RBL Bank Mocash Credit Card – Benefits, Fees & Eligibility

Introduction

The MoCash Credit Card, issued by RBL Bank Ltd in association with MWYN Tech Pvt Ltd (MoneyTap), is an innovative product that combines the functionalities of an instant loan and a credit card. It is positioned as a flexible financial tool, offering users the ability to avail a line of credit within minutes, transfer money to their bank account, and pay back in easy EMIs, alongside the convenience of a physical credit card for retail and online purchases. Key differentiating benefits include instant credit decisioning, interest only on borrowed amounts, and 24/7 instant money transfer.

Welcome Benefits

• 2,000 Reward Points on card activation within 30 days.

Fees

• Annual Membership Fee: INR 500 plus taxes.
• Renewal Fee Waiver: The annual membership fee for the 2nd year onwards can be waived on spending INR 1 lakh.
• Rewards Redemption Fee: INR 99 + GST will be applicable on redemption of available reward points. This fee is levied once for redemptions made in a single day.
• Fuel Surcharge Waiver: Waiver of fuel surcharge up to INR 100 per month for fuel transactions between INR 500 and INR 4,000.
• Interest Rates: Interest is paid only on the amount borrowed from the line of credit.

Rewards

• Base Rewards: 1 Reward point for every INR 100 spent, except on fuel.
• Accelerated Rewards: 2 Reward points for every INR 100 spent on online purchases.
• Reward Exclusions: Base and accelerated reward points are not accrued on fuel (MCCs 9752, 5541, 5983, 5172, 5542), utilities (MCC 4900), railways (MCCs 4112, 4011, 4111), rental (MCC 6513), wallet load (MCC 6540), insurance (MCCs 6300, 5960), and miscellaneous categories as specified in the Product Terms and Conditions, effective October 09, 2023.
• Movie Benefits: 10% discount on movie bookings at BookMyShow, available 15 times in a year.
• Online Shopping Benefits: Get an INR 1,000 shopping voucher on every INR 1 lakh spent online, up to a maximum of 5 times in a year.
• Fuel Benefits: Waiver of fuel surcharge up to INR 100 per month for fuel transactions between INR 500 and INR 4,000.

Rewards Redemption Guide

• A reward redemption fee of INR 99 + GST is applicable on redemption of available reward points. This fee is charged once for all redemptions made in a single day.
• Points can be redeemed via the RBL Rewards platform.

Card Review

The MoCash Credit Card was a unique offering from RBL Bank, designed for individuals who required both a traditional credit card for retail and online purchases and a flexible line of credit for instant cash needs. Its core strength lay in its hybrid nature, allowing users to transfer funds to their bank account and repay in EMIs, with interest charged only on the borrowed amount.

• Pros:
  • Combined credit card functionality with an instant loan facility.
  • Instant credit limit decisioning within 3 minutes via the MoCash app.
  • No interest charged on the unused portion of the credit line.
  • 24/7 instant money transfer to a registered bank account.
  • Flexibility to convert card spends into EMIs.
  • Attractive welcome benefit of 2,000 reward points.
  • Significant movie discounts (10% off, 15 times/year).
  • Online shopping vouchers for high spenders.
  • Fuel surcharge waiver.
• Cons:
  • Annual membership fee (though waivable).
  • Reward redemption fee.
  • Extensive list of categories excluded from earning reward points (fuel, utilities, railways, rental, wallet load, insurance, etc.).
  • Important Note: Applications for the MoCash Credit Card are no longer being accepted.
• Who should apply: This card was ideal for individuals seeking a versatile financial product that provides quick access to funds and EMI options, in addition to standard credit card benefits. However, new applications are currently closed.

Important Product Details

• Card Status: Applications for the MoCash Credit Card are no longer being accepted.
• Hybrid Product: Combines an instant loan facility with a physical credit card.
• Instant Credit: Know your credit limit on the RBL Bank MoCash app within 3 minutes.
• Flexible Loan: Avail a line of credit, transfer money to your registered bank account, and pay back in easy EMIs.
• Interest on Usage: Pay interest only on the amount you borrow from the line of credit.
• EMI Conversion: Easily convert your card spends into EMIs from the MoCash app.
• Welcome Bonus: 2,000 Reward Points on card activation in 30 days.
• Online Spends: Earn 2 Reward points per INR 100 on online spends.
• Movie Discount: 10% discount on movie bookings at BookMyShow, 15 times annually.
• Online Shopping Voucher: INR 1,000 shopping voucher on every INR 1 lakh spent online (maximum 5 times per year).
• Fuel Surcharge Waiver: Up to INR 100 per month for transactions between INR 500 and INR 4,000.
• Annual Fee: INR 500 plus taxes, waived from the 2nd year onwards on INR 1 lakh spends.
• Reward Redemption Fee: INR 99 + GST per redemption day.
• Reward Exclusions: Reward points are not accrued on various categories including fuel, utilities, railways, rental, wallet load, and insurance.

Other Details

• The MoCash Credit Card is issued by RBL Bank Ltd in association with MWYN Tech Pvt Ltd (MoneyTap).
• There is a revenue sharing arrangement between RBL Bank and MONEYTAP for this card.
• Detailed Terms and Conditions, Most Important Terms and Conditions, Cardmember Agreement, and Schedule of Charges are available for reference.
• Information regarding card settings, PIN changes, and ways of making payments is provided.
• Reference to the RBI Sachet Portal is included.