Magnet FD Backed Credit Card

A secured or fixed deposit credit card is an excellent way to start building your credit. With a credit card backed by a fixed deposit, you can earn rewards on your spending while gradually increasing or improving your credit score. The Magnet Credit Card is one such card that can be obtained against a low fixed deposit of ₹5,000. Offering lifetime free membership, the Magnet Credit Card is the best option for individuals with little or poor credit history. With the Magnet Credit Card, you’d need to make a fixed deposit backed by SBM Bank, earning up to 7% interest per annum. Your credit limit will be set to 90% of the fixed deposit amount. With this card, you have the opportunity to enhance or establish your credit score, enabling you to access more favorable loan terms. Additionally, you will benefit from a substantial credit limit and competitive interest rates on your fixed deposit.