Admin Bank of Baroda (BOB) offers a wide range of credit cards catering to different consumer needs. With different types of BOB credit cards available, selecting the right one can seem complicated. This guide will help you understand the features of different Bank of Baroda credit cards and choose the variant best suited for you.
Evaluate Your Spending Patterns
Analyze your monthly expenditures across categories like groceries, dining, entertainment, travel, etc. This will help identify your largest spending areas. If dining and movies comprise a major portion of your spending, a card offering higher rewards on these categories makes sense. Assessing spend patterns is key to maximize card benefits.
Assess Your Income Eligibility
BOB credit cards come with different income eligibility criteria. Bank of Baroda Visa Platinum requires minimum annual income. The higher premium cards have higher income requirements. Choose a card where you comfortably meet the income criteria.
Compare Interest Rates and Fees
Interest rates vary across Bank of Baroda cards. Some cards like Visa Platinum charge no annual fees while others have annual fees of Rs. 1500 or more. Compare rates and fees across shortlisted cards to identify the most affordable option based on your usage.
Evaluate Rewards and Features
Top rewards earning BOB credit cards include Bank of Baroda Fortune and Bank of Baroda Rewards. The Fortune card offers 10 reward points per Rs. 100 on dining, grocery & petrol while the Rewards card gives points on these spends. Study the reward structures and pick the one that best matches your spending profile. Also compare other features like lounge access, insurance covers, etc.
Check Card Acceptance
Ensure that the BOB credit card you choose has widespread acceptance at your preferred shopping outlets, both online and offline. Bank of Baroda has global credit card partnerships with both Visa and MasterCard to provide wide acceptance. However, do cross-check that your chosen card variant is accepted at merchants you frequently transact with.
Understand Exclusive Card Benefits
Bank of Baroda offers certain benefits exclusively on select credit cards. For instance, the Visa Signature card provides complimentary Priority Pass airport lounge access – a benefit not available on other BOB cards. Similarly, the Visa Platinum card offers higher insurance coverage than regular variants. Check what exclusive perks come with each card.
Consider Your Credit History
For applicants with limited or no prior credit history, Bank of Baroda’s regular Visa and Mastercard varieties are a better fit. On the other hand, those with a healthy credit score can aim for premium cards like Visa Signature. Evaluate your creditworthiness before finalizing your card to maximize approval chances.
Choose Between Personal and Business Cards
BOB offers separate credit cards for personal and business or corporate use. Business cards have features tailored for company expenses and GST invoices. If you’ll be using your card primarily for business or work purchases, apply for a BOB corporate credit card instead of a personal card.
Understand Foreign Transaction Fee
If you frequently make international transactions or purchases in foreign currency, pick a Bank of Baroda credit card with no foreign transaction fee like the Visa Signature or Visa Platinum variants. Other cards charge upto 3.5% on forex transactions. So choose wisely if overseas usage is common.
Evaluate Add-on Cards
With Bank of Baroda credit cards, you can request free add-on cards for family members with upto 90% of the primary card’s credit limit. Add-on cards also earn full rewards points. If you require cards for multiple authorized users, check the add-on card issuance terms.
Track Welcome and Renewal Benefits
Attractive welcome and renewal benefits are offered on Bank of Baroda credit cards in the form of gift vouchers or complimentary movie tickets, etc. Compare the monetary value of these benefits before choosing your card to maximize savings from sign-up and annual renewals.
Read Customer Reviews
Check online customer reviews across parameters like rewards earnings, interest rates, billing and statements, customer service support etc. This provides insight into real-world experiences with different Bank of Baroda cards. Pick the variant with maximum positive user feedback.
Conclusion
By evaluating your spend profile, financial status, usage needs and preferences against BOB’s varied credit card offerings, you can identify the ideal card variant for you. Apply for the card online or at your nearest branch office for quick approval and activation. Use your new BOB credit card smartly to reap all the associated benefits and privileges.
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