RBL Bank updated its rent payment terms and conditions earlier in February 2022, under which it put some restrictions on rental transactions using credit cards. The RBL Bank has again come up with some updates, which include some changes in the late payment fee and a nominal convenience fee that has been levied on all rental payments. All these changes will come into effect from February 2023 and would be applicable to all RBL Bank Credit Cards. You might also have received an email regarding the same if you are having a credit card from RBL Bank. To understand the recent changes in detail, keep reading the article:
Updates Fees & Charges For RBL Credit Cards
RBL Bank has recently updated its late payment charges and rent payment terms & conditions, which would be applicable from 1st February 2023. The changes are as mentioned below:
On rent payments using your RBL Bank Credit Cards, you will be charged a fee of 1% of the total transaction amount. This would be applicable to all rental transactions made using RBL Bank Credit Cards from February 1, 2023.
Late Payment Charges
The late payments fee, which is applicable on missing credit card payments, has also been updated for the RBL Bank Credit Cards. The following table would help you understand the difference between current late payment charges and the updated ones 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|
If you have an RBL Bank Credit Card, it’s important that you keep yourself updated with these updated fees and charges. Previously, the late fee varied on the basis of the outstanding amount, but now, the bank has specified a fixed percentage for the same. However, you should try to make your bill payments always on time, so that the late fee is never charged to your account. Moreover, you should also keep in mind that there would be a nominal convenience fee chargeable on rental transactions from the month of February next year. In case of any further doubts, you can freely ask us in the comment section below!