RBL Bank Credit Card Interest Rate

RBL Bank Credit Card Interest Rate

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RBL Credit Card Interest Rate

Transacting using a credit card is easy and hassle-free. However, you can only utilise it to purchase items within the pre-set credit limit on the card. Also, it is essential to remember to pay the bill within the interest-free period. Failing to do so and missing the payment due date can result in the addition of credit card interest to the total bill. In other words, a credit card interest rate is the rate at which interest is calculated on your utilised credit value when you default on paying your credit card bill within the payment due date.

What is RBL Bank Credit Card Interest Rate?

The monthly RBL Bank Credit Card interest rate is at an APR of up to 3.99%. Such a rate will be applicable in the below-mentioned scenarios-

  • Cash withdrawals on your RBL Bank credit card is charged from the transaction date to the date of repayment. (look out for the interest-free cash withdrawal window)

  • As the RBL Credit Card interest rate is applied on the total outstanding bill from the transaction date, partial clearing the dues does not eliminate the interest charges; hence, the remaining bill accrues interest charges till the next due date

  • Carrying the outstanding amount into the next statement cycle will also incur interest rate on RBL credit card bill.

Bajaj Finserv Credit Card Interest Rate of Top 5 RBL Credit Cards

The Bajaj Finance Credit Card interest rate on some of the top cards is mentioned below-

Card Name

Bajaj Finserv Credit Card Interest Rate

Platinum Choice First-Year-Free SuperCard

Up to 3.99% (plus GST) per month or 47.88% (plus GST) per annum

World Plus SuperCard

Up to 3.99% (plus GST) per month or 47.88% (plus GST) per annum

Platinum Plus SuperCard

Up to 3.99% (plus GST) per month or 47.88% (plus GST) per annum

Travel Easy SuperCard

Up to 3.99% (plus GST) per month or 47.88% (plus GST) per annum

Shop Smart SuperCard

Up to 3.99% (plus GST) per month or 47.88% (plus GST) per annum

How is Bajaj Credit Card Interest Rate Calculated?

The interest on the bill can be entirely avoided within the interest-free window, which ranges between 20 days and 50 days based on the credit card scheme that you opt for. However, failing to clear the full outstanding amount on the credit card in the previous payment cycle would do away with the benefit of the interest-free period on new purchases made using the card.

RBL Bank Credit Card interest rate is calculated using the following formula-

(Total number of days since the date of the transaction x Total outstanding bill amount x RBL Credit Card Interest rate per month x 12 months) / 365

To understand this better, let us consider a sample scenario-

Transaction Date

01.07.2020

Amount Transacted

INR 10,000

Statement Date

06.07.2020

Minimum Amount Due (usually 5 per cent of purchase amount)

INR 500

Total Amount Due

INR 10,000

Amount Due Date

26.07.2020

Interest Rate on unpaid Credit Card Bill

3.99 per cent per month

Now let us consider four different types of bill payment scenarios and understand how that affects the interest rate-

1. The Full Outstanding Amount is Repaid before Payment Due Date-

Date of payment- 21.07.2020

Total amount paid- INR 10,000

RBL credit card interest calculation-

Interest for 21 days (01.07.2020 to 21.07.2020): [21*10000*3.99%*12/365 = 275.47]

Total interest charged = 0

2. Partial amount from the total outstanding bill is repaid before payment due date-

Date of payment- 21.07.2020

Total amount paid- INR 5,000

Next statement generation date- 06.08.2020

Transactions carried out between 06.07.2020 to 06.08.2020- None

RBL credit card interest calculation-

Interest for 21 days (01.07.2020 to 21.07.2020): [21*10000*3.99%*12/365 = 275.47]

Interest for 15 days (22.07.2020 to 06.08.2020): [15*5000*3.99%*12/365 = 98.38]

Total interest charged = 373.85 (275.47 + 98.38)

3. Partial amount from the total outstanding bill is repaid after payment due date-

Date of payment- 28.07.2020

Total amount paid- INR 5,000

Next statement generation date- 06.08.2020

Transactions carried out between 06.07.2020 to 06.08.2020- None

RBL credit card interest calculation-

Interest for 28 days (01.07.2020 to 28.07.2020): [28*10000*3.99%*12/365 = 367.30]

Interest for 9 days (28.07.2020 to 06.08.2020): [9*5000*3.99%*12/365 = 59.03]

Total interest charged = 426.33 (367.30 + 59.03)

4. Partial amount from the total outstanding bill is repaid after payment due date-

Date of payment- 28.07.2020

Total amount paid- INR 5,000

Next statement generation date- 06.08.2020

Transactions carried out between 06.07.2020 to 06.08.2020- One

New transaction amount- INR 1000

Date of the new transaction- 15.07.2020

RBL credit card interest calculation-

Interest for 15 days (01.07.2020 to 15.07.2020): [15*10000*3.99%*12/365 = 196.77]

Interest for 13 days (016.07.2020 to 28.07.2020): [13*11000*3.99%*12/365 = 187.58]

Interest for 9 days (28.07.2020 to 06.08.2020): [9*6000*3.99%*12/365 = 70.84]

Total interest charged = INR 455.19 (196.77 + 187.58 + 70.84)

Why choose RBL Credit Card from Finserv MARKETS

Choosing an RBL Credit Card from Finserv MARKETS has its advantages-

  • The Bajaj Finserv RBL Bank SuperCard lets you enjoy personal loan against you credit card cash limit, which can be rapid by converting it into pocket-friendly EMIs for a hassle-free repayment

  • The RBL Bank SuperCard lets you enjoy EMI facility when you purchase items both online and offline

  • The Bajaj Finserv RBL Bank SuperCard comes with stringent security measures that are aimed to protect your precious finances against fraud and cyber crimes

  • The Bajaj Finserv RBL Bank SuperCard can be used to withdraw cash, interest-free, on your credit limit against a minimal processing fee

  • The Bajaj Finserv RBL Bank SuperCard offers several benefits, lucrative offers, and also helps you enjoy big savings annually.

So hurry, apply for a Credit Card today and avail exciting benefits. Also, if you are a student, you can apply for a Student Credit Card to avail exciting rewards.

Frequently Asked Questions

  • ✔️What is the interest rate on an RBL credit card?

    The monthly RBL Bank Credit Card interest rate is at an APR of up to 3.99%.

  • ✔️How to calculate Interest rate on RBL credit cards?

    The RBL Bank Credit Card interest rate can be calculated with the help of this formula-

    (Total number of days since the date of the transaction x Total outstanding bill amount x RBL Credit Card Interest rate per month x 12 months) / 365