SBM BankSBM ZET Credit Card – Benefits, Fees & Eligibility
Is the SBM ZET Credit Card Right for You?
The SBM ZET Credit Card is best suited for users who prioritize Shopping. With a joining fee of Nil and a renewal fee of Nil, this card offers free entry for new applicants. It offers Reward Points & Cashback as its primary reward mechanism, with a rewards rate of Earn ZCoins from 1% to 100% and direct discounts from 2.5% to 10% on transactions..
Key Card Details
Nil
Nil
Reward Points & Cashback
Notable Perks
Insurance Coverage
SBM Bank FD is insured up to ₹5 lakh by the DICGC under the DICGC Act 1961.
Things to Consider
Requires a Fixed Deposit as collateral, which might be a barrier for some users.
Specific reward categories and detailed redemption steps for ZCoins are not clearly outlined.
Does not offer specific travel, lounge access, or movie benefits.
Benefits & Features
Rewards Rate
Earn ZCoins from 1% to 100% and direct discounts from 2.5% to 10% on transactions.
Reward Type
Reward Points & Cashback
Reward Redemption
Redeem ZCoins and discounts for vouchers from top brands like Amazon, Flipkart, and Myntra.
Insurance Coverage
SBM Bank FD is insured up to ₹5 lakh by the DICGC under the DICGC Act 1961.
What matters, explained clearly
Introduction
The SBM ZET Credit Card, issued by SBM Bank, is an FD-backed credit card designed primarily for individuals looking to build or improve their credit score. Positioned as an accessible entry-level card, it offers 100% guaranteed approval without requiring income proof or a credit history. Key differentiating benefits include its lifetime-free status, the ability to make UPI payments, instant virtual card activation, and the opportunity to earn up to 7% interest on the linked Fixed Deposit.
Fees
- Joining Fee: Lifetime Free (No joining fee).
- Renewal Fee: Lifetime Free (No renewal fee).
- Interest Rates: Enjoy a 45-day interest-free credit period on UPI payments.
- Other Charges: For a detailed list of charges, refer to SBM Bank’s official Fee & Charges Details document.
Rewards
- General Rewards: Benefits worth over ₹21,000 and up to 20% off on top brand vouchers from Amazon, Flipkart, Myntra, and more.
- ZCoins Rewards: Earn various ZCoins and discounts on transactions, including:
- ZCoins: 1%, 2%, 5%, 7%, 8%, 12%, 16%, 20%, 32%, 40%, 50%, 100%.
- Direct Discounts: 2.5% Off, 3% Off, 5% Off, 10% Off.
- ZCoins Discounts: 4%, 16%, 32%, 100%.
- Fixed Deposit Interest: Earn up to 7% interest on your SBM Bank Fixed Deposit.
- UPI Rewards: UPI Rewards are coming soon.
Rewards Redemption Guide
- The card offers ZCoins and discounts, along with vouchers from top brands like Amazon, Flipkart, and Myntra. Specific steps for ZCoin redemption are not detailed on the webpage.
Card Eligibility Criteria
- Credit History: No credit history is needed.
- Income Proof: No income proof is required.
- Approval: 100% guaranteed approval.
- Fixed Deposit Requirement: The card is backed by a Fixed Deposit (FD).
- Minimum FD amount required is ₹2,000.
- It is recommended to set your FD at least three times your monthly expenses to maintain credit utilization below 30% for a healthy credit score.
Card Review
The SBM ZET Credit Card is an excellent choice for individuals looking to establish or improve their credit score, especially first-time credit users or those with a low credit score who have been denied by other banks. It's also beneficial for existing credit card holders aiming to diversify their credit mix. The card's FD-backed nature ensures easy approval, and its lifetime-free status eliminates annual fees. Users have reported significant credit score improvements, with 80% seeing an improvement in just 30 days and some achieving a 755 score in 3 months. The ability to make UPI payments and earn interest on the FD are significant advantages. While specific reward categories for ZCoins are not detailed, the card offers a range of discounts and brand vouchers. The primary "con" is the requirement of a Fixed Deposit as collateral.
Important Product Details
- Credit Building: Fastest way to a 750+ credit score, with 80% of users seeing improvement in 30 days.
- Accessibility: 100% guaranteed approval, no income proof required, no credit history needed.
- FD-Backed: Requires a Fixed Deposit starting at just ₹2,000.
- Lifetime Free: No joining or renewal fees.
- UPI Payments: Scan and pay seamlessly across all UPI apps. UPI credit card functionality is available.
- Instant Virtual Card: Get instant approval and receive a virtual card within 10 minutes.
- Interest-Free Period: Enjoy a 45-day interest-free credit period on UPI payments.
- FD Interest: Earn up to 7% interest on your SBM Bank Fixed Deposit.
- FD Insurance: Your SBM Bank FD is insured up to ₹5 lakh by the DICGC under the DICGC Act 1961.
- Rewards: Exclusive discounts, benefits worth over ₹21,000, and up to 20% off on top brand vouchers.
- Upcoming Feature: UPI Rewards are coming soon.
Other Details
- Application Process:
- Step 1: Start Application - Begin your application for the SBM ZET Credit Card.
- Step 2: Book an FD - Open a Fixed Deposit to start the application process.
- Step 3: Complete VKYC - Provide your basic details and complete video KYC.
- Step 4: Activate Virtual Card - Get instant approval and receive your virtual card within 10 minutes.
- Issuing Bank (SBM Bank India):
- One of the fastest-growing banks in India.
- Serves over 50 lakh customers in India.
- Has 16 branches across major cities.
- Credit Score Tracking: The ZET app shows your latest Experian Score. Other apps may use different bureaus (e.g., Transunion CIBIL, Equifax, CRIF High Mark), which can cause slight variations in your score due to different scoring models and data.
- Legal Information: Links to Privacy Policy, Terms of Use, Magnet MITC, Magnet KFA, SBM ZET Card MITC, SBM ZET Card KFS, and SBM Bank RBI Registration Link are available.
- Contact Information:
- Email: care@zetapp.in
- Phone: +91-9910992875