The RBI has allowed banks and different financial institutions to permit a moratorium to customers till August 31, 2020, for all term loans, as well as credit cards. While it had been declared for three months initially till May 31, the moratorium currently has been extended for another three months until August 31, 2020. However, once the moratorium period is over, the complete outstanding balance along with the interest accrued will have to be paid back to the bank.
Here is what it suggests that for RBL Bank credit card customers:
- The moratorium is applicable for RBL cardholders who are making bill payments often and don't have any overdue.
- To choose the credit card moratorium, you need to put a request with the bank starting twenty days before the due date and at least five days before the payment due date.
- The credit card moratorium suggests that only the payment will be postponed. The interest charges will still accrue on the balance
- RBL Cards doesn't offer auto-extension on credit card moratorium. Customers need to opt-in for the moratorium period of June-August 2020.
- Customers who will repay the outstanding amount will continue doing so, in order to avoid high-interest charges.
- Cardholders can have to pay the complete amount along with the interest accrued, on the next due date after August 31, 2020.
For know more about RBL Credit-Card Bill Payment Moratorium.
These are some of the frequently asked questions (FAQs) by customers related to RBL Credit Card.