SBM MobiKwik First Credit Card
KeepAn uncapped 1% on everything, on a card that costs nothing and needs no credit history.
a year at ₹40,000 a month, after the fee
Skip the arithmetic — the board, ranked → · nothing to sign up for
What it's worth to you, after the fee
Welcome: None published — neither the KFS nor the rewards T&C carries a welcome benefit.
Priced on the everyday mix — 30% groceries · 10% utilities · 20% travel · 6% fuel · 34% everything else — with this card's published category rules applied. Plus milestones, minus the fee. No accelerator credit — the ranking model on /compare adds ~20% of spend at the card's best accelerator, so its ₹ for this card reads higher.
How these numbers are computed — and why the rankings show a bigger one →
Spend tiers, milestones and fee waivers included, at our house ₹/point. Portal and category multipliers can push higher — run your exact number →
Pays from the first rupee
At ₹1,000 a month — ₹12,000 a year — on the everyday mix this card returns ₹100 gross (earn ₹100) against its ₹0 fee = ₹100 net — at or above ₹0 from the first rung we price. The ladder runs in ₹1,000 steps to ₹1,00,000 a month and ₹10,000 steps to ₹5,00,000; figures are rounded to the hundred, and the accelerator is never credited.
2 notes on the card itself: how it is issued · why it ranks #413
Why #413 A flat, uncapped 1% on card spend for no fee at all — which on a secured card is a genuinely good deal, and rare. It ranks where it does because the cashback lands in a MobiKwik wallet rather than on the statement, and because there is no lounge, no transfer route and a 3% foreign markup.
The cashback is rupees, but it does not arrive on your statement. MobiKwik's own T&C: "Rewards earned on the SBM MobiKwik First Credit Card are transferred to MobiKwik Wallet as cashback", within seven working days of statement generation — and from the wallet it "can be encashed or transferred to the bank account", so a unit is a rupee end to end. The catch is the door: open no MobiKwik wallet within 30 days of bill generation and the cashback "shall be forfeited".
The take
This is the plainest good deal among India's secured cards. Put a fixed deposit with SBM Bank, get a credit line worth 90% of it, and earn a flat 1% back on e-commerce and shop swipes with no minimum transaction and — unusually — no published monthly cap. The card itself is free: the KFS prints a zero against both the membership fee and the annual maintenance fee, and there is nothing to waive. Two things decide whether it suits you. First, the cashback goes into a MobiKwik wallet, not onto your statement — it is real money you can move to a bank account, but you must open that wallet within 30 days of the bill or the cashback is forfeited. Second, the UPI rules are strict and specific: 1% only on transactions of ₹2,000 or more, and only when the card is registered on MobiKwik's own @ikwik handle. Pay by UPI through Google Pay, PhonePe or Paytm and you earn nothing at all. Everything else is entry-level. There is no lounge access, no transfer partner and no milestone. Foreign spend costs 3%, better than the 3.5% norm but not a reason to travel with it. Revolving credit is 42% a year and cash is 42% from day one. Hold it for the free 1% and the credit file, pay it in full, and ignore the rest.
Your renewal — keep, downgrade or cancel
This card is lifetime free. There is no fee due, no renewal to weigh, and nothing to cancel to save.
Keep, downgrade or cancel
nothing due at the anniversary · 5 spend bands
The charge ₹0 — lifetime free
At your spend
₹3,000 a year at ₹3,00,000 of annual spend
₹6,000 a year at ₹6,00,000 of annual spend
₹12,000 a year at ₹12,00,000 of annual spend
₹36,000 a year at ₹36,00,000 of annual spend
₹60,000 a year at ₹60,00,000 of annual spend
Everyday earn plus milestones, with no fee to subtract — the same model as the value panel above, so the two cannot disagree. run your exact spend →
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 the numbers above are the whole 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
- Flat 1% back on online and offline card spend, with no minimum transaction and no published monthly cap
- Lifetime free — the KFS prints ₹0 against both the membership fee and the annual maintenance fee
- Secured on an SBM fixed deposit; the credit line is 90% of the deposit and no income proof is needed
- The cashback is rupees, not points — encashable from the MobiKwik wallet or transferable to a bank account
- Up to 48 days interest-free: 45 from the billing cycle plus 3 grace days
Watch out
- The cashback lands in a MOBIKWIK WALLET, not on your statement — and if you have not opened one within 30 days of bill generation, it is forfeited
- UPI earns 1% ONLY through MobiKwik's own @ikwik handle, and only on transactions of ₹2,000 or more. Google Pay, PhonePe and Paytm earn NIL
- Rent, government, tax, gambling, dating, wallet funding and financial-institution spend earn nothing (MCC 6513, 9399, 9311, 7995, 7273, 5406, 6012)
- No cashback on anything converted to EMI, and foreclosing the EMI does not restore it
- 42% a year (3.5% a month) on revolving credit AND on cash, which is charged from day one
- A physical card costs ₹200, and ₹200 again to replace; cancelling within six months of activation costs ₹200
- 3% foreign markup — below the 3.5% Indian norm, but no reason to carry this abroad
- No lounge access, no transfer partner, no milestone and no welcome benefit
- 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
No live transfer route takes Statement cashback (₹) into a programme that publishes an award chart. These points buy catalogue and portal redemptions, not award seats — so this page has no flight to show you, and will not invent one.
what the cards that DO reach a chart can fly — 2,196 corridors priced →
What earns, what doesn't
10 sourced rules · 4 pay zero
MobiKwik's cashback T&C, effective 1 February 2026, publishes one earn table and one exclusion table, and the interesting rung is UPI: the card pays 1% on UPI only when it is registered on MobiKwik's own @ikwik handle AND the transaction is ₹2,000 or more — "Transactions made by registering the SBM MobiKwik First Credit Card on other third-party UPI app such as Paytm, Google Pay, PhonePe etc. will not be eligible for any cashback." Everything not excluded earns the flat 1%. Separately, SBM levies a non-refundable 1% processing fee on rent and education payments from 15 July 2026, which is a CHARGE rather than an earn rule and is recorded in the MITC row.
- Rent & property management · excluded MCC 6513 is on MobiKwik's exclusion table and earns no cashback; from 15 July 2026 SBM also charges a non-refundable 1% processing fee on the payment
- Wallet loads · excluded "Funding transaction", MCC 5406, is excluded, as are financial institutions (6012)
- Government / tax · excluded Government services (MCC 9399) and tax payments (MCC 9311) are both named on the exclusion table
- UPI (RuPay-on-UPI only) · capped 1% through MobiKwik's own @ikwik handle on transactions of ₹2,000 or more, and NIL through Google Pay, PhonePe, Paytm or any other UPI app. The channel is the condition, not the merchant
per SBM Bank (India) T&C · rank every card by spend category →
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. Apply inside the MobiKwik app, 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. The FD keeps earning SBM's own rate while it is pledged. Statements, limits, bill payment and the cashback wallet all live in the MobiKwik app; SBM also accepts payment through BillDesk and BBPS. Cancel by writing to creditcard@sbmbank.co.in or through the app's Manage Cards screen — and note that cancelling within six months of activation costs ₹200.
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
5 of 7 MITC rows published
What the MITC actually says — the rates, fees and cutoffs the brochure skips.
FEE COLUMNS: the KFS grid names them "Membership Fee" and "Annual Maintenance Fee", both ₹0, with the waiver row reading N/A because there is nothing to waive. Lifetime free. The ₹200 "Physical Card Fee" is an optional purchase, not a joining charge — the card works as a virtual card without it. Secured on an SBM fixed deposit booked for a tenure of 390 days; credit limit 90% of the deposit, cash limit 30% of that. Interest-free period up to 45 days plus 3 grace days, so up to 48. Minimum amount due 5% of the outstanding or ₹100, whichever is greater. THE REWARD IS RUPEES, PAID INTO A WALLET: 1% on online e-commerce and offline POS with no minimum transaction, 1% on UPI paid through the MobiKwik app on transactions of ₹2,000 or more, and NIL on UPI through any other app — Paytm, Google Pay and PhonePe are named. Cashback is transferred to the MobiKwik Wallet within 7 working days of statement generation, can be encashed or moved to a bank account, and is FORFEITED if no wallet is opened within 30 days of bill generation. NO monthly or annual cashback cap is published. Reward exclusions by MCC: 7273 dating, 7995 gambling, 9399 government, 9311 tax, 5406 funding, 6012 financial institutions, 6513 rent. Nothing on EMI, and foreclosing the EMI does not restore it. NO LOUNGE ACCESS. SBM-WIDE, from 15 July 2026: a non-refundable 1% processing fee on rental (MCC 6513) and education (MCC 8211/8220/8241/8244/8249/8299) payments. The MITC linked against this card is SBM's shared secured-card MITC, identical to five siblings', and it defers the reward construct to the per-card page.
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 · the net-annual-value engine, at our house ₹/point
Every document behind this page — 3 of them, each with the day we read it
- official Key Fact Statement — ₹0 membership and ₹0 annual maintenance fee, 42% a year on revolving credit and cash, 3% forex, ₹200 physical-card fee, credit limit 90% of the FD
- official Cashback programme T&C effective 1 Feb 2026 — 1% on e-commerce and POS with no minimum, 1% on MobiKwik-app UPI above ₹2,000, NIL on third-party UPI, paid into a MobiKwik wallet
- official SBM's secured-card page — the co-brand list naming this card, the 390-day FD requirement, and the 1% rent and education processing fee effective 15 July 2026