ZET App has introduced ‘Magnet’, a secured credit card designed to help individuals build or improve their credit scores. Here’s what you need to know:
Key Features of Magnet:
- FD Backed Credit Card: Combines a fixed deposit (FD) with a credit card, using 90% of the deposit (Rs 5,000 to Rs 25,000) as the credit limit.
- No Credit History Needed: Ideal for New-to-Credit (NTC) customers and those with poor credit history.
- No Fees: No annual or renewal fees, making it affordable.
- Earn Interest: Earn up to 7% interest on the FD.
- Secure and Insured: FD is secured as per RBI guidelines and insured up to Rs 5 lakhs by the Deposit Insurance and Credit Guarantee Corporation.
- Exciting Benefits: Enjoy joining benefits worth Rs 21,000, including 10% rewards on top brand vouchers, OTT subscriptions (Disney Hotstar, Sonyliv, Zee 5), and offers on dining and travel.
Why Choose Magnet?
Magnet offers an accessible way to build a healthy CIBIL score without needing an existing credit history. With its FD-backed structure and valuable rewards, it’s a promising solution for anyone looking to improve their credit health.