BOBCARD Prime Credit Card
Gaurav
The Bank of Baroda Prime Credit Card is a secured card offered by BoB Financial, a part of Bank of Baroda. To get this card, you need to open a fixed deposit of Rs 15,000 or more, and you don't need to provide income proof. This card comes with no annual fees, making it free for life.
With this card, you earn 2 reward points for every Rs 100 spent, which equals 1% cashback. These reward points can be used for a range of rewards, such as shopping or gift vouchers.
The Bank of Baroda Prime Credit Card also offers extra benefits like accidental insurance, fuel surcharge waivers, and zero liability cover. It is a great option for people with no credit history, helping them build credit without the worry of annual fees.
Rewards and Benefits
Rewards Rate
2 Reward Points on every Rs 100 spent.
Reward Redemption
1 RP = Rs. 0.20
Movie & Dining
N/A
Travel
N/A
Golf
N/A
Domestic Lounge Access
N/A
International Lounge Access
N/A
Insurance Benefits
Cardholders receive insurance coverage for personal accidents.
Fees & Charges
Interest Rates
3.25% per month (39% yearly)
Spend-Based Waiver
N/A
Rewards Redemption Fee
Nil
Cash Advance Charges
A fee of 2.5% of the withdrawn amount, with a minimum charge of Rs. 300.
Foreign Currency Markup
3.50% +GST
Fuel Surcharge
Get a 1% fuel surcharge waiver on fuel purchases between Rs. 400 and Rs. 5,000 at any petrol station.
What should you consider before applying for a credit card in India?
Before applying for a credit card in India, consider the following factors:
- Eligibility Criteria: Check the age, income, credit score, and employment status requirements set by the bank or financial institution.
- Credit Score: A higher credit score increases your chances of approval and may result in better offers. Ensure your credit score is in good standing.
- Interest Rates and Fees: Compare annual percentage rates (APR), processing fees, late payment penalties, and foreign transaction fees. These can vary significantly between cards.
- Rewards and Benefits: Look for cards that offer rewards, cashback, discounts, or other perks that align with your spending habits.
- Credit Limit: Make sure the credit limit offered is in line with your financial needs. Avoid over-borrowing, which can lead to high-interest charges.
- Repayment Terms: Understand the repayment options, minimum payment amount, and due dates. Consider how easily you can manage timely payments to avoid interest accumulation.
- Card Type and Features: Choose a card type (e.g., standard, premium, travel, etc.) based on your requirements. Some cards offer more benefits for specific categories like travel, shopping, or dining.
- Bank’s Reputation: Opt for a bank with a good track record of customer service and transparency. Read reviews and consider their customer support accessibility.
- Hidden Charges: Be aware of any hidden fees, such as annual fees, balance transfer charges, and cash withdrawal fees.
- Credit Utilization: Ensure you can manage your spending within the credit limit to maintain a healthy credit utilization ratio, which impacts your credit score.
- Long-Term Financial Plans: Think about how the credit card will fit into your long-term financial goals and avoid accumulating unnecessary debt.
Leave a Reply