FD backed Magnet Credit card launched in partnership with SBM

[smuff]

The Magnet Credit Card, issued by SBM Bank India, is a unique offering in the Indian credit card market. It’s an FD-backed credit card, meaning you need to maintain a fixed deposit (FD) with the bank to be eligible for the card and its credit limit.

FD-backed credit limit: The credit limit on your Magnet card is directly linked to your FD amount. This can be beneficial for individuals with limited credit history as it allows them to build credit while having access to a credit line.

Potential for high returns: The FD linked to your Magnet card offers interest rates of up to 7% per annum, which can be significantly higher than traditional savings account rates.

Rewards program: The Magnet card boasts an unlimited rewards program, offering 1% cashback on all purchases. While not the most competitive cashback rate, it can still add up over time.

Lifetime free card: Unlike many credit cards that come with annual fees, the Magnet card is free to use for life, making it a budget-friendly option.

It is a rupay based card, may have issue with international acceptance.

More details here :

ZET: Build 750+ CIBIL Score with our Magnet FD Credit Card

ZET: Achieve a 750+ CIBIL Score with us. 10,000+ users improved their score with our flagship Magnet FD Credit Card.

www.magnetapp.in

 

[telescope]

It's cobranded cc, not core cc. SBM didn't launch it, rather magnet launched it and sbm is banking partner for cc.

Please update the thread title accordingly.

 

[HumorSimpson]

Lookswise its good

 

[luciferlucifer is verified member.]

there is another one too https://rupicard.com/

Gild Credit Card- Spend from FD, Earn interest and gold

Replace your debit card & low interest savings account with Gild - Fixed Deposit-backed credit card and earn interest and gold on every spend.

gild.cards

 

[Abhay Chauhan]

The Magnet Credit Card, issued by SBM Bank India, is a unique offering in the Indian credit card market. It’s an FD-backed credit card, meaning you need to maintain a fixed deposit (FD) with the bank to be eligible for the card and its credit limit.

FD-backed credit limit: The credit limit on your Magnet card is directly linked to your FD amount. This can be beneficial for individuals with limited credit history as it allows them to build credit while having access to a credit line.

Potential for high returns: The FD linked to your Magnet card offers interest rates of up to 7% per annum, which can be significantly higher than traditional savings account rates.

Rewards program: The Magnet card boasts an unlimited rewards program, offering 1% cashback on all purchases. While not the most competitive cashback rate, it can still add up over time.

Lifetime free card: Unlike many credit cards that come with annual fees, the Magnet card is free to use for life, making it a budget-friendly option.

It is a rupay based card, may have issue with international acceptance.

More details here :

ZET: Build 750+ CIBIL Score with our Magnet FD Credit Card

ZET: Achieve a 750+ CIBIL Score with us. 10,000+ users improved their score with our flagship Magnet FD Credit Card.

www.magnetapp.in

Where written it is issued on Rupay Variant??
Only Gild By SBM which gives gold as cashback issued on Rupay..please confirm if i am wrong

 

[smuff]

Where written it is issued on Rupay Variant??
Only Gild By SBM which gives gold as cashback issued on Rupay..please confirm if i am wrong

Although the site has mentioned card network is Visa, it is unofficial that it might come on rupay variant.

 

[Vasuki]

Lookswise its good

More like Jupiter dc pattern.