SBM ZET Credit Card – Benefits, Fees & Eligibility

SBM ZET Credit Card

Introduction

The SBM ZET Credit Card is an FD-backed credit card designed to help individuals build a strong credit score, even those with low or no prior credit history. This lifetime-free card offers guaranteed approval and enables users to instantly receive a virtual card within minutes. It focuses on safety, savings, simplicity, and strong rewards, making it a quick and easy solution for establishing a credit profile. The card is available in the RuPay variant, allowing for convenient UPI payments, and users can also earn interest on their Fixed Deposit.

Fees

• Joining Fee: Lifetime Free
• Renewal Fee: Lifetime Free
• Spend-Based Waiver: Not Applicable
• Rewards Redemption Fee: Not Applicable
• Foreign Currency Markup: 2.49%
• Interest Rates: 3.5% Per Month or 42% Per Annum
• Fuel Surcharge: Not Applicable
• Cash Advance Charges: 3.5% of the Amount Withdrawn or ₹300 (Whichever is Higher)
• Fixed Deposit (FD) Pre-maturity Closure Fee: 1%
• Card Cancellation Fee: ₹499 (if cancelled within the first six months)

Rewards

• General Benefits: Benefits worth over ₹21,000.
• Interest on Fixed Deposit: Earn up to 7% interest on your SBM Bank Fixed Deposit.
• Interest-free Credit Period: Enjoy a 45-day interest-free credit period on UPI payments.
• UPI Rewards: Flat 2% Rewards on UPI Transactions on ZET App (Coming Soon).
• Voucher Discounts: Up to 20% off on top brand vouchers from Amazon, Flipkart, Myntra, and more.
• Movie & Dining:
  • Up to 20% off on Swiggy, Zomato, BookMyShow, and Instamart.
  • PVR: 40% ZCoins
  • Zomato: 1% ZCoins
  • Dominos: 40% ZCoins
  • Swiggy One Lite: 100% ZCoins
  • Baskin Robbins: 32% ZCoins
  • Pizza Hut: 3% Off
  • McDonald's: 10% Off
  • EatSure: 32% ZCoins Discount
• Shopping & Lifestyle:
  • Amazon: 5% ZCoins / 5% Rewards
  • Flipkart: 8% ZCoins / 2.5% Off / 8% Rewards
  • Myntra: 20% ZCoins / 20% Rewards
  • JioMart: 2% ZCoins
  • Cosmopolitan: 100% ZCoins
  • Urban Ladder: 40% ZCoins
  • Zepto: 7% ZCoins
  • Prime: 50% ZCoins
  • BigBasket: 4% ZCoins Discount
  • HealthKart: 5% Off
  • Ajio: 16% ZCoins Discount
  • SonyLiv: 100% ZCoins Discount
• Travel:
  • MakeMyTrip: 12% ZCoins
  • ClearTrip: 16% ZCoins
  • Abhibus: Up to 20% instant off.

Rewards Redemption Guide

• Reward Type: Zet Coins
• Conversion for Cash: 1 ZET Coin = ₹0.20
• Conversion for Vouchers: 1 ZET Coin = ₹0.25

Card Eligibility Criteria

• Income Proof: No income proof required.
• Credit History: No credit history needed.
• Approval: 100% guaranteed approval due to its FD-backed nature.
• Minimum Fixed Deposit: ₹5,000.
• Credit Limit: Users receive a credit limit of 90% of their deposited Fixed Deposit amount.
• FD Recommendation: It is recommended that your Fixed Deposit be at least three times your monthly expenses to keep credit utilization below 30% for a healthy credit score.

Card Review

The SBM ZET Credit Card is an excellent choice for individuals looking to build or improve their credit score, especially first-time credit users or those with limited credit history. Its FD-backed model ensures guaranteed approval, removing common barriers to entry for traditional credit cards.

Who Should Apply:

• First-time credit users who have no credit history.
• Individuals with a low credit score who have been denied credit cards by other banks.
• Existing credit card holders looking to diversify their credit mix and further boost their credit score.
• Anyone seeking a lifetime-free card with no annual or renewal fees.
• Users who appreciate the convenience of UPI payments and want to earn rewards on daily transactions.

Pros:

• Lifetime free with no joining or renewal fees.
• FD-backed mechanism guarantees approval, making it accessible to those with no or low credit scores.
• No income proof or existing credit history is required.
• Offers an instant virtual card within 10 minutes, allowing immediate use.
• UPI-enabled (RuPay variant) for seamless payments across all UPI applications.
• Earns a competitive interest rate of up to 7% on the Fixed Deposit.
• Provides a 45-day interest-free credit period on UPI payments.
• Low foreign currency markup of 2.49% for international transactions.
• Accelerates credit score building, with 80% of users seeing an improvement within 30 days.
• Offers a variety of rewards and discounts (ZCoins and instant off) on popular shopping, dining, and lifestyle platforms.
• The Fixed Deposit is insured up to ₹5 lakh by the DICGC under the RBI, ensuring security.

Cons:

• Requires a Fixed Deposit, which locks up some capital.
• Credit limit is directly tied to the Fixed Deposit amount (90%).
• Penalties apply for pre-maturity closure of the FD (1%) and early card cancellation within six months (₹499).
• While it offers discounts, there are no specific direct benefits for Domestic Lounge Access, International Lounge Access, Golf, or general Insurance, as highlighted in some sections.

Value: The SBM ZET Credit Card provides significant value for its target audience by offering a clear path to credit score improvement with minimal entry barriers and no recurring fees. The combination of interest earnings on the FD, low forex charges, and a wide array of merchant-specific rewards makes it a strong contender for those starting their credit journey or looking for a secure, feature-rich card for everyday use.

Important Product Details

• FD-backed credit card, ensuring 100% guaranteed approval for applicants.
• Minimum Fixed Deposit (FD) required is ₹5,000.
• Credit limit issued is 90% of the Fixed Deposit amount.
• Lifetime Free card, with zero joining and renewal fees.
• No income proof or previous credit history is needed to apply.
• Receive an instant virtual card within 10 minutes of application approval.
• A RuPay variant credit card that can be linked to any UPI application for payments.
• Enjoy a 45-day interest-free credit period on all UPI transactions.
• Earn up to 7% interest on your SBM Bank Fixed Deposit.
• The Fixed Deposit is insured up to ₹5 lakh by the DICGC under the DICGC Act 1961, regulated by RBI.
• Helps in building and improving credit score, with 80% of users experiencing improvement within 30 days and a path to achieving a 750+ score.
• Offers exclusive discounts and rewards in the form of ZCoins across various partner brands.
• Features a low foreign currency markup of 2.49%.

Other Details

• The application process involves four easy steps:
  1. Start Application
  2. Book an FD (Open a Fixed Deposit)
  3. Complete VKYC (Provide basic details and complete video KYC)
  4. Activate Virtual Card (Get instant approval and receive virtual card within 10 minutes)
• The ZET app displays your latest Experian Score. Variations in credit scores compared to other apps (like those using Transunion CIBIL, Equifax, or CRIF High Mark) are due to different credit bureaus and their scoring models.
• SBM Bank India is one of the fastest-growing banks in India, with over 50 lakh customers and 16 branches across major cities including Mumbai, Chennai, Bengaluru, Hyderabad, and New Delhi.