Magnet Credit Card by SBM Bank

Magnet Credit Card by SBM Bank
FeatureDetails
Card NameMagnet Credit Card by SBM Bank
IssuerSBM Bank
Other Names Magnet Credit Card, SBM Magnet Credit Card
Card NetworkRupayVisa
Rewards
OnlineNIL
OfflineNIL
Min SavingsINR 5000
Domestic LoungesNot Applicable
International LoungesNot Applicable
Fuel Surcharge Waiver1%
Insurance BenefitsNot Applicable
GolfNot Applicable
Movie And Dining Not Applicable
Fee
Joining Fee NIL
Renewal Fee NIL
Fee Waiving Not Applicable
Forex Markup2.49%
Cash Advance ChargesHigher of INR 300 or 2.5% of withdrawal amount.
Reward Redemption FeeNIL
Interest Rates2.50%
Over Limit PenaltyNIL
Card Replacement FeeINR 249
Min. Repayment Amount5% of the outstanding amount.
Late Payment FeeINR 299
Cash Advance Limit 50% of the available credit limit.
Pros1. You do not need to pay any charges on joining.
2. No payment of any fee is required on the renewal of the card.
3. You do not need to pay penalty on over limit.
4. No fees is required to pay at the time of reward redemption.
5. You can earn up to 7% interest on your fixed deposit.
6. You do not need to pay any fee for physical statement.
Cons1. Add-on card facility is not available.
2. No reward point benefits for EMI transactions and Cash transactions.
3. No Insurance Coverage benefits are available for the cardholders.
4. Reward on Golf or Movie and Dining is not available for the cardholders.
5. No domestic and international lounge access available.
Welcome Benefits

Not Applicable

How to Apply
  • Install SBM Magnet App and create a fixed deposit account.
  • Apply through SBM Magnet App
Eligibility
  • Must have Fixed Deposit Account
  • Must have SBM Magnet App

Mandatory Documents

  • Aadhaar Card
  • Pan Card
Documents and Links
Customer Care
  • 1800 1033 817
  • [email protected]
  • https://www.sbmbank.co.in/smart_banking/consumer-credit-cards.php
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