TMB Platinum Credit Card
MyRupaya Ratings
Product Details
Credit Card Name :
TMB Platinum Credit Card
Bank Name :
Tamilnadu Mercantile Bank
Type :
Regular Credit Card
Interest Rate :
Finance charges for Cash Withdrawal. 2% per month (24% per annum) from the date of cash withdrawal
Eligibility :
Any individual against his/her Term Deposit with our Bank
Minimum period of Deposit is 3 years
Deposit Amount - Rs.50,000/- and above.
Pros
TMB Platinum Credit Card offers Flexible Credit limits,
The card offers No Joining & Annual Fee.
Card comes with 3 years validity & is designed with an EMV chip card
Card also proves Add-on Cards Upto 2 for spouses and children above 18 years of age.
Lost Card liability up to Rs.50,000/- covered from the time of intimation to the bank.
Personal Accidental Death Coverage of Rs.5.00 lacs for Card Holders.
Cons
No shopping, fuel, travel and other additional benefits
Term deposit with bank required
No welcome benefit is provided to the new users.
Lower credit limit: The maximum credit limit is only Rs. 5 lakhs, which might be insufficient for high spenders.
No reward points or cashback programs: Unlike many other credit cards, TMB Platinum doesn't offer reward points or cashback on your purchases, potentially limiting its appeal for those seeking to maximize their spending benefits.
Renewal fee: While there's no annual fee, a renewal fee of Rs. 250 for the primary card and Rs. 150 for each add-on card applies after the 3-year term deposit period.
High late payment fees: Late payment charges are steep at Rs. 250, which can quickly add up if you miss a payment.
Pros & Cons
Welcome Benefits
Rewards System
No traditional rewards system available
International Forex Markup
Welcome Benefits and Reward System
Special Features
None
Eligibility Criteria
Any individual against his/her Term Deposit with our Bank
Minimum period of Deposit is 3 years
Deposit Amount - Rs.50,000/- and above.
Benefits
No joining or annual fees: This makes the card accessible and saves you money compared to cards with annual fees.
Cash advance facility: Access up to 25% of your credit limit as cash advance, helpful for emergencies.
Widely accepted: TMB Platinum is a Mastercard or Visa card, ensuring acceptance at millions of merchants worldwide.
Term deposit linked: This provides a sense of security, as the card limit is based on your existing term deposit with TMB, potentially reducing credit risks.
Speical Feature, Eligibility and Benefits
How to apply for Credit Card?
Maintain a Term Deposit of Rs. 50,000 or more for at least 3 years at TMB. This is the prerequisite for applying for the card.
Visit your nearest TMB branch. Currently, online applications are not available for this card.
Submit the required documents: Identity proof, address proof, income proof, bank statement or passbook details for your Term Deposit.
Fill out the application form provided by the bank.
The bank will process your application and credit limit based on your Term Deposit amount and creditworthiness.
Contact Details
SMS “help” or call +91 9842 461 461
Email at: customerservice@tmbank
Account Opening and Procedure
Recommended Credit Cards
Pros:-
Change the text to include your own content. Adjust the font, size or scale to customize the style.
Cons:-
TMB Platinum Credit Card offers Flexible Credit limits,
The card offers No Joining & Annual Fee.
Card comes with 3 years validity & is designed with an EMV chip card
Card also proves Add-on Cards Upto 2 for spouses and children above 18 years of age.
Lost Card liability up to Rs.50,000/- covered from the time of intimation to the bank.
Personal Accidental Death Coverage of Rs.5.00 lacs for Card Holders.
No shopping, fuel, travel and other additional benefits
Term deposit with bank required
No welcome benefit is provided to the new users.
Lower credit limit: The maximum credit limit is only Rs. 5 lakhs, which might be insufficient for high spenders.
No reward points or cashback programs: Unlike many other credit cards, TMB Platinum doesn't offer reward points or cashback on your purchases, potentially limiting its appeal for those seeking to maximize their spending benefits.
Renewal fee: While there's no annual fee, a renewal fee of Rs. 250 for the primary card and Rs. 150 for each add-on card applies after the 3-year term deposit period.
High late payment fees: Late payment charges are steep at Rs. 250, which can quickly add up if you miss a payment.
TMB Platinum Credit Card
The TMB Platinum Credit Card offers a high credit limit and some basic benefits, but comes with significant drawbacks. The fixed deposit requirement, high annual fee, and limited features might not make it an appealing option for everyone. If you primarily value high credit limits and prefer a simple card with no annual fee, it could be a decent choice. However, for a broader range of benefits and competitive rewards, exploring other alternatives is recommended.
Abhijeet Saxena
Abhijeet Saxena
Nalsar University of Law
Ex- Senior Associate, Shardul Amarchand Mangaldas, Delhi
Ex - Khaitan & Co. Bengaluru,
Ex - National Stock Exchange, Mumbai,
Ex - Argus Partners, Mumbai
Product Review
Fees & Charges
Joining fee: Nil
Annual fee -Nil
Late Payment charges Rs.250/- ( If the cardholder fails to pay the Minimum Amount Due before Payment Due date.)
Cash Advance - Transaction fee 3% of transaction amount subject to the Minimum of Rs.30/- for every Rs.1000/- or part thereof
Finance charges for Cash Withdrawal. 2% per month (24% per annum) from the date of cash withdrawal
Foreign Currency Transaction – Conversion MarkupUpto 3.5%
Fuel Surcharge
Not Provided
Billing Cycle
30 Days