If you want to build your credit score and earn cashback on your spending, a new credit card option has arrived. Paisabazaar
and SBM Bank India have launched the SBM Paisabazaar Paisa+ Credit Card, a secured credit card linked to a fixed deposit (FD).
The card is specially designed for people who have little or no credit history. It can also help users with low credit scores improve their credit profile through responsible usage and timely payments.
Get a Credit Card with an FD of Just ₹2,000
To get this card, customers need to open a fixed deposit. The minimum FD amount starts at just ₹2,000, making it accessible to first-time credit users.
Like other secured credit cards, the credit limit is linked to the FD amount. Cardholders can also earn up to 7% annual interest on their fixed deposit, depending on the applicable terms and conditions.
Earn Cashback on Online, Offline, and UPI Payments
The SBM Paisabazaar Paisa+ Credit Card offers cashback on different types of spending.
Users can get:
Up to 1.5% cashback on online transactions
1% cashback on offline purchases
1% cashback on eligible UPI transactions
The rewards are credited as “Cash Points,” where 1 Cash Point equals ₹1.
Customers with an FD above ₹10,000 can earn 1.5% cashback on online spending. Meanwhile, 1% cashback on offline and eligible UPI transactions above ₹2,000 is available regardless of the FD amount.
Annual Fee and Reward Limits
The card does not charge any joining fee. However, users will need to pay an annual fee of ₹499.
There are also limits on rewards earnings:
Maximum 500 Cash Points per day
Maximum 3,000 Cash Points per month
Designed for First-Time Credit Users
According to SBM Bank India, the card aims to make credit more accessible for people who are new to credit cards or want to rebuild their credit history.
The bank said that the partnership with Paisabazaar is focused on offering simple and transparent credit solutions.
Paisabazaar also noted that FD-backed credit cards can provide an easy entry point into the formal credit system for first-time borrowers.
For customers looking to improve their credit score while earning cashback rewards, this new FD-backed credit card could be an affordable option to consider.
