Bank of Baroda (BoB) Empower Credit Card

Bank of Baroda offers a range of business cards such as BoB ConQr Credit Card and BoB Corporate Credit Card. Additionally, they provide the BoB Empower Credit Card, designed to meet the credit needs of businesses while offering various benefits across different categories. This card comes with a zero joining fee and a modest annual fee of only Rs. 250, which can be easily waived. Cardholders enjoy a competitive reward rate, and the accrued rewards can be redeemed at an attractive rate against the outstanding balance.

The Bank of Baroda Empower Credit Card also includes complimentary insurance covers, a fuel surcharge waiver, a spend-based waiver of the annual fee, and numerous other advantages. In terms of convenience, the card allows you to monitor all expenses made by your employees using their respective Empower cards, and bill settlement is simplified for added ease.

Key Highlights of Bank of Baroda (BoB) Empower Credit Card

  1. No initial membership fee is required.
  2. Earn 1 Reward Point for every Rs. 100 spent.
  3. Redeem Reward Points for cashback.
  4. Qualify for a spend-based waiver on the annual membership fee.
  5. Enjoy a 1% fuel surcharge waiver on all fuel transactions.
  6. Avail accidental death cover valued up to Rs. 15 lakhs.

Features and Benefits of BoB Empower Credit Card

The Bank of Baroda (BoB) Empower Credit Card offers several features and benefits:

  1. Categorized Transaction Statements: Provides organized statements categorizing card usage for effortless tracking, reporting, and budget management.
  2. Cashless Business Transactions: Facilitates cashless transactions for all business needs, ensuring convenience and efficiency.
  3. Internal Settlement Streamlining: Streamlines the internal settlement process, enhancing operational efficiency within the organization.
  4. Negotiation Support for Better Deals: Aids in negotiating with vendors for optimal deals based on your location and spending frequency.
  5. 24×7 IVR Support: Offers quick assistance through round-the-clock Interactive Voice Response (IVR) support.
  6. Diverse Payment Modes: Provides flexibility with multiple payment modes, including net banking, self-service portal, bill desk, NEFT or RTGS, auto debit, electronic payments, and cash or cheque.
  7. Comprehensive Insurance Coverage: Includes insurance coverage such as Rs.15 lakh for air accidental death and Rs.5 lakh for non-air accidental death.
  8. Interest-Free Credit Period: Grants an interest-free credit period of 50 days, promoting financial flexibility.
  9. Reward Point System: Earns one reward point for every Rs.100 spent, which can be redeemed for cashback.
  10. Unlimited Cashback with Reward Point Cap: Offers unlimited cashback with a maximum cap on earning reward points.
  11. Fuel Surcharge Benefits: Imposes a fuel surcharge of 1.00% or a maximum of Rs.250 on transactions ranging from Rs.400 to Rs.5,000.
  12. EMI Conversion for Large Purchases: Allows conversion of purchases exceeding Rs.2,500 into EMIs of either six or 36 months.

BoB Empower Credit Card Fees and Charges

Explore the fee structure for the BoB Empower Credit Card and discover the financial advantages that come with it.

1. Card Fees:

  • No joining fee is applicable for the Bank of Baroda Empower Credit Card.
  • An annual fee of Rs. 250 is charged, but it can be waived by spending Rs. 50,000 or more in the previous year.

2. Interest Rate:

  • The BoB Empower Credit Card carries an interest rate of 3.49% per month.

3. Cash Advance Fee:

  • Domestic ATMs: The cash advance fee is 2.5% of the withdrawn amount or a minimum of Rs. 300.
  • International ATMs: The cash advance fee is 3%, with a minimum fee of Rs. 300.

4. Foreign Currency Markup Fee:

  • The Empower Credit Card incurs a foreign currency markup fee of 3.5% on the total conversion amount.

Eligibility Criteria for Bank of Baroda Empower Credit Card

Here are essential criteria for applying for an BoB Empower Credit Card:

  1. Eligibility for the program extends to both BOB and non-BOB self-employed individuals.
  2. Applicants need to be at least 21 years old and should not exceed 65 years of age.
  3. Self-employed non-BOB customers must demonstrate an annual income equal to or exceeding Rs.4.8 lakh.
  4. Self-employed BOB customers are required to have an annual income equal to or exceeding Rs.2.4 lakh.

Documents Required for BoB Empower Credit Card

To apply for the Bank of Baroda (BoB) Empower Credit Card, you will typically need to provide the following documents:

  1. Evidence of GSTIN registration.
  2. PAN Cards for each cardholder involved.
  3. Most recent GST returns.
  4. Proof of business address.
  5. Colored photograph of the applicant.

How To Apply for BoB Empower Credit Card?

Follow these steps to apply for the BoB Empower Credit Card:

  1. Access BoB Financial’s official website.
  2. Navigate to the Empower Credit Card section.
  3. Select the ‘Apply Now’ option.
  4. Initiate the application process by providing the necessary information.
  5. Thoroughly fill out the application form.
  6. Submit the completed application form.

Frequently Asked Questions (FAQs) –

1. What is the BoB Empower Credit Card?

The BoB Empower Credit Card is a financial product offered by Bank of Baroda to provide users with a range of benefits and privileges.

2. How can I apply for the BoB Empower Credit Card?

Visit BoB Financial’s official website, go to the Empower Credit Card section, and click on the ‘Apply Now’ option to start the application process.

3. What are the key features of the BoB Empower Credit Card?

The card offers features such as cashback, rewards points, travel benefits, and other perks. Specific details may vary, so it’s recommended to check the official website for the latest information.

4. What documents are required for the BoB Empower Credit Card application?

Commonly required documents include proof of identity, address, income, and other KYC documents. Check the official website or contact the bank for the specific list of required documents.

5. Is there an annual fee for the BoB Empower Credit Card?

The annual fee may vary, and some credit cards may have no annual fee. Refer to the terms and conditions or contact the bank for detailed information on fees and charges.

6. How can I check the status of my BoB Empower Credit Card application?

You can usually check the status online on the official website or contact the bank’s customer service for updates on your application.

7. What is the credit limit on the BoB Empower Credit Card?

The credit limit is determined based on various factors such as income, credit history, and the bank’s internal policies. Applicants will be informed of their approved credit limit upon card issuance.

8. How can I redeem rewards points earned with the BoB Empower Credit Card?

Redemption options may include cashback, gift vouchers, or merchandise. Check the rewards program details on the official website or contact customer support for redemption options and procedures.

9. Is there a grace period for the BoB Empower Credit Card bill payment?

Details of the grace period, if applicable, can be found in the terms and conditions. It’s essential to make payments on time to avoid late fees and interest charges.

10. What should I do if my BoB Empower Credit Card is lost or stolen?

Immediately report the loss or theft to the BOB credit card customer care service hotline provided on the back of the card. The bank will guide you through the necessary steps to secure your account and issue a replacement card if needed.