BOB Assure Credit Card
Card Details
Joining Fee:
Renewal Fee:
Card Type:
Reward Type:
Welcome Benefits:
Rewards & Benefits
Welcome Benefits
On spending INR 2,000 or more in the first sixty days, the user can get 2,000 reward points.
Milestone Benefits
annual fee reversal on spending inr 1,00,000 on the card.
Cashback Rate
cashback rate: 1. cashback rate: 1. cashback rate: 0.
Lounge Access
0
Movie Benefits
8
Dining Benefits
Other Benefits
reward system: users will get 10 points for spending of every inr 150 on dining, movies, departmental stores and grocery spending. value of 1 point = inr 0. 25. effective 6%. 1 reward points on all other spend per inr 150. effective general 25%. 1 reward point of inr 100 on all other spends. effective general 16%.
Fees & Charges
Joining Fee
On spending INR 2,000 or more in the first sixty days, the user can get 2,000 reward points.
Annual Fee
annual fee reversal on spending inr 1,00,000 on the card.
Cash Advance Fee
cashback rate: 1. cashback rate: 1. cashback rate: 0.
Interest rate
0
Late Payment Fee
8
Foreign Currency Transactions Fee
Other Fees
reward system: users will get 10 points for spending of every inr 150 on dining, movies, departmental stores and grocery spending. value of 1 point = inr 0. 25. effective 6%. 1 reward points on all other spend per inr 150. effective general 25%. 1 reward point of inr 100 on all other spends. effective general 16%.
Cons
High interest rate: The interest rate on cash advances and outstanding balances is high at 1.6% per month (19.2% APR).
FD requirement: Getting the card is only possible if you have a fixed deposit with Bank of Baroda.
Lower reward rate: Compared to other Bank of Baroda credit cards, the Assure card offers a lower reward rate of 1 point per Rs. 100 spent.
Limited benefits: The range of benefits is not as extensive as some other credit cards, especially when compared to premium cards.
Withdrawal charges: Cash withdrawals come with additional charges, making it an expensive option for regular use.
Guaranteed issuance: This is a unique feature and a major pro for those with limited credit history or no income proof. You can get the card by linking it to a fixed deposit (FD) with Bank of Baroda. The credit limit is typically 80% of the FD amount.
Cash withdrawal flexibility: You can withdraw cash up to 100% of your credit limit in case of emergencies, although withdrawal charges apply (2.5% for domestic and 3% for overseas).
Lifetime fee waiver: The annual fee of Rs. 500 can be waived off permanently by spending Rs. 6,000 within 60 days of card issuance or Rs. 35,000 in a year.
Zero fuel surcharge: Get 1% fuel surcharge waived off for all transactions between Rs. 400 and Rs. 5,000.
5% cashback on fuel transactions
Other benefits:Free accidental death insurance coverage (Rs. 15 lakhs for air accident and Rs. 5 lakhs for other accidental death).
Up to 3 add-on cards free for life.
50-day interest-free credit period.
Reward points with various redemption options.
Exclusive offers on air tickets, shopping, travel, and dining.
Rewards & Benifits
Welcome Benefits
None
Rewards System
You earn 1 reward point for every Rs. 100 spent across all categories.
Redeem 500 points for ₹25. This translates to a value of 5 paise per point.
Redeem 1,000 points for ₹50, meaning each point is worth 5 paise.
Redeem 5,000 points for ₹250, giving each point a value of 5 paise.
Effective Cashback Rate: 0.5% cashback on all spends.
5% cashback on fuel transactions
International Forex Markup
Up to: 2.5%
Welcome Benefits and Reward System
Special Features
100% cash withdrawal: Withdraw cash up to 100% of your Credit Limit, in case of any emergency.
Eligibility Criteria
The applicant must be above 18 years of age.
The applicant must have a fixed deposit of Rs.25,000 with the bank.
Benefits
Guaranteed Issuance: This card stands out for its guaranteed issuance against a Fixed Deposit (FD) you hold with Bank of Baroda. You don't need to provide income proof, making it accessible to individuals with limited credit history.
100% Cash Withdrawal in case of emergencies
Accidental Death Insurance: Get covered for up to Rs. 15 lakhs for air accidental death and Rs. 5 lakhs for other accidental deaths.
Free Add-on Cards: Get up to 3 add-on cards for family members at no additional cost.
Speical Feature, Eligibility and Benefits
How to apply for Credit Card?
Eligibility: You must be at least 18 years old and have a valid PAN card.
Documents Required:Photo ID proof (Aadhaar card, driving license, etc.)
Address proof (utility bill, rental agreement, etc.)
Proof of Fixed Deposit with Bank of Baroda (for guaranteed issuance)Application Methods:Online: Visit the Bank of Baroda website and fill out the application form.
Offline: Visit your nearest Bank of Baroda branch and submit the required documents.
Contact Details
Account Opening and Procedure
Recommended Credit Cards
Pros:-
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Cons:-
Guaranteed issuance: This is a unique feature and a major pro for those with limited credit history or no income proof. You can get the card by linking it to a fixed deposit (FD) with Bank of Baroda. The credit limit is typically 80% of the FD amount.
Cash withdrawal flexibility: You can withdraw cash up to 100% of your credit limit in case of emergencies, although withdrawal charges apply (2.5% for domestic and 3% for overseas).
Lifetime fee waiver: The annual fee of Rs. 500 can be waived off permanently by spending Rs. 6,000 within 60 days of card issuance or Rs. 35,000 in a year.
Zero fuel surcharge: Get 1% fuel surcharge waived off for all transactions between Rs. 400 and Rs. 5,000.
5% cashback on fuel transactions
Other benefits:Free accidental death insurance coverage (Rs. 15 lakhs for air accident and Rs. 5 lakhs for other accidental death).
Up to 3 add-on cards free for life.
50-day interest-free credit period.
Reward points with various redemption options.
Exclusive offers on air tickets, shopping, travel, and dining.
High interest rate: The interest rate on cash advances and outstanding balances is high at 1.6% per month (19.2% APR).
FD requirement: Getting the card is only possible if you have a fixed deposit with Bank of Baroda.
Lower reward rate: Compared to other Bank of Baroda credit cards, the Assure card offers a lower reward rate of 1 point per Rs. 100 spent.
Limited benefits: The range of benefits is not as extensive as some other credit cards, especially when compared to premium cards.
Withdrawal charges: Cash withdrawals come with additional charges, making it an expensive option for regular use.
The BOB Assure Credit Card can be a good option for individuals with limited credit history who want a basic card with some flexibility and insurance benefits. However, the lower rewards and high-interest rates should be considered carefully. If you're a frequent spender, other cards with higher rewards and lower interest rates might be more suitable.
BOB Assure Credit Card
Abhijeet Saxena
Abhijeet Saxena
Nalsar University of Law
Ex- Senior Associate, Shardul Amarchand Mangaldas, Delhi
Ex - Khaitan & Co. Bengaluru,
Ex - National Stock Exchange, Mumbai,
Ex - Argus Partners, Mumbai
Product Review
Fees & Charges
Joining Fee: INR 500
Late payment fee: A late payment fee of ₹100 will be charged if you do not pay your minimum due amount by the due date.
Cash advance fee: A cash advance fee of 2.5% per transaction will be charged for domestic ATM withdrawals and 3% per transaction for overseas ATM withdrawals.
Foreign currency transaction fee: A foreign currency transaction fee of 3.5% will be charged on all transactions made in a foreign currency.
Interest rate: The interest rate on outstanding balances is 1.6% per month (19.2% APR).
Fuel Surcharge
Zero Fuel Surcharge: (1% fuel surcharge waived for all transactions between 400 - 5,000).
Billing Cycle
30 Days