RBL Bank Revises Its Credit Cards Fees and Charges w.e.f. February 2023

RBL Bank Revises Its Credit Cards Fees and Charges w.e.f. February 2023

RBL Bank has recently made updates to its rent payment terms and conditions, which were announced in February 2022. These updates include restrictions on rental transactions using credit cards. Now, RBL Bank has introduced further changes, including modifications to the late payment fee and the introduction of a nominal convenience fee for all rental payments. These changes will take effect from February 2023 and will apply to all RBL Bank Credit Cards. If you are an RBL Bank credit cardholder, you may have received an email regarding these updates. To learn more about the recent changes, continue reading this article:

Updates Fees & Charges For RBL Credit Cards

RBL Bank has recently updated its late payment charges and rent payment terms & conditions, which will be applicable from 1st February 2023. The changes are as follows:

Rental Payments

For rent payments made using your RBL Bank Credit Cards, a fee of 1% of the total transaction amount will be charged. This fee will apply to all rental transactions made using RBL Bank Credit Cards starting from February 1, 2023.

Late Payment Charges

The late payment fee, which is applicable to missed credit card payments, has also been updated for RBL Bank Credit Cards. The table below illustrates the difference between the current late payment charges and the updated charges that will be applicable from February 1, 2023:

  • Outstanding Balance
  • Current Late Payment Fee
  • Updated Late Payment Charges (w.e.f. 1st Feb 2023)
  • Up to Rs. 100
  •  
  • Nil
  • Nil
  • Rs. 100.01 to Rs. 500
  • Rs. 100
    •  
  • 12.5% of the overdue amount subject to a maximum of Rs. 1,300
  • Rs. 500.01 to Rs. 5,000
  • Rs. 500
    •  
 
  • Rs. 5,000.01 to Rs. 10,000
  • Rs. 750
    •  
 
  • Rs. 10,000.01 to Rs. 25,000
  • Rs. 900
    •  
 
  • Rs. 25,000.01 to Rs. 50,000
  • Rs. 1,000
    •  
 
  • More than Rs. 50,000
  • Rs. 1,300
    •  
 

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Also Check: YES Bank Restricts The Number Of Rental Transactions Using Credit Cards

Bottom Line

If you have an RBL Bank Credit Card, it is important to stay updated on these revised fees and charges. Previously, the late fee varied based on the outstanding amount, but now the bank has specified a fixed percentage. However, it is advisable to always make your bill payments on time to avoid incurring late fees. Additionally, please note that a nominal convenience fee will be applicable to rental transactions starting from February next year. If you have any further questions, feel free to ask us in the comment section below!

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