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Step Up Credit Card Overall Rating: ★★★(3/5) |
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| Reward Points | ★★★ (3/5) |
| Other Card Features | ★★★ (3/5) |
Note: SBM Bank is not accepting new applications for Step Up Credit Card. Content on this page is for information purpose only.
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Step Up Credit Card: Features & Benefits
Paisabazaar Step-Up SBM Credit Card offers reward points on every card transaction, as follows:
Rewards Program
Reward Rate: 1 reward point on every Rs. 100 spent
Exclusions: E-wallet loading, rent payment, fuel spends, utility payments, insurance premium and related spends, cash advance and EMI payments do not earn any reward points.
Rewards Redemption
The earned reward points can be redeemed using Paisabazaar app, where the cardholders must redeem a minimum of 400 reward points.
Redemption Value: 1 Reward Point = Rs. 0.25
Rewards Redemption Fee: Nil
Other Card Features & Benefits
Credit Limit: 90% of the fixed deposit amount (may vary as per the bank’s internal policies)
Instant Issuance: Instant virtual credit card issued without any paperwork
Lifetime-free: No joining or renewal fee charged
Should You Apply for Step Up Credit Card?
SBM Paisabazaar Step-Up Credit Card is best-suited for those who are just beginning their credit journey and want a card to build their credit profile and score. Available instantly without any income verification or hassle of other paperwork, this card helps the users get a grasp of how to manage a credit card and how a basic rewards program works, while also offering good interest earnings on the fixed deposit amount.
Opt for this card If:
- You are a beginner who is new to credit
- You have a low credit score or do not have any credit history
- You want a basic rewards credit card to get a better understanding of how credit cards work
- You want an entry-level lifetime free card
Look for other card options if:
- You do not mind paying an annual fee for a card with better value-back
- You have a good credit score and do not want a secured credit card
- You are looking for a card with cashback benefits or with category/ brand-specific benefits
Step Up Credit Card: Fees & Charges
| Fees & Charges | Amount |
| Joining Fee | For FD of Rs. 2,000: Rs. 500 + taxes For FD of Rs. 5,000: Rs. 250 + taxes For FD of more than Rs. 5,000: Nil |
| Renewal Fee | Nil |
| Financial Charges | 3% per month (42.58% per annum) |
| Late Payment Charges | On outstanding balance of – Up to Rs. 100: Nil Between Rs. 100 & Rs. 1,000: Rs. 250 Between Rs. 1,000 & Rs. 10,000: Rs. 500 More than Rs. 10,000: Rs. 750 |
Click here for detailed fees and charges, along with the MITC related to Step Up Credit Card.
Step Up Credit Card: Eligibility Criteria
To be eligible to apply for Step Up SBM Credit Card, you must have and maintain a fixed deposit of minimum Rs. 2,000 with SBM bank via Paisabazaar mobile app or website. You must also note that only the fixed deposits that are in the name of a single individual are eligible for SMB Step Up Credit Card. Though nomination facility will be available for the fixed deposits.