The RBL Bank MoneyTap Credit Card offers the ease of instantly transferring money to your bank account with the help of MoneyTap app. With this credit card, you will get the ease of getting an instant credit line of INR 5 Lakhs. Moreover, you pay interest for only the amount you use. Furthermore, you have the flexibility to convert the amount borrowed to easy EMIs. In this review article by FinTown, the key benefits, pros and cons etc. of this card are highlighted, while comparing with similar credit cards.
FinTown Rating: 3.5/5
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This credit card offers an instant line of credit up to INR 5 Lakhs. 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 MoneyTap Credit Card.
Pros & Cons:
|Reasons to Choose||Reasons to Avoid|
|Reward points on all your spends||No airport Lounge Access|
|Wednesday Offers on Pizza and grocery||No golf privileges|
|Free BookMyShow tickets|
Rewards/Benefits – RBL MoneyTap Credit Card
- Welcome Bonus: Welcome benefit of 2,000 reward points worth INR 500
- Rewards Programme:
- 1 reward point for every INR 100 spent on all purchases like groceries, dining and even your electricity bill
- 20 reward points for every INR 100 spent on grocery bills on Wednesdays
- 40 reward points for every INR 100 spent on Pizzas every Wednesdays
- BookMyShow offers: 1 + 1 movie tickets once a month on a Wednesday
- Spend benefits: Use your card for purchases of INR 1.2 Lakhs and get INR 4,000 reward points
- Annual fee Reversal: Spend INR 1 Lakh and get your annual fee waived off
- Fuel Surcharge Waiver: Save INR 1200 a year in Fuel Surcharge
Is the rewards rate good?
The regular rewards rate for this credit card are calculated as follows:
You would earn INR 0.25 for every INR 100 spent. Therefore, the rewards rate is 0.25%. However, you would earn 20 and 40 reward points for spends on groceries and pizzas respectively every Wednesday. Therefore, the rewards rate for grocery spends and pizzas are 5% and 10% respectively for Wednesday.
Is this card for you?
This card is for you if:
- You want instant credit
- You don’t mind going grocery shopping or for movies on Wednesdays
- Savings on fuel is something you want
- You want to earn reward points for all your spends
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, spend INR 1.2 Lakhs and get 4,000 reward points. However, you can get the annual fee waived off on spending INR 1 Lakhs on your credit card. Additionally, you should make use of the Wednesday offers for this credit card in order to earn accelerated rewards such as 5% and 10% value back on groceries and pizzas respectively. Additionally, you will get buy one get one offer for tickets on Wednesdays. However, this is applicable only once a month.
Payments & Fees:
|Annual Fee||INR 499|
|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 Explained:
- Rewards are not accrued for fuel spends
- Waiver of Fuel Surcharge applicable only on transactions between INR 500 to INR 4,000
- You will get one BookMyShow ticket complimentary or discount of INR 200 whichever is lower
- To get your annual maintenance fee waived off
Application – Eligibility & Documents:
- KYC-PAN, Address proof and ID Proof
- One photograph
- Salary slip/Form 16
- Minimum Salary of INR 20,000
- A good credit history
Other credit cards with similar/better features:
ICICI Instant Platinum Credit Card:
ICICI Instant Platinum Credit Card is a secured credit card that can be easily availed against a Fixed Deposit. It is one of the best options for non-salaried people such as housewives, students, unemployed and people with poor or no credit history.
This secured card lets you enjoy the benefits of access to assured credit, without the need for submitting your income documents. The cashback on Bookmyshow tickets and the discounted dining experience are the additional benefits that you would gain from this card without a joining fee or annual subscription fee.
Standard Chartered Manhattan Platinum Credit Card
The Standard Chartered Manhattan Platinum Credit Card is the best all-rounder credit card for salaried individuals who are waiting to get their first credit cards. This credit card offers good rewards and benefits. For every INR 150 spent n fuel, dining, hotels and flights, you would earn 3 reward points. Furthermore, the other benefits of this credit card is that you get 5% cash back on grocery on all days of the week. You would also get 20% cash back on Uber rides, capped at INR 7,200 in a year. However, getting a SC Manhattan Card is definitely more difficult than obtaining a RBL MoneyTap Credit Card.
The MoneyTap App powered by RBL definitely makes access to credit line very simple. Use this credit card to transfer amount as low as INR 3000, or as high as your credit limit, to your registered bank account. Furthermore, you can easily convert your purchases above INR 3,000 to EMIs. Since anyone earning above INR 20,000 can apply for this credit card in a matter of minutes and get approval easily, the MoneyTap app feature powered by RBL definitely makes it easier for people to borrow money.
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