Gild Credit Card

SBM Bank Gild Card – Features and Benefits

High Interest Rate

The Gild card is an FD-backed secured card that offers a high interest rate of 7.7% per annum. The amount deposited by you is your card spending limit, and you can make spends without breaking your FD. You can spend 90% of the limit and there is no deduction from your FD deposit upon using your Gild card to make spends.

Earn Real Returns in Interest and Gold

The Gild card is highly rewarding and offers both returns as interest on your FD deposit and on your card spends as digital gold. If your FD deposit amount is Rs. 20,000, you earn a maturity interest of Rs. 1540 per year on it. As you get 90% of the FD as credit limit, your limit would be Rs. 18,000

Moreover, you get 8% of your annual spends back as Digital Gold every year, which is an average of 0.75% per transaction. If you spend around Rs. 18,000 per month, then you can earn around Rs. 1620 worth of digital gold as rewards for your spendings. Thus, with the Gild card, you can get around 16% return on your investments per year.

Petal Program – Gold Reward Points

You can earn 0.75% back as Petals whenever you make an E-Commerce or POS transaction with the Gild card. The Petals can be then used to redeem Digital Gold, cashback, or other rewards. The rewards are issued as Digital Gold in partnership with Safegold. 1 Petal = Rs. 1 worth of digital gold, and there is no reward redemption fee charged for whenever you redeem Petals.

The Petals earned by you never expire and you can redeem them easily with one click. You can directly redeem them without the need to spend them anywhere and get digital gold for your spends.

Exclusions on Petals Earning

•   Money transfers and wallet reloads
•   Foreign currency exchange, travelers’ cheques, and money orders
•   Government-owned lotteries and casinos
•   Dog/Horse racing
•   Security brokers and dealers
•   Political organizations
•   Lottery tickets, wagers, casinos, gaming chips, etc.

Gild Card Limit Details

The Gild card is first issued in the virtual form which you can access from the mobile application. You can get a physical card on making a request through the application.

The credit limit on your Gild card is 90% of your deposit and you get a daily spend limit of up to Rs. 2 Lakhs. The maximum cash you can withdraw using the card is capped at 50% of your deposit.

The Gild card is backed by the FD made by you and the credit limit will always be set based on your fixed deposit value. You get a limit of 90% on your Gild card, but you can increase it by topping-up your deposit with a minimum value of Rs. 5000.

Interest Free Period and Billing Cycle

Cardholders get an interest free period of 45 days on their Gild card spends. However, the interest free credit period is not available if there are outstanding dues from your last month’s card bill.

Also, the billing cycle of the Gild card is monthly and you get to change your billing cycle once if you do not have any pending or outstanding dues on the card.  

Gild Mobile Application

The FD-backed Gild credit card is available in its mobile application and you can use it directly from there. The app offers the cardholder the following functionalities –

•   To create a fixed deposit and get the Gild card instantly
•   Manage deposits
•   Increase spending limits by topping up deposits
•   Activating, lock and unlocking the Gild card
•   View, explore, control, and download the statements
•   Raise and solve your disputes related to transactions
•   Get reminders to pay your bills on time
•   Enable or disable online, international, or POS transactions
•   Manage your credit card limits
•   Set passcodes to secure your application and card usage

Gild Card – Fees and Charges

The following are the fees and charges associated with the Gild credit card –

•   The card is lifetime free with no joining or annual fee.
•   There is no card issuance fee for either the virtual or the plastic variant of the card.
•   The forex markup fee on the card is 2.5% of the transaction amount.
•   The interest rate on revolving credit on the card is 30% per annum.
•   There is no card cancellation fee if you close it after 6 months, but you have to pay a Rs. 999 card cancellation fee, if you close it before 6 months.
•   A card reissuance fee of Rs. 500 is charged if the cardholder loses the physical card and applies for a new one.
•   The ATM cash withdrawal fee is Rs. 125 per transaction, and the maximum capping is of Rs. 10,000.
•   You have to pay late payments charges of Rs. 299
•   The minimum opening FD is of Rs. 10,000 and you have to pay 1% of the accrued interest as FD pre-closure charges.

How to Apply for the Gild Credit Card

In order to get the Gild credit card, you will have to open an FD account and the card issuance depends on the successful opening of the FD. You cannot get the card independently without an FD. The fixed deposit must be made as specified by the bank through the Gild mobile app or website.

You must possess a valid Aadhar and PAN card to apply for the card. The card is not currently available in a few states including: Assam, Ladakh, Jammu and Kashmir, Sikkim, Manipur, Tripura, Nagaland, Arunachal Pradesh, and  Meghalaya.

Eligibility Requirements

The applicant must pass the following eligibility requirements to be eligible for the Gild card –

•   The applicant must be 18 to 60 years of age
•   The applicant must be a citizen of India
•   The card is available in all Indian pin codes except North-East states and Jammu & Kashmir

There are no credit checks required for the card, and applicants are assured to get it when they make a fixed deposit. The card even helps in building a decent credit profile and credit score.

Who Should Apply for the Card

The Gild card is perfect for the young professionals who are new to the credit scene as it is an FD-backed secured credit card. There are no credit checks or income proofs needed for the card and anyone who makes an FD of minimum Rs. 10,000 can get the Gild card. The card offers 90% of the deposit amount as credit limit and the cardholder won’t be able to spend more than the deposit amount, and the chances of defaulting on the card are as low as possible.

Another great feature is that it is a new age card that offers digital gold as reward points, unlike traditional cards that offer cashback or reward points for your spends. The best part is that you earn a high 7.7% interest on the FD as well as upto 8% as digital gold on your annual spends. For someone, who is new to credit, it is highly recommended to try out the Gild credit card.

Bottom Line

The SBM Bank Gild card is a new-age secured credit card that is backed by a fixed deposit. Unlike traditional credit cards, the Gild card allows you to make spends and earn digital gold as rewards. Including the gold returns and interest on your fixed deposit, you have a chance to earn 16% ROI with the Gild card.

The interest rate offered by the card is 7.7% p.a. which is great and you get 90% of your deposit as credit limit to spend with the card. Moreover, you get up to 0.75% back as digital gold on every transaction made with the card. The reward are earned in the form of Petal that can be easily redeemed for digital gold. There is no income proof or credit history needed for the card, and you can get it 100% provided you make a fixed deposit worth minimum Rs. 10,000.

The card is unique and unlike anything in the market. Also, as it is FD-backed, there are very limited chances of defaulting on the card. The SBM Bank Gild card is definitely recommended to everyone and is worth a shot.