Credit Cards · Honest Review

SBM Magnet Credit Card

SBM Bank · Visa

FREEAnnual fee
2.00%Base rate
Apply Now →⊕ Compare

Your Verdict

SBM Magnet Credit Card
SBM Bank · Visa
  • ✓FD-backed secured credit card
  • ✓10% rewards on purchases at top brands
  • ✓Issued in partnership with Zetapp
  • ✓Suitable for credit score building
Lifetime freeAnnual fee
₹0
Annual fee
2.00%
Base reward rate
None
Lounge access
Good
CIBIL score
Our verdict
The SBM Magnet Credit Card is a secured card issued by SBM Bank in partnership with Zetapp, offering rewards on purchases at partner brands. Backed by a fixed deposit, it requires no credit history and is targeted at credit-score builders.
Fees & charges

What SBM Magnet Credit Card costs you

SBM Magnet Credit Card is a lifetime-free credit card — you pay zero joining fee and zero annual fee, ever. This makes it a zero-cost card for any spending level.

FeeAmount
Annual fee (year 2+)Free — ₹0
Joining fee (one-time)Free — ₹0
Foreign transaction fee (forex markup)Not disclosed / standard rates apply
Rewards & cashback

What you earn on every rupee spent

SBM Magnet Credit Card earns 2.00% on all eligible spends as a base reward rate. There are no additional category-specific multipliers.

CategoryReward rate
All other spends (base rate)2.00%
Welcome bonus

Welcome rewards on activation

Reward types: Points

Benefits & perks

Beyond the reward rate

The non-reward benefits on SBM Magnet Credit Card are limited — the card's value proposition is primarily the reward rate structure.

🛫
No lounge access
This card does not include airport lounge access.
⛽
No fuel surcharge waiver
Standard 1% surcharge applies at fuel pumps.
Eligibility

Who can apply for SBM Magnet Credit Card

SBM Magnet Credit Card does not have a published minimum income requirement. It is open to salaried and self-employed applicants.

RequirementDetail
Minimum monthly incomeNot specified
CIBIL scoreNot specified — clean history expected
Age range21–60 years
Employment typeSalaried & self-employed
Typical approval time7–10 working days
Verdict

Who should (and shouldn't) get SBM Magnet Credit Card

✅ Best for
  • → First-time cardholders who want zero-cost entry
⚠️ Not ideal for
  • → Users with concentrated spending in a single category who want a specialised card
  • → Frequent flyers who need airport lounge access
Frequently asked questions

SBM Magnet Credit Card — Questions answered

Is SBM Magnet Credit Card free for life?
Yes — SBM Magnet Credit Card has zero annual fee and zero joining fee, making it a lifetime-free card. You will never be charged a renewal fee regardless of how much or how little you spend.
What is the minimum income required for SBM Magnet Credit Card?
There is no officially stated minimum income requirement for SBM Magnet Credit Card. A clean credit history and a satisfactory CIBIL score are the primary eligibility criteria.
What reward rate does SBM Magnet Credit Card offer?
SBM Magnet Credit Card earns a flat 2.00% reward rate on all eligible spends. There are no accelerated category bonuses, making it a consistent everyday earner.
Does SBM Magnet Credit Card provide airport lounge access?
SBM Magnet Credit Card does not include airport lounge access as a standard benefit. If lounge access is a priority, consider upgrading to a premium variant or a dedicated travel card.
How long does it take to get SBM Magnet Credit Card approved?
Most applications for SBM Magnet Credit Card are processed within 7–10 working days. Pre-approved customers may receive instant digital approval. Physical card delivery typically takes 3–5 business days after approval.
Not sure if this card suits you?

Answer 7 questions about your income, spending, and goals — our engine scores every card against your exact situation and gives you one recommendation.

Get My Personalised Verdict →
Apply for SBM Magnet Credit Card →⊕ Compare with other cards

Information on this page is gathered from public sources and the card issuer's official website. Fees and reward rates may change — verify the current terms on the issuer's website before applying. SingleVerdict may earn a referral fee if you apply through our links, which does not affect our scoring or editorial decisions.