SBM Magnet Credit Card

Updated: 09-03-2026 05:50:04 AM

SBM Magnet Credit Card is a co-branded secured credit card issued by SBM Bank in collaboration with Zetapp against SBM Bank fixed deposits. SBM Magnet Credit Card is available on Rupay/Visa or any other network chosen by SBM Bank. This card is issued against a minimum fixed deposit of Rs 5,000 with the SBM Bank through Magnet Mobile app, even if the applicants do not have any income proof and/or credit history.

SBM Magnet Credit Card Highlights
Card Type	Secured Credit Card (Backed by SBM Bank Fixed Deposits)
Minimum FD amount	Rs 5,000
Rewards	Earn up to 10% rewards on any purchase on all leading brands
Joining/Annual Fee	NIL
FD interest rate	Up to 7% p.a.
Credit Limit	90% of the fixed deposit amount
Welcome benefit	Welcome benefits worth Rs 21,000+ upon card approval, including OTT subscriptions, shopping vouchers and travel discounts
Lounge Access	Not available

Note: The bank is not accepting new applications for this card. The content is for informational purposes only.

SBM Magnet Credit Card Rewards

• Welcome Benefits: SBM Magnet Credit Card holders can earn welcome benefits of Rs 21,000+ offered on card approval, including shopping vouchers, travel discounts and OTT subscriptions.
• Reward Points: Cardholders can earn rewards of up to 10% on making purchases from all leading brands.

Features of SBM Magnet Credit Card

• Cardholders can earn FD interest rate of up to 7% of deposit amount
• Cardholders have an option to top-up the fixed deposit by creating a new FD account with the mobile app.
• EMI transactions and cash transactions will not be eligible for reward points.
• Interest free grace period of up to 45 days is allowed on credit card transactions (except cash withdrawals)
• Cash withdrawal limit is 50% of the available credit limit.
• SBM Magnet Credit Card does not provide lounge access facility to the cardholders.
• Nomination facilities are available for SBM Fixed Deposits.

Fees and Charges of SBM Magnet Credit Card

Finance Charges

Particulars	Annual Charges	Monthly Charges
Interest after credit free period	30.00%	2.50%
Interest on cash advances	40.00%	3.33%

Particulars	Charges
Joining/Annual Fee	NIL
Penalty on premature withdrawal of SBM Bank FD	1%
Interest rate for cash transactions	3.3% per month (40% p.a.)
Cash Advance Fees/ATM Withdrawal Fees	2.5% of withdrawal amount or Rs 300, whichever is higher
Interest rate for POS/ECOM	2.5% per month (30% p.a.)
Late Payment Fee	Rs 299
Interest Free Period	Up to 45 days

Service Charges levied for transactions

Particulars	Charges
Rewards Redemption Fee	NIL
Surcharge Fee	1%
Repayment Charges	NIL
Forex Markup	2.49%
Minimum Amount Due	· 5% of total due amount for POS/ECOM · 10% of total due amount for cash transactions
Card cancellations fee	Rs 499
Card replacement fee	Rs 249