Lifestyle Trend: RBL launches NOVA Credit Card: Travel & lifestyle benefits explained — Should you apply? You Should Know

The number of High Net Worth Individuals (HNIs) in India is growing significantly, and the growth rate is expected to remain high in the foreseeable future. Financial services companies are launching various products to cater to the financial needs of the HNI category. Banks are also launching various financial products, including premium credit cards for HNIs and other affluent categories.

RBL Bank has recently launched two premium credit cards, LUMIÈRE and NOVA, to help curate extraordinary experiences for the cardholders. LUMIÈRE is an exclusive, invite-only credit card, and its benefits are yet to be revealed. The NOVA Credit Card is open to all applicants who meet the eligibility criteria. In this article, we will explore the features and benefits of the NOVA Credit Card, the fees, and whether you should take it.

What is the NOVA Credit Card?

NOVA Credit Card is for the unstoppable achiever—bold, dynamic, and forward-looking. The premium metal card is crafted for those who seek exclusivity and sophistication in every aspect of life. It offers privileges that go beyond conventional luxury. Redefining sophistication, the card blends cutting-edge benefits with timeless luxury for the modern connoisseur.

Rewards structure

The NOVA Credit Card offers 4 reward points for every Rs. 200 spent on purchases. The cardholder gets accelerated rewards of 12 reward points for every Rs. 200 spent on flights, hotels, and gift cards through the digital concierge platform. Some banks cap the accelerated reward points earned through their portals at 10,000 to 18000 per month. The NOVA Credit Card has a higher cap of 30,000 accelerated reward points per month.

The reward points can be redeemed at a rate of 1 reward point = Rs. 1 on flights, hotels, and the brand catalogue. Some banks allow only 70-90% of the transaction value to be paid with reward points. The NOVA Credit Card allows you to redeem your reward points on 100% of the transaction value. The reward points can also be transferred to various airline and hotel loyalty partners in a 2:1 ratio.

Spends milestone

When the cardholder spends Rs. 3 lakhs or more in a calendar quarter, they receive a Rs. 10,000 gift card. The cardholder can choose from various gift card brands, including Marriott Bonvoy, Taj Experiences, Tata CliQ Luxury, MakeMyTrip, Luxe Gift Card, etc. Thus, high spenders can earn rewards worth Rs. 40,000 in a year in the form of gift vouchers.

Spends on the following categories will not earn any reward points: Fuel and auto, utilities, insurance, real estate and rental, wallet and service providers, Government services, contracted services, miscellaneous, Bills2Pay, EMI, etc.

Features and benefits

The NOVA Credit Card offers several valuable features and benefits. Some of these include the following.

Airport lounge access: A cardholder can enjoy 12 complimentary airport lounge accesses within India. The card also provides 12 complimentary airport lounge access outside India. Accompanying guests can enjoy 4 complimentary lounge accesses outside India.

Low forex markup: The card has a low forex markup of 2%. Thus, the cardholder can enjoy a lower foreign transaction fee on cross-border purchases. Most banks usually charge a 3.5% forex markup fee on most credit cards. So, the NOVA Credit Card can help you save a significant amount of money on forex spends.

Golf rounds and lessons: A NOVA Credit Cardholder can enjoy 4 golf rounds every year. If you are learning golf, you can enjoy 12 complimentary golf lessons every year. For the golf connoisseurs, the NOVA Credit Card provides access to some of the premium golf courses in the country.

Fine dining access: If you love relishing food at India’s finest restaurants, the NOVA Credit Card provides a 10% discount. It is a bespoke benefit in this segment, and with this card, you can turn each visit to India’s finest restaurants into an opportunity to savour more, explore more, and experience more.

Access to bespoke events and experiences: The NOVA Credit Card offers a bouquet of experiences where cardholders can redeem reward points to access a VIP seat at the FIFA finals or a Grand Slam tennis event. Apart from these events, a range of experiences has been curated especially for connoisseurs. These include curated art tours in Paris, private tastings in Tuscany, or luxury escapes in Bali.

Dedicated lifestyle concierge: A dedicated team of lifestyle concierges will be available 24*7 to service the cardholders. It will be a direct line with no IVR and will assist the customer in accessing all their needs.

Add on card: A cardholder can take up to 2 add-on cards for free. The add-on cards let your loved ones hold an exclusive premium credit card in their name and enjoy seamless access to rewards, travel perks, and exclusive experiences.

Fees

The joining and annual renewal fee for the NOVA Credit Card is Rs. 12,500 + GST. The cardholder gets a welcome and annual renewal benefit of a Rs. 12,500 gift voucher. The cardholder can choose from a Taj Experiences or Luxe Gift Card. The annual renewal fee is waived if the cardholder spends Rs. 10 lakhs in the previous year.

Digital concierge platform

RBL Bank’s digital concierge platform can be compared to the various platforms offered by other banks. For example, HDFC Bank has the SmartBuy platform, ICICI Bank has the iShop platform, American Express has the Reward Multiplier platform, HSBC has the Travel with Points portal, and IDFC FIRST Bank has the Travel & Shop portal.

These portals offer accelerated reward points on various services, including booking flights, hotels, buses, purchasing gift vouchers, etc. The NOVA Credit Card offers 12 reward points for every 200 spent on the services availed through the digital concierge platform. With a redemption value of up to Rs. 1 per reward point, it translates into a benefit of up to 6% value back.

In comparison, an HDFC Bank Infinia Credit Cardholder can earn up to 33% value back through the HDFC SmartBuy portal. Similarly, an ICICI Bank Emeralde Private Metal Credit Cardholder can earn up to 36% value back through the iShop portal.

The NOVA Credit Cardholder can transfer reward points to various airline and hotel loyalty partners, including Air India Maharaja Club, Singapore Airlines KrisFlyer, Qatar Airways Privilege Club and Club ITC. In comparison, banks like HDFC Bank, Axis Bank, and HSBC have partnered with 15-20 airline and hotel loyalty programs, offering a wide range of options to their credit cardholders to transfer their reward points.

Should you take the NOVA Credit Card?

The NOVA Credit Card offers a good joining and annual renewal benefits of a Rs. 12,500 gift voucher and spend-based milestone benefits worth Rs. 40,000 annually (Rs. 10,000 quarterly). With a redemption value of 1 reward point equal to Rs. 1, it provides a 6% value back on flights, hotel bookings, and gift vouchers purchased through the digital concierge platform.

The card offers travel benefits, including complimentary domestic and international airport lounge access, and a low forex markup of 2%. Complimentary golf rounds and lessons are also available for golf connoisseurs.

Cardmembers receive 24*7 dedicated service from a Select Circle Xpert. Additionally, bespoke events and experiences around the globe and a 10% savings at India’s top fine-dining restaurants make it a good card in the luxury segment. If you are a high spender, seeking good value back and access to bespoke events and experiences, you can consider the NOVA Credit Card.

Gopal Gidwani is a freelance personal finance content writer with 15+ years of experience. He can be reached on LinkedIn.

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