Bank of Baroda Vikram Credit Card: BOB Financial Solution Limited launched the Vikram Credit Card on January 26, 2023, dedicated to Indian Defence, Paramilitary Forces, and Police personnel. This credit card has attractive offers and benefits such as free accidental death cover (air and non-air: 20 lacks), Free Joining/Annual fee, fuel surcharge waiver, etc. In this article, you have been told about the features, benefits, and fees of the Bank of Baroda Vikram Credit Card.
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Bank of Baroda Vikram Credit Card Details
|Card Name||Vikram Credit Card|
|Card Activation offer||Complimentary 3 Months of Disney Hotstar subscription on card activation|
|Best Offer||5 Reward Points for every ₹100 spent at Grocery, Movie & Departmental Stores.|
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Key Features of the Bank of Baroda Vikram Credit Card
With this Bank of Baroda Credit Card, Defence personnel can earn reward points on a wide range of categories and avail of other benefits. Some of the key features, benefits, and fees of the BOB Vikram Credit Card are discussed below:
Rewards and benefits
- Three months’ Disney Hotstar subscriptions will be available free of cost on BOB Vikram Credit Card activation.
- Get an opportunity to earn 5 Reward Points for every ₹100 spent at Grocery, Movie & Departmental Stores.
- 1 reward point for every ₹100 spent on other categories.
- Low service fee: 3.25% and low international mark-up: 3%
- BOB Vikram Credit Card is Lifetime Free: No joining fee. No Annual Fee.
- 1% fuel surcharge waiver at all fuel stations across India on transactions between ₹ 400 and ₹ 5,000 (maximum ₹ 250 per statement cycle).
- You can convert purchases of ₹2500 and above into smart EMIs of 6 to 36 months.
- Get 3 lifetime free add-on cards for your spouse, parent, sibling, or child (above 18 years).
- Free Accidental Death Cover (Air & Non-Air: 20 Lakh) for the financial security of your family
- Avail interest-free credit up to 50 days from the date of any purchase made with Vikram Credit Card.
- Report the loss of the card immediately to ensure zero liability for any fraudulent transactions.
Bank of Baroda Vikram Credit Card Interest rates and fees
|Interest Rate||Avail interest-free credit up to 50 days from the date of any purchase made with a BOB Vikram Credit Card.|
|International Mark-up Charges||3%|
|Late Payment Fees||Nil for Outstanding Amount on payment date from Rs 0 to 100 |
Rs 100 for Outstanding amounts between Rs 100 to 500
Rs 400 for an outstanding amount between Rs 501 to 1,000
Rs 750 for an outstanding amount between Rs 1,001 to 10,000
Rs 950 for an outstanding amount between Rs 10,001 to 25,000
Rs 1,100 for an outstanding amount between Rs 25,001 to 50,000
Rs 1300 for an outstanding amount greater than Rs 50,000
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Eligibility criteria for Bank of Baroda Vikram Credit Card
If you want BOB Vikram Credit Card, you have to be eligible for this credit card. You must read this article properly to know the eligibility criteria so that you can easily apply for this card.
- Age: Your minimum age should be 18 years.
- Occupation: BOB Financial Solutions Limited dedicates this card to Indian Defence, Paramilitary Forces, and Police personnel.
- Passport Size Photo Graph/Selfie
- The customer should have a good Credit Score say 750+
Documents Required for BOB Vikram Credit Card
- Identity Proof: PAN Card, Driving Licence, Aadhar Card, etc.
- Address Proof: Aadhar Card, Utility Bills, Passport, etc.
- Income Proof: Last 3 months’ Income Tax Return with Computation Chart, last 6 months’ bank statement, and last 3 months’ salary slip with employment details.
How to Apply for the Bank of Baroda Vikram Credit Card?
The applicant can use online and offline methods to apply for the Bank of Baroda Vikram credit card. Applicants have to follow some easy steps, which we have mentioned below:
Online application process
To apply for the Bank of Baroda Vikram Credit Card online, follow these steps:
- Visit the official website of the Bank of Baroda and look for the “Credit Cards” section.
- Choose the Bank of Baroda Vikram Credit Card from the available options.
- Fill in the online application form with the required personal and financial information.
- Upload the necessary documents, such as identity proof, address proof, and income proof.
- Review the information and submit the form.
- The bank will process the application and notify the applicant of the approval status.
- Upon approval, the card will be delivered to the applicant’s registered address in approximately 21 days.
Offline application process
To apply for the Bank of Baroda Vikram Credit Card offline, follow these steps:
- Locate a nearby Bank of Baroda branch and visit the branch to speak with a representative.
- Ask the representative for an application form for the Bank of Baroda Vikram Credit Card.
- Fill in the required personal and financial information in the application form.
- Submit the filled form along with the required documents such as identity proof, address proof, and income proof.
- The bank will process the application and inform the applicant about the approval status. If your application is approved, your credit card will be sent to your home address in approximately 21 days.
Advantages of the Bank of Baroda Vikram Credit Card
Increased purchasing power
Credit Limit: The card may come with a credit limit which allows the cardholder to spend up to a certain amount.
Wide Acceptance: The card is accepted by a wide network of merchants both online and offline across the World.
Interest-Free Period: Bank of Baroda offers its credit card holders an interest-free period of 50 days from the date of purchase.
Option to withdraw cash at ATMs: In case of cash requirement, the cardholder can withdraw the eligible cash amount using his BOB Vikram Credit Card.
Convenient usage: The card provides a convenient way to make purchases, withdraw cash, and make payments.
Convert Purchase to EMIs: On purchasing an amount above Rs 2500, you can convert it into EMIs of 6 to 36 months, under which you are charged a lower interest rate.
Access to exclusive discounts and offers
Rewards and discounts: The card may offer rewards and discounts on purchases made using the card, such as cashback, reward points, and discounts on fuel, dining, and entertainment.
Wide Acceptance: Using this credit card, you can shop at authorized locations by the bank and earn rewards points and cashback offers.
Option to set spending limits: By Setting your credit card limit, you can keep your expenses within the scope of your income so that you do not have any difficulty paying bills.
Insurance Cover: Free Accidental Death Cover (Air & Non-Air: 20 Lakh) for the financial security of your family
Fuel Surcharge Wavier: 1% fuel surcharge waiver at all fuel stations across India on transactions between ₹ 400 and ₹ 5,000 (maximum ₹ 250 per statement cycle).
Easy bill payment options
Online bill payment: Bank of Baroda offers the facility of online bill payment through its website or mobile app, thereby eliminating the need for physical transactions.
Auto-Debit: You can set up an auto-debit facility to automatically pay your credit card bills from your Bank of Baroda account, ensuring you never miss the payment deadline.
Multiple payment options: Apart from online and auto-debit, the bank offers various other payment options like NEFT, RTGS, and cash deposit, so you can choose the one that best suits you.
Flexible Due Date: The bank offers you the flexible due date option on the credit card form, so you can choose the date that best suits you to make the payment.
How to Use the Bank of Baroda Vikram Credit Card?
Tips for maximizing rewards
Use the card frequently: To maximize the rewards of the Bank of Baroda Vikram Credit Card, make sure to use it frequently for your everyday purchases.
Focus on bonus categories: Take advantage of the bonus categories offered by the card and use them for those purchases to earn extra rewards.
Pay bills on time: To avoid late fees and maintain a good credit score, make sure to pay your credit card bills on time.
Keep track of your spending: Regularly check your account statement to keep track of your spending and make sure you are staying within your budget.
Redeem rewards regularly: Regularly redeem your rewards points for cash back, merchandise, etc., to make the most of your rewards program.
Managing expenses and avoiding debt
Set a budget: Determine a budget for your monthly expenses and stick to it to avoid overspending.
Track spending: Regularly track your spending to ensure you are within your budget and avoiding debt.
Pay bills on time: Pay your credit card bills on time to avoid late fees and maintain a good credit score.
Avoid maxing out the card: Avoid using the maximum credit limit of your Bank of Baroda Vikram Credit Card to maintain a good credit utilization ratio and avoid debt.
Pay more than the minimum payment: Paying only the minimum amount can lead to high-interest charges and prolong your debt repayment period. Try to pay more than the minimum payment whenever possible.
Avoid cash advances: Cash advances typically have high-interest rates and fees, so avoid them as much as possible.
Frequently Asked Questions About the Bank of Baroda Vikram Credit Card
What is the annual fee for the card?
Bank of Baroda Vikram Credit Card comes with a lifetime free offer. You can’t pay any joining and annual fees.
What is the interest-free credit period on the Bank of Baroda Vikram Credit Card?
Bank of Baroda offers its credit card holders an interest-free period of 50 days from the date of purchase.
How do I pay my credit card bill?
You can pay your BOB Vikram credit card bill through various methods such as online through your bank or card issuer’s website, by mail, by phone, or in person at a local branch.
What is a credit card late fee?
A credit card late fee is a charge assessed by the Bank of Baroda when a credit card payment is not made by the due date.
What is a cash advance on a credit card?
A cash advance on a credit card is a feature that allows you to withdraw cash using your credit card at an ATM or bank. It often incurs a higher interest rate than purchases made with the card.
How do I report a lost or stolen credit card?
To report a lost or stolen credit card, you must immediately contact the Bank of Baroda and request for cancellation of the card and issuance of a new card.
What is Balance Transfer on Credit Card?
Balance transfer on a credit card is the process of transferring a balance from one credit card to another, often to take advantage of a lower interest rate or promotional offer.
Conclusion: Here I have given you detailed information about the features, benefits, and fees of Bank of Baroda Vikram Credit, along with how you can manage your expenses using credit. My advice to you is that you must set your credit limit upper based on your monthly income so that you can avoid spending more.
Credit card offers you many benefits, but you get the advantage only if you use them judiciously. I hope you have liked this suggestion and this article of mine.