Tamilnad Mercantile BankTMB Platinum Credit Card – Benefits, Fees & Eligibility
Is the TMB Platinum Credit Card Right for You?
The TMB Platinum Credit Card is best suited for users who prioritize Utilities. With a joining fee of Free (1st year) and a renewal fee of ₹199 + GST, this card offers free entry for new applicants.
Key Card Details
Free (1st year)
₹199 + GST
Up to 3.5%
2% per month (24% per annum)
Things to Consider
Lacks extensive rewards, cashback programs, or significant lifestyle perks.
Requires a minimum Term Deposit of ₹50,000 with TMB for eligibility.
High foreign currency markup of up to 3.5% makes international spends expensive.
Benefits & Features
Card Network
RuPay
Fees & Charges
Joining Fee
Free (1st year)
Renewal Fee
₹199 + GST
Foreign Currency Markup
Up to 3.5%
Interest Rates
2% per month (24% per annum)
Cash Advance Charges
3% of transaction amount (min ₹30 per ₹1,000 for TMB ATM withdrawals)
Add-on Card Fee
Free
Pros & Cons
Pros
Key benefits and features of this card.
Excellent for building or rebuilding credit history securely with a fixed deposit.
No joining fee and free add-on cards make it a highly cost-effective option for families.
Secured against a Term Deposit, minimizing financial risk for the cardholder.
Offers basic transactional convenience and supports eco-friendly digital PIN generation.
Cons
Key drawbacks and limitations of this card.
Lacks extensive rewards, cashback programs, or significant lifestyle perks.
Requires a minimum Term Deposit of ₹50,000 with TMB for eligibility.
High foreign currency markup of up to 3.5% makes international spends expensive.
Cash advance charges are relatively high, with a minimum fee per transaction.
Product Details
Secured Credit Card issued against a Term Deposit with TMB.
Operates on the RuPay Platinum network, supporting contactless payments.
Offers free add-on cards for spouse and children above 18 years (up to 2).
Features a Contactless EMV Chip for secure and convenient transactions.
Supports GREEN PIN generation for a paperless and eco-friendly experience.
Credit limit up to 75% of Term Deposit value, with a minimum of ₹20,000.
Provides a free credit period of up to 45 days on purchases.
Card validity is 3 years, ensuring long-term usage.
Benefits & Features
Card Network
RuPay
What matters, explained clearly
Introduction
The TMB Platinum Credit Card, issued by Tamilnad Mercantile Bank Ltd, is a secured credit card offered against a term deposit. Operating on the RuPay Platinum network, this card is positioned as an entry-level option for individuals looking to build or improve their credit history. Key differentiating benefits include no joining fees and the provision of free add-on cards for family members.
Welcome Benefits
- No joining fees are charged for the TMB Platinum Credit Card.
- Issuance charges are free.
Fees & Charges Breakdown
- Joining Fee: Free
- Issuance Charges: Free
- Renewal Fee: ₹199
- Annual Fee: ₹250
- Finance Charges: 2%
- Finance Charges on Cash Withdrawal: 2% per month (24% per annum)
- Foreign Currency Conversion Markup: Up to 3.5%
- Cash Advance Charges: 3% of the transaction amount (minimum ₹30 per ₹1,000 or part for TMB ATM withdrawals, plus additional bank charges if any for other ATM withdrawals)
- Add-on Card Fee: Free
- Charge Slip Retrieval Fee: ₹100 + GST
- Collection Charges (Outstation Cheque): ₹100 + GST + bank charges
- Duplicate Statement Fee: ₹100 + GST (for statements older than 2 months)
- Cheque Dishonour / Failed Payment Fee: ₹150 + GST
- Replacement Card Charges: ₹100
- Late Payment Charges: ₹250
Card Eligibility Criteria & Income Requirements
- Any individual holding a Term Deposit with Tamilnad Mercantile Bank.
- The minimum deposit tenure for the Term Deposit must be 3 years.
- The minimum deposit amount for the Term Deposit must be ₹50,000 or above.
Credit Card Review
The TMB Platinum Credit Card is an excellent option for individuals who wish to establish or rebuild their credit score by leveraging their existing fixed deposit with Tamilnad Mercantile Bank. Its secured nature minimizes risk for the bank while providing cardholders with the benefits of a credit card. The absence of a joining fee and the provision of free add-on cards make it a cost-effective choice for families. While it lacks extensive rewards or lifestyle perks, its primary value lies in credit building and basic transactional convenience.
Important Product Details
- Card Type: RuPay Platinum Credit Card
- Issuance Type: Secured Credit Card against Term Deposit
- EMV Chip: Contactless EMV Chip Card (no extra charges)
- PIN Type: GREEN PIN (paperless PIN generation, generated online)
- Add-on Cards: Free for spouse & children above 18 years (up to 2 add-on credit cards for family members)
- Minimum Card Limit: ₹20,000
- Maximum Card Limit: Up to ₹5,00,000 (maximum 75% of Term Deposit value)
- Cash Advance Limit: 25% of the sanctioned credit limit
- Daily Cash Withdrawal Limit: ₹25,000 (subject to RBI norms, if applicable)
- Card Validity: 3 Years
Other Details
- Free Credit Period: Up to 45 days
- PIN Generation Methods:
- Insert the card at any TMB ATM using OTP.
- Generate PIN via the Credit Card Customer Portal using Card Number, Expiry Date, DOB & OTP.
- PIN mailers are not issued (eco-friendly digital PIN).
- Repayment Modes:
- Mobile Banking: Repayment can be made via the TMB M-Bank App.
- Internet / Net Banking: Pay before the due date by debiting a TMB operative account.
- Over-the-Counter: Pay the credit card bill at any TMB branch.
- NEFT / RTGS: Use Account No: 16-digit Credit Card Number, IFSC: TMBL0000900, Bank: Tamilnad Mercantile Bank Ltd, Branch: ATM Cell, Chennai.
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