Discover the SBM Magnet Credit Card features: No annual fee, up to 10% rewards, Rs 21,000+ welcome benefits, 7% FD interest, and a credit limit up to 90%.
Table of Contents
Introduction
The SBM Magnet Credit Card is a secured credit card offered by SBM Bank, designed to give you an accessible and rewarding credit experience. The card is backed by a fixed deposit with the bank, making it a great option for individuals who may not have an established credit history or income proof. Here’s a closer look at the key features and benefits of the SBM Magnet Credit Card:
Card Type: Secured Credit Card (Backed by SBM Bank Fixed Deposits)
The SBM Magnet Credit Card is a secured credit card, which means it is backed by a fixed deposit held with SBM Bank. This type of card is ideal for individuals who might not be eligible for an unsecured credit card due to limited or no credit history. The fixed deposit essentially acts as collateral, which makes the approval process simpler and faster.
Minimum Fixed Deposit Amount: Rs 5,000
To apply for the SBM Magnet Credit Card, you need to have a minimum fixed deposit of Rs 5,000 with SBM Bank. The amount of your fixed deposit directly influences your credit limit, with the bank offering up to 90% of the FD amount as your credit limit. This low minimum deposit requirement makes the card accessible to a wide range of individuals, even those with limited savings.
Rewards: Earn Up to 10% on Purchases from Leading Brands
One of the standout features of the SBM Magnet Credit Card is its reward program. Cardholders can earn up to 10% rewards on every purchase made from leading brands. Whether you’re shopping online or in-store, your purchases will be rewarded, making it a great way to get more value out of your spending.
The reward points can be accumulated and redeemed for various benefits, such as shopping vouchers or other exciting offers. It’s an excellent way to maximize the benefits of your everyday expenses.
Joining/Annual Fee: NIL
Unlike many credit cards that charge annual or joining fees, the SBM Magnet Credit Card comes with no joining or annual fee. This means you can enjoy all the benefits of the card without any additional cost, making it an affordable option for those who want to avoid yearly fees.
Fixed Deposit Interest Rate: Up to 7% p.a.
As a unique feature of the secured credit card, cardholders can earn an interest rate of up to 7% per annum on their fixed deposit. The interest rate offered by SBM Bank is competitive, allowing you to grow your savings while also enjoying the benefits of a credit card. This is a great way to ensure that your funds remain productive while being tied to the credit card.
Credit Limit: 90% of the Fixed Deposit Amount
The credit limit on your SBM Magnet Credit Card is directly tied to the fixed deposit amount you maintain with SBM Bank. You can enjoy up to 90% of the fixed deposit amount as your credit limit. For example, if your fixed deposit is Rs 10,000, your credit limit could be Rs 9,000. This allows you to use your card for a variety of expenses while still keeping your savings intact.
Welcome Benefit: Rs 21,000+ Worth of Perks on Card Approval
When you are approved for the SBM Magnet Credit Card, you get an exciting welcome benefit worth over Rs 21,000. These benefits include:
- OTT subscriptions: Enjoy access to your favorite shows and movies on popular streaming platforms.
- Shopping Vouchers: Get shopping vouchers that can be used at various online and offline stores.
- Travel Discounts: Enjoy discounts on travel bookings, making your vacations and business trips more affordable.
These welcome benefits are a great way to kickstart your experience with the SBM Magnet Credit Card and make the most of your card from day one.
Lounge Access: Not Available
Unfortunately, the SBM Magnet Credit Card does not provide lounge access to cardholders. If lounge access is an important feature for you, this card may not be the best fit. However, the card still offers a range of other valuable benefits, including rewards, interest on your fixed deposit, and an attractive welcome package.
Additional Features and Flexibility
- Interest-Free Grace Period: Cardholders enjoy an interest-free grace period of up to 45 days on purchases made on the card (excluding cash withdrawals). This allows you to avoid interest charges if you pay off your balance in full within the given period.
- Top-Up Facility: You have the option to top-up your fixed deposit through the SBM Magnet Mobile App, increasing your credit limit as your financial needs grow.
- Cash Withdrawal: You can withdraw cash up to 50% of your available credit limit. However, be mindful of cash advance fees and high-interest rates for cash transactions.
Conclusion
The SBM Magnet Credit Card offers a fantastic opportunity for individuals looking for an affordable and rewarding credit card option. With no annual fees, attractive rewards, a generous welcome package, and the added benefit of earning interest on your fixed deposit, this card provides excellent value. Whether you’re looking to build credit, enjoy exciting perks, or make the most of your spending, the SBM Magnet Credit Card delivers in multiple ways. It’s a great choice for those who want a flexible and secure way to manage their finances while enjoying exclusive rewards.
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FAQs About Magnet Credit Card Features:
What is the SBM Magnet Credit Card?
The SBM Magnet Credit Card is a secured credit card issued by SBM Bank, backed by a fixed deposit with the bank, offering various benefits and rewards.
What is the minimum fixed deposit required for the SBM Magnet Credit Card?
The minimum fixed deposit required is Rs 5,000 with SBM Bank.
What is the credit limit on the SBM Magnet Credit Card?
The credit limit on the SBM Magnet Credit Card is up to 90% of your fixed deposit amount with SBM Bank.
Are there any annual or joining fees for the SBM Magnet Credit Card?
No, the SBM Magnet Credit Card comes with no joining or annual fees.
What rewards can I earn with the SBM Magnet Credit Card?
Cardholders can earn up to 10% rewards on purchases made from leading brands.
What are the welcome benefits offered with the SBM Magnet Credit Card?
Upon approval, cardholders receive welcome benefits worth Rs 21,000+, including OTT subscriptions, shopping vouchers, and travel discounts.
Can I earn interest on my fixed deposit?
Yes, you can earn an interest rate of up to 7% p.a. on your fixed deposit amount.
What is the interest-free grace period on the SBM Magnet Credit Card?
The card offers an interest-free grace period of up to 45 days on purchases (excluding cash withdrawals).
Is there a top-up facility for the fixed deposit?
Yes, you can top-up your fixed deposit by creating a new FD account through the SBM Magnet Mobile App.
Can I withdraw cash using the SBM Magnet Credit Card?
Yes, you can withdraw cash up to 50% of your available credit limit. However, cash withdrawal fees and high-interest rates apply.
Does the SBM Magnet Credit Card provide lounge access?
No, the SBM Magnet Credit Card does not offer lounge access to cardholders.
What is the interest rate on cash advances?
The interest rate on cash advances is 40% p.a. (3.33% per month), which is higher than regular purchases.
How can I redeem my rewards points?
Rewards points can be redeemed for shopping vouchers, travel discounts, or other benefits available through the SBM Magnet Credit Card rewards program.
What is the minimum amount due for the SBM Magnet Credit Card?
The minimum amount due is 5% of the total due amount for POS/ECOM transactions and 10% for cash transactions.
Can I use the SBM Magnet Credit Card internationally?
Yes, the SBM Magnet Credit Card can be used for international transactions, subject to foreign exchange markup fees of 2.49%.
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