RBL Bank Credit Card EMI

Features of RBL Bank Credit Card EMI

The significant features of RBL credit card EMI- Split n Pay are listed below: 

1. Offers EMI tenor of 3,6, 9, 12, 18, or 24 months. 

1. Transactions can be converted to EMI via either MyBank Mobile app, MyCard Mobile app, WhatsApp, or by calling customer care. 

1. Offers low interest rates and discount on processing fee with EMI Infinity Pass. 

Features of EMI Infinity Pass are listed below:

1. Offers unlimited cashback on processing fee. 

1. Offers 100% cashback on the first processing fee. 

1. Unlimited 20% cashback on every Split n Pay processing fee. 

1. The facility is valid for a period of one year. 

1. Provides exclusive offer on EMI conversion throughout the year. 

1. Provides auto-renewal facility.

1. Offers free-look period of cancellation of 30 days from the date of issuance of EMI pass. 

Types of RBL Credit Card EMI Conversion 

The following are the different types of EMI conversions offered by RBL credit cards: 

Merchant EMI Conversion:  

1. Done at the point of sale (online or in-store). 

1. Selecting the "Pay via EMI" option at merchants that offer this facility.  

Post-Purchase EMI Conversion (Split n Pay): This allows you to convert a purchase into EMIs after it has already been made. 

Fees and Charges for RBL Bank Credit Card EMI

The fees and charges for RBL Bank credit card EMI are as follows:

How to Apply for RBL Bank Credit Card EMI?

You can apply for RBL Bank credit card EMI conversion in the following methods:

1. Verify the credit card limit.

1. Check the eligibility of the card, whether it can used on platforms or not. 

1. Apply for EMI conversion either online or offline. 

1. Enter the transaction amount and the tenure. 

1. Consider the important factors, such as interest rates, foreclosure option, penalties, processing fee, and repayment schedule. 

You can avail pre-approved facility via the following methods: 

1. RBL Cares Chatbot.

1. RBL WhatsApp.

1. RBL MyCard Mobile app.

1. RBL customer care (022-62327777).

Benefits of RBL Bank Credit Card EMI

The advantages of RBL Bank credit card EMI conversion are as follows:

1. Offers financial flexibility by dividing the large purchases into smaller and manageable installments. 

1. RBL Credit card EMI allows budget management by allocating funds in a systematic way. 

1. Makes large purchases seamless just by few clicks and avoiding long approval processes. 

1. Offers reward points and cashback by repaying the EMI. 

Things to Keep in Mind about RBL Bank Credit Card EMI

If you are an RBL Bank credit cardholder and want to apply for EMI conversion, here are a few things to remember:

Tenure

In general, longer tenures incur lower interest rates on EMI payments. However, you must not apply for longer tenure since you may be required to pay higher interest. While a longer tenure option needs fewer EMI payments, it may not offset the applicable interest amount.

Here is an example that will give you better clarification:

Assumptions

1. Interest rate for a tenure of 3 months - 25% p.a.
2. Interest rate for a tenure of 12 months - 15.00% p.a.
3. Purchase price: Rs.20,000

The interest amount to be paid for various tenures is mentioned in the table below:

Make payments on time

You must select an EMI plan that ensures you make payments on time. Late payments might result in a hefty credit card statement. The following are the reasons behind this:

1. EMI conversions do not eliminate the interest-free period; however, late payments do. Thus, the interest rates will apply to both previous and new transactions.
2. In case of any missing payments, RBL Bank will notify the credit bureau which will thereafter lower your credit score.
3. If you fail to pay the entire amount by the due date, an interest rate will be levied on the payable amount. This results in a substantial amount of interest accumulating because it is charged in addition to the EMI interest.

Loss of benefits

Merchant EMI conversions may result in the loss of discounts and reward points given on one-time payments. Therefore, if you get considerable benefits, you should pay in whole rather than through EMIs.

Compare interest rates

The interest rates on EMIs are different for various credit cards. The interest rates on credit cards issued by the same bank might occasionally vary. Thus, if you own multiple credit cards, you must compare the interest rates offered on each one.

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