Packed with a host of features Magnet introduces a unique proposition by combining the benefits of an FD and a credit card
FinTech BizNews Service
Mumbai, July 29, 2024: If you are struggling with your credit score, Magnet’, a secured credit card by ZET App, India’s fast growing fintech platform for CIBIL builder, can be your go-to product to build your credit score.
Magnet is a secured credit card backed by a Fixed Deposit (FD) especially designed for empowering individuals, who don’t have a credit score or aiming to better their credit scores. Magnet, issued by SBM Bank and available on ZET App, stands as a catalyst for financial empowerment, aiding NTC (New-to-Credit) customers and those with poor credit history in accessing easy credit products while concurrently building their credit profiles. Users will get joining benefits worth Rs. 21,000 including 10% rewards on top brand vouchers, OTT subscription of some of the popular platforms like Disney Hotstar, Sonyliv, Zee 5, and offers on dining, travel & more.
The secured credit card comes against a FD of minimum Rs.5,000 ranging to Rs.25,000 with 90% of the amount as the credit limit. The FD is secured as per RBI guidelines, insured up to Rs.5 lacs by DICGC.
Users can also enjoy up to 7% interest on their Fixed Deposits, further enhancing their financial well-being. The card also redefines credit accessibility by eliminating the traditional reliance on credit scores, making it an inclusive option for individuals with no credit score hence guaranteeing chances of owning a credit score.
Commenting on the importance of Magnet, Manish Shara, Co-Founder and CEO, ZET said, "Secured credit card can be a valuable tool for building or rebuilding a credit profile while enjoying the benefits of FD. Regular, responsible use of the card shows lenders that you can manage credit responsibly. Magnet stands as a testament to our commitment to almost 200 million users with low CIBIL score or those who are New-To-Credit to build a robust credit health. Through Magnet, we enable individuals to embark on their credit journey with confidence, while simultaneously securing their financial futures."
Magnet is also a lifetime-free offering with no renewal fee, ensuring affordability without compromising on benefits as a commitment to accessibility. Users can enjoy the convenience of instant approval, streamlining the process and offering quick access to credit facilities.
Magnet serves as a reliable tool for individuals aiming to build and fortify their credit scores, enabling them to achieve better terms for future credit needs. The flagship Magnet card is ZET App’s commitment to empowering individuals with financial independence and flexibility. It marks a significant step towards bridging the credit gap and fostering a financially inclusive society.
