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SBM Bank
A secured card with no fee at all, where the deposit backing it keeps earning up to 7%
One-time
Zero renewal fee
Uncapped rewards
Standard approval
Applying takes you to SBM Bank. CredSpy does not process applications, and the ranking on this site is never influenced by commission.
Best for
Terms read from published copy
The rates below were read from SBM Bank’s published wording rather than a confirmed rate table, so treat them as indicative.
Terms effective from 10 Oct 2026.
See where each figure came fromData-driven verdict based on net earnings after fees and caps.
Key strength
This card publishes no category-wise reward rates.
Biggest limitation
SBM does not publish a per-rupee earn rate for magnet coins or a rupee value per coin, so the reward return cannot be calculated in advance.
Priced with caps, exclusions, and annual fee deducted live.
Monthly spending — ₹54,000
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Import a statement and this runs on your real spending instead of the sliders.
Click any drawer below to inspect fee schedules, lounge terms, reward multipliers, and exclusions.
Everything else the issuer publishes about this card. All of it is on this page and searchable — open only what you need.
We do not have category-wise reward rates recorded for this card. Check the issuer's page before relying on it.
| Charge | Amount | Condition |
|---|---|---|
| Joining fee | Nil | — |
| Annual / renewal fee | Lifetime free | The card carries no annual fee, so there is no waiver to earn. |
| Add-on card | The issuer publishes no separate add-on card fee for this card. | — |
| Cash withdrawal | 2.5% | 2.5% of cash withdrawn or ₹299, whichever is higher; interest on cash advance at 2.99%/month from date of withdrawal |
| Late payment | ₹499 flat per billing cycle (charged when Minimum Amount Due not paid by due date, per SBM KFS) | — |
| Foreign currency markup | 3.5% | — |
Interest only applies if a balance is carried past the due date. Paying in full each month costs nothing, and no reward rate on this card comes close to offsetting the interest if you do not.
Fees exclude GST unless stated. Charges can change — confirm against the issuer's current schedule before applying.
Year one
Rewards only
no welcome value is recorded
Every year after
No fee, ever
the rewards simply continue
This card carries no airport lounge access.
No fuel surcharge waiver is published for this card.
Linkable to UPI. A RuPay credit card can be linked to a UPI app; the issuer's own earning exclusions still apply to UPI spends.
We do not have welcome or milestone benefits recorded for this card. Check the issuer's page before relying on it.
Scored against these published criteria only. No bureau pull, and no approval guarantee — the issuer decides.
CredSpy never collects these. You submit them to the issuer during their own application.
No reviews yet
CredSpy publishes only reviews left by real cardholders. Nothing here is generated, bought or seeded — so this stays empty until someone who holds the card writes one.
| Card | Annual fee | Headline rate | Lounge |
|---|---|---|---|
| SBM MAGNET Credit Card · this card | Lifetime free | Not published | No |
| Paisabazaar Step-Up SBM Credit Card | ₹0 | Up to 0.25% rewards | No |
| Suryoday SFB FD-Backed Credit Card | ₹177 | See card | No |
| IDFC FIRST Mayura Credit Card | ₹7,079 | Up to 10 reward points per ₹150 | Included |
| Indian Overseas Bank ZET FD Credit Card | Lifetime free | Up to 5% cashback | No |
Headline rates are not comparable on their own — each card caps and excludes differently. Run your own spending through the switch calculator to see which of these actually pays you more.
It is a lifetime-free card — there is no annual fee.
No — airport lounge access is not offered on this card.
Yes. A RuPay credit card can be linked to a UPI app; the issuer's own earning exclusions still apply to UPI spends.
EMI and cash transactions earn no rewards at all. EMI and cash transactions earn no rewards at all. EMI and cash transactions earn no rewards at all.
Redeemed as magnet coins through SBM's rewards platform
You can apply online through our website by filling out the application form and uploading the required documents. You may also visit your nearest branch for in-person assistance.
Yes, you can request a limit increase through internet banking, mobile app, or by contacting customer care. Approval depends on your credit history and income. If you want, I can also create a more engaging, SEO-friendly FAQ section for your credit card website that boosts trust and conversions. Would you like me to prepare that next?
A late payment fee and interest will be charged. Missing payments can also impact your credit score.
Anybody an unsecured card would decline — no credit score, a thin or stale credit file, or no income proof. The card is secured against a fixed deposit held with SBM, so the bank's risk is covered by the deposit rather than by an assessment of your income or history.
Nothing. SBM publishes nil joining fee and nil annual fee. The only commitment is the fixed deposit, and that is not a cost — it stays yours and keeps earning interest at up to 7% a year while it secures the card.
That cannot be calculated from SBM's published terms. The bank awards magnet coins on eligible spends but does not publish a per-rupee earn rate or a rupee value per coin, so the return is not knowable in advance. EMI and cash transactions earn nothing. Treat the rewards as incidental and judge the card on the secured access and the zero fee.
Yes. A secured card reports to the credit bureaus exactly like an unsecured one, so paying the bill in full and on time builds history on a thin file. That is usually the real reason to take a card like this — a year or two of clean repayment is what makes an unsecured card available later.
It stays yours and keeps earning interest. It is pledged as security, so it cannot be withdrawn while the card is open, and the credit limit is set against it. If the card is closed and the dues are cleared, the lien is released and the deposit becomes free again.
Yes — it is a RuPay card, and RuPay is the only network whose credit cards can be linked to a UPI app. For a first card that is genuinely useful, because it means the card works at any QR code rather than only at a terminal.
An unsecured card is an assessment: the bank reads your credit score, your income and your history and decides what risk it will take. If any of those is missing — a first job, no file at the bureaus, income that is hard to document — the answer is usually no, and no amount of reapplying changes it.
A secured card removes the assessment. A fixed deposit with SBM is pledged against the card, the credit limit is set against that deposit, and the bank's risk is covered without needing to judge you at all. There is no credit score requirement and no income check here for exactly that reason.
The money that secures the card stays yours and keeps earning interest at up to 7% a year. It is pledged, so it cannot be withdrawn while the card is open, and SBM holds a lien on it. Close the card with the dues cleared and the lien is released.
That is a different proposition from a fee. A card charging Rs. 500 a year costs Rs. 500 a year. This one costs nothing — nil joining fee, nil annual fee — and the only commitment is liquidity you get back. An FD you already hold can often secure the card, which means no new money at all.
SBM awards magnet coins on eligible spends but does not publish a per-rupee earn rate or a rupee value per coin, so there is no honest way to say what the card returns. EMI and cash transactions earn nothing at all. Anybody comparing reward rates should look elsewhere in this catalogue.
What the card does deliver is a credit line and a bureau record. A secured card reports to the credit bureaus exactly like an unsecured one, so a year or two of paying in full on time builds the history that makes an unsecured card available later. That, plus RuPay UPI linkage and a zero fee, is the whole case — and for the applicant it is aimed at, it is enough.
Credit card fees, rewards and benefits change. Please verify the latest terms on the issuer's website before applying. CredSpy earns a commission on some applications; it never affects rankings or what is written here.
SBM MAGNET Credit Card — see the rates above. No annual fee.