RBL Bank offers the facility of “Transfer n’ Pay” which allows customers to transfer outstanding balances on other credit cards to an RBL credit card and then pay the amount in convenient EMIs. Benefit from lower interest rates and paying the outstanding balance in instalments. Enjoy a longer free credit period and save on paying high interest rates.
The eligibility criteria is determined by RBL Bank. Select RBL Bank credit cardholders will be offered the balance transfer facility. You should fit into the following general criteria to qualify for Transfer n’ Pay:
The interest rate offered by RBL Bank on balance transfers depends on the tenure chosen. Interest is calculated on a reducing principal balance.
|3 months||0% p.a.|
|6 months||21% p.a.|
|12 months||21% p.a.|
Listed below are the charges applicable for the Transfer n’ Pay scheme of RBL Bank.
In case you wish to cancel your request for Balance Transfer, you can do so within 10 days of the service being booked. Any fees or interest charged will be reversed. You will not have to pay RBL Bank anything.
If in case within those 10 days, the money has been successfully transferred to the other bank’s credit card, resulting in a clear credit of the customer with the other bank, then the fees will not be reversed. However, you can still make the cancellation.
In case you choose to foreclose the balance transfer after 10 days, all charges will not be reversible and will have to be forfeited by the customer. Furthermore, 3% of the outstanding principal will be charged as foreclosure penalties.