The RBL Bank ETMONEY LoanPass Credit Card is a unique product that combines the functionality of a credit card and a personal loan. This hybrid approach allows cardholders to manage their finances flexibly and efficiently through the ETMONEY mobile app. The card offers various features and benefits, such as easy transfers, EMI repayments, and reward points, making it an ideal solution for individuals looking for financial convenience.
Key Features and Benefits of RBL Bank ETMONEY LoanPass Credit Card
1. Easy Bank Transfers via ETMONEY App
With the ETMONEY app, cardholders can seamlessly transfer money to their bank accounts. This feature eliminates the need for additional loan applications or documentation, ensuring that users can access funds instantly when required.
2. Flexible EMI Options
One of the standout benefits of the RBL Bank ETMONEY LoanPass Credit Card is its flexible EMI options. Users can choose to repay their borrowed amount through easy monthly installments (EMIs), whether for a short period of a few days or a few months. This flexibility allows cardholders to manage their finances without being tied down by rigid repayment structures.
3. Interest Only on Borrowed Amount
Cardholders benefit from paying interest only on the amount they actually borrow, which ensures cost-efficiency. Unlike traditional loans, where interest accrues on the entire credit limit, the RBL Bank ETMONEY LoanPass Credit Card focuses solely on the utilized amount.
4. Reward Points for Card Spending
To encourage usage, the card offers an enticing reward points system:
- Earn 1 Reward Point for every Rs. 100 spent.
- 1,000 bonus Reward Points for spending over Rs. 10,000 within 60 days of activating the card.
5. Movie and Dining Benefits
Entertainment and dining are two major highlights of this card:
- 1+1 free movie tickets (up to Rs. 200) are available once a month when booking through BookMyShow. This offer is only valid on Wednesdays.
- Additionally, cardholders can enjoy 10% cashback on online orders from Domino’s and Pizza Hut on Wednesdays.
- For grocery shopping, users can receive 5% cashback on Wednesdays, making it an excellent option for weekly purchases.
6. Grocery and Pizza Bonus Rewards
Users who frequently spend on groceries or pizza can also earn a maximum of 1,000 bonus Reward Points through these purchases. This adds to the card’s value proposition for individuals who spend regularly on food and household essentials.
7. Annual Spend-Based Bonus Rewards
For customers with significant yearly expenditures, the card offers 4,000 bonus Reward Points when spending Rs. 1.2 lakh annually. These points can be redeemed for vouchers worth Rs. 1,000, further incentivizing higher usage.
8. Fuel Surcharge Waiver
Frequent drivers will appreciate the fuel surcharge waiver of up to Rs. 100 per month on transactions between Rs. 500 and Rs. 4,000. This benefit reduces the burden of rising fuel costs.
9. No Annual Fee for High Spenders
For those who spend over Rs. 1 lakh in a year, the annual fee of Rs. 499 is waived, making it a cost-effective option for frequent users.
RBL Bank ETMONEY LoanPass Credit Card Fees and Charges
Below is a detailed breakdown of the fees and charges associated with the RBL Bank ETMONEY LoanPass Credit Card:
| Category | Amount |
|---|---|
| Joining Fee | Nil |
| Annual Charges | Rs. 499 |
| Finance Charges | 3.5% p.m./42% p.a. |
| Over Limit Charges | Rs. 600 |
| Add-On Card Fee | Nil |
| Card Replacement Fee | Nil |
| Foreign Currency Fee | 3.50% of the transaction amount |
| Over Limit Penalty | Rs. 600 |
| Cash Withdrawal Charges | 2.5% of amount/Min. Rs. 300 |
| Late Payment Fees | 15% of the total amount due |
| Min. Rs. 50/Max. Rs. 1,000 |
Eligibility Criteria for RBL Bank ETMONEY LoanPass Credit Card
To be eligible for the RBL Bank ETMONEY LoanPass Credit Card, applicants must meet the following criteria:
- Indian citizenship is required.
- The applicant’s age should be between 18 and 60 years.
- A steady income source is necessary, whether salaried or self-employed.
Documents Required for RBL Bank ETMONEY LoanPass Credit Card Application
Applicants need to submit the following documents to apply for the RBL Bank ETMONEY LoanPass Credit Card:
1. Identity Proof
Any one of the following:
- Passport
- PAN Card
- Aadhaar Card
- Voter’s ID Card
- Driving Licence
- Central or State Govt. issued Photo ID
2. Residence Proof
Any one of the following documents will suffice:
- Aadhaar Card
- Ration Card
- Passport
- Bank Statement
- Voter’s ID Card
- Electricity Bill, Water Bill, or Telephone Bill (not older than 3 months)
3. Income Proof
Any one of the following documents is required:
- Salary Slips (not older than 3 months)
- Bank Statements (not older than 3 months)
- Income Tax Returns (ITR)
- Form-16
How to Apply for the RBL Bank ETMONEY LoanPass Credit Card
There are two primary methods to apply for the RBL Bank ETMONEY LoanPass Credit Card:
1. Online Application
To apply online, users can visit the RBL Bank official website and fill out the application form. After submitting the form, a bank representative will contact the applicant to schedule a document collection. Upon successful verification, the card is dispatched within 20 days.
2. In-Person Application
Alternatively, users can visit the nearest RBL Bank branch with the required documents. A bank official will assist the applicant through the process, ensuring a seamless experience.
Final Thoughts on RBL Bank ETMONEY LoanPass Credit Card
The RBL Bank ETMONEY LoanPass Credit Card is an ideal option for individuals seeking the flexibility of a credit card with the convenience of a personal loan. Its wide range of benefits, from reward points to cashback offers and EMI options, makes it a versatile tool for managing both daily and occasional financial needs. Additionally, its affordable fees and charges, along with the interest-only-on-borrowed-amount feature, make it a cost-effective solution for those who require a flexible and user-friendly credit option.