RBL Bank Credit Card Balance Transfer

1.  Easier management of debt by converting it into fixed payments that can now be budgeted on a monthly basis. 

1. Costs of repayment to be lower because the original card's interest rate may be higher than the EMI interest rate. 

1. Debts to be consolidated to a single credit card to pay off other card dues. 

This is typically a pre-approved option provided by the bank for selected primary RBL Bank credit cardholders, with limits, eligibility, and principles to be decided and executed by the bank. 

Key Features of RBL Bank Credit Card Balance Transfer (‘Transfer n Pay’)

The major characteristics of RBL Bank’s Transfer n Pay are as follows: 

1. Pre-approved Facility: The availability of this service is limited to select primary cardholders of RBL Bank credit card who have been responsible with repayment history with no overdue payments of more than 60 days. This allows responsible credit card holders to access the facility without having to undergo long approval processes. 

1. Transfer Amount: The minimum transfer amount is Rs 5,000 and the maximum amount is 80% of the cardholder's available credit limit from the other credit cards that the cardholder wants to transfer to RBL Bank credit card. This reduces a collection of high-interest credit burdens to one credit card, making it easier to pay and keeps it under control. 

1. Tenure Options: The facility allows you to pay back your transfer over 6 and 12-month tenures. Cardholders are free to choose a tenure that suits them and their financial ability. Short and longer EMIs can assist in managing the monthly obligations that work for the cardholder. 

1. Interest Rates: The reduced balance rate is 21% per annum. The effective annual rate works out to 12.42% for 6 months and 11.73% for 12 months which helps in decreasing the total interest payment compared to standard credit card rates. 

1. Processing Fee: There is a fee of Rs 499, irrespective of the decision to use either the 6 or 12-month tenure, which is disclosed upfront without any additional fees or charges. 

Benefits of RBL Bank Credit Card Balance Transfer (‘Transfer n Pay’)

Advantages of Transferring Your Balance with RBL Bank Credit Card (Transfer n Pay) are:  

1. Reduced Interest Expenses: When an individual shifts balances from other credit cards with high interest rates to an RBL Bank card they are able to do so at lower interest rates, which consequently lowers their overall cost of repayment.  

1. Organized Repayment: The shifted balance moves into easy to manage fixed monthly EMIs which makes it easier for individuals to plan their finances without wondering what interest charges may apply to their existing credit card balances.  

1. Easier Debt Management: Balances for multiple cards can be shifted into the new account which makes it simpler for individuals to track what is owed and ultimately pay on time when the statement arrives without having to remember multiple due dates or statements.  

1. Tenure Flexibility: Transfer n Pay offers 6 or 12 months for card holders to repay the debt on the original credit card, allowing a period to account for their financial and budgeting needs.  

1. Pre-approved Process: For eligible individuals the process is pre-approved and offers no long applications, long list of documentation, or delay, which means you can benefit from this at an instant.  

1. Clear Pricing: The processing fee and interest rates are transparent, eliminating any ambiguity or charges that may arise when leaving out charges for borrowed money. 

1. Reduced Financial and Mental Stress: Cardholders will have improved control over their credit utilization and financial wellness by managing their balances effectively and ensuring they do not accumulate interest at a higher rate.  

1. No Effect on Purchases: Cardholders can keep using their RBL Bank credit card for daily purchases, as long as it's within their credit limit, while paying back their transferred balance via EMIs. 

Eligibility for RBL Bank Credit Card Balance Transfer (‘Transfer n Pay’)

The eligibility criteria for RBL Bank Credit Card Transfer n’ Pay facility are:   

1. Must be the Primary Cardholder: The facility is specifically available for the primary RBL Bank credit cardholder and add-on cardholders cannot apply. 

1. Proven Repayment History: Cardholders need to have a clean repayment history at the time of balance transfer with no overdue payments more than 60 days. 

1. Sufficient Available Credit Limit: Eligible cardholders will need a sufficient available credit limit on their RBL Bank credit card to accommodate the balance being transferred. 

1. Consideration of Card Type: The facility may be offered based on the type of RBL Bank credit card the customer holds. Macroeconomic cardholders or higher-tiered premium cards are more likely to receive pre-approval. 

1. Discretion of the Bank: Eligibility is determined by RBL Bank at their discretion, based on customer repayment behaviour, card usage, and overall credit profile of the customer. 

1. Pre-approved: As the facility is pre-approved, eligible cardholders will not need to manually apply in most instances. The Bank communicates eligibility through email, SMS, or via notification in online banking.

Documentation for RBL Bank Credit Card Balance Transfer (‘Transfer n Pay’)

Required Documents are: 

1. No Documentation for Pre-Approved Clients: The Transfer n’ Pay feature is a pre-approved facility for eligible RBL Bank primary credit cardholders and generally does not require any additional documentation. 

Note: Bank may request limited information if required. On rare occasions, RBL Bank may ask for some minimal documentation or some sort of confirmation for eligibility purposes or assurance (but generally not for pre-approved clients). 

How to Apply for an RBL Bank Credit Card Balance Transfer (‘Transfer n Pay’)?

Follow the instruction given below to apply for an RBL Bank Transfer n Pay facility: 

1. Step 1: Check for Eligibility 

You need to be a primary RBL Bank credit card member in good standing (not over 60 days overdue) with the available credit limit on your card  

1. Step 2: Choose on an Application Method 

Select one of the options that are accessible: 

1. SMS: Text 'BTEMI' to 5607011.  
2. Missed Call: Place a missed call to 7045 906 905.  
3. Customer Care: Call RBL Bank customer service.   
4. Chat: Chatbot on the RBL Bank site.  

1. Step 3: Make Request 

Provide information that is requested based on your selection. For those who are pre-approved, you will not have to provide much more information generally.  

1. Step 4: Confirmation 

RBL Bank will process the request and let you know if they approve it in addition to the EMI Plan selected, interest rates and any processing fees. 

1. Step 5: Payments Begin 

Once you are approved, the balance transferred amount will be converted to EMIs in the normal due on your monthly credit card amount for the duration you selected (6 or 12 months). 

1. Step 6: Prepayment Option 

At any time, you may choose to pay off the balance transferred amount before the term is completed. A pre-payment fee of 3% of the outstanding principal plus GST will apply.

Fees and Charges - RBL Bank Credit Card Balance Transfer

The fees and charges associated with RBL Bank Credit Card Balance Transfer summarised as a table below: 

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