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Balance Transfer allows cardholders to consolidate outstanding amount on other credit cards into one account. RBL Bank calls this facility Transfer ‘n’ Pay. Customers can avail 0% interest rate on balance transfer as well. This facility can be utilised by anyone who is having trouble paying off his credit card bills. Details of RBL credit card balance transfer are given below.
Key Highlights of RBL Credit Card Balance Transfer |
Eligibility | Benefits | Apply | FAQs |
The processing fee and interest rate associated with different RBL Bank credit card balance transfer plans are:
| Tenure | Effective Interest Rate (Per Annum) | Processing Fee |
| 3 Months | 0% | 2.99% (Minimum Rs. 750) |
| 6 Months | 12.42% | Rs. 499 |
| 12 Months | 11.73% | Rs. 499 |
Those who already have a RBL Bank credit card will have to provide:
Applicants who are applying for an RBL Bank credit card to use its balance transfer facility must meet the eligibility criteria for the selected card variant. The basic requirements can be found here.
Different ways through which one can apply for RBL Bank credit card balance transfer are:
To apply for RBL Bank credit card balance transfer via missed call; simply call on 7045906912. Your call will automatically be disconnected after 2 rings. Afterwards, a representative will call you to discuss the details of the balance transfer.
To apply for RBL Bank credit card balance transfer via SMS; send the SMS – BTEMI to 5607011.
You can also apply for RBL Bank credit card balance transfer by contacting RBL Bank Credit Card Customer Care Centre. The number is 022-62327777.
Related Article: How to Get Out of Credit Card Debt
Reduced Financial Burden – Credit card interest rates are usually around 42% p.a.; whereas, RBL Bank balance transfer interest rate is about 12%. The bank even offers a 0% interest rate option. Clearly, a balance transfer is a better option than revolving balances to the next cycle.
Improved Credit Score – Balance transfer allows customers to consolidate outstanding amount on multiple credit card accounts into one. This, along with low interest rates, will help in making timely payments and thus stabilize their credit score. Also, when the entire outstanding amount is in one account then customers won’t forget the payments. Thus, the chances of defaults will lower.
Additional Benefits – RBL Bank offers teaser rates or longer interest-free period from time to time. Customers can avail the lowered rates to further ease the financial burden.
For which cards can I avail the Balance Transfer facility?
The outstanding balance on any credit card issued by any bank can be transferred to RBL Bank credit card.
What is the maximum amount for which I can apply for a Balance Transfer?
The maximum amount for which you can get a balance transfer for is dependent on the credit limit of your RBL Bank credit card.
How will the RBL credit card balance transfer amount be paid?
RBL Bank will directly transfer the amount to the credit card account.
I requested a balance transfer but I have not received any notification regarding the request. What should I do?
In this scenario, you may contact RBL Bank Card customer care number on 1800 121 9050.
Can I pay back the balance transfer amount before the tenure ends?
Yes, you may pay back the amount before the tenure ends. However, you will have to pay a one-time fee – 3% of the outstanding principal & GST (18%).
