Bank of Baroda (BoB) Prime credit card is a secured credit card with guaranteed issuance against a Fixed Deposit (FD) of minimum Rs 15,000. The card offers 1% cashback, fuel surcharge waiver and is lifetime free, making it a decent offering among FD-backed credit cards in the Indian market.
Checkout this BoB Prime credit card review to know the benefits, fees, limits and other features.
Bank of Baroda Prime Credit Card Overview
|Secured (FD-backed), LTF
|– Earn 1 reward point for every Rs 100 spent in select categories and 2 points in others
– 1% fuel surcharge waiver
Details From Bank of Baroda
- Guaranteed issuance against FD of 15,000 or more without any income proof.
- Cashback on all Spends. Earn 1 reward points for every 100 spent on select MCCs* & 2 reward points for every 100 spent on all other MCCs.
- Zero first year and annual fees.
- 1% fuel surcharge waived on all fuel transactions between Rs. 400 – Rs. 5,000, up to maximum waiver of Rs. 250 per month.
- Multiple redemption options. Redeem your reward points as cashback and other exciting options.
- Get up to 3 add-on cards, free of cost.
- Get free inbuilt personal Accidental Death Insurance cover and zero liability lost card.
- Avail up to 50 days of interest free credit from the date of any purchase.
- Terms and conditions apply.
- Apply online through BoB Financial’s official website.
Fees & Charges
3.25% per month (39% annually)
Foreign transaction fee
3.50% of the transaction amount
Cash Advance fee
2.5% of the withdrawn amount or Rs 500, whichever is higher.
Late Payment fees
Following late payment fee will apply if your minimum amount due is:
Less than Rs 100- Nil
Between Rs 100 and Rs 500 – Rs 100
Between Rs 501 and Rs 1,000 – Rs 400
Between Rs 1001 and Rs 10,000 – Rs 750
Between Rs 10,001 and Rs 25,000 – Rs 950
Between Rs 25,001 and Rs 50,000 – Rs 1100
Amount greater than Rs 50,000 – Rs 1300
See full fees and charges on BoB Financial website.
Pros and Cons
|No deduction on foreign transaction fees
|Fuel surcharge waiver
|No additional privileges or perks
|Reward points on all spending
|Low reward rate
|Insurance and lost card liability cover
|No welcome offer
Bank of Baroda Prime Benefits & Perks
There is no joining or renewal fees on this card as its offered with your Fixed Deposit with the Bank.
Interest Free Credit Facility
You can avail up to 50 days of interest free credit from the date of any transaction.
Fuel Surcharge Waiver
The cardholders get 1% fuel surcharge waiver on transactions between Rs 400 – Rs 5,000 at any fuel station in India. The maximum benefit that can be availed is up to Rs 250 per month. Also note that no reward points are earned on fuel transactions.
Insurance cover & Zero Liability on Lost card
The cardholders get a free personal Accidental Death cover and zero liability on lost card or any fraudulent transactions upon immediate reporting to the Bank.
Easy EMIs option: Convert purchases of more than Rs 2,500 into easy EMIs of 6/36 months.
Free add-on cards: You can request for up to 3 free add-on cards for your spouse or family members (above 18 of age).
BoB Prime Credit Card Rewards
The card offers cashbacks on all spends.
- Earn 1 reward points for every 100 spent on select MCCs*
- Earn 2 reward points for every 100 spent on all other MCCs
The transaction amount should be Rs 100 or higher to avail reward points and the points are not earned on fuel purchases. The value of 1 reward point is Rs 0.25 (25 paisa).
Reward Points Redemption: You can redeem your points by logging at the Bank’s website. You must have a minimum of 500 reward points in a financial year to qualify for redemption.
How to decide if it’s right for you?
The Bank of Baroda Prime is right for people who just want a credit card against FD to build their credit score, or for usage without much expectations in terms of benefits and rewards.
Because it offers comparatively limited benefits and privileges even for a secured credit card at a time when cards like IDFC First WOW and Kotak 811 #DreamDifferent are offering attractive benefits and rewards, even though in the same category. There are better cards than BoB Prime to spend your money with.
How to Apply For Bank of Baroda Prime credit card?
You must have an existing FD of Rs 15,000 or more with BoB to request Prime credit card in lien of, or open a new FD account. You can then apply online for the BoB Prime credit card against FD through the official website.
No income proof documents or credit score is required to apply for this card apart from the ones you need for FD account with the Bank.
Eligibility to get Bank of Baroda Prime credit card
- The person should be of age 18-65 years.
- Minimum FD of Rs 15,000 with the Bank of Baroda.
Checkout other options for credit card against FD: