Tamilnad Mercantile BankTMB WINGS RuPay Credit Card – Benefits, Fees & Eligibility
Is the TMB WINGS RuPay Credit Card Right for You?
The TMB WINGS RuPay Credit Card is best suited for users who prioritize Shopping. With a joining fee of Nil and a renewal fee of ₹250 (waived on spending ₹50,000 in any quarter of the calendar year), this card offers free entry for new applicants. It offers Not Applicable as its primary reward mechanism.
Key Card Details
Nil
₹250 (waived on spending ₹50,000 in any quarter of the calendar year)
Not Applicable
Up to 3.50%
Notable Perks
Insurance Coverage
Free personal accident death cover of ₹2 Lakhs (funded by RuPay). Lost card liability cover up to ₹50,000 from the time of intimation to the bank.
Spend-Based Waiver
Annual renewal fee of ₹250 is waived if the customer spends ₹50,000 in any quarter of the calendar year.
Things to Consider
Lacks a dedicated rewards program, cashback, or air miles, limiting earning potential.
High foreign currency markup of up to 3.50% makes international transactions expensive.
Interest rates on revolving credit and cash advances are high at 24% per annum.
Benefits & Features
Reward Type
Not Applicable
Insurance Coverage
Free personal accident death cover of ₹2 Lakhs (funded by RuPay). Lost card liability cover up to ₹50,000 from the time of intimation to the bank.
Fees & Charges
Joining Fee
Nil
Renewal Fee
₹250 (waived on spending ₹50,000 in any quarter of the calendar year)
Spend-Based Waiver
Annual renewal fee of ₹250 is waived if the customer spends ₹50,000 in any quarter of the calendar year.
Foreign Currency Markup
Up to 3.50%
Interest Rates
24% per annum on revolving credit from the transaction date and on cash withdrawals from the withdrawal date.
Cash Advance Charges
3% of the transaction amount, subject to a minimum of ₹30, for withdrawals at TMB ATMs and other ATMs (plus any additional charges by the Off Us bank).
Pros & Cons
Pros
Key benefits and features of this card.
No joining fee, making it accessible for new cardholders.
Annual fee waiver is easily achievable with a moderate spend of ₹50,000 per quarter.
Includes valuable insurance benefits like personal accident cover and lost card liability.
Offers an interest-free credit period of up to 45 days for financial flexibility.
Convenient EMI conversion option for larger purchases of ₹5,000 and above.
Cons
Key drawbacks and limitations of this card.
Lacks a dedicated rewards program, cashback, or air miles, limiting earning potential.
High foreign currency markup of up to 3.50% makes international transactions expensive.
Interest rates on revolving credit and cash advances are high at 24% per annum.
Eligibility is restricted to existing TMB savings account holders, limiting broader access.
Annual fee is applicable if the spend waiver condition is not met.
Product Details
RuPay Platinum card.
Interest-free credit period of up to 45 days.
EMI facility available for spends of ₹5,000 and above in specific categories (except cash withdrawal).
Flexible billing cycles (20th or 25th of the month) with corresponding due dates.
E-statements and SMS/Email alerts for all transactions.
Multiple convenient repayment options including Internet Banking, NEFT/RTGS, and ATM/branch payments.
Cash advance limit of 25% of sanctioned limit, up to ₹25,000 per day.
Card validity of 3 years.
Benefits & Features
Reward Type
Not Applicable
Insurance Coverage
Free personal accident death cover of ₹2 Lakhs (funded by RuPay). Lost card liability cover up to ₹50,000 from the time of intimation to the bank.
What matters, explained clearly
Introduction
The TMB WINGS RuPay Credit Card, issued by Tamilnad Mercantile Bank, is a RuPay Platinum card designed for its existing savings bank account holders. This card offers a straightforward approach to credit, focusing on essential benefits and ease of use rather than complex reward structures. It stands out with a nil joining fee and an achievable annual fee waiver, making it an accessible option for managing everyday expenses.
The card provides key security features such as personal accident death cover and lost card liability, ensuring peace of mind for cardholders. With an interest-free credit period and EMI options, it offers financial flexibility for various spending needs.
Fees
- Joining Fee: Nil
- Annual Renewal Fee: ₹250. This fee is waived if the customer spends ₹50,000 in any quarter of the calendar year.
- Card Replacement Charges: ₹100
- Late Payment Fee: ₹250 + GST
- Hot Listing Charges: Nil
- Foreign Currency Transaction Markup: Up to 3.50%
- Interest Rates: 24% per annum on revolving credit from the date of transaction if the total amount due is not paid fully on the due date. Finance charges for cash withdrawals are also 24% per annum from the date of cash withdrawal until repayment.
- Cash Advance Charges: 3% of the transaction amount, subject to a minimum of ₹30, for withdrawals at TMB ATMs and other ATMs. Additional charges may be levied by the Off Us bank if applicable.
Rewards
The TMB WINGS RuPay Credit Card does not feature a specific rewards program, cashback, or air miles earning structure.
Card Eligibility Criteria
To be eligible for the TMB WINGS RuPay Credit Card, applicants must meet the following criteria:
- Must be an individual holding a Savings Bank (SB) account with Tamilnad Mercantile Bank for a minimum vintage of 1 year.
- Must have submitted IT Returns for the last two years with a minimum income of ₹3 lakhs per annum.
- The latest CIBIL report should show a minimum CIBIL Score of 700.
Document Requirement:
- Latest 3 months' payslip OR
- Latest IT return for 2 years.
Card Review
The TMB WINGS RuPay Credit Card is a practical choice for existing Tamilnad Mercantile Bank customers seeking a no-frills credit card. Its key strengths lie in its free joining, easily waivable annual fee, and crucial insurance covers. While it lacks a rewards program, its straightforward fee structure and financial flexibility through EMI options make it a reliable tool for everyday transactions. This card is ideal for TMB customers who prioritize basic credit functionality and security over extensive reward benefits.
Important Product Details
- Card Brand: RuPay Platinum.
- Credit Period: Enjoy an interest-free credit period of up to 45 days.
- Card Validity: The card is valid for 3 years from the date of issuance.
- EMI Facility: Available for spends in single or cumulative amounts of ₹5,000 and above for specific spend categories (excluding cash withdrawals).
- Cash Advance Limit: Up to 25% of the sanctioned card limit, with a maximum daily withdrawal limit of ₹25,000.
- Billing Date Options: Customers can choose between two billing cycles: the 20th or the 25th of every month.
- Due Date for Payment: The due date will be the 5th or 10th of the succeeding month, based on the chosen billing date.
- E-statements: Consolidated statements are sent to the cardholder's registered email ID on the billing date.
- SMS/Email Alerts: SMS and email notifications are sent to cardholders for every payment transaction, irrespective of the amount.
- PIN Generation: Cardholders can activate their credit card and set/change their PIN through the customer self-care portal.
- Hot Listing Charges: Nil.
Other Details
- Insurance Coverage: The card provides a free personal accident death cover of ₹2 Lakhs, funded by RuPay (subject to RuPay Card insurance conditions). It also includes lost card liability cover up to ₹50,000, effective from the time of intimation to the bank.
- Credit Card Repayment Procedure:
- Internet Banking: Payments can be made by logging into Net Banking, navigating to General Services > Service Requests > New Requests > Credit Card Payment.
- NEFT/RTGS: Bill payments can be made via NEFT/RTGS using the 16-digit card number as the account number, cardholder name as the account name, IFSC code TMBL0000900, and Bank Name Tamilnad Mercantile Bank Ltd., Branch Address ATM Cell, Chennai.
- Over the Counter: Customers can pay credit card bills at any TMB branch.
- Debit from Current Account: Cardholders can opt for automatic adjustment of the credit card bill amount from their savings account on the 10th morning, provided the account is funded on or before the 10th of every month.
- Billing Cycle Change: Customers can opt to change their billing cycle (to 20th or 25th) subject to two conditions: the customer should not have any outstanding unpaid dues on the card, and there should be no active EMIs on the card.