RBL Bank MyFirst Credit Card – Benefits, Fees & Eligibility

Introduction

The RBL MyFirst Super Card, issued by RBL Bank, is positioned as a mid-range credit card designed to add significant value to everyday spending habits and lifestyle, particularly through accelerated rewards on education and bill payments. It offers a monthly fuel surcharge waiver and a welcome bonus, making it suitable for individuals looking for specific category benefits.

Welcome Benefits

• Receive 2,000 Reward Points upon payment of the annual fee and spending a minimum of INR 2,000 within the first 30 days of card issuance.
• Welcome rewards are not applicable for First Year Free cards.
• The estimated value of the welcome gift is INR 500.

Fees

Joining Fee

• INR 999 + Service Tax / GST.

Renewal Fee

• INR 999 + Service Tax / GST (implied, as no separate renewal fee is mentioned).

Rewards Redemption Fee

• INR 99 + GST, applicable once per day for all redemptions made in a single day.

Interest Rates

• Finance Charges: 47.88% per annum.

Fuel Surcharge

• A fuel surcharge waiver of up to INR 100 per month is provided.
• The waiver is applicable on minimum fuel transactions of INR 500 and maximum of INR 4,000.

Cash Advance Charges

• A processing fee of 2.5% (minimum INR 500) is applicable for Easy Cash withdrawals.

Rewards

• Accelerated Rewards:
  • Earn 8 Reward Points for every INR 400 spent on Education.
  • Earn 8 Reward Points for every INR 400 spent on Bill Payment.
  • Earn 2.0% cashback equivalent on Utilities, which translates to 32 Reward Points for every INR 400 spent (based on 1 RP = INR 0.25).
• Mid-Tier Rewards:
  • Earn 0.3% cashback equivalent on Groceries, Clothing and Fashion, Technology and Electronics, Food and Dining, Entertainment, Travel and Leisure, which translates to 4.8 Reward Points for every INR 400 spent (based on 1 RP = INR 0.25).
• Standard Rewards:
  • Earn 1 Reward Point for every INR 400 spent on all other eligible categories.
• Zero Reward Points:
  • No Reward Points are earned on Transportation.
• Reward Exclusions:
  • Effective November 13, 2023, transactions made on Insurance, Rent Payments, and Wallet Load categories will not earn reward points.
  • Effective October 15, 2024, transactions made on Fuel & Auto, Quasi-Cash, Railways, Real Estate, Service Providers, Government Services, Contracted Services, Bills2pay, EMI, Miscellaneous & Cash are not eligible for reward points.
• Annual Rewards Value: The estimated total benefits per annum are INR 1,983, which includes the welcome gift, category spends, and the fuel waiver.

Rewards Redemption Guide

• The Reward Points conversion rate is 1 Reward Point = INR 0.25.
• A reward redemption fee of INR 99 + GST is applicable for redemptions made in a single day.

Card Eligibility Criteria

• Age: Must be between 21 and 70 years.
• Employment Status: Must be salaried.
• Residency: Available only for Indian residents.

Card Review

The RBL MyFirst Super Card is a suitable option for individuals who have significant spending in specific categories like education and bill payments, where it offers accelerated reward points. The monthly fuel surcharge waiver is a valuable benefit for regular commuters. However, the card comes with a high annual finance charge and lacks premium benefits such as domestic or international lounge access, milestone benefits, luxury perks like golf, or bundled insurance. The general spend reward rate is low, and a growing list of categories are excluded from earning reward points, which might limit its overall utility for diverse spending patterns. It serves as an entry-to-mid-level card for those prioritizing specific utility-based savings.

Important Product Details

• Positive Highlights:
  • Offers 8 Reward Points for every INR 400 spent on Education and Bill Payments.
  • Provides a fuel surcharge waiver of up to INR 100 per month.
  • Includes a welcome benefit of 2,000 Reward Points.
  • Features "Easy Cash" for unlimited ATM withdrawals of available cash limit up to the billing date.
  • Offers 2.0% cashback equivalent on Utilities and 0.3% cashback equivalent on Groceries, Clothing, Technology, Food & Dining, Entertainment, and Travel & Leisure.
• Negative Highlights:
  • High finance charges of 47.88% per annum.
  • No domestic or international airport lounge access.
  • No milestone benefits or luxury benefits (e.g., golf rounds/lessons).
  • Does not include bundled insurance (Life, Health, Travel, or Credit Liability Cover).
  • Reward points are not earned on numerous categories, including Insurance, Rent Payments, Wallet Load, Fuel & Auto, Government Services, and EMI transactions, with more exclusions effective from October 2024.
  • A reward redemption fee of INR 99 + GST is applicable per redemption day.

Other Details

• The card is marketed as having the "power of four cards in one."
• The "Easy Cash" feature allows unlimited withdrawal of your available cash limit from all ATMs in India up to your billing date, subject to a processing fee of 2.5% (minimum INR 500).
• General Terms and Conditions apply to all card features and benefits.