Paisabazaar Step-Up SBM Consumer Credit Card

By | July 8, 2021

Paisabazaar and SBM Bank have come together to launch Paisabazaar Step-Up SBM Consumer Credit Card. This credit card has been designed for consumers with limited access to formal credit due to ineligible credit scores. This is the first product that has been launched under Paisabazaar’s neo-lending strategy.

The penetration of credit cards in India is very low compared to developing countries. As per RBI data, there are only 60 million active credit cards in India and according to Paisabazaar, only 25% to 30% of those who apply for a credit card in India are able to get one. Around 30% of rejections for credit cards by banks are due to ineligible credit scores.

In recent times secured credit card businesses are increasing by manifold. A lot of credit card providers are coming with a secured credit card for low credit history consumers. Recently Kotak bank had issued Kotak 811 DreamDifferent Credit Card.

Paisabazaar Step-Up SBM Consumer Credit Card
Paisabazaar Step-Up SBM Consumer Credit Card

Who are Paisabazaar.com ?

Paisabazaar.com, India’s leading lending marketplace and credit score platform along with bankbazaar who competes with each other in the field. It was founded in 2011 by Naveen Kukreja, Yashish Dahiya.

What do you know about SBM Bank India ?

State Bank of Mauritius (SBM) is the first foreign lender to receive a banking license in India through a wholly-owned subsidiary route. SBM Bank (India) Ltd commenced operations on December 1, 2018.  SBM Bank India has a network of 8 branches located in Mumbai, Delhi, Chennai, Bangalore, Hyderabad, Ramachandrapuram, Palghar, and Ahmedabad.

Joining and Annual Fees

ChargesAmount
Joining FeesRs.500+ 18% GST
Annual FeesRs.250+GST

Here Paisabazaar is charging a joining fee of Rs.500+GST that is not good for you, almost all secured credit cards issued free of cots. It seems that there are recovering operation costs of issuing credit cards from its platform.

Eligibility

There is no Eligibility for getting Paisabazaar Step-Up SBM Consumer Credit Card. There is 100% approval if you have a certain document and willing to Fixed the Deposit of some amount of money in the Bank.

What are the Benefits of Paisabazaar Step-Up SBM Consumer Credit Card?

  • Instant approval: It’s a 100% Pre-approved credit card.
  • You get an 83% credit limit against Fixed Deposit
  • 6.5% per-Annum Interest rate on your fixed deposit amount.
  • Build your credit history instantly.
  • read the terms and conditions of this credit card here.

How the Paisabazaar Step-Up compares to other Secured credit cards

Secured credit cards are increasing day by day. Almost all credit card providers are coming with their secured credit card products. Still, you may earn more rewards and experience more card features by going with another card. Paisabazaar Step-Up credit card is one of the easier to get credit cards in its category. However, ICICI Bank Platinum Chip Credit Card and Kotak 811 Dream Different credit card would be the better option.

How to Apply

You can apply for Paisabazaar Step-Up SBM Consumer Credit Card on the Paisabazaar portal. The application process is very easy and hassle-free. You just need to share some information like Email ID, Mobile No, AAdhar No, etc. After doing at lest Rs.12,000 Fixed Deposit, this credit is issued.

How to Apply Paisabazaar Step Up SBM Consumer Credit Card
Paisabazaar Step-Up Sbm Consumer Credit Card 4

Bottomline

Paisabazaar Step-Up SBM Consumer Credit Card Review Rating
Paisabazaar Step Up SBM Consumer Credit Card

Paisabazaar and SBM Bank have come together to launch Paisabazaar Step-Up SBM Consumer Credit Card. This credit card has been designed for consumers with limited access to formal credit due to ineligible credit scores. This is the first product that has been launched under Paisabazaar’s neo-lending strategy.

Editor's Rating:
3

I can only say that the Paisabazaar Step-Up SBM Consumer Credit Card application and approval process very easy and credit card issued instantly, but if you compare it with another credit card in the industry terms of rewards, benefits, and charges, this credit card performs very poorly.

You can try other credit card in the industry which is better than this.

Do you have applied for Paisabazaar Step-Up SBM Consumer Credit Card? Please share your experience in the comment box below.

Avatar of Dhiraj Jha
Author: Dhiraj Jha

I love to acquire, review, and earn reward points/cashback from Credit Cards for free traveling and enjoying luxury hotels. Helping people about the benefits and optimal utilization of credit cards.

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