SBM Magnet Credit Card
Fees and application requirements
- Joining fee
- No joining fee
- Annual / renewal fee
- No annual fee
- Card network
- Visa Platinum
- Availability
- Available through a partner channel. The issuer lists this product, but a current public partner-onboarding route was not verified; confirm availability with SBM Bank.
- Security requirement
- Fixed deposit or other issuer-specified security required; check deposit and closure conditions.
Read the complete fee wording: spend-based waivers and promotional offers have conditions. The issuer’s current application terms take precedence.
SBM Bank India · Checked 2026-10-29
A secured card in SBM Bank’s catalogue, carrying Magnet/Gild branding and a reward currency that needs separate redemption review.
CardIQ editorial view
Our take
A secured card in SBM Bank’s catalogue, carrying Magnet/Gild branding and a reward currency that needs separate redemption review.
Who it suits
- People evaluating the issuer’s FD-backed partner-card options.
Key strengths
- FD-backed card with Magnet Coin rewards on eligible purchases
Trade-offs to understand
- Current partner onboarding must be confirmed with the bank before opening a deposit.
- The KFS lists a 1% FD-closure charge and ₹499 card cancellation in the first year, plus applicable taxes.
CardIQ verdict
Use the listing to compare fees and deposit requirements, then verify current partner availability directly with SBM Bank.
This CardIQ editorial assessment is maintained separately from issuer facts and commercial links. CardIQ may earn a commission from some applications. Verify current terms before applying.
Benefits, limits and conditions
- The issuer KFS specifies a credit limit of 90% of the fixed deposit amount.
- No joining or annual membership fee; the KFS separately lists FD-closure and early card-cancellation charges.
- Magnet Coins follow programme redemption terms; they are not represented here as a flat cash-return rate.