Indian Overseas Bank Credit Card

The IOB Classic Credit Card caters to those seeking a more convenient and empowered financial experience. With a amount of up to Rs. 5 lakhs, it provides the freedom to make purchases at merchant Point of Sale and withdraw cash from ATMs nationwide. This card offers affordability in terms of fees and charges and allows cardholders to obtain up to 4 add-on cards. With IOB Classic Credit Card, you gain access to an array of exclusive privileges, enticing offers, and seamless banking transactions, enhancing your lifestyle. Say goodbye to traditional cash transactions and embrace a more convenient way of managing your finances.

Benefits and Features of Indian Overseas Bank Credit Card

The Indian Overseas Bank Credit Card offers several features and benefits:

1. International Acceptance:

  • IOB Credit Cards are accepted worldwide at over 1,18,000 member establishments.
  • They serve as a convenient alternative to carrying cash or writing checks.

2. Security with SMS Alerts:

  • Customers receive SMS alerts for every credit card transaction.
  • Helps in easy expense tracking and provides transaction details.

3. Hassle-Free Payments:

  • IOB Credit Cardholders can make payments through IOB Net Banking, avoiding payment delays and penalties.
  • Payments can be conveniently made from home.

4. ATM Cash Withdrawal:

  • Cardholders can use their IOB Credit Card for ATM cash withdrawals and merchant Point of Sale transactions.

5. Supplementary Credit Cards:

  • Cardholders can provide cashless transaction convenience to family members by obtaining up to four supplementary cards in addition to the primary card.

6. Flexible Payment Options:

  • IOB Credit Cardholders can choose to pay the minimum amount due rather than the total outstanding balance, offering payment flexibility.

7. Exciting Rewards Scheme:

  • Reward points are earned for e-commerce and merchant Point of Sale transactions.
  • Enhances the overall value of purchases for cardholders.

Indian Overseas Bank Credit Card Fees and Charges

Here are the fees and charges associated with the Indian Overseas Bank Credit Card:

1. Annual Membership Fee:

  • Pay an annual fee for primary and add-on cards, set by the bank.
  • Fees vary by card type.
  • Non-refundable upon card closure.

2. Cash Advance Fees:

  • Withdraw cash from ATMs with a fee of INR 100 per transaction.
  • Fee added to the next monthly bill.
  • No interest-free period for ATM cash withdrawals.

3. Late Payment Charges:

  • Apply if minimum due isn’t paid by the due date.
  • Minimum INR 100 charge on the statement balance.

4. Interest-Free Credit Period:

  • Up to 50 days available, depending on the scheme and card type.
  • No interest-free period if the previous month’s balance isn’t cleared in full by the due date.
  • No interest-free period for ATM cash withdrawals.

Indian Overseas Bank Credit Card Eligibility Criteria

Here are essential criteria for applying for an Indian Overseas Bank Credit Card:

  1. The applicant should be an Indian resident.
  2. The applicant needs to be at least 18 years old.
  3. A steady income from a reliable source is a requirement, verified through income documents and salary slips.
  4. A good CIBIL score is essential, and there should be no history of payment defaults with IOB or any other bank.

Documents Required for Indian Overseas Bank Credit Card

To apply for the Indian Overseas Bank Credit Card, you must provide the following documents:

1. Identity Proof:

  • Passport
  • Aadhaar Card
  • Voter ID
  • Driver’s License
  • PAN Card
  • Any other government-issued photo ID

2. Address Proof:

  • Aadhaar Card
  • Voter ID
  • Utility Bill (electricity, water, gas, etc.) not more than 3 months old
  • Bank account statement
  • Ration Card
  • Rental agreement (if applicable)
  • Passport (if not used as an identity proof)

3. Income Proof:

  • Salary slips (usually the latest one or two)
  • Bank statements for the last three months
  • Income tax returns (ITR)
  • Form 16 (if applicable)
  • Business financial statements (for self-employed individuals)

4. Passport-sized Photographs: You may need to provide passport-sized photographs as specified by the bank.

5. Duly Filled Application Form: Complete the credit card application form provided by the bank.

6. Age Proof: This may not always be required, but in some cases, banks may ask for age proof, which can be a birth certificate or any document that verifies your age.

How To Apply for Indian Overseas Bank Credit Card

To apply for the Indian Overseas Bank Credit Card, follow these steps:

1. Check Eligibility:

  • Before applying, ensure you meet the eligibility criteria, including age, income, and credit score requirements, as specified by IOB for the specific credit card you are interested in.

2. Select the Card:

  • Choose the IOB Credit Card that best suits your financial needs and lifestyle, as they offer various card options with different features and benefits.

3. Gather Required Documents:

  • Collect the necessary documents, including identity proof, address proof, income proof, passport-sized photographs, and any other documents required by the bank.

4. Online Application:

  • Visit the original website of Indian Overseas Bank.
  • Navigate to the credit cards section.
  • Find and select the specific credit card you want to apply for.
  • Click on the “Apply Online” or “Apply Now” button.
  • Complete the internet-based application form with precise personal and financial details.

5. Document Submission:

  • Upload the required documents as specified in the application form.

6. Application Verification:

  • IOB will review your application and documents. This process may also include a credit check.

7. Wait for Approval:

  • Wait for the bank’s decision. This may take some time, and the bank will notify you of the outcome.

8. Receive Credit Card:

  • If your application is approved, IOB will issue and deliver your credit card to the address provided in your application.

9. Activate the Card:

  • Follow the instructions provided with the card to activate it, usually by calling a designated phone number or visiting the bank’s nearest branch.

10. Read Terms and Conditions:

  • Familiarize yourself with the terms and conditions associated with your IOB Credit Card, including annual fees, interest rates, and the card’s features and benefits.

List of Indian Overseas Bank Credit Card

Here are some of the credit cards offered by Indian Overseas Bank Credit Card:

  1. Indian Overseas Bank Visa Gold Card
  2. Indian Overseas Bank Visa Silver Card
  3. Indian Overseas Bank International Credit Card
  4. Indian Overseas Bank MasterCard Gold Card
  5. Indian Overseas Bank MasterCard Silver Card
  6. Indian Overseas Bank MasterCard International Credit Card
  7. Indian Overseas Bank Visa Signature Card
  8. Indian Overseas Bank Visa Platinum Card
  9. Indian Overseas Bank RuPay Credit Card