BOB Assure Credit Card
Product Details
Credit Card Name :
BOB Assure Credit Card
Bank Name :
Bank of Baroda
Type :
Rewards Credit Card
Interest Rate :
(APR) of 19.2%
Eligibility :
The applicant must be above 18 years of age.
The applicant must have a fixed deposit of Rs.25,000 with the bank.
Pros
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.
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.
Pros & Cons
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
BOB Assure Credit Card
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.
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