BOBCARD ICSI Diamond Credit Card – Benefits, Fees & Eligibility

Introduction

The BOBCARD ICSI Diamond Credit Card, issued by BOBCARD LIMITED (Bank of Baroda), is an exclusive, lifetime-free credit card designed specifically for active members of The Institute of Company Secretaries of India (ICSI). Positioned as a mid-range professional card, it offers a compelling suite of benefits including accelerated rewards on dining, online, and utility spends, complimentary domestic airport lounge access, a reduced foreign currency markup fee, and comprehensive insurance coverage.

Welcome Benefits

• Complimentary 6-month FitPass Pro membership.
• 500 bonus Reward Points on spending ₹5,000 or more within 60 days of card issuance.

Fees

• Joining Fee: Nil (Lifetime Free Card)
• Renewal Fee: Nil (Lifetime Free Card)
• Spend-Based Waiver: Not applicable as the card is lifetime free.
• Rewards Redemption Fee: Nil
• Foreign Currency Markup: 2% of the total transaction amount.
• Interest Rates: 3.49% per month.
• Fuel Surcharge: 1% fuel surcharge waiver on all fuel spends between ₹400 and ₹5,000. The maximum waiver per month is capped at ₹250.
• Cash Advance Charges:
  • 2.5% of the withdrawn amount (subject to a minimum of ₹300) at domestic ATMs.
  • 3% of the withdrawn amount (subject to a minimum of ₹300) at international ATMs.
• Add-on Card Fee: Free (up to 3 lifetime free add-on cards).

Rewards

• Core Reward Points: Earn 1 Reward Point on every retail spend of ₹100.
• Accelerated Rewards: Earn 5x Reward Points (5 Reward Points per ₹100 spent) on dining, online, and utility bill payments.
  • Note: 5x Rewards are capped at 1000 Reward Points on these categories per statement cycle. Further spends in that statement cycle on these categories will earn Reward Points at the regular earn rate.
• Milestone Benefits:
  • Earn 999 bonus Reward Points every month on making at least 5 transactions worth ₹1,000 or more in a month.
  • Earn an additional 3,999 bonus Reward Points every quarter on spending more than ₹1 Lac or your card's credit limit (whichever is higher) in a quarter.
• Travel Benefits:
  • Get 12 complimentary domestic airport lounge accesses every year (capped at 3 visits per quarter).
  • Effective January 1, 2025, complimentary lounge access will be subject to a minimum spend of ₹40,000 in the preceding calendar quarter.
  • Reduced forex markup fee of 2% for international transactions.
• Insurance Benefits:
  • Air accident death cover worth ₹15 lakhs.
  • Non-air accident death cover worth ₹5 lakhs.
  • Professional Indemnity Insurance Cover worth ₹5 lakhs.
• Other Benefits:
  • Smart EMI option to convert purchases of ₹2,500 and above into EMIs ranging from 6 to 48 months.
  • Free add-on cards for spouse, parents, siblings, or kids (above 18 years of age), up to 3 cards.
  • No Reward Points are earned on fuel purchases.
  • UPI transactions are eligible only for core Reward Points and do not qualify for bonus rewards.

Rewards Redemption Guide

• The Reward Points earned can be redeemed against cashback.
• The redemption rate is 1 Reward Point = Re. 0.25.
• Reward Points can also be redeemed against various options available at the BOBCARD Rewards portal.

Card Eligibility Criteria

• Applicant Status: Must be an active ICSI member.
• Residency: Resident of India.
• Age:
  • Primary applicant: 21 to 75 years (for both salaried and self-employed individuals).
  • Add-on cardholder: Minimum 18 years.
• Income/ITR:
  • Salaried BoB Customers: ₹3 lakhs net annual income or above.
  • Self-employed BoB Customers: ₹3 lakhs annual ITR or above.
• Credit Score: The applicant’s credit score might affect the card issuer’s decision.

Documents Required

• Photocopy of the applicant’s PAN Card.
• Photocopy of ICSI Membership Card.
• Recent passport-sized photograph.
• Latest salary slips (for salaried individuals) or latest ITR (for self-employed individuals).
• Current Address proof (e.g., Passport, latest utility bills, Aadhaar Card).
• KYC Documents.

Card Review

The BOBCARD ICSI Diamond Credit Card is an excellent choice for active ICSI members seeking a lifetime-free credit card with a strong rewards program and travel benefits. Its zero joining and annual fees make it highly accessible. The card shines with 5x rewards on common spending categories like dining, online purchases, and utility bills, although these are capped monthly. The complimentary domestic lounge access and low 2% forex markup fee are significant advantages for travelers, though the lounge access will become spend-based from 2025. Comprehensive insurance coverage adds further value. While the 5x rewards cap and future lounge access conditions are minor drawbacks, the overall value proposition, especially for a lifetime-free card tailored to a specific professional group, is very strong. It's ideal for ICSI members who frequently spend on dining, online shopping, and utility bills, and occasionally travel domestically or internationally.

Important Product Details

• Lifetime free credit card (Zero Joining and Annual Fees).
• Exclusive for active ICSI members.
• Earn up to 5x Reward Points on utility, dining, and online purchases.
• Monthly and quarterly bonus Reward Points on achieving spending milestones.
• 12 complimentary domestic airport lounge accesses annually (3 per quarter).
• Low foreign currency markup fee of 2%.
• Comprehensive insurance coverage including air accident, non-air accident, and professional indemnity.
• 1% fuel surcharge waiver on transactions between ₹400 and ₹5,000 (capped at ₹250/month).
• Zero liability protection on lost cards.
• 5x rewards are capped at 1000 Reward Points per statement cycle for the mentioned categories.
• Complimentary lounge access will be subject to a minimum spend of ₹40,000 in the preceding calendar quarter, effective January 1, 2025.
• No Reward Points are earned on fuel transactions.
• UPI transactions only earn core Reward Points, not bonus rewards.

Other Details

• Application Process: Can be applied for online or offline. Online application involves filling a digital form, e-signing with Aadhaar, and verifying identity via Video KYC. Offline application requires visiting a BOBCARD branch with necessary documents.
• Zero Liability: Report loss of card immediately to ensure zero liability on any fraudulent transactions.
• Contactless Payments: The card is enabled with wireless chip technology for secure and faster contactless payments.
• Add-on Cards: Up to 3 lifetime free add-on cards can be issued for spouse, parents, siblings, or kids (above 18 years).