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Magnet FD is secured by RBI
SBM Bank (India) Ltd is registered with DICGC for the deposit insurance scheme under the DICGC Act 1961. For more information you can visit https://www.dicgc.org.in/
Start building your CIBIL Score today
Apply for Magnet FD Credit Card in 5 mins and instantly activate your virtual card using the ZET app
More about CIBIL
What is CIBIL Score?
CIBIL score is the numerical representation of your creditworthiness. It is calculated based on credit history, repayment behaviour, and other financial factors. A higher CIBIL score indicates a better credit profile.
It's a crucial factor that lenders consider when assessing your loan or credit card applications.
Benefits of a Good CIBIL Score?
A higher CIBIL score opens doors to a world of financial opportunities.
Easier Access to Credit: A good CIBIL score signals financial responsibility to lenders, making it easier for you to secure loans, credit cards, and other credit facilities.
Better Loan Terms: Lenders often offer lower interest rates and more flexible repayment terms to borrowers with high CIBIL scores.
Higher Loan Amounts: A strong credit history can help you qualify for larger loan amounts.
Faster Loan Approval: Lenders are more likely to approve loan applications quickly for individuals with good CIBIL scores.
Essentially, a high CIBIL score empowers you to make more informed and flexible financial decisions and achieve your financial goals.
How to Build a Good CIBIL Score?
Building a good CIBIL score is all about responsible credit management. Here's a breakdown of key practices to follow:
Do's
1. Pay bills on time consistently. Timely payments demonstrate your reliability in managing credit.
2. Maintain a low credit utilisation ratio. Don't max out your credit limits. Aim to keep your credit utilisation below 30%.
3. Diversify your credit mix. Having a healthy mix of credit cards, loans, etc., shows responsible credit usage across different categories.
4. Monitor your credit report regularly. Regularly check your credit report for errors and take corrective actions if necessary.
Don'ts
1. Apply for too much credit at once. Multiple credit inquiries can negatively impact your score. Apply only when necessary.
2. Miss or delay bill payments. Late payments significantly damage your CIBIL score.
3. Max out your credit limits. Keeping a high credit utilisation ratio reflects poorly on your creditworthiness.
4. Become a guarantor for risky loans. Avoid co-signing for loans for people with poor credit history.
Key Benefits of Using Magnet FD Credit Card
CIBIL Builder: Ideal for those with poor or no CIBIL score. Build it effortlessly with Magnet.
Security of RBI: Your money is protected by the Deposit Insurance and Credit Guarantee Corporation (DICGC), a wholly owned subsidiary of RBI.
Joining Benefits: Upon card approval, you'll unlock a range of world-class welcome benefits exceeding ₹21,000 in value.
OTT Benefits: Disney+ Hotstar, SonyLiv, Zee5 & 38 others with OTTPlay Travel Benefits: International & Domestic Flights, Bus Tickets, Uber Discounts Food & Dining: Swiggy, Dominos & Pizza Hut Lifestyle/Clothing: Myntra, Ajio, Puma Music Streaming: GaanaPlus News & Knowledge: The Hindu In-app Currency: Zcoins worth ₹100
Shopping Rewards: From daily groceries to designer clothes, get up to 10% rewards with our range of vouchers. Available across all leading brands like Flipkart, Amazon, Myntra, Swiggy etc.
Lifetime Free: No renewal fee, no hidden charges. Enjoy a lifetime free card with Magnet.
Easy application: No need for an existing CIBIL score or income proof to apply.
How Magnet Credit Card Works?
Magnet is an FD based credit card.
It means you can enjoy all the benefits of both an FD and a credit card, while simultaneously increasing your CIBIL score as well.
Magnet FD Credit card is exclusively available on ZET.
You can get this card by making a RBI secured minimum ₹5000 FD with SBM Bank in India.
The credit limit is 90% of your FD amount. You can spend that without even breaking your FD, and while earning interest on it as well.
Also on ZET
Check your credit score for free.
Also get a free detailed breakdown of your credit report:
1. Payment History: Track all your accounts and get helpful reminders for on-time payments.
2. Credit Utilisation: Figure out which accounts are using the most credit and where you can optimise.
3. Credit Age & Inquiries: Gain insights into the age of your credit and how recent inquiries might affect your CIBIL score.
4. Credit Mix: Ensure a healthy mix of credit products (loans, credit cards etc.) to improve your score.
5. Score Evolution: Track how your CIBIL Score has changed over time and what has influenced those changes.
Your CIBIL score is the cornerstone of your financial health. Building and maintaining a strong credit profile empowers you to make informed decisions, access opportunities, and achieve long-term financial stability.
By recognizing its importance and taking deliberate actions, you're paving the way for your financial independence.
Welcome to building a strong credit foundation with us.
Download ZET & apply for Magnet to start building your CIBIL Score.
Mr. Manoj Rathi
Grievance Officer
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