BOBCARD Empower Credit Card – Benefits, Fees & Eligibility

Introduction

The BOBCARD Empower Credit Card, issued by BOBCARD (Bank of Baroda), is designed as a smart solution for proprietors and self-employed individuals, as well as small businesses, to efficiently manage their business expenses. It offers a zero joining fee and an affordable annual fee that can be easily waived based on spending. Key differentiating benefits include a decent reward rate with accelerated points on utility payments, a 1% fuel surcharge waiver, and features tailored for business convenience such as easy tracking of employee spends, streamlined bill settlement, and up to 50 days of interest-free credit. The card also provides the option for a personalized card look with the business name.

Welcome Benefits

• Earn 500 Reward Points on spending ₹5,000 or more within the first 60 days of card issuance.

Fees

• Joining Fee: Nil
• Annual Fee:
  • ₹250 + GST
  • Alternatively, ₹500 (as mentioned in some terms).
• Spend-Based Waiver: The annual/renewal fee is waived on spending ₹50,000 or more in the previous anniversary year. This allows cardholders to potentially make their card lifetime free.
• Rewards Redemption Fee: Nil
• Foreign Currency Markup: 3.5% of the total transaction amount.
• Interest Rates: 3.75% per month (equivalent to 45% per annum).
• Fuel Surcharge:
  • 1% fuel surcharge waiver on all fuel transactions between ₹400 and ₹5,000.
  • The maximum waiver is capped at ₹250 per month/statement cycle.
  • Goods and Services Tax (GST) is applicable on the fuel surcharge and is not reversed.
  • The rate of fuel surcharge may vary depending on the fuel station and their acquiring bank.
  • No Reward Points are earned on fuel transactions.
• Cash Advance Charges: 2.5% of the withdrawn amount or ₹500, whichever is higher.

Rewards

• Reward Type: Reward Points.
• Rewards Rate:
  • Earn 5 Reward Points for every ₹100 spent on utility payments (such as electricity or water bills, MCC 4900), subject to a maximum of 1,000 Reward Points in one statement cycle.
  • Earn 1 Reward Point for every ₹100 of retail spend on all other MCCs.
  • No Reward Points are accumulated on fuel transactions or select MCCs.
• Movie & Dining: Not applicable.
• Travel: Not applicable.
• Domestic Lounge Access: Not applicable.
• International Lounge Access: Not applicable.
• Golf: Not applicable.
• Insurance Benefits: Complimentary insurance covers (details not specified).
• Lifestyle Benefits:
  • Contactless Safe Payments: The card is enabled with wireless chip technology for secure and faster contactless payments.
  • Smart EMI Option: Convert purchases of more than ₹2,500 into easy EMIs with tenures ranging from 6 to 48 months.
  • Interest-Free Credit Period: Get up to 50 days of interest-free credit period to support business credit needs.

Rewards Redemption Guide

• Redemption Value: 1 Reward Point = ₹0.25.
• Redemption Options:
  • Reward Points can be redeemed against the card’s outstanding balance as cashback, with no maximum capping on reward points to earn.
  • Reward Points can also be redeemed against different options available at the BoB Rewards portal.

Card Eligibility Criteria

• Age:
  • For Self-Employed (Primary Cardholder): 24 to 65 years.
  • Generally, the age of cardholders should be between 21 years and 65 years.
• Residency: Applicant should be an Indian resident.
• Applicant Type: Exclusively designed for Proprietors and Self-Employed individuals.
• Income:
  • For BoB customers: Minimum required income is ₹2.4 lakhs per annum.
  • For non-BoB customers: Minimum required income is ₹4.8 lakhs per annum.
• Documents Required:
  • Mandatory Proof:
    • Recent Passport size photograph (with clear/white background & without dark/tinted glass).
    • PAN Card.
  • Permanent Address Proof:
    • Aadhaar Card (both sides).
    • Voter ID Card issued by the Election Commission of India.
    • Passport.
    • Driving Licence.
    • Job Card issued by... (further details truncated).
  • Income Proof:
    • GSTIN Registration details along with the latest copy of GST return.
    • Income Documents: Customers can apply basis sanction letter of any... (further details truncated).

Card Review

The BOBCARD Empower Credit Card is an excellent choice for individuals with small businesses or those who are just starting one, seeking a credit card to fulfill basic credit requirements and manage business expenses efficiently. It positions itself as a smart business partner, offering convenience in tracking expenditures and streamlining bill payments.

• Pros:
  • Zero joining fee and an easily waivable annual fee.
  • Competitive reward rate, especially for utility payments (5X points).
  • Reward points can be redeemed as cashback at a good rate (1 RP = ₹0.25) with no maximum capping.
  • Includes a 1% fuel surcharge waiver.
  • Provides up to 50 days of interest-free credit.
  • Offers features specifically for business management, such as easy tracking of employee spends, categorised statements, and streamlined bill settlement.
  • Contactless payment technology for secure and faster transactions.
  • Option to convert large purchases into easy EMIs.
  • Personalized card look with business name embossing.
  • Complimentary insurance covers (though details are not specified).
• Cons:
  • No specific details provided for the "complimentary insurance covers."
  • Lacks benefits in categories like lounge access, movies, dining, travel, or golf.
  • Reward points are not earned on fuel transactions.
  • A slight discrepancy in the stated annual fee (₹250 + GST vs. ₹500) across different sources, though the waiver condition remains consistent.

Important Product Details

• No joining fee.
• Annual fee of ₹250 + GST (or ₹500) is waived on spending ₹50,000 or more in the previous anniversary year.
• Earn 5 Reward Points for every ₹100 spent on utility payments (max 1,000 points/cycle).
• Earn 1 Reward Point for every ₹100 spent on all other retail transactions.
• Reward Points are redeemable against cashback at a rate of 1 RP = ₹0.25.
• 1% fuel surcharge waiver on transactions between ₹400 and ₹5,000, capped at ₹250 per month.
• Up to 50 days of interest-free credit period.
• Personalised card look with your business name through a fourth line embossing.
• Categorised statements to keep track of business spends.
• Easy tracking of expenses made by employees.
• Streamlined internal settlement processes through cashless transactions.
• Ability to negotiate best deals with vendors based on employee expenditure patterns and locations.
• Self-Care Portal for managing card activities.
• 24*7 IVR support (Toll-free no. 1800-103-1006) for card-related queries.
• Multiple bill payment modes available, including Instant Pay via Net Banking.
• Contactless payment enabled.
• Smart EMI option for purchases greater than ₹2,500.

Other Details

• The card is exclusively designed for Proprietors and Self-Employed individuals.
• The application process is digital and involves 3 simple steps: filling an online application form, e-signing using Aadhaar, and verifying identity via Video KYC.
• Important Terms and Conditions Summary: The reward program is not applicable on select Merchant Category Codes (MCCs) and fuel transactions. Goods and Services Tax (GST) is applicable on the fuel surcharge and is not reversed. The rate of fuel surcharge may vary, and the surcharge is levied by the acquiring bank. The value of the fuel transaction on the charge slip may differ from the credit card statement due to the surcharge and GST being levied by the acquiring bank after the transaction. For comprehensive terms, refer to the Most Important Terms and Conditions (MITC) document on the bank's website.