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How Step UP Credit Card Can Build Your Credit Score

Home Fixed Deposit How Step UP Credit Card Can Build Your Credit Score
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Book SBM Bank FD @6.5%* p.a.

& Get a Lifetime Free Step Up Credit Card

  • Safe & Secure FD, Insured by RBI

  • No Savings A/c Required

  • FD Starts from Rs 2000

  • Card Limit = 90% of FD

*Rates are subject to change as per the bank's discretion.

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Invest in FD and Get Lifetime
FREE Step Up Credit Card

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Updated: 09-12-2024 07:47:27 AM

Step UP Credit Card is a secured credit card issued by SBM Bank (India) Ltd. with Paisabazaar as co-branded partner. The card is issued against fixed deposits opened with SBM Bank (India) Ltd. It has been designed for building/rebuilding credit scores of consumers lacking credit access due to NIL or low credit score. Additionally, it also allows Step UP card users to earn @6.5% p.a. from their SBM FDs – one of the highest FD rates available for the FD tenure of 390 days.

Just like regular credit cards, payments made through Step UP Credit Cards are reported to the four credit bureaus — CIBIL, Equifax, Experian or CRIF High Mark. These payments are then used by the credit bureaus for calculating credit scores of Step UP card users. Thus, those who use their Step UP Credit Cards for making payments and repay their card bills by their due dates can steadily build/improve their credit scores.

Moreover, credit bureaus consider the credit mix (i.e. the ratio of secured and unsecured credit facilities) of consumers while calculating their credit scores. Those having a higher proportion of secured credit in their credit mix are scored higher. As Step UP Credit Card is a secured credit card, availing it would increase the proportion of secured credit in your credit mix and thereby, improve your credit score.

Earn 6.5% p.a. on your FD & Get a lifetime free Step Up Credit Card

  • Card limit is 90% of FD Amount

  • Instant Virtual Card

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stepup 6.5%INTEREST ON FD

How to Use a Step UP Credit Card to Build Credit Score?

  • Start using your Virtual Step UP Credit Card (electronic version of your physical card) instantly to make online spends and start building your credit score.
  • Once you receive your physical Step UP card, use it for making offline spends to earn more reward points and other benefits.
  • Make sure to pay your Step UP Credit card bill by its due date. Timely repayment would steadily build/improve your credit score.
  • Top-up your credit limit on reaching 75% of your Step UP Credit Card credit limit.

Looking for Higher FD rates? Book an FD @6.5% p.a. and get a lifetime free credit card

  • FDs of up to ₹5 lakhs insured by RBI

  • No hassle of opening a saving account

  • No documentation

Apply Now
stepup

Key Highlights of Step UP Credit Card

Best suited for
  • new-to-credit consumers
  • consumers having low credit score
  • customers not getting a credit card due to their credit profile or location constraints
  • those seeking higher returns on their FDs
Joining fee
  • For FD of ₹2000: ₹500 + 18% GST
  • For FD of ₹5000: ₹250 + 18% GST
  • For FD more than ₹5000: NIL
Renewal fee Nil
Interest free period 20 to 50 days
Credit limit 90% of the FD amount
Serviceable location Across India
Key Features
  • No bureau check required
  • No income verification required
  • Instant virtual credit card
  • No paperwork required
Reward points Earn 1 reward point on every Rs. 100 spent
Redemption of Reward points Reward points can be adjusted against credit card bill (1 Reward Point = 25p.)
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