Bank of Baroda Exclusive Credit Card
Card Overview
The Bank of Baroda Exclusive Credit Card is a special credit card launched by Bank of Baroda for members of the Institute of Chartered Accountants of India (ICAI). This lifetime-free card offers several benefits, including bonus reward points on dining, online shopping, and utility bill payments, along with 12 free domestic airport lounge accesses every year. New cardholders are welcomed with 500 bonus reward points and a free FitPass Pro membership. The card also allows you to earn up to 5 reward points for every ₹100 spent, and you can redeem these points in various ways. Additionally, you can earn up to 16,000 bonus reward points annually by reaching specific spending targets.
Apart from the rewards, the card provides other advantages like complimentary lounge access, insurance benefits, and a fuel surcharge waiver. It also has a low forex markup fee of just 2%, making it ideal for international transactions. Overall, the Bank of Baroda Exclusive Credit Card offers great value with no annual fee, combining rewards, travel benefits, and insurance coverage, making it an excellent choice for ICAI members.
Card Details
- The welcome gift also includes a FitPass Pro Membership worth Rs. 15,000 and 1,000 reward points for using the card within the first 30 days.
- Get up to 5 Reward Points for every Rs. 100 spent on dining, online shopping, and utility bill payments, and 1 Reward Point for every Rs. 100 spent on other purchases (1 point = Re. 0.25).
- Get 1,000 reward points when you do 5 purchases of Rs. 1,000 or more every month.
- You get 12 free visits to domestic airport lounges every year, up to 3 visits every quarter. To qualify, you must spend at least Rs. 40,000 in the previous quarter.
- Pay a low forex markup fee of 2% for international transactions.
- Get personal accident coverage worth Rs. 15 lakhs.
- Earn 4,000 bonus reward points each quarter by exceeding your credit limit for the quarter.
- Receive a 1% fuel surcharge waiver on fuel transactions between Rs. 400 and Rs. 5,000, with a maximum waiver of Rs. 250 per statement cycle.
- Enjoy a lifetime free card with no annual or joining fees.
Features & Benefits
Bank of Baroda Exclusive Credit Card - Features, Benefits, Rewards & Eligibility
The ICAI BOBCARD Exclusive Credit Card is a lifetime-free credit card specially designed for members of the Institute of Chartered Accountants of India (ICAI). Packed with reward points, complimentary airport lounge access, insurance coverage, milestone benefits, and a low forex markup fee, this card is an attractive option for Chartered Accountants looking to maximize value from their everyday spending.
Unlike many premium credit cards that charge annual fees, the ICAI BOBCARD Exclusive Credit Card offers several premium features without any joining or annual membership charges. Whether you frequently shop online, pay utility bills, dine out, or travel for work, this card can help you earn rewards while enjoying additional lifestyle and travel benefits.
ICAI BOBCARD Exclusive Credit Card Highlights
Before applying, take a quick look at the key features of this ICAI-exclusive credit card:
| Feature | Details |
|---|---|
| Joining Fee | Nil |
| Annual Fee | Nil |
| Reward Rate | Get up to 5 Reward Points on every ₹100 purchase |
| Lounge Access | 12 Complimentary Domestic Lounge Visits Per Year |
| Forex Markup Fee | 2% |
| Monthly Bonus | 1,000 Reward Points |
| Quarterly Bonus | 4,000 Reward Points |
| Air Accident Cover | ₹15 Lakh |
| Professional Indemnity Cover | ₹5 Lakh |
Welcome Benefits for New Cardholders
New cardholders can enjoy attractive welcome benefits after activating the card.
The card comes with a complimentary FitPass Pro Membership, giving users access to fitness and wellness benefits. Additionally, eligible users can earn bonus reward points by meeting the spending requirements within the specified period after card issuance.
These welcome benefits enhance the overall value proposition and allow users to start enjoying the card's advantages from day one.
Earn Reward Points on Everyday Spending
One of the biggest advantages of the ICAI BOBCARD Exclusive Credit Card is its rewarding cashback-style rewards program. Cardholders earn accelerated reward points on categories that are commonly used by professionals and families alike.
Reward Structure
- Get 5 Reward Points every time you spend ₹100 on dining and restaurant purchases.
- Earn 5 Reward Points for every ₹100 spent on online shopping.
- Earn 5 Reward Points for every ₹100 spent on utility bill payments.
- Earn 1 Reward Point for every ₹100 spent on other eligible retail purchases.
- No reward points are offered on fuel transactions.
Reward Point Value
Every Reward Point earned through the card carries a redemption value of ₹0.25 and can be redeemed through the BOBCARD Rewards Portal against multiple redemption options.
Monthly and Quarterly Bonus Rewards
Apart from regular reward earnings, the card also offers milestone-based bonus rewards.
- Monthly Bonus Benefit: Cardholders can earn 1,000 bonus Reward Points every month by completing at least five transactions of ₹1,000 or more during the month.
- Quarterly Bonus Benefit: Users can earn an additional 4,000 bonus Reward Points every quarter upon achieving the prescribed spending milestone.
These bonus rewards can substantially increase the overall reward earnings for high-spending users.
Complimentary Airport Lounge Access
If you travel often, you can get up to 12 free visits to domestic airport lounges every year.
To avail of this benefit:
- A maximum of 3 lounge visits are allowed per quarter.
- A minimum spend of ₹40,000 in the previous quarter is required.
Example
If you frequently travel between cities such as Delhi, Mumbai, Bengaluru, Chennai, or Hyderabad for professional assignments, lounge access can provide a more comfortable airport experience with complimentary refreshments, Wi-Fi access, and seating facilities.
Low Forex Markup Fee for International Spending
International transactions often attract high forex conversion charges. However, the ICAI BOBCARD Exclusive Credit Card charges a forex markup fee of only 2%, which is lower than many credit cards available in India.
This feature makes the card suitable for Chartered Accountants, consultants, and professionals who travel abroad or make international online purchases.
Example
For an international transaction worth ₹1 lakh:
- A card charging 3.5% forex markup would cost ₹3,500.
- The ICAI BOBCARD Exclusive Credit Card would charge only ₹2,000.
This can result in considerable savings on foreign transactions.
Insurance Benefits and Coverage
The ICAI BOBCARD Exclusive Credit Card offers valuable insurance protection that enhances its overall utility.
The card includes:
- Air Accident Death Cover of ₹15 Lakh.
- Non-Air Accident Death Cover of ₹5 Lakh.
- Professional Indemnity Insurance Cover of ₹5 Lakh.
These insurance benefits provide an added layer of financial protection for cardholders and their families.
Fuel Surcharge Waiver Benefit
Cardholders can save on fuel expenses through the fuel surcharge waiver feature.
The card offers:
- 1% fuel surcharge waiver.
- Valid on fuel purchases ranging from ₹400 to ₹5,000.
- The maximum fee waiver you can get in a single billing cycle is ₹250.
For users who frequently commute or travel by personal vehicle, this feature can contribute to additional savings.
Eligibility Criteria
To apply for the ICAI BOBCARD Exclusive Credit Card, applicants must satisfy the following conditions:
- Must be an active member of ICAI.
- Must be an Indian resident.
- Must possess a satisfactory credit score and repayment history.
- Supplementary cardholders should be at least 18 years old.
Who Should Apply for This Credit Card?
The ICAI BOBCARD Exclusive Credit Card is ideal for:
- Chartered Accountants seeking a lifetime-free credit card.
- Professionals looking for airport lounge access benefits.
- Users who spend heavily on online shopping and utility bills.
- Frequent domestic travelers.
- Individuals looking for a credit card with insurance coverage and reward benefits.
Bank of Baroda Exclusive Credit Card Review
The ICAI BOBCARD Exclusive Credit Card is one of the best lifetime-free credit cards for Chartered Accountants in India. It combines accelerated reward earnings, complimentary airport lounge access, insurance coverage, milestone bonuses, and a low forex markup fee in a single package.
If you are an ICAI member looking for a feature-rich credit card without paying annual fees, the ICAI BOBCARD Exclusive Credit Card can be an excellent choice for both professional and personal spending needs.
Reality Check Feedback
What should you consider before applying for a credit card in India?
Key Considerations Before Applying for a Credit Card in India:
- Eligibility Criteria: Ensure you meet the eligibility requirements, which typically include age, income, credit score, and employment status as defined by the issuing bank or financial institution.
- Credit Score: A strong credit score can significantly improve your chances of approval and result in more favorable terms, such as lower interest rates or higher credit limits. Verify that your credit score is healthy before applying.
- Interest Rates and Fees: Compare the annual percentage rates (APR), processing fees, late payment penalties, and foreign transaction charges associated with various cards. These costs can vary widely and impact the overall value of the card.
- Rewards and Benefits: Evaluate the rewards, cashback, discounts, or other perks offered by the card to ensure they align with your spending patterns. Some cards may provide better benefits in specific categories, such as travel, shopping, or dining.
- Credit Limit: Review the credit limit offered by the card to ensure it meets your financial needs. Avoid applying for cards with excessive limits if you are concerned about managing debt, as this can lead to higher interest charges.
- Repayment Terms: Understand the repayment structure, including the minimum payment amount, payment due dates, and any associated penalties. Being clear about these terms can help you manage payments effectively and avoid interest buildup.
- Card Type and Features: Choose a card type that matches your specific needs—whether standard, premium, or specialized cards like those offering travel rewards or dining privileges. Ensure the features of the card align with your lifestyle and spending habits.
- Bank’s Reputation: Opt for a financial institution with a proven reputation for customer service and transparency. Consider researching customer reviews and assessing their support channels to ensure reliable service.
- Hidden Charges: Be aware of any hidden fees, including annual fees, balance transfer charges, foreign transaction fees, or cash withdrawal charges. These can add up over time and affect the overall cost-effectiveness of the card.
- Credit Utilization: Maintain a balance within your credit limit to avoid high credit utilization ratios, which can negatively impact your credit score. Responsible use of credit is essential for maintaining financial health.
- Long-Term Financial Plans: Consider how the credit card fits into your overall financial strategy. Avoid accumulating unnecessary debt and choose a card that supports your long-term financial goals without adding financial strain.
- Can I redeem my reward points to pay off my credit card bills?
Yes, you can redeem your reward points for cashback, with Re. 1 for every 4 reward points.
- Can only ICAI members get the Bank of Baroda Exclusive Credit Card?
Yes, only ICAI members can get this card. To apply, you need to give a copy of your ICAI Membership Card.
- Can I get free add-on cards with the Bank of Baroda Exclusive Credit Card?
Yes, you can get up to 3 lifetime free add-on cards for your immediate family members.
- How old do applicants for add-on cards need to be?
Applicants for add-on cards must be over 18 years old and directly related to the primary cardholder.
- What is the value of 1 reward point on the Bank of Baroda Exclusive Credit Card?
One reward point is worth 25 paise.
- Do I get free lounge access with this card?
Yes, the card provides 3 complimentary domestic lounge visits every quarter.
- Is the ICAI BoB Exclusive Credit Card lifetime free?
Yes, the card has no joining or annual fees, making it lifetime free.
- What is the customer care contact for Bank of Baroda Credit Cards?
If you have any questions or need help, you can call Bank of Baroda Credit Card customer care at 1800 22 5100.
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