CIBIL

Magnet is a secured credit card backed by a Fixed Deposit (FD) especially designed for empowering individuals, who don’t have a credit score or aiming to better their credit scores.  Magnet, issued by SBM Bank and available on ZET App, stands as a catalyst for financial empowerment, aiding NTC (New-to-Credit) customers and those with poor credit history in accessing easy credit products while concurrently building their credit profiles. Users will get joining benefits worth Rs. 21,000 including 10 per cent rewards on top brand vouchers, OTT subscription of some of the popular platforms like Disney Hotstar, Sonyliv, Zee 5 and offers on dining, travel & more.

The secured credit card comes against a FD of minimum Rs.5,000 ranging to Rs. 25,000 with 90 per cent of the amount as the credit limit. The FD is secured as per RBI guidelines, insured up to Rs.5,00,000 by DICGC.

Users can also enjoy up to 7 per cent interest on their Fixed Deposits, further enhancing their financial well-being. The card also redefines credit accessibility by eliminating the traditional reliance on credit scores, making it an inclusive option for individuals with no credit score hence guaranteeing chances of owning a credit score. 

Magnet is also a lifetime-free offering with no renewal fee, ensuring affordability without compromising on benefits as a commitment to accessibility. Users can enjoy the convenience of instant approval, streamlining the process and offering quick access to credit facilities.

Magnet serves as a reliable tool for individuals aiming to build and fortify their credit scores, enabling them to achieve better terms for future credit needs. The flagship Magnet card is ZET App’s commitment to empowering individuals with financial independence and flexibility. It marks a significant step towards bridging the credit gap and fostering a financially inclusive society.