Gild Credit Card – Benefits, Fees & Eligibility

Introduction

The Gild Credit Card is a secured, FD-backed credit card offered by SBM Bank, designed to reward users with digital gold on their daily expenditures. It uniquely allows users to make purchases without breaking their Fixed Deposit, which earns a high interest rate of 7.7% p.a. Managed by M2P Fintech, the card offers an opportunity to earn up to 16% annual returns on investments, combining FD interest and digital gold rewards. It comes with a 90% credit limit against the FD amount and provides an interest-free credit period of 45 days. This lifetime free card also includes a complimentary metal card holder, making it an attractive option for building credit and earning unique rewards. The card also offers instant digital card access and advanced protection for all transactions.

Welcome Benefits

• Free metal card holder with the card

Fees

• Joining Fee: Nil
• Renewal Fee: Nil
• Spend-Based Waiver: Not Applicable
• Rewards Redemption Fee: Nil
• Foreign Currency Markup: 2.5% of the transaction amount
• Interest Rates (Revolving Credit): 30% p.a.
• Fuel Surcharge: Nil
• Cash Advance Charges: Rs. 125 per transaction (with a maximum capping at Rs. 10,000)
• Card Issuance Fee: No card issuance fee for either the virtual or the plastic variant of the card.
• Card Cancellation Fee:
  • Nil if the card is closed after 6 months.
  • Rs. 999 if the card is closed before 6 months.
• Card Reissuance Fee: Rs. 500 if the physical card is lost and a new one is applied for.
• Late Payment Charges: Rs. 299
• FD Pre-closure Charges: 1% of the accrued interest on the Fixed Deposit.
• Minimum Opening FD Amount: Rs. 10,000

Rewards

• Rewards Rate: Earn 0.75% back as "Petals" on every E-Commerce or POS transaction.
• Digital Gold Earnings: Earn up to 8% as returns in digital gold on your annual spends.
• Combined Returns: There is an opportunity to get around 16% return on your investments per year, which includes 7.7% interest on the FD deposit and up to 8% back as digital gold on annual spends.
• Movie & Dining: Not Applicable
• Travel: Not Applicable
• Domestic Lounge Access: Not Applicable
• International Lounge Access: Not Applicable
• Golf: Not Applicable
• Insurance Benefits: Not Applicable

Rewards Redemption Guide

• The "Petals" earned can be redeemed for digital gold, cashback, or other rewards.
• 1 Petal is equivalent to Rs. 1 worth of digital gold.
• Digital gold rewards are issued in partnership with Safegold.
• There is no reward redemption fee charged for redeeming Petals.
• The Petals earned never expire and can be redeemed easily with one click.
• You can directly redeem Petals for digital gold without needing to spend them anywhere else.
• Exclusions on Petals Earning: Petals are not earned on money transfers, wallet reloads, foreign currency exchange, travelers’ cheques, money orders, government-owned lotteries, casinos, dog/horse racing, security brokers and dealers, political organizations, lottery tickets, wagers, or gaming chips.

Card Eligibility Criteria

• Age: The applicant must be between 18 to 60 years of age.
• Citizenship: The applicant must be a citizen of India.
• Geographic Availability: The card is available in all Indian pin codes, with the exception of North-East states (Assam, Sikkim, Manipur, Tripura, Nagaland, Arunachal Pradesh, Meghalaya), Jammu & Kashmir, and Ladakh.
• Credit Check: No credit checks are required for the card, and applicants are assured to get it upon successfully opening a fixed deposit.
• Documents Required: Applicants must possess a valid Aadhar card and PAN card to apply for the card.

Card Review

The Gild Credit Card is an excellent choice for young professionals and individuals who are new to the credit market or wish to establish/improve their credit score. As an FD-backed secured credit card, it bypasses the need for credit checks or income proofs, making it accessible to a wider audience. A minimum Fixed Deposit of Rs. 10,000 is required, providing a credit limit of 90% of the deposit amount and minimizing the risk of defaulting.

This card is particularly appealing due to its innovative reward system, offering digital gold on expenditures, alongside a competitive 7.7% interest rate on the Fixed Deposit. This combination can yield an impressive annual return on investment of approximately 16%. The card is lifetime free, meaning no joining or annual fees, and even comes with a complimentary metal card holder. Its unique benefits and straightforward application process make the Gild Credit Card a highly recommended product in the market, especially for those looking for a rewarding and secure entry into the credit ecosystem.

Important Product Details

• The Gild Card is a secured FD-backed card issued by SBM Bank and managed by M2P Fintech.
• Fixed Deposit accounts can be opened instantly through the Gild app without requiring a separate savings account.
• The minimum FD amount required is Rs. 10,000, which earns a high interest rate of 7.7% p.a.
• The credit limit offered on the Gild card is 90% of your Fixed Deposit amount.
• You can conveniently top up your FD amount (with a minimum value of Rs. 5,000) to increase your spending limit.
• There is no amount deducted from your FD when you make spends with your card.
• Earn digital gold as rewards on your daily spends, with potential returns of up to 8% on your annual spends.
• The card is lifetime free, with no joining or annual fees.
• A free metal card holder is provided with the card.
• It is a 100% secured card and does not require any credit check for approval.
• Cardholders receive an interest-free credit period of 45 days on their card spends. This period is not available if there are outstanding dues from the previous month’s card bill.
• The billing cycle for the Gild card is monthly, and you have the option to change your billing cycle once, provided there are no pending or outstanding dues on the card.
• The card is first issued in a virtual form, accessible via the mobile application, and a physical card can be obtained upon request through the application.
• The daily spend limit on the Gild card is up to Rs. 2 Lakhs.
• The maximum cash you can withdraw using the card is capped at 50% of your deposit amount.
• This card helps in building a decent credit profile and improving your credit score.

Other Details

• Gild Mobile Application Functionalities: The user-friendly Gild mobile app offers various features for cardholders:
  • To create a fixed deposit and instantly get the Gild card.
  • Manage existing deposits.
  • Increase spending limits by making top-ups to deposits.
  • Activate, lock, or unlock the Gild card.
  • View, explore, control, and download card statements.
  • Raise and resolve any disputes related to transactions.
  • Get reminders to pay bills on time.
  • Enable or disable online, international, or POS transactions.
  • Manage credit card limits.
  • Set passcodes to secure the application and card usage.
• Support: 24/7 support is available.