Unlocking the Power of The SBM Magnet Credit Card (Magnet Credit Card)
The Magnet Credit Card, also known as SBM Magnet Credit Card, is an FD-backed credit card, enabling you to build a credit score while earning unlimited magnet coins as rewards. One can earn FD interest up to 7% p.a. on its fixed deposit. With its innovative technology and sleek design, this revolutionary card is set to transform how we make transactions. In an ever-evolving digital world, the Magnet Credit Card offers unparalleled security and convenience, making it the ultimate choice for modern consumers.
SBM Magnet Credit Card is a secured co-branded credit card issued by SBM Bank in collaboration with Zetapp against SBM Bank fixed deposits. The card is available on Rupay, Visa, or any other network SBM Bank chooses. It is issued against a minimum fixed deposit of Rs 5,000 with SBM Bank through the Magnet Mobile app, even if the applicants don’t have any proof of income or credit history.
The Magnet Credit Card utilizes state-of-the-art magnetic stripe technology, ensuring secure transactions and minimizing the risk of fraud. Its advanced chip ensures that your personal and financial information is protected at all times, giving you peace of mind while enjoying the convenience of contactless payments.
Designed with the user in mind, the Magnet Credit Card offers a seamless payment experience. Its ergonomic design fits comfortably in your hand, making transactions effortless and hassle-free. Plus, with its intuitive interface and user-friendly features, you can easily monitor your transactions, set spending limits, and earn rewards.
Say goodbye to bulky wallets and the fear of losing your cash. Unlock the power of the Magnet Credit Card and embrace the future of secure and convenient payments. Get ready to experience a seamless and hassle-free way to make transactions like never before.
Features of the SBM Magnet Credit Card
- There are no joining or annual charges, which means the card is free for a lifetime
- As a welcome benefit upon approval, earn 5,000 ZET Coins worth Rs. 500
- Welcome Benefits: SBM Magnet Credit Card holders can earn welcome benefits of over Rs 21,000 upon card approval. These benefits include shopping vouchers, travel discounts, and OTT subscriptions
- Backed by SBM Bank and guaranteed by DICGC, secure your card with a fixed deposit earning up to 7% interest annually
- Enjoy a low forex fee of only 2.49%, which is lower than the standard 3.5% charged on international transactions
- Get up to 10% rewards on top brand vouchers
- There is no minimum credit score required
- Reward Points: Cardholders have the opportunity to earn rewards of up to 10% when making purchases from all major brands
- Cardholders have the opportunity to earn a fixed deposit interest rate of up to 7% on their deposit amount
- Cardholders can top up their fixed deposit by creating a new FD account using the mobile app
- EMI transactions and cash transactions are not eligible for reward points
- An interest-free grace period of up to 45 days is available for credit card transactions (excluding cash withdrawals)
- The cash withdrawal limit is 50% of the available credit limit
- You can nominate individuals for SBM Fixed Deposits.
- No income proof is needed
- Magnet FD is secured by RBI
- Reissue of Lost, Stolen or Damaged/ Replacement Card: Rs. 249 will be charged for lost, stolen or damaged/replacement card
How to Use the Magnet Credit Card
- Use the Magnet Credit Card for payments and international transactions, benefiting from the low Forex fee of just 2.49%
- Manage the credit card account easily within the ZET app and pay outstanding bills in a hassle-free manner
How Does a Magnet Credit Card Work?
By understanding how a Magnet Credit Card functions is essential for harnessing its full potential. At its core, the card utilizes a magnetic stripe along with an embedded chip, which works together to facilitate secure transactions. When the card is swiped or tapped at a payment terminal, the chip generates a unique code that is transmitted to the merchant's payment processor. This code is valid only for that specific transaction, making it nearly impossible for fraudsters to replicate it for future use.
In addition to the chip technology, the Magnet Credit Card employs encryption protocols to protect data during transmission. This means that even if someone were to intercept the information while it’s being sent, it would be rendered useless without the encryption key. This two-layer security approach not only safeguards personal information but also ensures that the cardholder can enjoy a smooth transaction experience without worrying about potential breaches.
Moreover, the user interface of the Magnet Credit Card is designed for ease of use. Cardholders can monitor their transaction history through a dedicated app or online portal. This allows for real-time tracking of spending habits, setting budget limits, and even customizing alerts for various transactions. Such features empower users to manage their finances more effectively, making the Magnet Credit Card not just a payment tool, but also a financial management resource.
How to Avail the Magnet Credit Card
- Download the ZET mobile app
- Log in using your registered mobile number and verify via OTP
- Once logged in, select the Magnet Credit Card from the home screen
- Choose a Fixed Deposit plan with SBM Bank, starting from Rs. 5,000
- Complete the Video KYC process to receive your instant credit card
Conclusion
In conclusion, the Magnet Credit Card represents a significant advancement in the realm of secure and convenient payments.
This credit card allows you to earn rewards and interest on your fixed deposit while building your credit score. This card is ideal for those with no or low CIBIL score. With its innovative technology, enhanced security features, and user-friendly design, SBM Magnet Credit Card addresses the evolving needs of modern consumers who prioritize both safety and ease of use. As digital transactions continue to rise, the Magnet Credit Card is poised to play a pivotal role in shaping the future of payment methods.
Embracing the Magnet Credit Card means stepping into a future where financial transactions are secured, convenient and rewarding. As consumers navigate the complexities of modern payments, the Magnet Credit Card stands as a beacon of innovation, offering unparalleled benefits that cater to the diverse needs of today's savvy shoppers.
