SBM Magnet VISA Credit Card
SBM Bank
Last updated: Feb 03, 2026
₹0
₹0
2.49%
No lounge access
Contents
SBM Magnet VISA Credit Card is an FD-backed secured credit card from SBM Bank (India) Ltd, designed to help first-time users and students build a strong credit score without income proof or an existing CIBIL history. You simply open a small fixed deposit, get a credit limit up to 90% of your FD amount, and continue earning up to around 7% p.a. interest on the FD while you spend on the card. The card is lifetime free with zero joining and annual fee, making it a low-risk entry-level option for beginners who want the benefits of a global VISA credit card. You also earn Magnet coins on your spends, enjoy partner rewards and joining benefits, and can upgrade your credit profile over time when you use and repay the card responsibly.
Features of SBM Magnet VISA Credit Card which makes it unique
No Income Proof Required
Apply using only your PAN, Aadhaar-linked mobile number and a small fixed deposit without uploading salary slips or ITR.
Ideal for students, freelancers, homemakers and first-jobbers who do not have regular income documentation.
More accessible than many entry-level credit cards that require strict income or employment proofs.
Small FD Starting Amount
Start with a minimum FD of around ₹5,000 and still get a usable credit limit linked to your deposit.
Lowers the entry barrier for young users who cannot lock in large amounts in fixed deposits.
Lower FD requirement than many traditional bank secured credit cards.
FD Interest Plus Card Rewards
Your fixed deposit keeps earning interest while you simultaneously earn Magnet coins and partner offers on card spends.
Generates combined value through FD interest, card rewards and credit score improvement.
Offers dual benefit of savings and credit compared to standard unsecured cards which do not earn FD interest.
Rewards Structure of SBM Magnet VISA Credit Card
Base Rewards
baseAll eligible retail spends, online and offline, excluding restricted transactions as per bank policy.
Magnet coins can be accumulated and redeemed for gift vouchers, brand offers and other rewards as available in the Magnet or partner app.
Partner Brand Rewards
acceleratedSpends at select online and offline partner brands visible in the Magnet or ZET app offers section.
Partner rewards are promotional in nature and can change frequently; always check latest offers in the app before spending or redeeming.
FD Benefit
baseInterest earned on the fixed deposit backing your credit card, independent of card spend behaviour.
This is not a direct card reward but a key value addition since your FD continues to grow even as you use the credit card.
Milestones of SBM Magnet VISA Credit Card
Credit Score Building Milestone
Use the card regularly and pay full bills on time for 6–12 months. : Helps build or improve your CIBIL score over time, making it easier to qualify for unsecured credit cards and loans.
Fees & Charges of SBM Magnet VISA Credit Card
| Fee & Amount | Fee Value |
|---|---|
| Joining Fee | 0 |
| Annual Fee | 0 |
| Forex Markup Fee | 2.49% |
| Cash Advance Fee | 2.5% |
| Late Payment Fee | ₹299 |
| Over Limit Fee | 0 |
| Returned Payment Fee | 0 |
| Cash Withdrawal Fee | 3% |
Renewal Conditions:Lifetime free credit card with no joining or annual fee for primary cardholder as per current schedule of charges.
Fee Explanation SBM Magnet VISA Credit Card is currently lifetime free with no joining or annual fee. Standard finance charges apply on revolving balances and cash advances, while foreign currency transactions attract a forex markup fee as per MITC. Cash withdrawals from ATMs are charged as a percentage of the withdrawal amount with a minimum fee. Late payment charges apply if the minimum amount due is not paid by the due date. All fees and charges are subject to change at the bank’s discretion with prior notice to the cardholder.
Detailed Explanation of SBM Magnet VISA Credit Card Fees
Joining Fee: ₹0 (once)
No joining fee for primary cardholder; lifetime free as per current schedule of charges.
Annual Fee: ₹0 (yearly)
No annual or renewal fee; fee waiver conditions not applicable at present.
Cash Advance / ATM Withdrawal Fee: 2.5% (min ₹300) (transaction)
Charged on domestic and international cash withdrawals; interest accrues from the transaction date until repayment.
Finance Charges – Retail Transactions: 2.5% per month (30% p.a.) (monthly)
Applied on unpaid retail balances and on transactions that are not fully paid within the interest-free period.
Finance Charges – Cash Transactions: 3.3% per month (40% p.a.) (monthly)
Higher finance charge applicable on cash withdrawals and related outstanding amounts.
Late Payment Fee: ₹299 (per_statement)
Charged if the total amount due or minimum amount due is not paid by the due date.
Forex Markup Fee: 2.49% (transaction)
Applied on all international transactions made in foreign currency over and above the VISA exchange rate.
FD Closure Charge: 1% of FD amount (event)
Applicable if the linked fixed deposit is closed prematurely; FD closure may also lead to card cancellation.
Rewards Redemption Fee: ₹0 (per_redemption)
Currently no separate redemption fee for redeeming Magnet coins; terms may change in future.
Overlimit Fee: ₹0 (per_statement)
Overlimit fee is currently not charged; transactions may still be declined if they exceed the assigned credit limit.
Additional Features of SBM Magnet VISA Credit Card
FD Backed Secured Credit Card
Credit card is issued against a fixed deposit created with SBM Bank, with a credit limit typically up to 90% of FD amount.
FD must remain active and under lien in favour of SBM Bank until card closure and settlement of all outstanding dues.
Lifetime Free Card
No joining or annual fee is charged for the SBM Magnet VISA Credit Card as per current schedule.
Fee structure can be revised in future with prior notice as per MITC.
International Usage
VISA-branded international credit card that can be used for domestic as well as foreign currency transactions at millions of merchants worldwide.
International transactions are subject to forex markup fees, VISA exchange rates and RBI regulations on overseas spending.
Fully Digital Journey
End-to-end digital onboarding, FD booking and credit card application via Magnet or partner apps with minimal documentation.
Requires Aadhaar-linked mobile number, PAN and successful KYC and verification as per SBM Bank policies.
Credit Score Improvement
Designed for users with no or low credit history to start building their CIBIL score using a secured credit line.
Timely payment of full statement amount and responsible usage are essential to see positive impact on credit score.
Welcome Bonus with SBM Magnet VISA Credit Card
Welcome Bonus: Brand vouchers and partner offers
Bonus Conditions: Welcome benefits are available for new SBM Magnet customers on first-time card approval after creating the required fixed deposit; exact brands, voucher values and validity are communicated in-app and may change as per bank and partner T&Cs.
Application Process for SBM Magnet VISA Credit Card
Processing Time
Instant digital approval in minutes after FD creation; physical card dispatch in 5–7 working days in most locations.
Online Application
Available
Instant Approval
Available
Step-by-Step Process
Download the Magnet or approved partner app linked with SBM Bank (India) Ltd and register using your mobile number.
Complete basic profile details and digital KYC using your PAN and Aadhaar-linked mobile number as guided in the app.
Create a fixed deposit of at least ₹5,000 or higher with SBM Bank through the app for the SBM Magnet VISA Credit Card.
Review and accept the SBM Magnet Credit Card Most Important Terms and Conditions (MITC) and cardholder agreement.
Receive instant digital approval and card details within the app once the FD lien is marked and the application is approved.
Physical VISA card, if issued, is printed and dispatched to your mailing address, usually within 5–7 working days.
Required Documents for SBM Magnet VISA Credit Card
ID Proof
allAccepted documents:
Address Proof
allAccepted documents:
KYC and FD Creation
allAccepted documents:
SBM Magnet VISA Credit Card Merchant Acceptance Network
Domestic Acceptance
Widely accepted across India at most VISA-enabled POS terminals, online merchants, payment gateways and UPI-linked apps that support credit card payments.
International Acceptance
Accepted at millions of VISA merchant locations and online platforms globally, subject to forex markup and local regulations.
Online Acceptance
Can be used on most Indian and international e-commerce websites, billers and subscription platforms that accept VISA credit cards.
Payment Technologies
Mobile Wallet Support:
Excluded Merchants
Eligibility Criteria for SBM Magnet VISA Credit Card
Quick Eligibility Check
Minimum Age
18+
Credit Score
0+
Citizenship
Indian residents only
Income Requirements
Salaried Applicants
₹0
Minimum annual income
Self-Employed Applicants
₹0
Minimum annual income
Who Can Apply
Important Conditions
- To be eligible, the applicant must create and maintain a fixed deposit of at least ₹5,000 with SBM Bank (India) Ltd through the Magnet or partner app. The credit limit is typically set up to 90% of the FD amount. Only one SBM Magnet Credit Card can be issued per customer at a time. No prior credit history, income documents or minimum credit score are required since this is an FD-backed secured credit card. Applicant must have a valid PAN, Aadhaar-linked mobile number and satisfy SBM Bank’s internal KYC and risk checks.
How Approval Is Decided
- Successful creation of an eligible fixed deposit with SBM Bank for the required minimum amount.
- Completion of full KYC as per SBM Bank and regulatory guidelines.
- Compliance with SBM Bank’s internal risk checks and eligibility norms for secured credit cards.
- Mobile number linked to Aadhaar and PAN must be valid and verifiable.
- Only one active SBM Magnet Credit Card per customer is typically allowed at a time.
Pros of SBM Magnet VISA Credit Card
- Lifetime free credit card with zero joining and annual fees.
- No income documents or prior credit history required due to FD-backed structure.
- Helps build or repair CIBIL score with responsible usage and on-time payments.
- Small minimum FD requirement makes it accessible to students and first-time users.
- FD continues earning interest while you use the card, giving dual benefit of savings and credit access.
Cons of SBM Magnet VISA Credit Card
- Credit limit is locked to a percentage of your FD amount, so funds remain blocked as long as the card is active.
- No complimentary airport lounge access or premium travel benefits compared to higher-fee cards.
- Reward structure is centred on Magnet coins and partner vouchers rather than straightforward cashback.
- Forex markup of around 2.49% makes it less attractive for heavy international spending compared to specialised zero-forex cards.
Frequently Asked Questions about SBM Magnet VISA Credit Card
Is there any joining or annual fee on the SBM Magnet VISA Credit Card?
As per the latest Key Fact Statement and MITC, the SBM Magnet VISA Credit Card is a lifetime free secured credit card with zero joining and annual fee for the primary cardholder, though fees and features can change in future with prior intimation from SBM Bank.
What is the minimum fixed deposit amount required to get the SBM Magnet VISA Credit Card?
You generally need to create a fixed deposit of at least ₹5,000 with SBM Bank (India) Ltd via the Magnet or partner application to be eligible for the SBM Magnet VISA Credit Card, and your credit limit is usually set up to 90% of this FD amount.
Do I need a CIBIL score or income proof to apply for SBM Magnet VISA Credit Card?
No, one of the biggest advantages of the SBM Magnet VISA Credit Card is that it does not require prior credit history, a minimum CIBIL score or income proof because it is backed by your fixed deposit; approval is mainly based on successful FD creation and KYC verification.
Can students and first-time credit card users apply for SBM Magnet VISA Credit Card?
Yes, the SBM Magnet VISA Credit Card is particularly suited for students, young professionals and first-time credit card users who want to start building their CIBIL score using a small FD-backed, lifetime free credit card with controlled credit limits.
Is SBM Magnet VISA Credit Card international and what are the forex charges?
SBM Magnet VISA Credit Card is issued on the VISA network as an international credit card, so it can be used abroad and on foreign websites; however, a forex markup of around 2.49% over the VISA exchange rate applies on international transactions as per the current schedule of charges.
What happens to my fixed deposit if I close the SBM Magnet VISA Credit Card?
When you request card closure and clear all outstanding dues, the lien on your fixed deposit is removed and the FD is typically closed or released as per bank policy; an FD closure charge of around 1% may apply on premature closure, and you receive the eligible FD amount and interest back to your linked bank account.
How can I increase my credit limit on SBM Magnet VISA Credit Card?
To increase your credit limit, you may create a higher-value fixed deposit with SBM Bank and request a limit enhancement linked to the new FD amount, subject to the bank’s internal policies and maximum permissible percentage of FD that can be offered as a credit limit.
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