M16S / SBM Bank India / SBM Magnet Credit Card
entry · cobrand, secured, rewards, lifetime-free
SBM Magnet Credit Card
The SBM Magnet Credit Card charges no annual fee and no joining fee. The forex markup is 2.49%. It lists no airport lounge access. Read from the issuer's own documents on 11 Oct 2026.
- Annual fee
- Free
- Fee waived at
- —
- Base return
- —
- Forex markup
- 2.49%
- Interest
- 2.5%a month
Apply on sbm.bank.inOpens the bank’s own page.
Fees
| Joining fee | Free |
|---|---|
| Annual fee | Free |
| Fee notes | Nil joining and annual fee. Replacement Rs 249; cancellation Rs 499 if closed in the first year; FD closure 1%. |
Rewards
| Reward currency | Magnet Coins |
|---|---|
| Spends that earn nothing | EMI and cash transactions |
| Reward notes | SBM's page advertises 'unlimited magnet coins' but publishes no earn-rate document for this card. No redemption fee. |
Travel and perks
| Domestic lounge | None |
|---|---|
| International lounge | None |
| Forex markup | 2.49% |
Charges and eligibility
| Interest per month | 2.5% |
|---|---|
| Late payment fee | Flat Rs 299 |
| Cash advance fee | 2.5% of withdrawal or Rs 300, whichever is higher; cash interest 3.3% per month |
| Eligibility | Fixed deposit with SBM through the Magnet app; credit limit 90% of the FD |
| Fine-print notes | Lowest purchase interest among SBM's co-brands at 2.5% per month (30% p.a.). Rent and education payments carry a 1% fee. Over-limit fee nil. FD advertised at up to 7% p.a. with conditions. Still listed on SBM's secured-card page and in its co-brand revenue-sharing declaration; whether the partner app is onboarding new SBM-issued customers today was not confirmed. |
Questions
- What is the annual fee of the SBM Magnet Credit Card?
- No annual fee.
- Does the SBM Magnet Credit Card give airport lounge access?
- No lounge access is listed for this card.
- What is the forex markup on the SBM Magnet Credit Card?
- 2.49% of each foreign-currency transaction, before GST.
- Which spends earn no rewards on the SBM Magnet Credit Card?
- EMI and cash transactions