When to choose FD based Niyo SBM credit card Vs Visa based Niyo Equitas debit card?

Support & Troubleshooting
1

Hello Team,
I am planning to travel to Bali next week. I am looking for a zero forex card. I am confused if I should order Niyo equitas based debit card or a FD based Credit card with SBM? What is the difference. I am not going to spend more than a lakh, so is credit card still required?

Please suggest?

2

Hi Rohit,

Thank you for expressing interest in our products.

Choosing the right card for your international transactions is in your hands, and we have options tailored to your preferences. Currently, Niyo offers two debit cards and one credit card for international use: Niyo Global DCB (Debit card, 0 balance Savings account), Niyo Global Equitas debit card (0 balance Savings account), and Niyo Global Credit card (Secured credit card FD backed, in partnership with SBM bank).

All Niyo Global cards stand out with ZERO FOREX markup on international transactions and provide complimentary lounge access at Indian international terminals (4/year and 1/quarter). Additionally, we offer lounge passes for international lounges abroad, subject to specific criteria.

Crucially, Niyo Global cards come with no joining fee, annual charges, or hidden fees. For an in-depth product comparison, please visit: https://niyo.me/Niyo-products-comparison.

Regarding the Niyo Global DCB debit card (Savings account), it’s important to note that a 20% TCS deduction occurs with each transaction. However, if your spending stays under ₹7 lakhs, the deducted amount is promptly refunded within 2-4 hours on the same day. Even if your international spending exceeds ₹7 lakhs, you can reclaim the refund during your Income Tax Return (ITR) filing.

For more information on TCS on International Spends with Niyo Global, check out our blog: https://niyo.me/tcs_niyoglobalcards.

Excitingly, we are soon launching the Niyo Global Unsecured Credit Card in partnership with the Federal Bank, expected to be available before the end of the year. Stay tuned for a detailed reveal of its features and benefits in the coming weeks.

For the fees associated with each card:

  • SBM credit card: ₹500 or 2.5% of the transaction amount, whichever is higher + GST
  • Equitas debit card: ₹499 inclusive of tax
  • DCB debit card: ₹300 + GST

Please be aware that the bank whose ATM you use may charge an additional fee, and unfortunately, we are unaware of these charges.

Thanks again for your interest.

3

Crucially, Niyo Global cards come with no joining fee, annual charges, or hidden fees.

This is not true and is misleading. I got myself a Niyo Equitas account, and the debit card has annual charge of Rs. 199 + GST

4

Hi Harisundara,

I trust this email finds you well.

I understand your concerns regarding the annual maintenance charges on your Niyo Equitas debit card. To provide you with more detailed assistance and a better understanding of your specific situation, I recommend reaching out to our dedicated team at global@goniyo.com. They are well-equipped to address your queries, guide you through the process, and ensure a satisfactory resolution.

Feel free to share any relevant details or questions you may have, and our team will be happy to assist you promptly.

Thank you for choosing Niyo Equitas, and we appreciate your cooperation.

5

Hi @Jumain_Qureshi

I don’t have any concerns. I already reached out to customer care and they were the ones who told me the Niyo Equitas card has an annual maintenance fee.

I was just responding the message where it says Niyo cards do not have an annual maintenance fee. I do not know about the DCB or SBM cards, but Equitas card definitely has an annual maintenance fee.