RBL Bank Paisa On Demand Credit Card is another credit line card from RBL Bank’s stable in association with PaisaBazaar. The bank is very aggressively launching such credit line cards in recent times to increase their loan books. Though this card is a paid card as per RBL Bank’s website but is being issued as Life Time Free via Paisabazaar website. Due to the same, there is a lot of noise over all our communication channels about this card. So on everyone’s request, I am bringing this review for you. So let’s check out what’s in the store.
Contents
Charges and Welcome Benefits
| Joining Fees | ₹500 + GST = ₹590 (Free Via PaisaBazaar) |
| Welcome Benefits | 1000 Reward Points on first online purchase 1000 Reward Points on first purchase at merchant outlet 500 Reward Points on the first loan through Paisa On Demand |
| Renewal Fees | ₹500 + GST = ₹590 (LTF Via PaisaBazaar) |
| Renewal Benefits | None |
| Annual Fee Waiver | Spend ₹1L or more in a year. |
- Welcome benefits only applicable only upon paying the joining fees.
- First online and offline transactions to be made within 30 days of card receipt and after payment of annual fee.
- First loan must be availed within 60 days of card receipt and after payment of annual fee.
- Welcome benefit to be credited within 60 days of card receipt.
Reward Points Accrual
| Spends Area | Reward Rate |
| All Offline Spends* | 1 Reward Point per ₹100 spent |
| All Online Spends | 2 Reward Points per ₹100 spent |
*Except Fuel spends.
Reward Points Redemption
RBL Bank reward points can be redeemed on their dedicated portal RBL Rewards Portal but they have the worst reward rates in the credit card industry. They give the most value on travel redemptions but with such poor accrual rates. I hardly doubt that anyone will be able to redeem something meaningful out of the reward points.
| Modes of Redemption | Value Per Point | Reward Rate |
| Travel Redemptions | ~25p/Point | 0.25% on Offline Spends 0.5% on Online Spends |
| Voucher Redemptions | ~16p to 23p/Point | 0.16% to 0.23% on Offline Spends 0.32% to 0.46% on Online Spends |
- No reward redemption charges.
Milestone Benefits
Milestone benefits of this card are not up to the mark but as per RBL Bank’s standard still on a better side. I don’t think anyone will be able to hit the milestone spends on this card as RBL tie-ups in sales and promotional offers are very rarely seen.
- Annual Fee for the next year is reversed on spends of ₹1L in a year.
- Get additional 2000 Bonus Points on spends of every ₹1L up to 10 times a year.
- Additional bonus reward points will be credited in the Cardmember’s Account within 30 days of crossing the spend threshold.
- The qualifying purchase value for bonus reward points will exclude all EMI transactions, cash withdrawals, charges and Goods and Services Tax.
TechnoFino Maximum
Even in your dreams if you hit the milestone then also the effective reward rate would be 1% that too if the points are used for travel redemptions. Are you kidding me? Keep it inside a drawer. I hope you have better cards with yourself at your disposal.
Paisa On Demand Benefits
This card is a dual credit card that comes with a credit line in collaboration with PaisaBazaar. You can use this card in both ways that is like a credit card or as a credit line. They offer you an instant fund transfer facility with the following features.
- 24*7 access to money as low as 3000 or high as your credit limit with transfer facility directly into your bank account.
- Loan can be paid back with convenient EMI options.
- Repayment is flexible with tenures ranging from days to months with ZERO pre-closure charges.
- Interest ranges from 13%-18% P.A. decided basis your profile and is to be paid only on the amount you borrow.
- Processing charges up to ₹10,000 are ₹250+GST whereas above that amount they charge 2.5% of loan amount+GST.
BookMyShow Movie Benefit
Get 1+1 free movie tickets (Up to ₹200/-) on BookMyShow once a month for Weekend shows. This is mostly a standard offering on most of the RBL Cards but mostly I find that the tickets quota is full.
Fuel Surcharge Waiver
Waiver of fuel surcharge up to ₹100/month for fuel transactions between ₹500 and ₹4000.
Eligibility
These are a few criteria decided for this card by RBL Bank.
- Age 23-60 years of age.
- Monthly Income : Greater than ₹25,000/Month.
- Only Salaried Professionals.
Customer Care Details
The Customer Services team is available seven days a week, 24 hours a day. The customer care experience of RBL Bank is not up to the mark and the bank doesn’t even seem to care about it.
Contact Number 022-6232 7777
Email ID cardservices@rblbank.com
TechnoFino Recommends
Such LTF cards are beneficial when it comes to festive sales and other promotional offers from time to time. So if you are an LTF card collector then I see no harm in going for this card. Except for this, I can’t even think of suggesting to you a single reason to get hold of it as the reward rates are so pathetic.
If you are really keen to hold an RBL card then I would suggest RBL Zomato or even the RBL ETMoney LoanPass over this card. I see no point in going for an LTF card if there are better benefits cards available from the same bank. In this way, you will at least reap some monthly benefits and have an RBL card in your kitty.
Are you having any RBL credit card in your wallet or are you maintaining a good distance from this bank? Share your thoughts with us in the comments.
Chief Editor, TechnoFino.
Personal finance nerd! Physics enthusiast and trainer. When not into Physics, he is minting points and hunting for the next best credit card for himself.
Good job by you sir , Do we get buy 1 get 1 on BookMyShow on Weekends if we use this card or its based on First Come First Serve basis ?
Based on first come first served basis as per quota availability.
sir
Is this a BNPL card or a proper credit card.
will this card be shown as a loan account or credit card in cibil.
thankyou sir
It’s a credit card with an additional option of the credit line. So if you take only CC then it will show as CC only in your CIBIL whereas if you take an overdraft loan then it will reflect as a loan as well.
Hello sir, I got call from pesa bazar and they told me I can transfer money from credit card to saving account without any charges through RBL bank app (Not even transfer charge), is it true?. Can I transfer money to other bank saving account also or I need to open an account in RBL bank ?
No it’s not possible. You are being misguided.
You will be charged service charges plus GST.
You can convert amount in EMI of 3,6,9 months with interest charges .
Looks like it gives reward points as well 1pc cash back against each transaction..
what will be the anaual charges