The Magnet FD Backed Credit Card by Axis Bank is designed for individuals who want to secure a credit card against a fixed deposit (FD). This card offers an excellent opportunity to build or improve credit scores while enjoying various benefits like cashback and rewards.
A secured or fixed deposit credit card is a great way to start building your credit. With a credit card backed by a fixed deposit, you can earn rewards on your spending while gradually improving your credit score. The Magnet Credit Card is one such option that can be obtained with a low fixed deposit of just ₹5,000, making it ideal for individuals with little or poor credit history. This card offers lifetime free membership, which adds to its appeal.
To get the Magnet Credit Card, you’ll need to make a fixed deposit with SBM Bank, which offers an interest rate of up to 7% per annum. The credit limit for this card is set at 90% of the fixed deposit amount, providing a substantial credit limit while minimizing risk. Using this card responsibly will help you build or improve your credit score, making you eligible for better loan terms in the future. Additionally, you benefit from a high credit limit and competitive interest rates on your fixed deposit, making this card a valuable tool for financial growth.
- Overview
- Magnet FD Backed Credit Card Welcome Benefits
- Magnet FD Backed Credit Card Charges
- Magnet FD Backed Credit Card Membership Benefits
- Magnet FD Backed Credit Card Rewards
- Magnet FD Backed Credit Card Milestone Benefits
- Redemption
- Gift Vouchers Available
- Airport Lounge Access
- Forex Markup Fee
- Magnet FD Backed Credit Card Eligibility
- Magnet FD Backed Credit Card Card Review
- Magnet FD Backed Credit Card Pros and Cons
- Similar Cards to Magnet FD Backed Credit Card
Overview
| Feature | Details |
|---|---|
| Card Type | FD-backed Credit Card |
| Reward Rate | Up to 5% cashback on select categories |
| Reward Value | Direct cashback |
| Joining Fee | Nil |
| Unique Selling Points | Secured credit limit, cashback benefits, fuel surcharge waiver |
| Rating (out of 5) | 4.3 |
Magnet FD Backed Credit Card Welcome Benefits
| Welcome Benefit | Details |
|---|---|
| Cashback | Up to ₹500 cashback on initial spends |
Magnet FD Backed Credit Card Charges
| Fee Type | Details |
|---|---|
| Joining Fee | Nil |
| Renewal Fee | Nil |
| Finance Charges | 2.99% per month (35.88% per annum) |
| Late Payment Fee | ₹300 to ₹1,000 based on the outstanding balance |
| Foreign Transaction Fee | 3.5% + GST |
| Rent Payment | 1% fee using third-party apps like CRED, Paytm |
| Education | 1% fee using third-party apps |
| Utilities | No additional charges |
Magnet FD Backed Credit Card Membership Benefits
This card provides various benefits:
- Fuel Surcharge Waiver: 1% fuel surcharge waiver on transactions between ₹400 to ₹4,000.
- Interest-Free Credit: Up to 50 days of interest-free credit from the date of purchase.
- EMI Options: Convert big purchases into easy monthly installments.
Magnet FD Backed Credit Card Rewards
| Spend Category | Reward Rate |
|---|---|
| Online Shopping | Up to 5% cashback |
| Dining | Up to 4% cashback |
| All Other Spends | 1.5% cashback |
| Reward Value | Direct cashback credited to the account |
| Rewards Expire in | Never |
Magnet FD Backed Credit Card Milestone Benefits
| Spending Milestone | Reward Earned |
|---|---|
| Annual Spend of ₹1,00,000 | Additional ₹1,000 cashback |
Redemption
Cashback earned is automatically credited to the cardholder’s account and can be used to offset the statement balance.
Gift Vouchers Available
| Category | Brands |
|---|---|
| Shopping | Amazon, Flipkart |
| Electronics | Croma |
| Travel | MakeMyTrip, Cleartrip |
| Dining | Zomato, Swiggy |
| Entertainment | BookMyShow |
Airport Lounge Access
| Access Type | Details |
|---|---|
| Domestic Lounges | Not available |
| International Lounges | Not available |
Forex Markup Fee
| Fee Type | Details |
|---|---|
| Forex Markup Fee | 3.5% + GST on all international transactions |
Magnet FD Backed Credit Card Eligibility
To apply for the Magnet FD Backed Credit Card, applicants must meet the following criteria:
- Age: 18 to 70 years
- Income: No specific income requirement (linked to FD)
- Documents Required: Aadhar Card, PAN Card, proof of fixed deposit, and residence proof.
Magnet FD Backed Credit Card Card Review
The Magnet FD Backed Credit Card is an excellent option for individuals looking to build or improve their credit score. With high cashback rates and easy approval based on a fixed deposit, it provides great value for daily use and online shopping.
Overall Rating: 4.3
- Benefits: 4.4
- Fees: 4.2
- Customer Service: 4.1
Magnet FD Backed Credit Card Pros and Cons
| Pros | Cons |
|---|---|
| High cashback rates on select categories. | No airport lounge access. |
| Easy approval with a linked FD. | High foreign transaction fee. |
| Fuel surcharge waiver. | Requires a fixed deposit for approval. |
Similar Cards to Magnet FD Backed Credit Card
| Feature | Magnet FD Backed Credit Card | HDFC MoneyBack Credit Card | SBI Card Unnati |
|---|---|---|---|
| Annual Fee | Nil | ₹500 + GST | None for the first four years |
| Lounge Access | Not available | Not available | Not available |
| Reward Rate | Up to 5% cashback | 2 reward points per ₹150 spent | 1% cashback on all spends |
| Reward Value | Direct cashback credited to account | 100 points = ₹20 (statement credit) | Direct cashback credited to account |
| Special Benefits | High cashback, FD-backed approval | Cashback rewards, fuel surcharge waiver | No annual fee for the first four years |
Relevant Links
To help our readers navigate our website and find additional relevant content, here are some internal links you might find useful:
- Best Cashback Credit Cards in India
- How to Build Credit Score with a Credit Card
- Axis Bank Credit Cards
For more detailed information about Magnet FD credit card and other financial products, you can visit the official Zetapp website.
FAQ
What is the annual fee for the Magnet FD Backed Credit Card?
The annual fee is nil
How can I earn cashback with the Magnet FD Backed Credit Card?
You can earn up to 5% cashback on select categories and 1.5% on all other spends.
How is the cashback credited for the Magnet FD Backed Credit Card?
Cashback is automatically credited to your card account and can be used to offset your statement balance.
Does the Magnet FD Backed Credit Card offer any fuel benefits?
Yes, the card offers a 1% fuel surcharge waiver on transactions between ₹400 to ₹4,000.
What are the milestone benefits of the Magnet FD Backed Credit Card?
The card offers additional ₹1,000 cashback upon reaching an annual spend of ₹1,00,000.
Is the Magnet FD Backed Credit Card worth it for those looking to build credit?
Absolutely. With easy approval linked to a fixed deposit, high cashback rates, and no specific income requirements, this card is an excellent option for those looking to build or improve their credit score.
