Getting a credit card can be difficult if you don’t have a credit history or if your CIBIL score is low.
To address this issue, Paisabazaar and SBM Bank have launched the SBM Paisabazaar Paisa Plus Credit Card.
This FD-backed credit card is designed to make it easier for people to start building their credit profile.
It is especially useful for first-time credit card users, college students, young professionals, and those looking to improve their credit score.
Two Benefits with One Card
One of the biggest advantages of this credit card is that it offers two benefits at the same time.
First, regular usage and timely bill payments can help improve your credit score over time.
This can increase your chances of getting loans and other credit products in the future.
Second, since the card is backed by a fixed deposit (FD), customers can earn interest of up to 7% per annum on the amount deposited.
Start with Just ₹2,000
You don’t need a large amount of money to get started.
The credit card can be obtained by opening a fixed deposit of just ₹2,000.
Apart from helping users build their credit history, the card also offers cashback on everyday spending.
There is no joining fee for the card.
However, customers will need to pay an annual fee of ₹500.
What Is a Credit Score and Why Does It Matter?
A credit score is a three-digit number ranging from 300 to 900.
It reflects how responsibly a person manages loans and credit cards.
The score is calculated based on factors such as loan repayments, credit card bill payments, and overall credit behavior.
Banks and financial institutions use this score to assess the risk of lending money to an individual.
Generally, a credit score of 750 or above is considered good.
People with higher scores usually have a better chance of getting loans and credit cards.
A score closer to 900 can also help borrowers secure more favorable loan terms.
However, lenders do not rely on the credit score alone.
Factors such as income, employment status, and overall financial profile are also considered before approving a loan.
Who Should Consider This Card?
The SBM Paisabazaar Paisa Plus Credit Card could be a useful option for:
First-time credit card users
College students
Young professionals
People with low or limited credit history
Individuals looking to improve their CIBIL score
For those struggling to get a regular credit card, this FD-backed option can be an easy way to start building a strong credit profile while earning interest on their deposit.
