BOBCARD Empower Credit Card – Benefits, Fees & Eligibility

BOBCARD Empower Credit Card

The BOBCARD Empower Credit Card is specifically designed for Proprietors and Self-Employed individuals, serving as a smart solution to efficiently manage all business expenses. It aims to fulfill the credit requirements of businesses while offering a range of benefits across various categories. The card comes with a zero joining fee and an affordable annual fee that can be easily waived based on spending. Cardholders can enjoy a decent reward rate, with accumulated rewards redeemable as cashback at a good rate, and benefit from complimentary insurance covers, fuel surcharge waivers, and features that simplify tracking employee spends and bill settlement.

Welcome Benefits

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

Fees

• Joining Fee: Nil
• Renewal Fee: ₹250 + GST
• Spend-Based Waiver: The annual renewal fee is waived off if you spend ₹50,000 or more in the previous anniversary year.
• Rewards Redemption Fee: Nil
• Foreign Currency Markup: 3.5% of the total transaction amount.
• Interest Rates: 3.49% per month.
• Fuel Surcharge: 1% fuel surcharge waiver on all fuel transactions between ₹400 and ₹5,000.
  • The maximum waiver is capped at ₹250 per statement cycle.
• Cash Advance Charges:
  • 2.5% of the withdrawn amount or a minimum fee of ₹300 at domestic ATMs.
  • 3% of the withdrawn amount or a minimum fee of ₹300 at international ATMs.

Rewards

• General Reward Rate: Earn 1 Reward Point for every ₹100 spent on all eligible Merchant Category Codes (MCCs).
• Unlimited Cashback: Earn unlimited cashback on your spends.
• Insurance Benefits:
  • Air accidental death cover worth ₹15 lakhs.
  • Non-air accidental death cover worth ₹5 lakhs.
• Interest-Free Credit: Get up to 50 days of interest-free credit period to support your business credit needs.
• Personalisation: Get a personalised card look with your business name on it through a fourth line embossing.
• Spend Tracking & Management:
  • Receive categorised statements to keep track of your business spends.
  • Easily streamline internal settlement processes through cashless transactions.
  • Owners can easily track all the spends made by their employees on their respective Empower cards.
  • All credit cards are billed on the same day, making bill clearing easier.
  • Negotiate best deals with vendors based on your employee's expenditure patterns and locations.
• Smart EMI Option: Convert purchases of more than ₹2,500 on your card into easy EMIs with flexible tenures from 6 to 48 months.
• Contactless Payments: Your card is enabled with wireless chip technology for secure and faster payments in contactless mode.
• Reward Exclusions: Reward program is not applicable on select MCCs and Fuel transactions.

Rewards Redemption Guide

• All your accumulated Reward Points can be redeemed for cashback.
• The redemption rate is 1 Reward Point = ₹0.25.
• There is no maximum capping on the reward points you can earn or redeem.
• Reward points can also be redeemed against various other options available at the BoB Rewards portal.

Card Eligibility Criteria

Eligibility Rules

• Residency: Indian Resident.
• Age:
  • For Self-Employed (Primary Cardholder): 24 to 65 years.
  • Overall Cardholders: 21 to 65 years.
• Customer Type: BOB and Non-BOB Self-employed customers are eligible.
• Income:
  • Minimum required income for BoB customers: ₹2.4 lakhs per annum.
  • Minimum required income for non-BoB customers: ₹4.8 lakhs per annum.

Documents Required

• Recent Passport size photograph (with clear/white background & without dark/tinted glass).
• PAN Card.
• GSTIN Registration details.
• Latest GST returns.
• Business address proof.
• Permanent Address Proof:
  • Aadhaar Card (both sides)
  • Voter ID Card issued by election commission of India
  • Passport
  • Driving Licence
  • Job Card issued by relevant authority

Card Review

The BOBCARD Empower Credit Card is an excellent choice for individuals who own a small business or are in the initial stages of starting one, seeking a credit card to manage their fundamental credit requirements. Beyond offering several exciting privileges across various categories, the Empower Card facilitates convenient tracking of all card spends and simplifies the bill payment process. While Bank of Baroda also provides other business cards like the BoB Corporate Card, these typically involve stricter eligibility criteria. The Empower card, therefore, stands out as an accessible and smart business partner for its target segment.

Important Product Details

• Zero joining fee.
• Earn 1 Reward Point on every spend of ₹100.
• Reward Points are redeemable against cashback at a rate of ₹0.25 per point.
• Accidental death cover of up to ₹15 lakhs (air) and ₹5 lakhs (non-air).
• 1% fuel surcharge waiver on all fuel spends, with a maximum waiver of ₹250 per month.
• Annual membership fee can be waived on spending ₹50,000 or more in the previous year.
• Enjoy up to 50 days of interest-free credit period.
• Option to convert purchases exceeding ₹2,500 into easy EMIs ranging from 6 to 48 months.
• Equipped with contactless payment technology for secure and faster transactions.

Other Details

• Self-Care Portal: Take control of your EMPOWER card activities with a dedicated Self-Care Portal.
• 24*7 IVR Support: Get your card-related queries answered without delay through 24*7 IVR support (Toll-free no. 1800-103-1006).
• Multiple Bill Payment Modes: Repay your bills anytime using various modes, including Instant Pay through Net Banking and other self-service options.
• Loan-Based Card Sourcing Conditions (Disclaimer):
  • Minimum Loan Vintage should be 12 months from the date of sanction.
  • There should not be any delinquency in the loan repayment summary for the last 12 months.
  • The loan should be in the name of individuals only.
  • In the case of Joint applicants, the card is to be issued to the applicant from whose account EMI is getting deducted.
  • Loan should not be in the name of companies or partnerships.
  • The loan should be active at the time of sourcing the credit card application and must have been disbursed.