Ratnakar Bank Limited is one of the leading commercial banks in India. Credit cards offered by RBL are exclusively designed to meet the needs of their cardholders. While some credit cards are designed for frequent shoppers, others are designed for business travellers and those who dine outside on a regular basis. This way, the bank caters to the needs of various segments of the society.
RBL also offers co-branded credit cards in association with Bajaj Finserv. All RBL credit cardholders get a statement every month irrespective of the card they hold. RBL generates these credit card statements for each cardholder every month. RBL credit cardholders can choose to get a copy of their credit card via post to their registered mailing address or by e-mail.
What Is A Credit Card Statement?
All credit cardholders will get a consolidated credit card statement every month. A credit card statement will contain all the information one must know about his/her credit card.
Some of the information cardholders can find in a credit card statement are:
- The total outstanding due amount
- The minimum due amount
- The due date
- The grace period or the interest-free period
- The statement period or the billing cycle
- Total unbilled amount
- Finance charges levied, if applicable
- Late fee charged, if applicable
- Accumulated reward points
- Available cash limit
Apart from the above information, a credit card statement will also list out every debit and credit transaction you made using your credit card during the statement period. Each transaction listed in your credit card statement will include the transaction amount, the merchant’s name, and the date of the transaction.
The Benefits Of RBL Credit Card Statement
A credit card statement is very beneficial as it helps cardholders track their expenses, understand their spending habits, and manage their personal finances better. Taking the time out to read your credit card statement will help cardholders in many ways. Some of the benefits are:
- If you are unable to pay the total outstanding balance within the due date, finance charges will be levied. A credit card statement will help you understand how finance charges are calculated. It is very important to know the total interest you are paying on your credit card bills as it has the potential to push you into a debt trap. If you notice that you are paying a lot towards interest, you can focus on clearing your total outstanding balance as quickly as possible.
- The credit card providers in India send a consolidated credit card statement to every cardholder for free every month. You do not have to pay an additional fee to avail this service.
- You can choose to get your statements via post or to your e-mail ID. Alternatively, you can also download your statements using your RBL netbanking account. You can save these statements for future reference.
- Like mentioned earlier, a credit card statement will help you understand your spending habits and manage your personal finances better. Budgeting your expenses will help you stay financially sound in the long run. Understanding your credit card statements, especially your spending habits and trimming it if need be will help you budget better.
- Though credit card companies send multiple notifications via SMS and e-mail reminding you of the due date, a credit card statement will also help you remember your due date and pay your credit card bills promptly.
Understanding Your RBL Credit Card Statement
RBL credit card statements are self-explanatory and very easy to understand. However, if this the first time you are taking a glance at your credit card statement, you might want to know what the following terms mean.
Statement period: The statement period mentioned on your RBL credit card statement is also known as the “Billing Cycle: or “Billing Period”. The billing start date and the billing end date will be clearly printed under the statement period section. All transactions made during this period will be included in your current month’s bill. Every month, your credit card bill will be generated at a specific date and all transactions made during the statement period will be consolidated. The billing cycle differs from one cardholder to another. Your due date and the grace period will be fixed based on your billing cycle. Thus, it is very important to understand your billing cycle.
Interest-free period: If you do not have any dues from your previous billing cycle, you may be eligible to get an interest-free period depending on the type of card you hold. An interest-free period is the grace period given by your credit card provider. If you pay the total outstanding balance within the grace period, you will not be charged with a late fee or finance charges. Check your credit card and find out if you have an interest-free period and make use of it.
Due date: When you receive your statement, it is important to check the due date. To avoid paying a late fee, make sure you pay your credit card bill within the due date. Remember that NEFT transfers and few other modes of payment take about 2 to three days to be processed (depending on the time and the day you initiate the payment). Consider the payment processing time when your schedule your payments.
Total outstanding bill amount: The total outstanding bill amount will be mentioned in your credit card statement. This the total amount you will be required to pay to clear your credit card bill in full and avoid paying finance charges. Paying this amount will reinstate your credit card and help you boost your credit score.
Minimum due amount: If you are unable to pay the total due amount on the card, you have an option to pay just the minimum due amount. The minimum due amount you are required to pay is fixed by the credit card provider and is usually a percentage of the total amount due on the card. However, if you choose to pay only the minimum due amount, finance charges will be levied on the outstanding balance plus every transaction you make till you clear all the dues on the credit card. Therefore, it is recommended to pay the total outstanding amount instead of the minimum due amount.
Finance charges: When you use your credit card and pay the total due amount within the due date, you will not be charged finance charges. However, if you pay any amount lesser than the total due amount, your credit card provider will charge interest on each transaction made on the card till your pay the balance amount in full. The interest rate applicable will be communicated to you when the card is issued. Remember that your credit card provider can increase the finance charges anytime without prior notice.
Debit and credit transaction: Your credit card statement will include all debit and credit transactions made on your card during the billing cycle. Each transaction will be listed with the date, time, amount spent, and the merchant’s name. Go through each transaction and make sure it is correct. If there are any discrepancies, you can escalate it to the RBL credit card department via phone or email.
Apart from the above components, your RBL credit card statement may contain other crucial information such as:
- The available credit limit on the card
- The available cash limit on the card
- Details of late fee, interest rate, and other fees charged
- Past dues, if any
- Available rewards points
How To Avail RBL Credit Card Statement Online As Well As Offline
When your credit card is issued, you will have an option to either receive your monthly statements via e-mail or post. Once you make your choice, your monthly credit card statements will be sent to you every month through the chosen mode. However, if you haven’t received it, you can download your credit card statements through your RBL netbanking account.
Alternatively, you can dial 1800 121 9050 and request the phone banker to send you a copy of your credit card statement to your registered e-mail ID or mailing address. If you do not prefer calling, you can send an e-mail to firstname.lastname@example.org. You can also walk into any RBL branch office and ask one of the bank executives to help you get your credit card statements.
Faqs On RBL Credit Statement
1. How can I pay my RBL credit card bill?
You can pay your credit card bill in any one of the following ways:
Cash/Cheque: You can pay your credit card bill by cash or cheque at any RBL branch office near you.
Quick Pay Bill: If you want to pay your credit card bill instantly, you can visit RBL Bank’s official website and navigate to the “Quick Pay Bill” page and process the payment.
Netbanking: You can pay your RBL credit card bill through your netbanking account. Visit the RBL official website and login with your credentials to process the payment.
Auto-debit: If you have an RBL savings account, you can set-up standing instructions for your credit card payment. Every month, on the set date, the credit card payment will be auto-debited from your account.
NEFT Transfer: To initiate a NEFT transfer, you will be required to add RBL Bank as your beneficiary using the IFSC Code: RATN0CRCARD and branch location: NOC Goregaon, Mumbai. Your RBL credit card number will be the Payee Account Number. Once the bank is added as the beneficiary, you can transfer funds to your credit card through NEFT.
RBL MyCard Mobile App: Download the RBL MyCard Mobile App from the store on to your phone. Once you have registered your account on the app, you will be able to check statements, manage your account, and pay online instantly.
2. How do I register for RBL Bank netbanking account?
- Visit RBL Bank official website (https://cards.rblbank.com/)
- On the login page, choose “Register” option
- Enter your customer ID, credit card details, and your PAN number to register your account successfully
- Change your default password and login to your netbanking account
3. How do I get in touch with RBL Bank credit card department?
- RBL Bank has a “Chat” feature on their official website. You can chat with an RBL customer care executive to get your queries answered immediately.
- If you have an RBL netbanking account, you can choose “Click to Call” option and one of the bank executives to get in touch with you and answer your queries.
- Alternatively, you can dial 1800 123 8040 and talk to an executive via phone.
- You can visit your nearest RBL branch office anytime and one of the bank executives will help you.
- You can also write an e-mail to email@example.com.
4. I have a Bajaj Finserv RBL credit card. Should I visit Bajaj Finserv customer portal or RBL website to download my credit card statements?
You can visit the official RBL website to download the credit card statements. If you try to access your RBL credit card statements through Bajaj Finserv customer portal, you will be redirected to the RBL official website.
5. How do I escalate a credit card issue to RBL Grievance Redressal Forum via post?
You will be required to write a letter explaining the issue and send it to:
Manager - Credit Cards Service,
RBL Bank Limited Cards Operating Centre - COC,
Unit No 306-311 - 3rd Floor Sohna Road,
Sector 48, Gurgaon.