IDBI Bank Imperium Platinum Credit Card – Benefits, Fees & Eligibility

IDBI Bank Imperium Platinum Credit Card

Introduction

The IDBI Bank Imperium Platinum Credit Card is a secured credit card issued on the VISA platform, allowing customers to avail credit card facilities against their own Fixed Deposit(s). This card is designed for individuals with a limited credit background and serves as an excellent entry-level credit card. It rewards users with Delight Points on everyday spending categories like shopping, movies, and travel, and offers a range of features including higher credit limits, interest-free credit periods, and global acceptance. The bank emphasizes a "Go Green" initiative by providing a digital welcome e-Kit.

Welcome Benefits

• Receive 500 bonus Delight Points on making a minimum single transaction of Rs. 1500 within 30 days of receiving the card.
• Alternatively, earn 300 bonus Delight Points on a minimum single transaction of Rs. 1500 between 31 to 90 days from the date of receiving the card.
• These welcome benefits are available only upon payment of the card's membership fees.

Fees

• Joining Fee (Primary Card): Rs. 499 (Exclusive of applicable GST)
• Annual Fee (Primary Card): Rs. 499 (Exclusive of applicable GST)
• Joining Fee (Add-on Card): Nil
• Annual Fee (Add-on Card): Nil
• Annual Fee Waiver: Waived on spends of more than Rs. 75,000/- in a year.
• Interest on Revolving Credit Facility: 2.9% per month.
• Cash Advance Fee: 2.5% of the transaction amount or Rs. 500/-, whichever is higher.
• Interest on Cash Advance: 2.9% per month.
• Late Payment Fees (Per occasion, Based on amount due):
  • <= Rs. 500: Nil

  • Rs. 500 to <= Rs. 5000: Rs. 400

  • Rs. 5000 to <= Rs. 10000: Rs. 500

  • Rs. 10000 to <= Rs. 20000: Rs. 750

  • Rs. 20000: Rs. 950

• Over Limit Charges: 2.5% of the over limit amount, subject to a minimum of Rs. 500.
• Cheque/Auto Debit Return Charges: Rs. 500.
• Cash Processing Charges: Rs. 200.
• Duplicate Physical Statement Request: Rs. 100 (for statements older than 03 months).
• Card Replacement Fee: Rs. 200.
• Foreign Currency Transactions: Bank charges a Cross Currency mark-up of 3.5%.
• Rewards Points Redemption Fee: Nil.
• EMI Charges:
  • Minimum Amount: Rs. 3000/-
  • Interest Rate: 13% per Annum
  • Processing and Foreclosure Fees: Nil
  • EMI Tenure Options: 3, 6, 9 or 12 months.
• Balance Transfer Charges:
  • Minimum Amount: Rs. 3000/-
  • Processing Fee: 1.5% of BT amount or Rs. 199/-, whichever is higher.
  • Normal interest rate for EMI will apply.
• Card Account Closure Charge: Rs. 999, if closed within one year of issuance.

Rewards

• Earn 2 Delight Points for every Rs. 150 spent on shopping, watching movies, and traveling.
• Delight points would be accrued only on transactions not exempted from delight points accrual.

Rewards Redemption Guide

• Each Delight Point is equivalent to Rs. 0.25 for redemption.
• Delight Points can be redeemed against irresistible offers from globally renowned brands.
• Points can be redeemed on the IDBI Delight Reward Portal or at Max Get More merchant outlets.
• There is no fee for Rewards Points Redemption.

Card Eligibility Criteria

• Eligibility Rules:
  • The Primary & Add-on cardholder should be 18 years and above.
  • The minimum eligible Fixed Deposit amount for issuance of the Imperium Secured Credit Card is Rs. 20,000/- or its equivalent FCNR deposits.
  • Fixed deposits held by HUF, Minor, NGO, Trust, Societies, Club, Partnership, and Private & Public Ltd. companies are not eligible for availing the Imperium Secured Credit Card facility.
  • Third-Party Fixed Deposit(s), FDs with sweep-out facility, Tax Savings FDs, and FDs in combination of INR & FCNR (foreign currency) are not eligible.
  • The mode of operations for the linked Fixed Deposit should be Singly or ‘Either/Anyone/Former or Survivor’, and not jointly operated accounts.
  • The bank reserves the right to approve or decline applications for the Credit Card.
• Documents Required:
  • ID Proof: PAN card
  • Recent Photograph
  • Duly discharged Confirmation of Deposit(s) (COD)
  • The list of documents is indicative and may vary on a case-to-case basis.

Card Review

The IDBI Bank Imperium Platinum Credit Card is an ideal choice for individuals new to credit or those with limited credit history, seeking an entry-level secured credit card. It allows users to build their credit history by leveraging their fixed deposits. The card offers a consistent reward rate of 2 Delight Points for every Rs. 150 spent across various categories like shopping, movies, and travel, with a redemption value of Rs. 0.25 per point. While its benefits might seem limited compared to higher-tier cards, it provides essential features such as a decent interest-free credit period, wide acceptance, and a fuel surcharge waiver.

Important Product Details

• Secured Credit Card: Issued against your Fixed Deposit(s).
• Credit Limit: Enjoy a credit limit as high as 85% of your Fixed Deposit(s).
• Cash Withdrawal Limit: Enjoy a cash withdrawal limit of up to 70% of your credit limit.
• Reward Rate: Earn 2 Delight Points on every Rs. 150 spent on shopping, movies, and traveling.
• Reward Redemption Value: 1 Delight Point is equivalent to Rs. 0.25.
• Interest-Free Credit: Avail an interest-free credit period of up to 48 days on purchases.
• Wider Acceptance: Use the card at over 9 lakh merchants in India and over 29 million merchants abroad.
• Fuel Surcharge Waiver: Enjoy a 1% fuel surcharge waiver across all fuel stations for transactions ranging from Rs. 400 to Rs. 4000. Maximum waiver is up to Rs. 300 per month.
• Zero Lost Card Liability: In case of card loss, report immediately to customer care to prevent misuse; fraudulent transactions after reporting are covered by the bank.
• Family Cards (Add-on Cards):
  • Available for family members aged 18 years and above.
  • Add-on cards offer all benefits and features of the primary card.
  • Delight Points earned on add-on cards are clubbed with the primary card for redemption.
• VISA Offers: Eligible for exclusive offers on airport shopping, hotels, car rentals, and travel concierge services provided by VISA. These offers are subject to VISA's discretion.

Other Details

• Customer Care (General): 1800-209-4324 (Toll Free) or 022-67719100 (Call Charges Applicable) (24x7 service).
• Customer Care (Lost Card Reporting): 1800-209-4324 (Toll Free) / 022-67719100 (Non-toll free).
• Customer Care (Assistance/Queries/Complaints - alternative number): 1800 425 7600 (Toll free) / 022 - 4042 6013 (Non-toll free).
• Credit Card Welcome e-Kit: A digitized e-Kit provides detailed information regarding Card Usage, Cardholders Agreement, and Most Important Terms & Conditions (MITC) in downloadable PDF format.
• How To Apply:
  • Get In Touch: Call Phone Banking numbers (Toll Free: 1800-209-4324; Non-Toll Free: 022-67719100 for 24x7 service).
  • Visit Our Branch: Visit the nearest IDBI Bank branch.
  • Receive a Call Back: A bank representative will contact you at the earliest to complete the application process.