Gild Credit Card

Introducing the Gild Card, a secure FD-backed card offered by SBM Bank. This innovative card allows you to accumulate digital gold with every daily expenditure. Unlike traditional fixed deposits, the Gild Card permits you to utilize funds for your daily expenses without impacting your FD. M2P Fintech manages the Gild FD card program, offering an impressive annual return of up to 16% on your investments.

Simply access the Gild app to initiate your FD account, eliminating the need for a savings account. Enjoy a competitive interest rate of 7.7% p.a. on your fixed deposit, with a substantial 90% limit on the Gild card. Notably, no deductions are made from your FD when using the card for transactions, and you benefit from an interest-free credit period lasting 45 days.

Key Highlights of Gild Credit Card

  1. Open an FD instantly without the need for a savings account.
  2. The minimum FD amount is Rs. 10,000, offering a competitive 7.7% p.a. interest rate.
  3. Conveniently top up your FD to enhance your spending limit.
  4. Earn digital gold rewards on your expenditures.
  5. Enjoy up to 8% returns in digital gold based on your annual spends.
  6. Avail a lifetime free card with no joining or annual fees.
  7. Receive a complimentary metal cardholder with the card.
  8. Benefit from a 100% secured card without the necessity for a credit check.

Features and Benefits of Gild Credit Card

The Gild Credit Card offers several features and benefits:

1. High Interest Rate and Rewards

  • High Interest Rate: The Gild card, secured by an FD, offers an attractive 7.7% annual interest rate.
  • FD-backed Spending Limit: Your deposited amount becomes your spending limit, allowing you to spend without breaking your fixed deposit.
  • No Deductions: Despite spending 90% of the limit, there are no deductions from your FD deposit.
  • Dual Returns: Earn interest on your FD deposit and receive returns in digital gold for card spends.
  • Maturity Interest: A Rs. 20,000 FD deposit earns Rs. 1540 annually, and the credit limit is 90% of the FD, i.e., Rs. 18,000.
  • Digital Gold Rewards: Receive 8% of annual spends back as digital gold, translating to approximately 0.75% per transaction.
  • Example: Spending Rs. 18,000 monthly can yield around Rs. 1620 worth of digital gold, providing a 16% annual return.

2. Petal Program – Gold Reward Points

  • Petals Earning: Gain 0.75% back as Petals for E-Commerce or POS transactions.
  • Flexible Redemption: Petals can be redeemed for digital gold, cashback, or other rewards with no redemption fees.
  • No Expiry: Petals earned never expire, offering flexibility in redemption without any mandatory spending.
  • Exclusions: Certain transactions, such as money transfers and casino-related activities, do not qualify for Petals earning.

3. Gild Card Limit Details

  • Virtual Issuance: Initially issued virtually, a physical card can be obtained upon request through the mobile app.
  • Credit Limit: Set at 90% of the deposit, with a daily spend limit of up to Rs. 2 Lakhs.
  • Withdrawal Limit: Cash withdrawal capped at 50% of the deposit.
  • Top-Up Option: Increase the credit limit by topping up the deposit with a minimum value of Rs. 5000.

4. Interest Free Period and Billing Cycle

  • Interest Free Period: Cardholders enjoy a 45-day interest-free period on Gild card spends.
  • Billing Cycle: Monthly billing cycle, with an option to change it once, provided there are no outstanding dues.

Gild Credit Card Fees and Charges

Explore the fee structure for the Gild Credit Card and discover the financial advantages that come with it.

  1. The card is provided without a lifetime fee, and there are no charges for joining or annual fees.
  2. No issuance fees are applicable for both virtual and plastic card variants.
  3. A forex markup fee of 2.5% is applied to transactions made using the card.
  4. The interest rate on revolving credit is 30% per annum.
  5. Card cancellation within 6 months incurs a Rs. 999 fee; after 6 months, there is no cancellation fee.
  6. Reissuing a lost physical card costs Rs. 500.
  7. ATM cash withdrawal carries a fee of Rs. 125 per transaction, with a maximum cap of Rs. 10,000.
  8. Late payment charges amount to Rs. 299.
  9. The minimum opening Fixed Deposit (FD) is Rs. 10,000, and FD pre-closure charges are 1% of the accrued interest.

Eligibility Criteria for Gild Credit Card

Here are essential criteria for applying for an Gild Credit Card:

  1. Age Requirement: Applicants must fall within the age range of 18 to 60 years.
  2. Citizenship Criteria: Eligible individuals must be citizens of India.
  3. Geographic Availability: The card is accessible in all Indian pin codes, excluding those in the North-East states and Jammu & Kashmir.

How To Apply for Gild Credit Card?

Follow these steps to apply for the Gild Credit Card:

  1. To obtain the Gild credit card, it is mandatory to open a Fixed Deposit (FD) account.
  2. The issuance of the card is contingent upon the successful opening of the FD; it cannot be obtained independently.
  3. The fixed deposit should be initiated according to the bank’s specifications through the Gild mobile app or website.
  4. A valid Aadhar and PAN card are required for the credit card application.
  5. The Gild credit card is currently unavailable in specific states, namely: Assam, Ladakh, Jammu and Kashmir, Sikkim, Manipur, Tripura, Nagaland, Arunachal Pradesh, and Meghalaya.

Frequently Asked Questions (FAQs)

Q: How can I obtain the Gild Credit Card?

A: To get the Gild Credit Card, you must open a Fixed Deposit (FD) account, and the card issuance is dependent on the successful opening of the FD.

Q: Is it possible to acquire the Gild Credit Card without opening an FD?

A: No, the Gild Credit Card cannot be obtained independently; it is necessary to open an FD account.

Q: What is the process for initiating the fixed deposit for the Gild Credit Card?

A: The fixed deposit must be initiated according to the bank’s specifications through the Gild mobile app or website.

Q: What documents are required for applying for the Gild Credit Card?

A: You need to possess a valid Aadhar and PAN card to apply for the Gild Credit Card.

Q: In which states is the Gild Credit Card currently unavailable?

A: The Gild Credit Card is not available in Assam, Ladakh, Jammu and Kashmir, Sikkim, Manipur, Tripura, Nagaland, Arunachal Pradesh, and Meghalaya.

Q: Can I apply for the Gild Credit Card if I reside in one of the states where it is currently unavailable?

A: No, residents of the states where the Gild Credit Card is not available cannot apply for the card.

Q: Are there any specific eligibility criteria for obtaining the Gild Credit Card?

A: The primary eligibility is the successful opening of an FD account as per the bank’s requirements.

Q: Can I track the status of my Gild Credit Card application?

A: Yes, you can typically track the status of your application through the Gild mobile app or website.

Q: What are the key features and benefits of the Gild Credit Card?

A: The features and benefits may vary; it is recommended to check the official Gild website or contact the bank for detailed information.

Q: Is there an annual fee associated with the Gild Credit Card?

A: Details about fees, including annual fees, can be obtained from the bank or through the card’s terms and conditions.