SBM Magnet Credit Card
Keep30% a year on revolving credit — the cheapest interest on this board, on a card that costs nothing.
no published earn rate to price
Skip the arithmetic — the board, ranked → · nothing to sign up for
What it's worth to you, after the fee
Welcome: None published — the KFS carries no welcome benefit and SBM publishes no reward document for this card.
Not valued. We can't value this card until the issuer publishes how it earns — every net-value number here would be a fee subtracted from rewards nobody has described. Everything we can source — the fee, the charges, the migration that put this card in your hand — is above and stands on its own; this card is simply not on the board, not in the calculator, and cannot win a best-of call until SBM Bank (India) publishes terms we can cite.
Why we decline to value some cards, and what it takes to change that →
2 notes on the card itself: how it is issued · why it ranks #417
Why #417 The cheapest revolving credit on this board at 30% a year — a genuinely unusual number on an Indian card, secured or not — beside a 2.49% foreign markup and no fee at all. It sits here rather than higher because SBM markets "unlimited magnet coins" and publishes no reward document at all, so there is nothing to value.
The take
Magnet is the odd one in SBM's secured range, and the reason is a number nobody markets: its interest rate. Purchases revolve at 2.5% a month, 30% a year, where every sibling on the same licence charges 42% and the Indian norm is 42–46%. If you are the kind of holder who occasionally carries a balance — and a secured card exists largely for people rebuilding a file, who sometimes do — that is worth more than any cashback rung on this page. Cash still costs 40%, so the discipline only extends so far. The rest is clean and free. Nothing to join, nothing to renew, a 2.49% foreign markup a full point below the norm, no over-limit fee, no repayment charge, and a ₹299 late fee that is the mildest in SBM's range. The credit line is 90% of a fixed deposit that keeps earning while it is pledged, and there is no income proof or credit check. What you should not buy it for is the rewards. SBM advertises "unlimited magnet coins" in one sentence and publishes nothing to back it: alone among the nine cards in SBM's co-brand block, Magnet has no reward document, and the shared MITC simply points back at a page that has no construct on it. No rate, no redemption value, nothing. So we carry the card on its fees and leave the earn blank rather than invent one.
Your renewal — keep, downgrade or cancel
There is no renewal arithmetic to run on this card yet — and a break-even we cannot source is not one we will print.
the whole desk — what changed, the downgrade, and what we cannot price →
Keep, downgrade or cancel
what we can and cannot price
Not valued. We can't value this card until the issuer publishes how it earns — every net-value number here would be a fee subtracted from rewards nobody has described. A break-even is the spend at which value crosses a fee, and we are short one side of that sentence — so this desk prints no ladder, no crossing and no ₹0 standing in for either. What we can source about this card is under Sources.
Your copy of this card
You hold this card.
Kept on this device, in your browser. It is never sent to us, never synced, and nothing else on the site reads it yet.
The downgrade
SBM Bank (India) publishes no document naming a card you can step down to, so we name none — an invented product change is a phone call you would waste. That leaves keep or cancel, and we cannot price either side of it.
If you call to cancel
What the bank offers to keep you is the one fact this desk cannot compute. We are collecting those reports — dated, and only in aggregate — before publishing any: an offer one reader was made is not one you are owed. Called about this card? Tell us what they offered →
The desk publishes subscribable .ics feeds for the dates it knows — offer deadlines, devaluations, expiry audits. Your renewal date is not one of them: only your statement knows it.
What's good
- 30% a year (2.5% a month) on purchases — the lowest revolving rate on this board, against 42% on its own siblings
- Lifetime free: the KFS prints Nil against the joining fee, the annual fee and the waiver
- 2.49% foreign-currency markup, a full point below the 3.5% Indian norm
- No over-limit fee, no repayment charge and no rewards redemption fee
- Secured on an SBM fixed deposit with the credit line at 90% of it — no income proof, no credit history
Watch out
- SBM PUBLISHES NO REWARD DOCUMENT FOR THIS CARD — "unlimited magnet coins" is a marketing sentence with no rate, no redemption value and no T&C behind it. It is the only card in SBM's co-brand block without one
- Cash is charged at 40% a year (3.3% a month), and the minimum due on a cash balance is 10% against 5% on purchases
- ATM cash costs 2.5% or ₹300, whichever is higher
- No lounge access appears in the KFS or in SBM's shared secured-card MITC
- ₹499 to cancel in the first year of activation; ₹249 to replace the card; 1% to preclose the fixed deposit
- SBM names no card network for it anywhere, so we print none
- A 1% processing fee applies to rent and education payments from 15 July 2026, and it is not refunded if the payment is reversed
What these points actually fly
SBM Bank (India) has not published what this card earns, so there are no points here to fly with — not zero points, and not points that go nowhere: nothing stated either way. The moment a benefit sheet exists we will price whatever it names.
what the cards that DO reach a chart can fly — 2,196 corridors priced →
Lounge access
0 of 793 tracked doors
No lounge access. This card opens exactly 0 of 793 tracked lounge doors — board with the crowd, or find a card that doesn't →
Can you get it?
income, age and the route in
The cutoffs and the actual route in — not the "apply now" button, the door that opens.
Direct application — no invite list, no banking relationship required.
No income proof and no credit history. Book an SBM Bank fixed deposit for a tenure of 390 days and the card is issued against it with a limit of 90% of the deposit, which keeps earning SBM's own rate while pledged — the bank quotes up to 7% a year. Preclosing the deposit costs 1%. Bills can be paid by in-app UPI, through SBM's BillDesk link or over BBPS from Google Pay, BHIM or PhonePe. Cancel by writing to creditcard@sbmbank.co.in or calling 1800 268 1199; inside the first year of activation that costs ₹499.
per the official SBM Bank (India) MITC — figures marked (community) aren't in the PDF; the issuer won't say · filter the board by what you can get →
The fine print
6 of 7 MITC rows published
What the MITC actually says — the rates, fees and cutoffs the brochure skips.
FEE COLUMNS: one table reading "Joining Fees — Nil / Annual Fees — Nil / Annual Fees Waiver — Not Applicable". Lifetime free. Secured on an SBM fixed deposit booked for 390 days, which the bank says earns up to 7% a year while pledged; credit limit 90% of the deposit; preclosing it costs 1%. THE 30% PURCHASE RATE IS THE REASON TO READ THIS ROW: every sibling KFS on the same licence prints 42%, and the Indian norm is 42–46%, so Magnet is materially the cheapest card here to carry a purchase balance on. Cash is not discounted — 40% a year, from day one. NO REWARD DOCUMENT EXISTS. SBM markets "unlimited magnet coins as rewards" in a single sentence on its secured-card page and publishes nothing else: Magnet is the ONLY card in SBM's nine-card co-brand block with no Reward Points or reward-structure PDF beside its KFS and MITC, the KFS names only a "Rewards Redemption Fee — Nil", and the shared MITC's reward section says merely "For SBM secured credit card rewards construct please refer to the respective card program on the SBM bank website" — where there is none. Hence the absent (unpublished) earn rate. NO LOUNGE ACCESS and NO NETWORK is named anywhere. Card replacement ₹249; cancellation ₹499 in the first year of activation. SBM-WIDE, from 15 July 2026: a non-refundable 1% processing fee on rental and education payments.
per the official SBM Bank (India) MITC · reviewed 10 Jul 2026
What's changed for this card
nothing tracked yet — which is itself a fact
No tracked devaluations or changes yet — this card's history starts here.
Verified against SBM Bank (India)'s own documents on
Not published , and we will not invent it: the earn rate and the currency it earns.
Every document behind this page — 3 of them, each with the day we read it
- official Key Fact Statement — Nil joining and Nil annual fee, 30% a year on purchases and 40% on cash, 2.49% forex markup, ₹299 late payment charge, ₹499 first-year cancellation
- official SBM's secured-card page — the only place a Magnet reward is described, in one sentence and with no document behind it
- official Most Important Terms & Conditions and Cardholder Member Agreement — SBM's shared secured credit card document, which defers the reward construct to a page that has none