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

Introduction

The IDBI Bank Imperium Platinum Credit Card is a Visa-powered secured credit card offered by IDBI Bank, primarily positioned as an entry-level option for individuals with a limited credit background. It allows users to avail credit card facilities against their Fixed Deposit(s). Key differentiating benefits include earning 2 Delight Points on every Rs. 150 spent on shopping, movies, and travel, along with the potential to earn up to 800 bonus Delight Points as a welcome benefit. The card also offers higher credit and cash advance limits against the fixed deposit.

Welcome Benefits

• Up to 800 Bonus Delight Points.
• 500 bonus Delight points on card activation.
• 500 bonus Delight points on the first transaction of Rs. 1,500 or more within 30 days of card activation.
• 500 bonus Delight points on spending Rs 1500 within 30 days of card issuance.
• 300 bonus Delight points on spending Rs 1500 between 31 to 90 days of card issuance.
• These welcome benefits are available upon payment of membership fees using the IDBI Imperium Platinum credit card.

Fees & Charges Breakdown

• Joining Fee (Primary Card):
  • Nil (as per Input 1 introductory text and table)
  • Rs. 499 (as per Input 2 table)
• Annual Fee (Primary Card):
  • ₹499 + GST (as per Input 1)
  • Rs. 499 (as per Input 2 table)
• Renewal Fee (Primary / Add-on Card):
  • ₹499 + GST (as per Input 1)
  • Nil (as per Input 2 table)
• Spend-Based Waiver: Renewal/Annual fee waiver on spends of Rs. 75,000 in a year.
• Reward Redemption Fee:
  • Rs 100 per redemption request (as per Input 1)
  • Nil (as per Input 2 table)
• Foreign Currency Markup: 3.5% of the conversion amount.
• Interest Rates (Revolving Credit Facility): 2.9% per month.
• Fuel Surcharge Waiver:
  • 1% waiver on fuel transactions between ₹400 and ₹4,000.
  • Maximum waiver of up to Rs. 300 per month.
  • Note: Input 1's FAQ section states "No, you do not get any fuel surcharge waiver on this credit card," which contradicts other information provided.
• Cash Advance Charges: 2.5% on the withdrawal amount, subject to a minimum charge of Rs 500.
• Interest on Cash Advance: 2.9% per month.
• Add-on Card Fees:
  • Joining Fee: Nil
  • Annual Fee: Nil
• 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 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 more than 03 months old).
• Card Replacement Fee: Rs. 200.
• 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.
• All charges mentioned are exclusive of applicable GST.

Rewards & Cashback Structure

• Earning Rate: Earn 2 Delight Points on every Rs. 150 spent.
• Acceleration Categories: Points are earned on spending for shopping, movies, and traveling.
• Reward Redemption Value: 1 Reward Point = ₹0.25.
• Redemption Options: Reward points can be redeemed on the IDBI Delight reward portal or at Max Get More merchant outlets.
• Milestone Benefits:
  • 1,000 bonus points on net annual spends of Rs. 1 lakh.
  • 1,500 bonus points on net annual spends of Rs. 2 lakhs.
• Delight points are accrued only on transactions except those exempted from delight points accrual.

Travel, Lounge & Lifestyle Perks

• Domestic Lounge Access: Not applicable.
• International Lounge Access: Not applicable.
• Insurance Benefits: Not applicable (as per Input 1). However, the card offers Zero Lost Card Liability.
• VISA Offers: Customers are eligible for exclusive offers on airport shopping, hotels, car rentals, and travel concierge services provided by VISA. These offers are subject to change at VISA’s discretion.

Card Eligibility Criteria & Income Requirements

• Minimum Age: The primary and add-on cardholder should be 18 years or above.
• Fixed Deposit Requirement: A minimum eligible Fixed Deposit amount of Rs. 20,000 or its equivalent FCNR deposits with IDBI Bank is required for card issuance.
• Ineligible Fixed Deposits: Fixed deposits held by HUF, Minor, NGO, Trust, Societies, Club, Partnership, and Private & Public Ltd. companies are not eligible. Third-Party Fixed Deposit(s), FDs with sweep-out facility, Tax Savings FDs, and FDs in combination of INR & FCNR (foreign currency) are also not eligible.
• Mode of Operations: Fixed deposits must be held in accounts operated singly, or as ‘Either/Anyone/Former or Survivor’, and not jointly operated accounts.
• Required Documents:
  • ID Proof: PAN card
  • Recent Photograph
  • Duly discharged Confirmation of Deposit(s) (COD)
• The eligibility criteria are indicative, and the Bank reserves the right to approve or decline applications. Required documents may vary on a case-to-case basis.

Credit Card Review

The IDBI Bank Imperium Platinum Credit Card is best suited for individuals with a limited credit background or those looking for an entry-level credit card. It is a secured card, making it accessible for beginners. It offers a decent reward rate of 2 Delight points on every Rs. 150 spent on common categories like shopping, movies, and travel, with a redemption value of Rs. 0.25 per point. While it provides essential features like interest-free credit, wider acceptance, and zero lost card liability, it has a limited number of benefits and privileges compared to other cards in the market.

Important Product Details

• This is a secured credit card issued against a Fixed Deposit.
• It is a Visa-powered credit card.
• The credit limit can be as high as 85% of your Fixed Deposit(s).
• Enjoy a higher cash withdrawal limit of up to 70% of your credit limit.
• Benefit from interest-free credit of up to 48 days on purchases.
• The card offers wider acceptance at over 9 lakh merchants in India and over 29 million merchants abroad.
• Features Zero Lost Card Liability, protecting against fraudulent transactions after reporting card loss.
• Add-on cards (Family Cards) are available for family members aged 18 years and above, with Delight Points earned on add-on cards clubbed with the primary card.

Other Details

• How to Apply:
  • Visit the nearest IDBI Bank branch.
  • Apply through Phone Banking by calling the customer care numbers.
  • Request a call back from a bank representative.
• Customer Care:
  • Toll-free: 1800-209-4324 / 1800 425 7600
  • Non-toll-free: 022-67719100 / 022 - 4042 6013 (24x7 service)
• Credit Card Welcome e-Kit: A digitized e-Kit is provided, containing detailed information on Card Usage, Cardholders Agreement, Most Important Terms & Conditions (MITC), and FAQs in downloadable PDF format, as part of the bank's "Go Green" initiative.
• Delight points are not accrued on all transactions; certain categories are exempted.
• Interest-free credit period of up to 48 days is subject to terms and conditions detailed in the MITC.