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RBL Credit Card Interest Rates
Before applying for a credit card from RBL Bank, it is essential to understand the features and terms associated with their range of credit cards. Among these factors, one of the most crucial aspects is the RBL credit card interest rate, which represents the interest charged by RBL Bank. This article aims to provide information about the interest rates and fees imposed by RBL. Additionally, we will examine the various RBL credit cards, highlighting their key features and the corresponding RBL credit card interest rates. By addressing frequently asked questions, we aim to assist you in making an informed decision when choosing the most suitable card for your needs.About RBL Credit Card Interest Rates
- Understanding RBL Credit Card Interest Rates
- Which Transactions Cause Interest Charges To Be Levied On RBL Credit Cards?
- How is The RBL Card Interest Rate Computed?
- What is the RBL Credit Card Interest Free Period And How Does It Work?
- Different RBL Credit Cards, Their Key Features and Interest Rates
- What Is The Relationship Between Credit Score and The Interest Rate on RBL Credit Cards?
- Conclusion
- FAQs Of RBL Credit Card Interest Rates
Understanding RBL Credit Card Interest Rates
Interest rates play a crucial role in credit card usage, as they determine the cost of borrowing and impact your repayment obligations. RBL Bank credit card interest rates are competitive, allowing cardholders to optimize their finances. As a standard, RBL charges an Annual Percentage Rate (APR) of up to 3.99% per month (47.88% pa) on its credit cards as finance charges for retail and cash. It is important to note that RBL Bank credit card interest rates may vary based on the specific card variant and the cardholder's creditworthiness.
Which Transactions Cause Interest Charges To Be Levied On RBL Credit Cards?
There are several instances in which RBL Bank imposes interest charges on transactions. These include:
- Failing to settle full outstanding dues by the due date.
- Making only the minimum payment required for the month.
- Repaying an amount that is less than the minimum payment due.
- Utilizing your credit card for cash advances, which entails withdrawing money from an ATM.
- Carrying over an unpaid balance from the previous month to the following month.
However, if you pay off the full outstanding balance on your RBL credit card on or before the due date and do not use it for cash advances, no interest charges on credit card transactions will be applied by RBL Bank.
How is The RBL Card Interest Rate Computed?
Scenario 1 – No partial or minimum amount paid: The total interest amount in case of a default in payment is calculated as the interest on the total amount due from the transaction date to the next statement generation date.
Example:
Transaction date: | 1 Jan 2023 | Transaction amount: | Rs. 10000 |
Statement date: | 15 Jan 2023 | Minimum amount due: | Rs. 500 |
Payment due date: | 30 Jan 2023 | Next Statement date: | 15 Feb 2023 |
Assuming no fresh transaction is made from the transaction date, the RBL credit card interest in Scenario 1:
45 (no. of days from the transaction date to the next statement date) x 10000 (Amount) x 47.88% / 365 (days in 1 year) = Rs. 590.3
Scenario 2 – Partial Amount paid (5% of 10000 = Rs 500 paid on due date), rest as above: The Interest Amount can be calculated by summing up two components – the interest on the total due amount from the transaction date to the partial payment date, and the interest on the remaining amount from the day after the payment date to the next statement generation date.
Interest is calculated as: Interest on the total amount due till the partial payment date + interest on the remaining amount till the next statement generation date
30 (no of days from the transaction date to payment due date) x 10000 x 47.88% / 365 (days in 1 year) = 393.53
15 (no of days after payment date to next statement date) x 9500 (remaining amount) x 47.88% / 365 = 186.92
Total RBL Credit Card Interest in Scenario 2: Rs. 580.46
If full payment is made on the due date, then no interest is charged on the amount.
What is the RBL Credit Card Interest Free Period And How Does It Work?
RBL Bank provides a grace period called the interest-free period, where card transactions do not accrue any interest. The interest-free period is the duration between the transaction date and the payment due date, which varies for each transaction. As a standard, RBL Bank offers a 15 – 45 days interest-free period for all customers. If the payment is made within this period, i.e., on or before the due date, no interest will be charged, given there are no cash withdrawals or carry-forwarded balances from previous statements.
Different RBL Credit Cards, Their Key Features and Interest Rates
Key Features: Generous rewards program, complimentary airport lounge access, fuel surcharge waiver, and accelerated reward points on specific categories.
Interest Rate: The interest rate on this card ranges from 3.50% to 3.99% per month.
Key Features: Attractive rewards on dining, entertainment, and utility bill payments, fuel surcharge waiver, and milestone benefits.Interest Rate: The interest rate on this card is up to 3.99% per month.
Key Features: Travel-centric rewards and benefits, complimentary airport lounge access, concierge services, and milestone benefits.Interest Rate: The interest rate on this card ranges from 3.50% to 3.99% per month.
Key Features: Rewards on dining and entertainment, fuel surcharge waiver, milestone benefits, and complimentary movie tickets.Interest Rate: The interest rate on this card is up to 3.99% per month.
5. RBL Insignia Preferred Banking World Card:
Key Features: Premium lifestyle benefits, concierge services, airport lounge access, milestone benefits, and exclusive travel privileges.Interest Rate: The interest rate on this card is up to 3.99% per month.
Key Features: High reward point earning potential, airport lounge access, milestone benefits, and exclusive lifestyle privileges.Interest Rate: The interest rate on this card ranges from 3.50% to 3.99% per month.
7. RBL Gold Credit Card:
Key Features: This card is designed for customers with a fair credit score. It offers a range of benefits, including rewards, travel discounts, and purchase protection.Interest rate: The interest rate on the RBL Gold Credit Card is up to 3.99% per month.
What Is The Relationship Between Credit Score and The Interest Rate on RBL Credit Cards?
A minimum credit score of 750 and above is required if you are applying for the RBL Bank credit card. The bank will give a quick approval for the credit card application if your credit score is 750 and above and it is near to 900.On the other hand, you can also get an RBL Bank credit card if your credit score is below 750 but the bank may reduce your credit limit and the eligibility criteria to apply for the card may be strict. The interest rate will also be high if the bank issues the credit card at a credit score below 750. So, ensure to have a credit score of 750 and above to get easy approval.
Conclusion
Understanding RBL credit card interest rates is essential for managing your finances efficiently and optimizing the benefits of your credit card. By exploring the different credit cards offered by RBL Bank, their key differentiators, and addressing frequently asked questions, you can make an informed decision and choose the credit card that best suits your needs. Remember to review the terms and conditions, evaluate your repayment capabilities, and use your RBL credit card responsibly to make the most of its benefits while keeping interest costs in check.
FAQs Of RBL Credit Card Interest Rates
1. How is the interest rate on RBL credit cards determined?
The interest rate is determined based on factors such as the specific credit card variant, the cardholder's creditworthiness, and the prevailing market conditions.
2. Can I negotiate the interest rate on my RBL credit card?
RBL Bank provides interest rates based on its internal policies. However, you may contact the bank's customer service to explore possible options.
3. What will happen if I miss a credit card payment by the due date?
Missing a payment can result in late payment fees and a higher interest rate. It's crucial to pay at least the minimum amount due on time to avoid such consequences.
4. Can I convert my RBL credit card outstanding balance into EMIs?
Yes, RBL Bank provides the option to convert your outstanding balance into convenient Equated Monthly Installments (EMIs) at a lower interest rate. Terms and conditions apply.
5. Are there any promotional interest rates offered by RBL Bank?
Yes, RBL Bank occasionally introduces promotional interest rates on specific credit cards or for a limited period. Keep an eye out for such offers to make the most of them.
6. How can I check the interest charged on my RBL credit card?
You can easily view the interest charged on your RBL credit card through the monthly statement provided by the bank. It will detail the interest rate and the corresponding charges.
7. Can I transfer the outstanding balance from another credit card to my RBL credit card?
Yes, RBL Bank offers balance transfer facilities, allowing you to transfer the outstanding balance from another credit card to your RBL credit card at a lower interest rate.
