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SBM Magnet Credit Card Highlights |
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| Card Type | Secured Credit Card (Backed by SBM Bank Fixed Deposits) |
| Minimum FD amount | Rs 5,000 |
| Rewards | Earn up to 10% rewards on any purchase on all leading brands |
| Joining/Annual Fee | NIL |
| FD interest rate | Up to 7% p.a. |
| Credit Limit | 90% of the fixed deposit amount |
| Welcome benefit | Welcome benefits worth Rs 21,000+ upon card approval, including OTT subscriptions, shopping vouchers and travel discounts |
| Lounge Access | Not available |
Last updated as of 17th October 2024
Earn 7% p.a. on your FD & Get a lifetime free Step Up Credit Card
Card limit is 90% of FD Amount
Instant Virtual Card
7%INTEREST ON FD
SBM Magnet Credit Card Rewards
- Welcome Benefits: SBM Magnet Credit Card holders can earn welcome benefits of Rs 21,000+ offered on card approval, including shopping vouchers, travel discounts and OTT subscriptions.
- Reward Points: Cardholders can earn rewards of up to 10% on making purchases from all leading brands.
Book FD with SBM Bank & Get Virtual Credit Card Instantly Apply Now
Features of SBM Magnet Credit Card
- Cardholders can earn FD interest rate of up to 7% of deposit amount
- Cardholders have an option to top-up the fixed deposit by creating a new FD account with the mobile app.
- EMI transactions and cash transactions will not be eligible for reward points.
- Interest free grace period of up to 45 days is allowed on credit card transactions (except cash withdrawals)
- Cash withdrawal limit is 50% of the available credit limit.
- SBM Magnet Credit Card does not provide lounge access facility to the cardholders.
- Nomination facilities are available for SBM Fixed Deposits.
Looking for Higher FD rates? Book an FD @7% 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
Fees and Charges of SBM Magnet Credit Card
Finance Charges
| Particulars | Annual Charges | Monthly Charges |
| Interest after credit free period | 30.00% | 2.50% |
| Interest on cash advances | 40.00% | 3.33% |
| Particulars | Charges |
| Joining/Annual Fee | NIL |
| Penalty on premature withdrawal of SBM Bank FD | 1% |
| Interest rate for cash transactions | 3.3% per month (40% p.a.) |
| Cash Advance Fees/ATM Withdrawal Fees | 2.5% of withdrawal amount or Rs 300, whichever is higher |
| Interest rate for POS/ECOM | 2.5% per month (30% p.a.) |
| Late Payment Fee | Rs 299 |
| Interest Free Period | Up to 45 days |
Service Charges levied for transactions
| Particulars | Charges |
| Rewards Redemption Fee | NIL |
| Surcharge Fee | 1% |
| Repayment Charges | NIL |
| Forex Markup | 2.49% |
| Minimum Amount Due | · 5% of total due amount for POS/ECOM
· 10% of total due amount for cash transactions |
| Card cancellations fee | Rs 499 |
| Card replacement fee | Rs 249 |