NewsVoir
Gurgaon (Haryana) [India], June 25: Paisabazaar, India's leading financial marketplace, and SBM Bank India today announced the launch of SBM Paisabazaar Paisa+ Credit Card - a Fixed Deposit-backed credit card designed to help consumers start building or strengthen their credit health, while earning cashback on everyday spends.
Backed by an FD, SBM Paisabazaar Paisa+ Credit Card aims to bridge a key gap in India's credit landscape by enabling consumers with limited or no credit history to begin their credit journey. The card would also benefit those with a damaged credit profile, to improve their credit score, through responsible card usage.
Along with an opportunity to build their credit profile and earn strong FD returns up to 7% p.a., the card offers cashback across online, offline and UPI transactions, ensuring users earn value on their everyday spending.
Key features of SBM Paisabazaar Paisa+ Credit Card:
- FD-backed secured credit card with FD starting from Rs. 2,000
- FD interest rates up to 7% p.a.
- Up to 1.5% cashback on online spends
- 1% cashback on offline spends
- 1% cashback on eligible UPI transactions
- Zero joining fee; Annual fee of Rs. 499 only
Rajesh Meena, Head - Retail Products, Digital Banking & Partnerships, SBM Bank India, said, "At SBM Bank India, we are committed to expanding access to formal credit through innovative financial products. The SBM Paisabazaar Paisa+ Credit Card is a powerful proposition for consumers who are new to credit or seeking to rebuild their credit history. Our partnership with Paisabazaar reflects a shared commitment to making credit more transparent and accessible, helping consumers across segments--particularly the underserved borrowers."
Santosh Agarwal, CEO, Paisabazaar, said, "We believe FD-backed cards can play an important role in accelerating credit inclusion. Millions today remain underserved due to lack of a simple and secure pathway to credit. We are proud to launch Paisa+ with SBM Bank India, hoping the card will simplify the first step into formal credit for millions. The card combines accessibility and value-back in a single proposition, making it an ideal choice for new-to-credit consumers looking to establish a strong financial foundation."
With a minimum FD requirement starting at just Rs. 2,000, the card makes formal credit more accessible to new-to-credit consumers, students, young professionals, and consumers with bad credit looking to rebuild their credit profile.
SBM Bank Paisabazaar Paisa+ Credit Card offers 1.5% cashback on online spends for fixed deposits above Rs. 10,000. Offline spends and UPI transactions above Rs. 2,000 will earn 1% cashback, irrespective of the deposit amount.
Cashback is credited as Cash Point (where 1 Cash Point = Rs. 1) and earnings are capped at 500 points per day and 3,000 points per month. Since the card is backed by a fixed deposit, consumers will also earn interest on their deposit (up to 7% p.a.), adding to their overall savings.
Know more about SBM Paisabazaar Paisa+ Credit Card:
www.paisabazaar.com/sbm-bank/paisabazaar-paisa-plus-credit-card/
About Paisabazaar
Paisabazaar, a part of PB Fintech (listed since 2021), is India's largest marketplace for consumer credit and free credit score. Over the last 11 years, Paisabazaar has earned the trust of over 55 million consumers. Paisabazaar has built 65+ partnerships withBanks, NBFCs, and fintechs to offer a broad range of credit products. Paisabazaar is an ISO (27001:2013) and PCI DSS certified organisation, with industry-best controls, to safeguard the best interest of consumers.
About SBM Bank (India) Ltd.
SBM Bank (India) Limited is the first foreign bank to receive a universal banking license from the Reserve Bank of India, to set up and to operate as a Scheduled Commercial Bank under the Wholly Owned Subsidiary (WOS) model. With a network of 22 branches across the country, SBM Bank India continues to expand its footprint. The Bank is backed by deep domain expertise and led by industry veterans in banking and financial services. SBM Bank India offers a comprehensive suite of financial solutions, including Deposits, Advances, NRI Services, Treasury Products, and Corporate Banking Services. The Bank remains committed to continuous innovation and growth, enhancing its service proposition to encompass a broad spectrum of retail and corporate banking products alongside capital market solutions.
For further information, visit www.sbm.bank.in
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