Bank of Baroda Premier Credit Card – Features, Rewards & Apply Now

Here’s the Bank of Baroda Premier Credit Card, issued by BoB Financial, promising rewards to people who love travelling and dining. The Bob credit card promises fantastic rewards and handy benefits to cardholders, thus remaining one of the best lifetime free cards that comes packed with features. The joining and annual renewal fees of the Bank of Baroda’s credit cards are waived, but only during the promotion period. 

If, thus far, you are searching for a credit card that would attract customers with high-value credit cards and no annual renewal fee charge, this is now the time to make the most of this one.

Key Features of the Bank of Baroda Premier Credit Card

The Bank of Baroda Premier Credit Card is fully packed with some features that benefit the traveler, the diner, and the international shopper. Here are some of them:

• Accelerated Reward Points: The cardholders will earn 10 Reward Points (5X Rewards) on every ₹100 spent at dining, travel, international transactions, and at other locations as well. For other purchases, they are going to be rewarded with 2 reward points for every ₹100 spent. These can be redeemed for cash credits among a host of rewards.
• Welcome Bonus: A new customer will be offered a welcome bonus of 500 reward points if the new cardholder makes a spend of ₹ 5,000 or more within the first 60 days from the date issued. Worth ₹ 125, such 500 points can be redeemed for various benefits or services.
• Complimentary Airport Lounge Access: The card comes with complimentary access to the domestic airport lounge, which can be utilised for free every quarter. If you are a frequent traveller, this benefit becomes extremely useful as you can relax at an airport lounge in a comfortable setting before your flight. However, one can only use this airport lounge access at the airports listed across India.
• Fuel Surcharge Waiver: The idea of a fuel surcharge waiver exists at the rate of 1% for all fuel transactions ranging from ₹400 to ₹5,000. The cap for this waiver is only up to ₹250 per month and comes somewhat as relief for regular commuters who have to pay extra money due to high fuel costs.
• Insurance Benefits: Personal accident death cover insurance is available, meaning the family will get some form of coverage in case of a mishap. Zero liability is also offered in case of card loss or theft.
• Add-On Cards: This credit card allows up to three add-on cards for your family members. This facility will prove useful for those persons who want to enjoy the benefits of this card along with their near and dear ones.
• UPI Compatibility: The most outstanding feature of this variant of the RuPay card is that it can be linked up with UPI. A person can install applications like Google Pay, PhonePe, and others through the Bank of Baroda Premier Credit Card and this becomes a starting point for transactions. So, no need to carry a plastic card.

Rewards System and Redemption

A reward system would be provided along with a plan to offer maximum benefits by segmenting specific categories—travel, dining, and international. A 5X reward point is accrued for each ₹ 100 spent on these categories, while a 2X reward point is accrued for every₹ 100 spent on all other eligible transactions. These rewards are calculated subject to a maximum of 2,000 reward points per month in categories like travel, dining, and foreign spending.

One reward point is converted to ₹0.25 and the earned points can be redeemed for one of the myriad options that fall into the following categories:

• Flight or hotel bookings
• Shopping
• Products
• Gift vouchers

Redemptions are smooth and flexible so that you can redeem your points with a choice suited to your lifestyle.

Fees and Charges

Although there is a lifetime free version of the card that can be availed for a limited period, it still comes with certain types of fees and charges. These are discussed below:

• Joining and Annual Fee: Normally, the card comes with a joining and annual fee of ₹1,000. However, as part of a limited-time offer, the card is currently available as a lifetime free card.
• Interest Rates: The interest charge on the Bank of Baroda Premier Credit Card is to be 3.25% per month, which comes to 39% per annum.
• Foreign Currency Markup: On international spending, a foreign currency markup surcharge of 3.5% will be charged. While reward points will accrue at 5X on those transactions, the scale of the markup is so high that some of the benefits of international spending get clawed back from this mark-up surcharge.
• Cash Advance Charges:  You can withdraw cash from your Bank of Baroda Premier Credit card at the prevailing rate of 2.5% levied on the amount withdrawn, or ₹ 300, whichever is higher.
• Fuel Surcharge Waiver: You will be levied with a fuel surcharge, not exceeding ₹250 per month for fuel transactions. This is waived-off when you spend between ₹400 and ₹5,000.

Spend-Based Waiver

One of the best features of this credit card is that it allows a spend-based waiver. So, if you can spend ₹1,20,000 or more in a year then your renewal fee for the next year shall be waived, though this is only applicable to the paid version of this card.

Pros and Cons

1. Pros:

• Lifetime Free Option: The card is offered as a lifetime free option, given the current conditions, and is highly attractive to anyone looking at long-term value in a credit card without annual fees.
• Accelerated Reward Points: The card offers generous 5X points on travel, dining, and international transactions, making it easy for these kinds of frequent travelers and diners to rack up significant rewards.
• Complimentary Domestic Lounge Access: The quarterly complimentary domestic airport lounge access is an attractive benefit for frequent travelers within India.
• Fuel Surcharge Waiver: Regular commuters will appreciate the 1% fuel surcharge waiver, which can help mitigate rising fuel costs.
• Insurance Benefits: The card comes with a personal accident death cover, adding a layer of financial security for cardholders.
• UPI Compatibility: It has the benefit of allowing the card to be linked to various UPI channels. This is a huge boon for those still in the cash economy.

2. Cons:

• Foreign Currency Surcharge: The card awards 5X reward points on international transactions, but at a whopping 3.5 percent foreign currency surcharge, there may not be “loot” left in the first place.
• Reward Points Cap: The 5X rewards points are only 2,000 points a month for travel, dining, and international purchases. This rewards cap may prove too small for the big spenders.
• Less International Benefits: It does not offer international airport lounge access but has reasonable rewards on foreign transactions. This card may not do much in terms of real benefits to frequent international travelers since the markup is pretty high for foreign currency conversion.

Eligibility Criteria

Before applying for the Bank of Baroda Premier Credit Card, a candidate needs to fulfil the eligibility criteria as listed below:

• Resident: Indian he or she should be Indian resident.
• Age: 21 to 65 years (Primary Cardholder). Above 18 years (Add-on Cardholder).
• Employment Status: Salaried/Self-employed with an income of >₹7.2 Lakhs p.a.
• Credit Score: A good credit score is required for this card. 

How to Apply

The application process for obtaining the Bank of Baroda Premier Credit Card is quite simple and easy to be done through online as well as offline media.

1. Online Application:
   • Visit the Bank of Baroda website and click on “Apply Now.”
   • Fill in the required details, such as your name, contact information, and income proof.
   • Submit all the documents accepted, like identity proof, address proof, and proof of income.
   • After doing all the processing, click the submit button and get your application processed.
2. Card-to-Card Basis:
   • You can also apply for this credit card on a “Card to Card” basis. Here, you will have to submit all the information regarding your credit card from any other bank along with its limit.
   • Submit your latest credit card statement to complete the application process.

Conclusion

The Bank of Baroda Premier Credit Card is a quite flexible and rewarding credit card option, especially for those who frequently dine out, travel, or have international expenditures regularly. Considering that the bank offers this card as lifetime free, against the usual financial burden with annual fees, considerable value is derived without any burden. The generous reward structure and other added benefits, like domestic lounge access and UPI compatibility, make it attractive for regular travellers and diners.

In case you want to look for a credit card that rewards most at the time of dining as well as travel. With additional specifications including travel-related services like lounge access, the Bank of Baroda Premier Credit Card is the one you are looking for. Apply now and get the lifetime free benefit in this offer before it ends.

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