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Insignia Preferred Banking Card

Product Details
Credit Card Name : 

Insignia Preferred Banking Card

Bank Name :

RBL Bank

Type :

Premium Credit Card

Interest Rate : 

Finance charges: upto 3.99% p.m (upto 47.88% p.a)

Eligibility :

Minimum age of the card holders should be 18.
Only Indian residents can apply.

Insignia Preferred Banking Card
Pros
  • Welcome Benefit: You'll receive 20,000 bonus reward points after meeting the joining/activation criteria and the spending requirement within the specified timeframe (usually 3-6 months).

  • Reward System: You'll get 5 Reward Points for every Rs.100 spent on domestic transactions and 10 Reward points for every Rs.100 spent internationally. 1 RP= 0.30 paisa. Effective Cashback Rates: 1.5% domestically, and 3% internationally. 

  • Milestone Benefit: You can vouchers worth Rs. 8,000 on your favorite brands (Amazon, Myntra, Croma, MakeMyTrip & Taj) on spends of Rs. 8 lacs in the previous year. 

  • Travel Benefits: You can enjoy 2 complimentary lounge visits every calendar quarter at major domestic & international terminals across India. You can also avail a complimentary Priority Pass membership which unlocks access to over 1,400+ international airport lounges worldwide.

  • Other Benefits: Golf privileges, free movie tickets, and world class concierge services. 

Cons
  • Annual fee: High annual fee for both credit and debit cards (Rs. 12,000 and Rs. 3,000 respectively), making it less attractive for those who don't utilize the benefits extensively.

  • Minimum balance requirement: Maintaining a minimum average monthly balance (MAMB) of Rs. 3 lakhs to avoid penalty charges can be challenging for some users.

  • Limited network: RBL Bank has a smaller branch network compared to some larger banks, which could be inconvenient for accessing physical banking services.

  • Hidden charges: Review the terms and conditions carefully for any hidden charges or fees associated with specific transactions or services.

  • Eligibility requirements: High minimum income and asset thresholds might exclude some potential users.

Pros & Cons
Welcome Benefits

You'll receive 20,000 bonus reward points after meeting the joining/activation criteria and the spending requirement within the specified timeframe (usually 3-6 months).

Rewards System
  • 5 Reward Points for every Rs.100 spent on domestic transactions,

  • 10 Reward points for every Rs.100 spent internationally. 

  • 1 RP= 0.30 paisa. 

  • Effective Cashback Rates: 1.5% domestically, and 3% internationally. 

International Forex Markup
1.50%
Welcome Benefits and Reward System
Special Features

Get vouchers worth Rs. 8,000 on your favorite brands (Amazon, Myntra, Croma, MakeMyTrip & Taj) on spends of Rs. 8 lacs in the previous year. 

Eligibility Criteria

Minimum age of the card holders should be 18.
Only Indian residents can apply.

Benefits
  • Welcome benefit. 

  • Milestone rewards.

  • Complimentary movie ticket. 

  • Airport lounge access. 

  • Golf privileges. 

Speical Feature, Eligibility and Benefits
How to apply for Credit Card?
  • To apply for the RBL Bank Insignia Preferred Banking Card, you can do the following: V

  • isit the RBL Bank website and click on the "Apply for Credit Card" tab. 

  • Select the "Insignia Preferred Banking Card" from the list of cards. 

  • Enter your personal details, such as your name, email address, and contact number. 

  • Enter your income and employment details. 

  • Provide your PAN card number and address proof. Upload your photograph and signature. 

  • Submit your application. 

  • An RBL Bank representative will contact you to verify your details and proceed with the application.

Contact Details

RBL Bank Credit Card Helpline
+91 22 6232 7777
Email: cardservices@rblbank.com

Account Opening and Procedure
Insignia Preferred Banking Card

Considering the fairly high reward rate and some of the best in class premium benefits that this card offers including a 24×7 concierge service. complimentary domestic and international lounge access, and given the zero membership fee, this seems to be a really attractive offering by the RBL bank. However, the cashback offers are not available with this card.

Abhijeet Saxena

Abhijeet Saxena

Abhijeet Saxena

Nalsar University of Law

Ex- Senior Associate, Shardul Amarchand Mangaldas, Delhi

Ex - Khaitan & Co. Bengaluru,

Ex - National Stock Exchange, Mumbai,

Ex - Argus Partners, Mumbai

Product Review
Fees & Charges
  • Joining fees: Nil for primary card & add-on cardholder 

  • Annual membership Fees:Nil 

  • Cash Advance fee: 2.5% of the cash amount withdrawn (minimum Rs 500) 

  • Late Payment fees: 15% of Total amount due (Min Rs.50, Max Rs.1,500) 

  • Interest Free period: 20-50 days Finance charges: 2.5% 3.99% p.m (upto 47.88% p.a) 

  • Over Limit Penalty: Rs 600 

  • Foreign Currency Transaction Fees: 1.5% 

  • Reward Redemption fees: Rs 99 

Fuel Surcharge

Waiver of the 1% surcharge on fuel on all transactions between Rs. 500 and Rs. 4000 (Rs. 250 per month)

Billing Cycle

30 Days

Fees & Charges
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