CMA One BOBCARD Credit Card – Benefits, Fees & Eligibility

CMA One BOBCARD Credit Card

The CMA One BOBCARD Credit Card is an exclusive offering from BOBCARD, specifically designed for ICMAI professionals. This card stands out as a lifetime-free credit card, featuring a minimal joining fee of just ₹1 (plus GST) and absolutely no annual fees. Despite its affordability, it delivers a comprehensive suite of benefits, including accelerated reward points on popular spending categories, complimentary domestic airport lounge access, a low foreign currency markup, and extensive insurance coverage. Cardholders can also enjoy welcome benefits like a complimentary FitPass Pro membership and bonus reward points, alongside milestone rewards for significant spending.

Welcome Benefits

• Complimentary 6-months Fitpass Pro Membership worth ₹15,000. This benefit is applicable to the Primary Card only and expires 60 days from the card issuance date.
• Earn 500 bonus reward points on spending ₹5,000 or more within the first 60 days of card issuance.

Fees

• Joining Fee: ₹1 + GST (one-time fee).
• Renewal Fee: Nil.
• 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 transactions between ₹400 and ₹5,000 at all fuel stations across India. The maximum waiver is capped at ₹250 per statement cycle. Please note that the GST component is not reversed, and no reward points are earned on fuel transactions.
• Cash Advance Charges: 2.5% of the withdrawn amount or a minimum of ₹300 at domestic ATMs. 3% of the withdrawn amount or a minimum of ₹300 at international ATMs.

Rewards

Accelerated Rewards

• Earn 5X Rewards, equivalent to 5 Reward Points per ₹100 spent on dining, online purchases, and utility bill payments.
• These 5X Rewards are capped at 1,000 Reward Points on the mentioned categories per statement cycle. Further spends in these categories beyond the cap will earn Reward Points at the regular earn rate.
• The reward program is not applicable on select Merchant Category Codes (MCCs) and fuel transactions.

Core Rewards

• Earn 1 Reward Point per ₹100 spent on all other categories not specified for accelerated rewards.
• UPI transactions are eligible only for core Reward Points and do not qualify for bonus rewards.
• No Reward Points are accrued on fuel transactions.

Milestone Rewards

• Earn an additional 4,000 reward points every quarter on spending more than ₹1 lakh or exceeding your card's credit limit, whichever is higher.

Travel Benefits

• Domestic Lounge Access: Receive 12 complimentary access passes annually (capped at 3 per quarter) at a long list of partner domestic airport lounges.
• Effective January 1, 2025, complimentary lounge access will be subject to a minimum spend of ₹40,000 in the preceding calendar quarter.
• Benefit from a reduced Foreign Currency Markup of 2% on international spends.

Fuel Surcharge Waiver

• A 1% fuel surcharge waiver is available on all fuel transactions ranging from ₹400 to ₹5,000.
• The maximum waiver amount is ₹250 per statement cycle.
• No reward points are earned on fuel transactions, and the GST component on the surcharge is not reversed.

Insurance Benefits

• Get free Professional Indemnity Insurance Cover of up to ₹5 lakhs.
• Receive Air accident death cover of ₹15 lakhs.
• Benefit from Non-air accident death cover of ₹5 lakhs.

Other Benefits

• Smart EMI Option: Convert purchases of more than ₹2,500 made on your card into Smart EMIs with flexible tenures ranging from 6 to 48 months.
• Free Add-on Card: Get up to 3 lifetime free add-on cards for your spouse, parents, siblings, or children (above 18 years of age).
• Zero Liability on Lost Card: Report the loss of your card immediately to ensure zero liability on any fraudulent transactions made thereafter.
• Contactless Safe Payments: The card is enabled with wireless chip technology, allowing for secure and faster contactless payments.

Rewards Redemption Guide

• All your accumulated reward points can be redeemed as cashback at a conversion rate of 1 reward point = ₹0.25.
• Reward points can also be redeemed against various other options available on the BOBCARD Rewards portal.
• Important Terms and Conditions regarding Reward Points redemption are available on bobcard.co.in.

Card Eligibility Criteria

Eligibility Rules

• The applicant must be a resident of India.
• The applicant must be an eligible and active member of ICMAI (The Institute of Cost Accountants of India).
• Age requirement: For both salaried and self-employed individuals, the age should be between 21 and 75 years.
• Salaried Customers: Must have a net annual income of ₹3 lakhs or above.
• Self-employed Customers: Must have an annual Income Tax Return (ITR) of ₹3 lakhs or above.
• The age of supplementary card applicants must be a minimum of 18 years.
• The applicant's credit score may also be an important factor in the approval process.

Documents Required

• KYC Documents.
• Photocopy of PAN card.
• Photocopy of ICMAI Membership Card.
• Applicant’s recent passport-sized photograph.
• Latest Salary Slip (for salaried individuals) or Latest Audited ITR (for self-employed individuals).
• Current Address proof (e.g., Passport, latest utility bills, Aadhaar Card).

Card Review

The CMA One BOBCARD Credit Card is positioned as a highly attractive, lifetime-free credit card exclusively for active ICMAI members, with a nominal one-time joining fee of just Re. 1. It offers exceptional value through a reasonable reward rate, including accelerated points on key spending categories, along with substantial travel benefits such as complimentary domestic lounge access and a low foreign currency markup. The card further enhances its appeal with significant milestone rewards, comprehensive insurance coverage, and various other lifestyle benefits like Smart EMI options and free add-on cards. Given its affordability and rich feature set, the CMA One BOBCARD Credit Card is an excellent choice for eligible ICMAI professionals seeking a well-rounded credit solution.

Important Product Details

• Joining Fee: A minimal ₹1 + GST, with zero annual fees.
• Welcome Benefits: Includes a complimentary 6-month FitPass Pro membership and 500 bonus Reward Points on spending ₹5,000 within the first 60 days.
• Reward Rate: Earn up to 5 Reward Points per ₹100 on dining, online, and utility spends, capped at 1,000 points per month for these categories. Earn 1 Reward Point per ₹100 on other retail spends.
• Milestone Rewards: Get 4,000 bonus Reward Points every quarter on spending more than ₹1 lakh or your credit limit (whichever is higher).
• Domestic Lounge Access: Enjoy 12 complimentary visits annually, limited to 3 per quarter (subject to a minimum spend of ₹40,000 in the preceding quarter from Jan 1, 2025).
• Foreign Currency Markup: A low 2% forex markup fee for international transactions.
• Insurance Coverage: Provides Professional Indemnity Insurance up to ₹5 lakhs, Air accident death cover of ₹15 lakhs, and Non-air accident death cover of ₹5 lakhs.
• Fuel Surcharge Waiver: 1% waiver on fuel transactions between ₹400 and ₹5,000, with a maximum waiver of ₹250 per month.
• EMI Option: Convert purchases above ₹2,500 into Smart EMIs (6 to 48 months).
• Add-on Cards: Offers up to 3 lifetime free add-on cards.
• Lost Card Liability: Zero liability on fraudulent transactions if the card loss is reported immediately.
• Contactless Payments: Enabled for secure and fast contactless transactions.

Other Details

How to Apply

The application process for the CMA One BOBCARD Credit Card can be completed both online and offline:

• Online Application:
  • Initiate the process by clicking the ‘Apply Now’ option.
  • Fill out the online application form with all the required details.
  • Complete e-signing using your Aadhaar.
  • Verify your identity through Video KYC.
  • Review and submit your digital application.
• Offline Application:
  • Visit your nearest Bank of Baroda branch.
  • Carry all the necessary documents as specified in the eligibility criteria.
  • Fill out the physical application form available at the branch.
  • Alternatively, you can reach out to customer support to initiate the application process.