The card offers a credit limit of up to ₹5 lakh, personalised rewards, and exclusive deals through the Rio app’s “Know Your Offers” feature.
The card has garnered significant interest, with 60% of applications during its beta launch coming from Tier 2 and Tier 3 cities, the fintech firm said in a statement.
The credit card is available to individuals aged 21 to 60 years, whether salaried or self-employed. Applicants must meet income requirements, with a minimum net monthly salary of ₹25,000 or an annual Income Tax Return of ₹5 lakh. However, existing YES BANK credit cardholders are not eligible.
The card is lifetime free, with no joining fee, and offers an annual renewal fee of ₹399, which is waived if annual retail spends exceed ₹1.2 lakh.
While the card provides significant benefits, certain charges apply to specific transactions.
Utility payments above ₹15,000 in a month attract a 1% fee plus GST, capped at ₹3,000 per month.
Education fee payments via third-party apps like CRED or PhonePe will incur a 1% fee plus GST starting October 2024, with charges capped at ₹5,000 per calendar month.
Similarly, fuel transactions exceeding ₹10,000 per transaction will attract a 1% fee plus GST, capped at ₹5,000 per month.
For instance, a fuel spend of ₹20,000 will result in a charge of ₹200 plus taxes.
The card eliminates barriers to entry with its zero joining fees and waivable annual charges.
Its UPI integration addresses the needs of younger users and those in semi-urban areas managing daily expenses.
