The Platinum Maxima Plus is a “premium” segment credit card from RBL Bank. It offers accelerated rewards on select categories like dining, fuel, and utility payments. Plus, there are milestone benefits that add up to extra returns. Here is a review of the RBL Bank Platinum Maxima Plus credit card with its rewards and benefits.
Fees and Charges
| Joining Fee | Rs 2500 |
| Welcome Benefit | 10000 Reward Points |
| Annual Fee | Rs 2500 |
| Annual Fee Waiver | None |
No annual fee waiver or renewal benefit for a Rs 2500 annual fee card! This is surprising and will hold back many from getting this card.
Rewards
- Dining, Entertainment, Fuel, Utility Bill Payments, and International Purchases: 10 RP/Rs 100 capped to 1000 RP/transaction
- All Other Purchases: 2 RP/Rs 100
The accelerated rewards at 10 RP/Rs 100 sound good but are not of much value. All thanks to the immense devaluation in their value. The real reward rate will be between 1% to 2.5% based on the redemption option.
Milestone Rewards
There are three milestone benefits based on total spending.
| TOTAL SPEND | MILESTONE BENEFIT | CUMULATIVE REWARD POINTS |
|---|---|---|
| Rs 2 Lakhs | 10000 RP | 10000 RP |
| Rs 3.5 Lakhs | 10000 RP | 20000 RP |
| Rs 5 Lakhs | 10000 RP | 30000 RP |
If we spend Rs 5 Lakhs, the extra return from the milestone benefit will be between 0.7% to 1.5%.
Rewards Redemption
The value of each reward point used to be 25 paise a couple of years back. But, they have been devalued quite a bit now. The value now varies based on the redemption option. Here are some of the redemption options:
- Amazon and Flipkart Vouchers: 11p/point
- Myntra Vouchers: 14p/point
- Woodland Vouchers: 25p/point
- Titan Vouchers: 20p/point
- Mobile Recharge: 18p/point
There is a reward redemption fee of Rs 99 plus GST for the RBL Platinum Maxima Plus credit card. So, try to accumulate rewards and then go for redemption.
Milestone Rewards
There are three milestone benefits based on total spending.
| TOTAL SPEND | MILESTONE BENEFIT | CUMULATIVE REWARD POINTS |
|---|---|---|
| Rs 2 Lakhs | 10000 RP | 10000 RP |
| Rs 3.5 Lakhs | 10000 RP | 20000 RP |
| Rs 5 Lakhs | 10000 RP | 30000 RP |
If we spend Rs 5 Lakhs, the extra return from the milestone benefit will be between 0.7% to 1.5%.
Rewards Redemption
The value of each reward point used to be 25 paise a couple of years back. But, they have been devalued quite a bit now. The value now varies based on the redemption option. Here are some of the redemption options:
- Amazon and Flipkart Vouchers: 11p/point
- Myntra Vouchers: 14p/point
- Woodland Vouchers: 25p/point
- Titan Vouchers: 20p/point
- Mobile Recharge: 18p/point
There is a reward redemption fee of Rs 99 plus GST for the RBL Platinum Maxima Plus credit card. So, try to accumulate rewards and then go for redemption.
Complimentary Airport Lounge Access
- Airport Lounges in India: 2 complimentary visits/ calendar quarter with Visa/Mastercard. The list of eligible airport lounges for the RBL Platinum Maxima Plus credit card is available here.
BookMyShow – BOGO Offer
- BookMyShow Offer: Buy One Get One Free up to Rs 200 on movie tickets. Valid once/month.
My View
There are many things that are wrong with the RBL Platinum Maxima Plus card. The first thing is the annual fee with no waiver/renewal benefit. Rs 2500 plus taxes for such a low rewards card? Why to even bother when we have many LTF credit cards that have better reward rates?
The reward redemption options for RBL Bank also make it worse. There is no value of even 1 Lakh reward points with the kind of value they provide.
In summary, stay away from this card and look elsewhere.
