Asif (29), running a mobile phone shop and Joby Antony (35), in whose graphic press the cards had been printed, were arrested last evening and produced before a court here on Thursday, May 5.
A search was on for one Nizzam, also involved in the case, police said.
The cards which carried the words "salute to the brave martyr" surfaced on May 3 in Changanasery town, about 20 km from here, a day after the terrorist was killed in US commando action in Pakistan.
The duo were remanded in judicial custody for a day by the Judicial First Class Magistrate Court here and sent to a sub-jail in Ponkunnam this evening. They will again be produced before the court on Friday, May 6.