SBM Magnet Credit Card Features, Rewards and Charges

Unlock exclusive benefits with the SBM Magnet Credit Card: no annual fee, up to 10% rewards, Rs 21,000+ welcome perks, and up to 7% interest on FD.

Introduction

The SBM Magnet Credit Card is a co-branded secured credit card issued by SBM Bank in collaboration with Zetapp. This card is designed to be backed by SBM Bank Fixed Deposits, making it accessible to a wide range of applicants, even those without an income proof or established credit history. The card is available on popular payment networks like Rupay, Visa, or any other network chosen by SBM Bank.

If you’re looking for an easy way to access a credit card, without the need for a significant credit history or income verification, the SBM Magnet Credit Card may be the perfect solution for you.

Key Features of SBM Magnet Credit Card

• Card Type: Secured Credit Card (Backed by SBM Bank Fixed Deposits)
• Minimum FD Amount: Rs 5,000
• Rewards: Earn up to 10% rewards on purchases from leading brands
• Joining/Annual Fee: NIL
• Fixed Deposit Interest Rate: Up to 7% p.a.
• Credit Limit: 90% of the fixed deposit amount
• Welcome Benefit: Welcome benefits worth Rs 21,000+ on card approval (includes OTT subscriptions, shopping vouchers, and travel discounts)
• Lounge Access: Not available

SBM Magnet Credit Card Rewards

The rewards program for the SBM Magnet CreditCard is a major highlight. Here’s a closer look at the benefits you can enjoy as a cardholder:

1. Welcome Benefits: Upon approval of your card, you receive welcome benefits worth Rs 21,000+. These benefits include:
   • OTT subscriptions
   • Shopping vouchers
   • Travel discounts
2. Reward Points: As a cardholder, you earn up to 10% rewards on every purchase made at all leading brands. It’s a great way to earn while you shop!

Key Features and Advantages

• FD Interest Rate: You can earn an FD interest rate of up to 7% p.a. on your fixed deposit amount.
• Top-up Facility: If you wish to increase your credit limit, you can top-up your fixed deposit by creating a new FD account through the SBM Magnet Mobile App.
• Grace Period: The card offers an interest-free grace period of up to 45 days for credit card transactions (except cash withdrawals).
• Cash Withdrawal: You can withdraw cash up to 50% of your available credit limit.
• Nomination Facility: SBM Bank provides nomination facilities for your Fixed Deposits, making it easier to manage your finances.

Fees and Charges

While the SBM Magnet CreditCard comes with many perks, it’s important to be aware of the associated fees and charges:

• Joining/Annual Fee: NIL
• Late Payment Fee: Rs 299
• Penalty on Premature FD Withdrawal: 1%
• Card Cancellation Fee: Rs 499
• Card Replacement Fee: Rs 249
• Cash Withdrawal Fees/ATM Withdrawal Fees: 2.5% of the withdrawal amount or Rs 300, whichever is higher
• Rewards Redemption Fee: NIL
• Surcharge Fee: 1%
• Forex Markup: 2.49%

Finance Charges

• Interest After Credit-Free Period: 30% p.a. (2.50% per month)
• Interest on Cash Advances: 40% p.a. (3.33% per month)
• Interest Rate for POS/ECOM: 30% p.a. (2.5% per month)
• Interest Rate for Cash Transactions: 40% p.a. (3.3% per month)

Minimum Amount Due

• For POS/ECOM transactions, the minimum amount due is 5% of the total due amount.
• For Cash Transactions, the minimum amount due is 10% of the total due amount.

Eligibility Criteria

The SBM Magnet Credit Card is a secured credit card, which means it is backed by a Fixed Deposit with SBM Bank. Here’s what you need to know:

• Minimum Fixed Deposit: Rs 5,000
• The card is available even if you don’t have any income proof or credit history, making it an excellent option for first-time credit card users.

Conclusion

The SBM Magnet Credit Card is an excellent option for individuals looking for a secured credit card with attractive rewards, benefits, and low charges. Whether you’re a first-time credit card user or someone looking to build credit, this card offers a simple way to access credit while earning rewards and enjoying several perks.

If you’re ready to make the most of your spending and build a financial future, the SBM Magnet CreditCard may be just what you need!

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FAQs for the SBM Magnet Credit Card

By: Cibilfree