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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.

Interest Rate on the Bajaj Finserv RBL Bank Credit Cards

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%

Bajaj Finserv RBL Bank Platinum Choice SuperCard

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.

Factors that Affect the Credit Card Interest Rate

Given below are the factors that can impact your credit card interest rates greatly:

1. Credit Score

A significant factor is a higher credit score (ideally 750 and above) which can secure lower interest rates

2. Income

Higher incomes generally qualify for lower rates due to greater repayment capacity

3. Employment Status

Salaried individuals and self-employed professionals with stable incomes typically receive better rates

4. Existing Debts

High existing debt burden (loans or other cards) negatively impacts eligibility and leads to higher rates

5. Card Type

Premium cards with more benefits and rewards usually come with higher interest rates compared to basic cards

6. Credit Limit

Cards with higher limits often have higher rates, reflecting the larger potential credit risk

7. Introductory Offers

Some cards offer introductory 0% Annual Percentage Rate (APR) periods but revert to regular rates after the promotion ends

8. Interest Rate Type

Fixed rates remain constant, while variable rates can fluctuate based on market conditions

9. Late Payments

Even a single late payment can significantly damage your credit score and lead to higher rates and penalty charges

10. Balance Transfer Fees

Transferring debt from other cards may incur fees, impacting your overall costs

How is the Credit Card Interest Rate Calculated

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:

  • Outstanding Balance

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.

  • Monthly Interest Rate (MPR)

This is the interest rate applied to your outstanding balance each month. It's determined by:

  1. Your credit score: Higher scores lead to lower MPRs

  2. Card type: Premium cards with more benefits typically have higher MPRs

  3. Promotional offers: Introductory periods might offer 0% APR, but the standard MPR applies afterwards

  • Number of Days

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.

  • Formula

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.

What is an Interest-free Period on a Credit Card

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.

1. Not Applicable to Cash Advances or Fees

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.

2. Full Payment Required

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.

3. Benefits Responsible Credit Card Usage

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.

Frequently Asked Questions

What are the interest rates on Bajaj Finserv RBL Bank Credit Cards?

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.

How can I find out the interest rate on my specific SuperCard?

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.

Do any introductory offers affect the interest rate?

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.

What factors influence the interest rate I am offered?

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

Can I negotiate the interest rate on my RBL Bank Credit Card?

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.

Are there any additional fees related to interest charges?

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

How can I minimise the interest I pay on my SuperCard?

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

Is there any interest-free period for paying off the balance on the Bajaj Finserv RBL Bank SuperCard?

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.

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