot news waves of RuPay credit cards going live on the UPI network and the SBI Cashback card devaluation, it looks like we have a new entrant in the credit card space. Say hello to the all-new Fi Credit Card.
This is from a new entrant in the credit card space, and this one started its journey in the market with a neobanking product, and now they’re entering into the credit card market.
The Fi credit card was announced yesterday (5th of April) and is scheduled to ship to customers next month in May. Here are all the details we have at the moment, including the features and benefits of the upcoming Fi credit card. We’ll update this post as and when we have more info to add.
Fi Credit Card Benefits & Features
The Fi credit card, touted to be “the 5% card” by the makers, is an upcoming reward-based credit card. The card is made by EpiFi, or Fi as they’re popularly known, in collaboration with their banking partner – Federal Bank. The banking partner for their existing famous neo-banking product (digital savings account) is also Federal Bank.
From the teasers and social media communication so far, here are the benefits of the upcoming Fi credit card:
- 5x value back in the form of reward points on using the card at top-3 merchants.
- 2x value back in the form of reward points on other transactions.
- Accrued reward points can be redeemed for airmiles, statement credit, and gift vouchers.
- The reward points shall likely be credited as Fi Coins, which can be redeemed for cash back or other redemption options.
Things that currently remain unclear are:
- What defines the “top-3 merchants” bracket? Are those merchants where the user transacts the most in a billing cycle (and has the freedom to pick any 3)? Or are those picked by the user from some pre-defined (restricted) list prior to transacting? We are guessing Fi will give you a list from which you can choose your top-3 brands, and using the card on those top 3 brands will get you the accelerated 5% value back.
- What is the conversion ratio for the various conversion paths? We’re guessing the conversion ratio is the highest with select gift vouchers and relatively lesser with airmiles and statement credit, but we’ll have to wait for more details on this.
- There will most certainly be limits for the reward points, details of which are not out yet.
- Fi has not let out any info on the fees and charges of the upcoming credit card either, so that’s one more thing to wait for.
- Will this card be available only to existing Fi savings account holders, or will this be available for all? Our guess is that Fi will look to onboard as many new customers as possible, so this will be open to everyone, irrespective of existing relationships with Fi. However, we won’t be surprised to see some additional perks (like lower joining/annual fees) for existing Fi users.
That is everything we have for now. As we mentioned earlier, we will update this list with more info as they keep coming, so check this post regularly for updates.
How to get Fi Credit Card?
The Fi credit card is currently not available to the public. However, the makers have opened up a waitlist for the upcoming credit card. You can sign up on the waitlist using your phone number and email address, and Fi will notify you to fill out your credit card application when the card is ready for production.
You can use the below button to go to the waitlist page on Fi’s website and sign up on the waitlist. Here are the steps:
- Visit the Fi credit card waitlist page on Fi’s website.
- Tap the “HOP ON THE WAITLIST” button on the said page.
- On the next page, enter your phone number and tap the “Verify with OTP” button below.
- On the next page, enter your OTP and proceed to the next step.
- Fill out your full name and email address and submit the form. Note that your name and email address will be pre-filled if you have a relationship with Fi.
That’s it. You will be notified once the card goes live. If you have the Fi app installed and set up, you’ll also get notifications in the app. The ETA for the card to be in the flesh is May 2023, about a month from the announcement date.
Seeing a modern-day fintech company go with a banking partner other than SBM India is refreshing, to say the least. If you know, you know. It is good to see the Fi and Federal Bank continuing and expanding their partnership beyond just savings accounts.
The card’s initial benefits will be attractive, going by Fi’s track record. The real question that remains to be answered is whether or not they can continue providing the introductory rewards and benefits once their card gets into the wallets of the masses. Let’s hope Fi will not hammer the card with nails of devaluation six months after the launch (cough…SBI…cough).
We’re waiting for someone on our team to get the card in hand so we can use it and review it for y’all. Till then, we’ll keep updating this post with more details as we have them.
Are you looking forward to the upcoming credit card from Fi? If you have some thoughts or any more info on the Fi credit card, please let us know through comments.