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Rupay Platinum Card: 6 Reasons To Opt For India's Domestic Card
Now most of the banks are issuing Rupay debit cards, else one can also separately apply for the same with their respective banks.
RuPay, a new card payment system launched by the National Payments Corporation of India (NPCI), allows all Indian banks and financial institutions to engage in electronic payments.
Now most of the banks are issuing Rupay debit cards, else one can also separately apply for the same with their respective banks.
Rupay card can be used to make online transactions and swipe the card for a shopping experience. For RuPay transaction, the user has to enter just the card details and a One Time Password (OTP) to complete the transaction.
Here are few things to know about Rupay card:
Zero Fuel Surcharge
The Rupay card offers zero fuel surcharge for its platinum customers. Cashback on the card will be calculated at the end of a calendar month. The fuel surcharge is capped at Rs 75, which means one can save up to Rs 75 per month.
Note that the minimum transactional value eligible for cashback is Rs 300 which should be in a single billing. Cashback will be calculated at 0.75% on billing value of Rs 2,000 and below and 1% on billing value above Rs 2,000.
IRCTC cashback
Individuals can avail cashback up to Rs 25 on booking tickets through IRTC. Cashback will be calculated at the end of a calendar month and is capped at Rs 25 per month.
Note that only one transaction per calendar month is eligible for cash back. The offer is not valid on train tickets booked at rail counters or any other mode.
In case if you cancel your IRCTC tickets, the cash back will not be reversed. However, no further cash back for the calendar month will be made available
Utility bill payment cashback
The Rupay card holder can enjoy 5% cash back on utility bill payments. The offer of 5% or Rs 50, whichever is lower will be processed as cash back per calender month.
Transactions on the MCC include all and any payment made on utilities such as electric, gas, water and sanitary only.
Cashback is valid for transactions at merchant outlets which have registered themselves under the MCCs assigned for utility.
Domestic Lounge Access
Platinum Rupay card holder is allowed two visits at Domestic Lounge Access per calendar quarter per card. The access is applicable at select airport lounges across India.
The access to the airport lounge would be valid after successful authorization of the RuPay Platinum debit card on the point of sale terminal placed at the lounge.
All these offers are valid until March 31, 2018.
SBI Buddy
Individuals can avail cash back of Rs 25 for recharge of Rs 200 or more done through SBI Buddy Wallet using RuPay card. The offer is valid from July 20, 2016 till December 31, 2016.
The Offer can be availed only on one transaction per customer per month during the offer period. The cash back amount generated will be credited to customer's SBI Buddy account T+2 days.
Benefits of Rupay card
As Rupay card is a domestic card, the cost of transaction and settlement for each transaction will be low. This will make the transaction cost affordable and encourages usage of cards in the industry.
All the transaction and customer data will reside in India unlike other Mastercard, Visa where data is shared internationally.
NPCI currently offers different solutions across platforms which include ATMs, mobile technology, cheques etc.
