RBL Bank Classic Platinum Credit Card Review

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RBL Classic Platinum Credit Card Review

RBL Bank Classic Platinum Credit Card targets people who want an entry-level credit card that lets them earn something on every transaction. With this credit card, you can earn 2X rewards on international transactions. You also get a flexible credit limit which can be used to reduce/increase the credit limit of the primary or add-on cards based on your convenience.

FinTown Rating: 2/5

RBL Classic Platinum Credit Card
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Rating by Category:

Annual Fee                                               2.5
Rewards Rate 2.5
Annual Bonus  0
APR  2.5

With 2X rewards on international spends, this credit card gives you decent reward points. However, it has its own set of disadvantages. Therefore, let us take a glance at the pros and cons of this credit card to get a complete picture of the advantages and disadvantages of the RBL Classic Platinum Credit Card.

Pros & Cons:

Reasons to Choose  Reasons to Avoid  
 2X rewards on international transactions  High interest rate
 Flexible Credit limit  No airport lounge access
 Enhanced security  No golf privileges

Rewards & Benefits:

  • Rewards Programme:
    • Earn 2 rewards for every INR 100 spent n India
    • Earn 2x rewards on international spends
  • Enhanced Security: PIN based EMV chip card to reduce fraudulent transactions
  • Flexi Limits: Flexible Credit Limit that can be regulated for primary as well as add-on credit cards
  • Global Acceptance: Accepted at over 23 million Mastercard accepting merchant establishments
  • Zero Fraud Liability: No liability for fraudulent transactions after informing RBL customer service about loss/theft of credit card
  • Add-on cards: Get up to 5 add-on cards for your family members

Is the rewards rate good?

Case 1: 2 points for domestic transactions

Since 1 reward point is equivalent to INR 0.25, therefore you earn INR 0.5 on every INR 100 spent. So, rewards rate is 0.5/100 * 100 % = 0.5%

Case 2: 4 points for every INR 100 spent on international  transactions

You earn double the rewards on weekends. Hence, rewards rate is 1%.

Is this card for you?

This card is for you if:

  • You want to earn rewards for all the transactions made on your credit card
  • Earning more rewards on international transactions is one of your priorities
  • You want a flexible rewards redemption programme

How to Redeem Rewards?

To redeem your reward points, you need to log in to the RBL Rewards page. After logging in, you can redeem your points for flights, hotels, lifestyle vouchers etc. However, you need to redeem at least 1,000 points in a single instance. Please note that every reward point is worth INR 0.25.

How to make the most of this credit card?

To make the most of this credit card, you should be someone who also makes transactions in foreign currencies. Since you would get 4 reward points on every INR 100 spent  on an international transaction, an optimum usage of this card should involve transactions in foreign currencies.

RBL Classic Platinum Credit Card – Payments & Fees:

Annual Fee Up to INR 4,000
Foreign Transaction Markup Fee 3.5% of the transaction amount
Cash Withdrawal Fee 2.5% of the withdrawal amount  (minimum INR 300)
Late Payments Fee  15% of Total Amount Due (Min INR  350 and Max INR 1,000)
Overlimit Penalty  INR 600
Credit Card Replacement Fee  INR 200
Railway Ticket Surcharge Fee 1.8% of the transaction amount + IRCTC Service Taxes

Terms & Conditions:

  • Foreign Transaction Fee: A foreign currency mark-up fee of 3.5%
  • Flexible credit limit: You can also change/regulate credit limit by calling customer service
  • Add-on cards: You cannot authorize your family to use your credit card, however, you can give them the add-on credit cards.

Application – Eligibility & Documents:

  • KYC-PAN, Address proof and ID Proof
  • One photograph
  • Salary slip/Form 16
  • A good credit history
  • Anyone having a salary greater than INR 20,000
Find Fintown’s List of India’s BEST CREDIT CARDS in 2018 [Best Offers]

Other Credit Cards with similar/better features:

Standard Chartered Bank Ultimate Credit Card

The Standard Chartered Bank Ultimate Credit Card is one of the best credit cards for earning rewards on every transaction. You get 5 reward points on every INR 150 spent with your credit card. Additionally, you get 20% cash back on Uber rides and a low foreign currency mark-up fee of 2%. The welcome benefit offered by this credit card is also quite good. You can get up to INR 10,000 cash back on MakeMyTrip for booking your flight ticket within 90 days of card issuance. Additionally, you would get access to airport lounge  and golf courses with this credit card.

HDFC Diner’s Club Black Credit Card

Another credit card that can be used to earn rewards on every transaction is the HDFC Diner’s Club Black Credit Card. This credit card lets you earn 10X rewards on international transactions. On all other transactions, you would earn 5 reward points for every INR 150 spent. Moreover, the value of 1 reward point equals INR 1. Furthermore, you would get welcome benefit, yatra voucher worth INR 2,000 on reaching milestone spend of INR 1.5 Lakh on international spends. You would get 3 free movie tickets on BookMyShow and 6 complimentary golf games per quarter.

FinTown Verdict:

The RBL Bank Classic Platinum Credit Card is not a great option when it comes to earning reward points. Credit Cards such as SC Ultimate Credit Card or HDFC Bank Diner’s Club Credit Card offer much more benefits and rewards. Except for the fact that the RBL Classic Platinum Credit Card offers 2x rewards on international spends, this credit card does not really offer any benefits worth noticing.

FinTown Advantage:  We provide unbiased personal finance advice to help people make the best possible financial decisions. Our reviews and ratings of financial products are determined by customer financial well-being and not profiteering. Whether or not we make a penny, we do what is best for the customer. Our research team is made up of economists and market researchers who spend hundreds of hours researching and comparing products with the same mission in mind.

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