Insignia Preferred Banking Card
MyRupaya Ratings
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.
Pros
Welcome Benefit: Users will 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: Users will 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: Users can get vouchers worth Rs. 8,000 on their favourite brands (Amazon, Myntra, Croma, MakeMyTrip & Taj) on spends of Rs. 8 lacs in the previous year.
Travel Benefits: Users can enjoy 2 complimentary lounge visits every calendar quarter at major domestic & international terminals across India and 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
Users will 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
Users will 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.
International Forex Markup
Welcome Benefits and Reward System
Special Features
Vouchers worth Rs. 8,000 on user's favourite 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
Recommended Credit Cards
Pros:-
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Cons:-
Welcome Benefit: Users will 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: Users will 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: Users can get vouchers worth Rs. 8,000 on their favourite brands (Amazon, Myntra, Croma, MakeMyTrip & Taj) on spends of Rs. 8 lacs in the previous year.
Travel Benefits: Users can enjoy 2 complimentary lounge visits every calendar quarter at major domestic & international terminals across India and 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.
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.
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.
Insignia Preferred Banking Card
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