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BOB Assure Credit Card

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average rating is 3 out of 5

MyRupaya Ratings

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.

BOB Assure Credit Card
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?
  1. Eligibility: You must be at least 18 years old and have a valid PAN card.

  2. 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)

  3. 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.

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

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

Fees & Charges
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