Two secured credit cards backed by fixed deposits, the Wish Credit Card from Utkarsh Small Finance Bank and the SBM ZET Credit Card, offer tailored benefits for first-time borrowers, highlighting diverging strategies to attract Indian consumers based on spending patterns and preferences.
Two FD-backed credit cards aimed at first-time borrowers are competing for attention in India: the Wish Credit Card from Utkarsh Small Finance Bank, linked to PhonePe, and the SBM ZET Credit Card, which leans on UPI spending, vouchers and brand offers. Both are secured against fixed deposits, which helps users start building credit history without taking on an unsecured card, but they are built for slightly different spending habits.
According to Utkarsh Bank, the Wish Credit Card is a RuPay secured card with no joining or annual fee, a minimum fixed deposit of ₹2,000 and a credit limit of up to 90% of the deposit, subject to the bank’s assessment. The card offers up to 45 days of interest-free credit, a 3.5% forex markup and 6% interest on the linked fixed deposit. Its rewards are concentrated inside the PhonePe ecosystem: 3% on eligible bill payments and recharges, 1% on selected merchants, and 1% on offline payments made through Scan & Pay, with monthly caps on each category.
The SBM ZET Credit Card follows a similar secured structure, also starting from a ₹2,000 fixed deposit and offering a credit limit of up to 90% of the deposit. ZET currently advertises up to 7% annual interest on the fixed deposit, no joining or annual fee, a 2.49% forex markup and an interest-free period of up to 45 days, depending on the billing cycle and timely repayment. Its main attraction is cashback: 2% on ZET UPI transactions with an active ZET Plus subscription, plus 5% on Amazon Pay and Flipkart vouchers, up to 15% on selected vouchers across more than 80 brands, and discounts of up to 20% on selected food, grocery and entertainment offers.
On a monthly spend of ₹10,000, the comparison can tilt either way depending on how the card is used. The Trade Brains analysis suggests ZET can produce better net value if the user regularly pays via UPI and makes use of the shopping offers, although the ZET Plus subscription adds cost. At roughly ₹3 a day, that fee comes to about ₹90 a month before GST, which still leaves a small net gain in the example cited. Wish, by contrast, can look stronger for users who spread spending across PhonePe bill payments, recharges, preferred merchants and Scan & Pay, because its rewards are split across different monthly caps.
For most users, the choice comes down to spending pattern rather than headline rewards. Wish is the cleaner fit for people already using PhonePe for recurring bills, recharges and small everyday payments. ZET is better suited to users who are comfortable paying for ZET Plus and want to squeeze more value from UPI, vouchers and shopping discounts. Both cards are designed to lower the entry barrier to credit, but the better option is the one that matches where you actually spend.
Disclaimer: This article is intended to inform and educate, not to recommend or endorse any financial product, investment or strategy. Please consider your own financial circumstances and seek professional advice where appropriate before making financial decisions.
