Magnet FD Backed Credit Card Review

General Information

Rewards and Benefits

Fees and Charges

Summary

This credit card is offered with a guarantee against a fixed deposit and is provided by SBM Bank. To acquire this card, a minimum fixed deposit of ₹5,000 is necessary. Cardholders will receive a credit limit of up to 90% of the fixed deposit amount. In case the fixed deposit is closed prematurely, there will be a charge of ₹499.

The Magnet FD Backed Credit Card offered by SBM Bank is a suitable choice for avid shoppers.

With no joining fee or renewal fee, it provides a hassle-free experience.

Although it does not offer any specific rewards, it does come with a welcome benefit of 5,000 ZET Coins worth ₹500.

Unfortunately, this card does not provide any movie or dining benefits, nor does it offer any perks for shopping or travel.

Additionally, there are no domestic or international lounge access privileges, golf benefits, or insurance benefits.

There is no spend based waiver or rewards redemption fee associated with this card.

However, it is noteworthy that the foreign currency markup rate is 0.0249, which is relatively low.

The interest rate on this card is 2.50% monthly, equivalent to 30% annually.

It also offers a fuel surcharge waiver of 1%.

In case of cash advances, a fee of 2.5% or ₹300, whichever is higher, is applicable.

To avail of this card, a minimum fixed deposit of ₹5,000 is required, and the credit limit offered is up to 90% of the deposit amount.

It's important to keep in mind that early closure of the deposit incurs a charge of ₹499.

In summary, the Magnet FD Backed Credit Card is a straightforward offering from SBM Bank.

It caters to shoppers without any significant reward program, but it does provide a welcome benefit.

The low foreign currency markup and fuel surcharge waiver add value to the card.

However, it lacks benefits in other categories and has a relatively high annual interest rate.