Gild Credit Card – Benefits, Fees & Eligibility

Introduction

The Secured Credit Card from SBM Bank is designed to provide an assured credit facility by simply opening a Fixed Deposit (FD) with the bank. Positioned as an accessible option for individuals, particularly entrepreneurs and self-employed professionals, who may face challenges in obtaining traditional credit cards, it offers a straightforward path to building a credit score. A key differentiating benefit is that the credit limit is equal to the FD value, and the FD continues to earn interest at competitive rates, up to 7% p.a. for some variants. The card also eliminates lengthy application processes and waiting periods for approval, making credit easily within reach while offering various co-branded options with tailored rewards.

Welcome Benefits

• SBM MobiKwik First Credit Card: Offers great rewards, with exciting rewards coming soon.
• SBM Kredit.Pe Credit Card: Commits to delivering exciting engagement rewards along with cashback offers.
• SBM novio Credit Card: Provides exclusive rewards from premium brands.
• SBM Magnet Credit Card: Helps earn unlimited magnet coins as rewards.

Fees

• Niyo SBM Global Credit Card: Offers a zero forex mark-up benefit.
• Specific details regarding joining fees, renewal fees, rewards redemption fees, interest rates, fuel surcharge, or cash advance charges are not provided for the general Secured Credit Card or its co-branded variants in the available information.

Rewards

• General Secured Credit Card: Enjoy all the perks that come with a Credit Card. The primary benefit is building and improving your credit score.
• Fixed Deposit Interest: The FD opened as security continues to earn interest, with some cards offering up to 7% p.a.
• SBM MobiKwik First Credit Card: Offers great rewards.
• SBM ZET Credit Card: Enables seamless payments via UPI and helps grow wealth by earning up to 7% p.a. interest on the fixed deposit.
• SBM Kredit.Pe Credit Card: Provides exciting engagement rewards and cashback offers.
• SBM novio Credit Card: Offers attractive interest rates on your fixed deposit along with exclusive rewards from premium brands.
• SBM Magnet Credit Card: Helps build a credit score while earning unlimited magnet coins as rewards. Also earns FD interest up to 7% p.a.
• Niyo SBM Global Credit Card: Offers a zero forex mark-up benefit and earns up to 7% p.a. assured interest on your Fixed Deposit.
• SBM OneCard Credit Card: Offers a unique opportunity to own an assured app-based credit card and improve your credit score by just using the card.
• SBM Paisabazaar Step-Up Credit Card: Helps improve your credit score and provides access to accounts and deposits that offer a premium bank experience along with lucrative returns.

Rewards Redemption Guide

• While several co-branded cards (MobiKwik First, Kredit.Pe, novio, Niyo SBM Global, OneCard, Paisabazaar Step-Up) mention "Reward Points" or "Reward Points T&C" documents, specific details on how to redeem these points or cashback are not provided in the available content.

Card Eligibility Criteria

• Applicant Type: Entrepreneurs or self-employed professionals are eligible.
• Security Deposit: The card is issued against a Fixed Deposit with SBM Bank.
• FD Tenure: You must book an FD for a tenure of 390 days to avail the Secured Credit Card.
• Credit Limit: The credit card limit will depend on the FD amount.

Card Review

The SBM Bank Secured Credit Card is an excellent financial tool for individuals looking to establish or improve their credit score, especially entrepreneurs and self-employed professionals who might struggle with traditional credit card approvals due to unpredictable income.

• Pros:

  • Assured Approval: Eliminates lengthy application forms and waiting periods.
  • Credit Building: Effectively helps in building and improving your credit score with timely bill payments.
  • Interest Earning: The Fixed Deposit used as collateral continues to earn assured interest, up to 7% p.a. for some variants.
  • Credit Limit: Provides a credit limit equal to the Fixed Deposit value.
  • Diverse Options: A wide range of co-branded cards are available, offering specific benefits like zero forex mark-up, cashback, engagement rewards, unlimited reward coins, and UPI payment integration.
  • Accessibility: Makes credit accessible to those without a strong credit history.

• Cons:

  • Collateral Requirement: Requires a Fixed Deposit, which means locking up funds.
  • Limited Information on General Rewards/Fees: Specific reward rates or a comprehensive fee structure for the general secured card are not detailed in the provided content.

• Overall Verdict: This card is highly recommended for anyone needing to build or rebuild their credit history, particularly those who are self-employed. It offers a secure and beneficial way to access credit while simultaneously earning returns on your savings.

Important Product Details

• An assured Credit Card from SBM Bank by opening a Fixed Deposit.
• Credit limit is equal to the Fixed Deposit value.
• FD continues to earn interest at higher rates offered by the bank, up to 7% p.a. for some co-branded cards.
• Ideal for entrepreneurs or self-employed professionals.
• No lengthy credit card application forms or waiting for approval.
• Helps improve your credit score with timely bill payments.
• The FD functions as security collateral for the credit card.
• Requires booking an FD for a tenure of 390 days.
• Co-branded cards offer diverse benefits:
  • SBM MobiKwik First: FD-backed, great rewards.
  • SBM ZET: FD-backed RuPay card, UPI payments, up to 7% p.a. FD interest.
  • SBM Kredit.Pe: FD-backed, competitive interest rates, engagement rewards, cashback.
  • SBM novio: FD-backed, seamless approval, smart financial management, attractive FD interest, exclusive rewards from premium brands.
  • SBM Magnet: FD-backed, builds credit score, unlimited magnet coins, up to 7% p.a. FD interest.
  • Niyo SBM Global: FD-backed, zero forex mark-up, up to 7% p.a. FD interest.
  • SBM OneCard: Assured app-based card, improves credit score.
  • SBM Paisabazaar Step-Up: Improves credit score, access to premium bank experience and lucrative returns on accounts/deposits.
• Payment options for credit card bills include in-app repayment (UPI, Net Banking) and a payment link.

Other Details

• Fraud Alert: Be cautious of fraudulent emails impersonating Bank employees; do not click links or share information unless the email is from @sbmbank.co.in.
• Complaints: For mis-selling or harassment related complaints, email cardsalescomplaints@sbmbank.co.in or call 18002681199.
• Card Termination/Revocation:
  • Ensure no outstanding balance before requesting cancellation.
  • Request termination via the Partner app under "Manage Cards" by clicking "Cancel Credit Card".
  • Alternatively, email creditcard@sbmbank.co.in with the subject "Cancel my Credit Card".
  • You can also call 18002681199 to raise a request.
• Secured Credit Card Definition: A credit card issued against your Fixed Deposit with the Bank, where the FD serves as security and continues to earn interest.
• Difference from Traditional Credit Card: Works like a regular credit card, but the FD functions as security collateral. If dues are repaid on time, the FD principal and interest remain untouched.
• KYC Updates: In line with RBI regulation, provide updated KYC documents within 30 days of any changes.
• Security Tips: Never share your Card Number, CVV, PIN, OTP, Internet Banking User ID, Password, or URN with anyone.
• Cybercrime Reporting: Dial 1930 for online financial fraud or report cybercrime at www.cybercrime.gov.in.
• Regulatory Information: SBM Bank (India) Ltd is registered with DICGC for the deposit insurance scheme under the DICGC Act 1961.
• Legal Documents: Links to Key Fact Statements (KFS), Most Important Terms and Conditions (MITC), Cardholder's Agreement (CMA), and Reward Points Terms & Conditions are available for various cards.
• Contact: Request a call back by filling out a form with personal details.