Deciphering the true potential of your Bajaj Finserv RBL Bank SuperCard requires an understanding of its interest rates. These rates, crucial for informed financial decisions, determine the cost of carrying an unpaid balance. This can ensure the maximisation of a rewarding credit card experience. Take control of your finances with your SuperCard.
Here are the interest rates for RBL Bank Credit Cards:
Credit Cards |
Interest Rates |
Bajaj Finserv RBL Bank Binge SuperCard |
12.5% |
Bajaj Finserv RBL Bank Binge SuperCard - First Year Free |
12.5% |
12.5% |
|
Bajaj Finserv RBL Bank Platinum Choice SuperCard - First Year Free |
12.5% |
Bajaj Finserv RBL Bank Platinum Plus SuperCard |
12.5% |
Bajaj Finserv RBL Bank Platinum Plus SuperCard - First Year Free |
12.5% |
Disclaimer: The aforementioned fees and charges are subject to change at the issuer's discretion. Please refer to the issuer's MITC document for more details.
Given below are the factors that can impact your credit card interest rates greatly:
A significant factor is a higher credit score (ideally 750 and above) which can secure lower interest rates
Higher incomes generally qualify for lower rates due to greater repayment capacity
Salaried individuals and self-employed professionals with stable incomes typically receive better rates
High existing debt burden (loans or other cards) negatively impacts eligibility and leads to higher rates
Premium cards with more benefits and rewards usually come with higher interest rates compared to basic cards
Cards with higher limits often have higher rates, reflecting the larger potential credit risk
Some cards offer introductory 0% Annual Percentage Rate (APR) periods but revert to regular rates after the promotion ends
Fixed rates remain constant, while variable rates can fluctuate based on market conditions
Even a single late payment can significantly damage your credit score and lead to higher rates and penalty charges
Transferring debt from other cards may incur fees, impacting your overall costs
Credit card interest rates are calculated based on a combination of factors specific to your card and your financial situation. Here's a breakdown of the key elements:
This refers to the unpaid amount remaining on your credit card at the end of your billing cycle. It serves as the base upon which interest accrues.
This is the interest rate applied to your outstanding balance each month. It's determined by:
Your credit score: Higher scores lead to lower MPRs
Card type: Premium cards with more benefits typically have higher MPRs
Promotional offers: Introductory periods might offer 0% APR, but the standard MPR applies afterwards
Interest is usually calculated based on your average daily balance during the billing cycle, not just the ending balance. This means they consider the outstanding balance on each day and divide the total by the number of days in the cycle.
The basic formula used to calculate your interest is:
Interest = (Outstanding Balance x Monthly Interest Rate x Number of Days) / 365
Let’s consider the following example:
Outstanding Balance: ₹50,000
Monthly Interest Rate: 12.5%
Number of Days: 28
Hence,
Interest = (₹50,000 x 12.5% x 28) / 365
Interest = 479.45
Note: The calculations shown above are tentative and may not match the actual interest levied on your credit card dues. Please speak to your credit card issuer before making any credit card-related decisions.
An interest-free period on a credit card refers to a specific timeframe during which you avoid paying interest charges on your purchases.
This period typically begins on the statement date (when your monthly bill is generated). It extends for a set number of days, usually ranging from 18 to 55 days. This depends on the card issuer and specific card offering.
The interest-free period only applies to purchases made with your credit card. Transactions like cash advances or annual fees incur interest from the date of the transaction.
To qualify for the interest-free period, you must pay your entire outstanding balance by the due date stated on your monthly statement. Any remaining balance, even a small amount, will accrue interest from the transaction date.
The interest-free period encourages responsible credit card usage by rewarding timely payments. It allows you to manage your finances effectively and avoid unnecessary interest charges.
Notes:
The specific duration of the interest-free period and any applicable terms and conditions will vary depending on your card issuer and specific card offering. Always refer to your monthly statement or contact your card issuer for details.
Late payments can significantly impact your interest-free period and result in immediate interest charges from the transaction date.
The interest rates on Bajaj Finserv RBL Bank SuperCards vary depending on the specific card variant. There are several SuperCard options, each with its unique features and benefits, resulting in different interest rate ranges. Typically, rates fall around 12.5% per month.
You can find the applicable interest rate for your card in two ways:
Check your monthly statement: The statement clearly mentions the interest rate you are charged.
Visit the Bajaj Finserv or RBL Bank website: Navigate to the SuperCard page and select your specific variant. The interest rate will be listed in the card details.
Some SuperCard variants offer introductory periods with 0% APR on purchases or balance transfers. However, these offers are for a limited duration, and the standard interest rate applies after the promotional period ends.
Several factors can impact the interest rate offered, including:
Your credit score: Higher scores generally lead to lower rates
Your income: Individuals with higher income may qualify for better rates
Your card variant: Premium cards with more benefits typically have higher rates
Your credit limit: Cards with higher limits often have higher rates
Generally, interest rates are not negotiable. However, maintaining a good credit score and making timely payments can help you qualify for better rates when applying for future cards.
Yes, some SuperCards may have additional fees associated with interest, such as:
Late payment charges: Penalties for payments not received by the due date
Over-limit charges: Fees incurred for exceeding your credit limit
Balance transfer fees: Charges applied when transferring debt from another card
Here are some tips to minimize interest charges:
Pay your balance in full and on time: This avoids interest charges altogether
Choose a card with a lower interest rate: Compare rates before applying
Avoid exceeding your credit limit: Keeps your outstanding balance lower
Yes, the interest-free period on the Bajaj Finserv RBL Bank SuperCard is the duration during which no interest is levied on the transactions made. You can check the terms and conditions of your credit card to identify the interest-free period.