What are the Features of RBL Bank Credit Card Over Other Cards?
by Mashum Mollah Loans & Credit 17 October 2019
Credit cards are increasingly becoming a popular choice for digital transactions in India. It is reflected by 23.2% year-on-year growth in number of transactions made via such cards as of February 2019. The RBL credit card is one of the best cards you can opt for in today’s market considering its exclusive features and benefits.
Characteristics of this card which makes it an attractive option for users are –
1. Interest-free cash withdrawal
Most types of credit cards charge hefty transaction fees for any cash withdrawal from ATMs. This poses as a disadvantage as the user may require the available credit limit as liquid cash and not just for a transaction or a purchase. That would impose a financial burden on the holder.
RBL credit cards provide the benefit of no-interest cash withdrawals from ATMs, provided the amount is repaid within 50 days of withdrawal. Only a nominal processing charge of 2.5% of the withdrawn amount is levied on such transactions.
2. Emergency loans
During times of immediate cash requirement, the pre-approved limit on RBL credit cards can be utilized as a personal loan. The key feature of this facility is that no interest is payable on the loan amount for 90 days, making it a key reason to opt for a quick personal loan on a credit card. Processing fees amounting to 2.5% of the total loan availed is the only charge that you have to pay in such situations.
Outstanding debt can be converted to pocket EMIs under this facility as well, provided the minimum bill is above Rs. 3,000.
Availing a loan in this method is quick and hassle-free as it requires minimal documentation and other formalities. It can be done online as well, using the official RBL MyCard mobile app.
3. Other privileges
There are various other privileges you are entitled to enjoy if you opt for this amongst different types of credit cards available in the market. Shopping from outlets which have tie-ups with Bajaj Finserv allows you to avail huge discounts, cash backs, and other benefits.
EMI down payments for high-value purchases are eligible for cash back of up to 5% of the total price. This benefit is available on the Bajaj Finserv RBL Bank SuperCard.
They also provide pre-approved offers that make availing credit cards and loans quick and easy. These offers are available on numerous financial products, including credit cards, home loans, business loans, personal loans, etc. You can take a look at your pre-approved offer by providing your name and phone number.
4. Security benefits
RBL credit card comes with the added benefit of ‘in-hand security’ and ‘zero-fraud liability cover’ in case of fraudulent usage. These features allow you to carry this card wherever you go without any safety burden on your shoulders. The toll-free customer care number provides the facility of remotely blocking in case of theft or misplacement as well.
5. Reward points
Reward points can be earned on transactions made via these cards. Redeeming credit card reward points can be done for future purchases at a discounted price or on an upcoming transaction as well. Additional benefits of fuel surcharge waivers, flight tickets at attractive discounts, free movie tickets, etc. can also be procured with the help of such reward points.
More than 20,000 points can be earned as a welcome bonus and an additional 20 points for every Rs. 100 spent through the card.
These benefits easily make RBL Supercard among the most attractive of all credit cards available in the market. However, before availing it, make sure you satisfy the following eligibility criteria for the same.
- Applicant should be between 25 and 65 years of age.
- A CIBIL score of 750 and above is optimal to avail such a feature-rich credit card. A higher credit score inculcates trust, assuring the lender that you will repay your outstanding debts on time.
- Residence should be at one of the SuperCard live locations in the country.
- The applicant should already possess a Bajaj Finserv EMI network card.
Fulfilling these requirements make you eligible for this credit card provided you submit all your KYC documents such as Aadhaar Card, PAN card, etc.
One of the main reasons for the growing popularity of credit cards is the reward points. Most individuals are unaware of these additional benefits available on certain products such as the RBL credit card. The increment in the purchasing power without any additional charges (subject to timely repayments of debt) is a primary reason why credit cards are better than debit cards.