ZET- Credit Card, Credit Score 2.24.0

Review of SBM ZET Credit Card

The SBM ZET Credit Card represents a secured credit option backed by a Reserve Bank of India (RBI)-insured fixed deposit (FD). This card aims to offer users a streamlined way to enhance their credit scores, reportedly achievable within a short timeframe of 30 days, while also ensuring usability across various UPI applications.

Key Features of the SBM ZET Credit Card

• Guaranteed Approval: The card is secured by the FD, minimizing the chances of rejection.
• No Income Proof Required: Users are not obligated to submit credit history or income documentation.
• Versatile UPI Usage: Facilitates transactions anywhere, anytime with ease.
• Instant Virtual Card: Users can obtain a virtual card for online use shortly after approval.
• Secure Fixed Deposit: The associated FD enjoys RBI insurance coverage up to ₹5 lakhs.

To activate the SBM ZET Credit Card, users are required to undergo a one-time SIM binding process via SMS. This verification step is designed to confirm device and phone number association, thereby mitigating risks associated with SIM fraud and unauthorized access.

SMS Permission and Use

• The SMS is sent during the SIM binding process solely with the user's explicit consent.
• User privacy is respected—SMS messages are neither read nor stored.
• No promotional or marketing activities will utilize this permission.

The SIM binding is crucial in safeguarding user identity, ensuring that the rightful device owner activates the card, thus protecting against SIM swap attacks and identity fraud.

Application Process

1. Initiate your application via the ZET platform.
2. Create an FD with SBM Bank (minimum deposit: ₹5,000).
3. Complete video KYC for immediate issuance of your virtual credit card.
4. Utilize the card, earn rewards, and effectively build your credit history.

A notable aspect of the ZET offering is the Credit Builder Membership. This membership is crafted for individuals aiming to improve or repair their credit scores, thus opening doors to enhanced financial opportunities. The focus lies on cultivating financial discipline through consistent and timely payments, fostering both credit positivity and a beneficial credit history.

Membership Benefits

• Expert Guidance: Access insights on achieving and maintaining a 750+ credit score from industry professionals.
• Fraud Detection Alerts: Receive immediate notifications of any unusual activity in your credit report.
• Exclusive Discounts: Enjoy savings on platforms like Amazon, Flipkart, Myntra, among others upon joining.
• Personalized Report Analysis: Gain clarity on your credit score impact through tailored video analysis of your credit report.
• Credit Builder Loan: A small loan option (starting at ₹500) with manageable repayments designed to bolster credit scores.

Credit Builder Loan Details

• Short-term personal loans available from ₹500 to ₹5,000 at competitive interest rates (APR: 18%-36% p.a., Tenure: 3-6 months).
• This product is suitable for those aiming to enhance their credit activity for further score improvement.

Eligibility Requirements

• Must be an Indian national.
• Aged 18 years or above.

Loan Example for Transparency

• Loan Amount: ₹500
• Tenure: 3 months
• Interest Rate: 30% p.a.
• Total Interest: ₹25
• EMI: ₹175 per month
• Total Repayment: ₹525

The company collaborates with various lending partners, such as Meghdoot Mercantile Private Limited and Nsmk Investments Pvt. Ltd., leveraging their expertise in financial services.

This product has garnered backing from esteemed investors including Sequoia Capital and General Catalyst. Additionally, notable entrepreneurs from India support its mission. The initiative has received coverage in prominent publications like Mint and The Economic Times.

If you're interested in enhancing your credit score further, consider downloading the ZET App, which currently boasts over 500,000 users committed to improving their financial health.

For Support

If you require any assistance or have inquiries, feel free to reach out via email at [email protected] or call +91-9910992875.