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Step Up Credit Card – A Secured Credit Card

Home SBM Bank India Ltd. Paisabazaar Step UP Credit Card

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. This card has been primarily designed as a credit score builder product for 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 tenure of 390 days. The credit card also comes with attractive offers and discounts from Zomato, Swiggy, Nykaa, BookMyShow, Big Basket, Lifestyle, Yatra, Croma, Reliance Digital and many more.

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Updated: 21-01-2025 06:36:12 AM

Note: SBM Bank is not accepting new applications for Step Up Credit Card. Content on this page is for information purpose only.

Key Highlights of Step Up Credit Card
Card type Secured
Issuer SBM Bank (India) Ltd. with Paisabazaar as co-branded partner
Payment Network Rupay
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.)
Offers and discounts from Rupay partner brands Attractive offers and discounts from top brands like Zomato, Swiggy, Nykaa, BookMyShow, Big Basket, Lifestyle, Yatra, Croma, Reliance Digital and many more. Check Latest Offers
Key Highlights of SBM Fixed Deposit
Interest Rate 6.5%* p.a.
Tenure 390 days (auto-renewal)
Min. deposit amount  Rs. 2,000
Max. deposit amount Rs. 60,000 (Initially at the time availing the card)
Top up till Rs. 95,000
Pre-mature withdrawal facility Yes
Deposit Insurance Cover Available

*The fixed deposit interest rates are subject to change without prior notice.

Suggested Read: Best Lifetime Free Credit Cards

Step Up Credit Card: Features & Benefits

  • Instant virtual credit card – Start using your credit card instantly without having to wait for the physical card to arrive.
  • Universal eligibility – From students to homemakers to self-employed individuals, all Indian residents are eligible for Step Up credit card.
  • 90% FD amount as credit limit – No need to break your fixed deposit(s) as your card’s credit limit will be equal to 90% of your total deposit amount.
  • Reward points – Earn 1 reward point on every Rs 100 spent (reward rate = 0.25%). Also, you can redeem your points in your current month’s statement.
  • No annual fee – From the second year onwards, you don’t have to pay the renewal charges.
  • Builds credit history – The credit card helps individuals in building or improving their credit scores.

Know how Step Up Credit Card helps in building or improving your credit score.

  • Contactless payment solution – Right from applying for the credit card to making purchases using virtual card details – users can do it all digitally from anywhere.
  • No hassles – No hassles of opening a savings bank account.
  • Increase your credit card limit anytime – Cardholders can deposit more and increase their initial credit card limit till Rs 95,000.
  • Control your daily spends – Set sub-limit on your spends at online and POS and ATM withdrawals.
  • No paperwork required – Except your Aadhaar Card and PAN details, there are no documents required to apply for this credit card.

SBM Fixed Deposit: Features & Benefits

  • High FD interest rates

Earn interest on your SBM Bank FD(s) at 6.5% p.a. (one of the highest FD rates for 390 days tenure).

  • 100% secure

Fixed deposits of up to Rs 5 lakh insured by depositor insurance program of DICGC, an RBI subsidiary.

  • Affordable deposit amount

Minimum deposit required by other lenders usually varies from Rs. 10,000 to Rs. 20,000. For this credit card, you need a minimum deposit of only Rs. 2,000.

  • No lock-in period

Users can withdraw their fixed deposit amount anytime; however, this will also close their Step Up credit card.

Check out SBM fixed deposit benefits in detail.

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