September 29, 2023

Fight Off Mounting Debt By Applying For The RBL Bank Credit Card Balance Transfer

Owning a credit card can be a boon if you are financially responsible. However, defaulting on payments and rising outstanding balances can threaten to spiral you down into a crisis. To mitigate such problems, several Indian banks offer you the chance to shift to their credit card that offers lower interest rates. RBL Bank is one such premium bank that provides a balance transfer facility.

With its Transfer ‘n’ Pay facility, RBL Bank allows you to pay the total amount due on other cards in EMIs. The balance transfer isn’t a time-consuming process — the entire procedure is hassle-free and processed within a few days. And the maximum amount for which you can apply for the Transfer ‘n’ Pay scheme depends on the various programs offered by RBL Bank. You can get more clarity while applying for an RBL Bank credit card.

Transfer ‘n’ Pay is an exclusive, pre-approved facility offered to select cardholders with good credit scores.

 

Benefits of the RBL Bank Transfer ‘n’ Pay Program

The RBL Bank credit card balance transfer helps you in various ways. 

  • Good Credit Score: This balance transfer on EMI facility helps you maintain a good credit score, as you can pay the total amount due on other cards before the due date. 
  • Ease of Repayment: You can pay the EMIs over flexible tenures. You can even pay the full amount before your tenure ends. Only a 3 percent fee on the outstanding principal amount and GST will be charged. EMIs for the first three months are also interest-free.
  • Low Interest Rates: RBL Bank offers lower, more comfortable interest rates. Additionally, you can enjoy purchasing more with your RBL Bank credit card as per its limits.
  • Availability and Acceptance: RBL Bank accepts credit cards issued by all Indian banks, and you can avail of the Transfer ‘n’ Pay facility with zero documentation. 

How to Apply for the RBL Bank Credit Card Balance Transfer

You have four simple means to apply for the RBL Bank credit card balance transfer facility.

  • Give a missed call to +91-7045906912.
  • Alternatively, you can SMS ‘BTEMI’ to 5607011. In both these methods, a bank representative will get back to you and address your queries, give you details on the facility, and get you started.
  • The RBL chatbot also comes in handy and helps you apply for the balance transfer facility.
  • Lastly, you can contact the RBL Bank customer care helpline number at +91-2271190900.

 

Repayment Tenures

Depending on your tenure, RBL Bank offers you different interest rates.

 

  • Three-Month Tenure: Should you choose a three-month tenure to clear all your credit card dues, you incur a processing fee of 2.99 percent or ₹750, whichever is higher. Reducing and effective interest rates are nil, as RBL Bank has an interest-free policy for the first three months.

 

  • Six-Month Tenure: A more comfortable tenure is the six-month plan. Along with a processing fee of ₹499, you must pay reducing and effective interests of 21 percent and 12.42 percent, respectively.

 

  • Twelve-Month Tenure: If you require a longer period to clear your dues, the 12-month plan is ideal for you. Like the six-month plan, you pay a processing fee of ₹499. The reducing and effective interest rates differ at 21 percent and 11.73 percent, respectively. 

 

Eligibility Criteria

While the RBL Bank credit card balance transfer facility requires no documentation since it is a pre-approved facility, you must meet some basic criteria. These are based on the type of card, repayment habits, and monthly expenditure.

RBL Bank Credit Cards You Can Use for Balance Transfer

RBL Bank offers you various credit card options to choose from. 

RBL Bank ShopRite Credit Card: One of the bank’s premium offerings is this credit card, which gives you 2,000 reward points as a welcome gift after applying for the RBL Bank credit card. With this credit card, you can avail of a 10 percent discount on movie tickets at BookMyShow 15 times a year. You even get 5 percent value back on grocery spends.

RBL Bank Platinum Maxima Credit Card: Another RBL Bank credit card you can apply for is the RBL Bank Platinum Maxima credit card. It provides two complimentary domestic airport lounge access every quarter and 20,000 bonus reward points annually by spending above ₹4 Lakhs. This credit card takes care of your entertainment needs, as it offers complimentary movie tickets.

RBL Bank Insignia Preferred Banking Credit Card: If you travel frequently, the RBL Bank Insignia Preferred Banking credit card extends various advantages. Its best features include exclusive benefits on hotel bookings and six complimentary international airport lounge visits every calendar year (through the Priority Pass Membership).

You can opt for the RBL Bank credit card balance transfer facility with all of these credit cards.

Conclusion

It is vital to remember that the balance transfer provision comes with its own conditions. You must furnish a few details when you apply for the RBL Bank credit card balance transfer facility. These include the credit card number belonging to the other bank, the other bank’s name, and the required balance transfer amount.

To avail of the balance transfer scheme, you must be a credit card user for one company for at least a year. This is to prevent customers from hopping from one bank to another.

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