ZET Magnet FD Credit Card
Key Highlights of ZET Magnet FD Credit Card
| Type of card | FD-based secured credit card |
| Joining fee | Nil |
| Annual fee | Nil |
| Joining benefit | Worth Rs. 21,000+ joining benefits on card approval, including OTT subscriptions, travel discounts & shopping vouchers |
| Minimum FD amount required | Rs. 5,000 FD with SBM Bank |
| Interest-free period | Up to 45 Days |
| Credit card limit | Up to 90% of your FD amount |
| Cash Withdrawal limit | 50% of the available credit limit |
| Minimum amount due | 5% of the total amount due for POS/ECOM & 10% of the total amount due for cash transactions |
SBM Magnet Credit Card Benefits
- ZET Magnet Credit Card is an ideal credit card for those with poor or no CIBIL scores, who want to build CIBIL effortlessly.
- Your money is protected by the Deposit Insurance and Credit Guarantee Corporation (DICGC), an entirely RBI-owned subsidiary.
- Upon card approval, you will unlock the following world-class joining benefits worth Rs. 21,000:
- OTT Benefits: Disney+ Hotstar, Zee5, SonyLiv, and 38 others with OTTPlay
- Travel Benefits: Attractive discounts on international and domestic flights, bus tickets, Uber
- Food & Dining: Swiggy, Pizza Hut, and Domino’s
- Lifestyle/Clothing: Myntra, Puma and Ajio
- Music Streaming: GaanaPlus
- News & Knowledge: The Hindu
- In-app Currency: Zcoins worth Rs. 100
- From daily groceries to designer clothes, get up to 10% rewards with a wide range of vouchers across all leading brands like Amazon, Myntra, Flipkart, Swiggy, etc.
- This is a lifetime free credit card, which means you do not need to pay any joining and renewal fees.
- No hidden charges are applicable on the Magnet card.
- No need for an existing CIBIL score or income proof to apply for the card.
- Unlike traditional FDs, Magnet FD is not frozen and you don’t need to break your FD to access funds. You can withdraw/transfer 90% of your FD amount at any time without incurring any penalties while earning up to 7% interest on it.
- Breaking FD after 390 days incurs no charges at all.
ZET Magnet FD Credit Card Fee & Charges
Following are the details of fees and charges associated with an SBM Magnet Credit Card:
| Joining fee | Nil |
| Annual fee | Nil |
| Forex markup | 2.49% |
| FD closure | 1% |
| Fee for breaking FD under 390 days of activation | Rs. 500 |
| Cash advance/ ATM withdrawal fees | 2.5% of withdrawal amount or Rs. 300 (whichever is higher) |
| Interest rate for POS/ E-COM | 2.5% per month (30% per year) |
| Interest rate for cash transactions | 3.3% per month (40% per year) |
| Late payment charge | Rs. 299 |
| Surcharge fee | 1% |
| Card replacement fee | Rs. 249 |
| Card cancellation fee | Rs. 499 (if the card is cancelled in the 1st year of card activation) |
| Physical statement fee | Not applicable |
| Rewards redemption fee | Nil |
| Over limit fee | Nil |
| Repayment charges | Nil |
| GST | Applicable on all fees, interest & charges |
SBM Magnet Credit Card Eligibility Criteria
If you want to get approved for a Magnet Credit Card, you must meet the following eligibility criteria:
- No existing credit history or proof of income is required.
- No minimum credit score is required.
- You can get an SBM Magnet Credit Card on ZET by making a Rs. 5,000 FD with SBM Bank in India through the Magnet mobile app.
- Follow the bank's instructions to create the FD and sign the required documents.
Apart from meeting the eligibility mentioned above, you must have proof of identity, an Aadhaar card, and PAN card details to apply for a ZET Magnet FD credit card.
How to Apply for a SBM Magnet Credit Card?
Magnet FD Credit Card can be availed from the ZET app by following the steps given below:
- Download the ZET app on your mobile from the Play Store.
- Apply for a Magnet FD credit card.
- Make an FD of Rs. 5,000 with SBM Bank in India and activate the card.
FAQs
Yes, the ZET app is designed to keep your data secure and protect you from financial scams and fraud.
The minimum FD amount required for an SBM Magnet credit card is Rs. 5,000.
Yes, you can use your ZET Magnet FD Credit Card globally as it is available on Rupay/Visa or any other network chosen by the bank. However, you will be required to pay a markup fee of 2.49% on transactions made in Indian currency at an international location.
Yes, you can earn up to 10% rewards on purchases from leading brands with your ZET Magnet FD Credit Card.
The customer service number for the ZET Magnet FD Credit Card is 1800 1033 817 or 1800 2099 335. You can also send your concern via email at customercare@sbmbank.co.in.