Bank of Baroda VIKRAM Credit Card – Benefits, Fees & Eligibility

Introduction

BOBCARD VIKRAM is a lifetime-free credit card issued by Bank of Baroda, designed exclusively for designated personnel of the Indian Defence Forces. Positioned as an entry-level card with no joining or annual fees, it offers a straightforward rewards structure and practical benefits. Its top differentiating features include a complimentary 3-month JioHotstar subscription as a welcome gift and a 1% fuel surcharge waiver across all fuel stations in India.

Welcome Benefits

• Complimentary 3-month JioHotstar subscription on making the first transaction within the first 30 days of card issuance.
• 500 Reward Points on spending ₹5,000 within 60 days of card issuance.

Fees & Charges Breakdown

• Joining Fee: Lifetime Free (No joining fee).
• Renewal Fee: Lifetime Free (No annual fees).
• Interest-Free Credit Period: Up to 50 days of interest-free credit from the date of purchase.
• Fuel Surcharge Waiver: 1% fuel surcharge waiver at all fuel stations across India on transactions between ₹400 and ₹5,000. The maximum waiver is capped at ₹250 per statement cycle. The GST component on the surcharge is not reversed. Fuel transactions are not eligible for Reward Points.
• Add-on Card Fee: Lifetime free; up to 3 add-on cards can be obtained.

Rewards & Cashback Structure

• Core Rewards: Earn 1 Reward Point for every ₹100 spent on all other categories.
• Accelerated Rewards: Earn 5X Reward Points (5 Reward Points per ₹100) on spending at movies and departmental stores. This is subject to a maximum cap of 1,000 Reward Points per month; spends beyond the threshold earn at the regular rate of 1 point per ₹100.
• Redemption: Accumulated Reward Points can be redeemed for cashback at a value of 1 Reward Point = ₹0.25.
• Exclusions: Reward Points are not applicable on fuel transactions and select Merchant Category Codes (MCCs). UPI transactions are eligible only for core Reward Points and do not qualify for bonus rewards.

Travel, Lounge & Lifestyle Perks

• Insurance Cover: The card includes a free personal accidental death cover of ₹20,00,000 (Air / non-air) for financial protection.

Card Eligibility Criteria & Income Requirements

• Target Audience: Designated Personnel of the Indian Defence Forces.
• Age: For salaried individuals, the primary cardholder must be between 18 and 60 years of age. Add-on cardholders must be above 18 years of age.
• Mandatory Documents:
  • Recent passport-size photograph with a clear/white background and without dark/tinted glasses.
  • PAN Card (Mandatory).
  • Aadhaar Card.
• Permanent Address Proof (any one):
  • Aadhaar Card (both sides).
  • Voter ID Card issued by the Election Commission of India.
  • Passport.
  • Driving Licence.
  • Job Card issued by NREGA.
• Income Proof:
  • ID card / Service Certificate or Latest Salary Slip mentioning the rank of the Official.
  • Canteen Card.

Credit Card Review

• Overall Verdict: This is a no-frills, lifetime-free card tailored exclusively for defence personnel. It is best suited for individuals seeking a basic credit card with zero cost liability and simple cashback rewards. The fuel surcharge waiver and free insurance cover add practical value, though the rewards program is modest with a low monthly cap on accelerated earnings.
• Pros:
  • Lifetime free with no joining or annual fees.
  • 1% fuel surcharge waiver on all fuel stations.
  • Free personal accident insurance cover.
  • Complimentary JioHotstar subscription as a welcome benefit.
• Cons:
  • 5X rewards are capped at a low 1,000 points per month.
  • No airport lounge access or golf benefits.
  • Fuel transactions do not earn any reward points.

Important Product Details

• Positive Highlights:
  • Zero liability on lost card if the loss is reported immediately.
  • Contactless payment technology enabled for secure and faster transactions.
  • Smart EMI option available to convert purchases of ₹2,500 or more into EMIs of 6 to 48 months.
• Negative Highlights:
  • The fuel surcharge waiver is capped at ₹250 per statement cycle.
  • The GST component on the fuel surcharge is not reversed.
  • UPI transactions are excluded from bonus reward point earnings.

Other Details

• The rate of fuel surcharge may vary depending on the fuel station and their acquiring bank. The surcharge is levied by the acquiring bank providing the terminal to the merchant.
• The value of the fuel transaction on the charge slip will differ from the credit card statement since the fuel surcharge and GST on the same are levied by the acquiring bank after the transaction.
• The application process is digital and involves three steps: filling out the online application form, e-signing using Aadhaar, and verifying identity via Video KYC.