ICAI Exclusive BOBCARD Credit Card – Benefits, Fees & Eligibility

Introduction

The ICAI Exclusive BOBCARD Credit Card, issued by BOBCARD (Bank of Baroda), is a premium offering specifically designed for members of The Institute of Chartered Accountants of India (ICAI). Positioned as a lifetime free card, it provides a host of exciting features including 500 bonus Reward Points and a complimentary FitPass Pro membership as welcome benefits. Cardholders can earn up to 5x Reward Points on dining, utility, and online purchases, with opportunities to earn up to 16,000 bonus Reward Points annually through spend milestones. Beyond rewards, the card offers valuable privileges such as complimentary domestic lounge access, comprehensive insurance benefits, a fuel surcharge waiver, and a reduced foreign currency markup fee, making it a well-rounded choice for ICAI professionals.

Welcome Benefits

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

Fees

• Joining Fee: Nil (Lifetime free).
• Renewal Fee: Nil (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 purchases between ₹400 and ₹5,000, capped at ₹250 per statement cycle.
• Cash Advance Charges:
  • 2.5% of the withdrawn amount, subject to a minimum of ₹300, at domestic ATMs.
  • 3% of the withdrawn amount, or a minimum of ₹300, at international ATMs.

Rewards

• Rewards Rate:
  • Earn 1 Reward Point on every retail spend of ₹100.
  • Earn 5x Reward Points (5 Reward Points per ₹100) on dining, utility bills, and online purchases.
  • 5x Rewards are capped at 1000 Reward Points on the mentioned categories per statement cycle. Further spends in that statement cycle on these categories will earn Reward Points at the regular earn rate.
  • No Reward Points are earned on fuel transactions.
  • UPI transactions are eligible only for core Reward Points (1 RP per ₹100) and do not qualify for bonus rewards.
• Milestone Benefits:
  • Earn 4,000 bonus Reward Points every quarter on spending more than ₹1 Lakh or your card's credit limit (whichever is higher) in a quarter. This allows for up to 16,000 bonus Reward Points annually.
  • Earn 1,000 bonus Reward Points every month on making at least 5 transactions worth ₹1,000 or more in a month.
• Travel Benefits:
  • Receive 12 complimentary domestic lounge access passes every year, capped at 3 visits per quarter.
  • Lounge access is subject to a minimum spend of ₹40,000 in the preceding calendar quarter (effective 1st Jan, 2025).
  • Benefit from a low forex markup fee of 2% on international transactions.
• Insurance Benefits:
  • Get an accidental insurance cover worth ₹15 lakhs against death due to personal air accident.
  • Receive an insurance cover worth ₹5 lakhs against non-air accident death.
  • Includes a Professional Indemnity Insurance Cover worth ₹5 lakhs.
• Other Benefits:
  • Smart EMI option: Convert purchases of ₹2,500 or more on your card into Smart EMIs with tenure options from 6 to 48 months.
  • Free Add-on Cards: 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.
  • Contactless Safe Payments: The card is enabled with wireless chip technology for secure and faster contactless payments.

Rewards Redemption Guide

• The Reward Points earned can be redeemed against various options available at the BOBCARD Rewards portal.
• Reward Points can also be redeemed for cashback.
• The monetary value of 1 Reward Point is Re. 0.25.

Card Eligibility Criteria

• The applicant should be an active member of ICAI.
• The applicant should be an Indian resident.
• The applicant should have a decent credit score.
• Age: For both salaried and self-employed individuals, the age should be between 21 and 75 years.
• Minimum Income:
  • Salaried Customers: Net annual income of ₹3 lakhs or above.
  • Self-employed Customers: Annual ITR of ₹3 lakhs or above.
• Supplementary cardholder’s age should be a minimum of 18 years.

Documents Required

• KYC Documents.
• Photocopy of PAN Card.
• Photocopy of ICAI Membership Card.
• Recent Passport sized photograph.
• Latest salary slips/ITR.
• Address proof (such as latest utility bills, Aadhar Card, etc.).

Card Review

The ICAI Exclusive BOBCARD Credit Card stands out as an excellent choice for eligible ICAI members, offering a comprehensive suite of benefits without any joining or annual fees, making it a lifetime free card. Its low foreign currency markup of 2% makes it suitable for international transactions. The card provides significant value through its accelerated reward rates on dining, utility, and online spends, coupled with attractive milestone bonuses that can yield substantial annual rewards. Furthermore, the inclusion of complimentary domestic lounge access, extensive insurance coverage, and a fuel surcharge waiver adds to its appeal, offering much more than typically expected from a zero annual fee card. This card is highly recommended for ICAI members seeking a feature-rich credit card that caters to various lifestyle needs, from travel and shopping to essential financial security.

Important Product Details

• Lifetime free card with zero joining and annual fees.
• Welcome benefit of 500 bonus Reward Points and a complimentary 6-month FitPass Pro membership.
• Earn up to 5 Reward Points on every spend of ₹100, with 5x rewards on dining, utility, and online purchases (capped at 1000 RP per statement cycle for 5x categories).
• Receive 12 complimentary domestic lounge access passes annually (3 per quarter), subject to ₹40,000 spend in the previous quarter.
• Reduced foreign currency markup fee of 2%.
• Comprehensive insurance benefits including ₹15 lakhs air accident cover, ₹5 lakhs non-air accident cover, and ₹5 lakhs Professional Indemnity Insurance Cover.
• Opportunity to earn 4,000 bonus Reward Points every quarter on achieving spend milestones (₹1 Lakh or credit limit, whichever is higher).
• 1% fuel surcharge waiver on transactions between ₹400 and ₹5,000, capped at ₹250 per statement cycle.
• Smart EMI option available for purchases above ₹2,500.
• Provision for up to 3 lifetime free add-on cards.
• Zero liability protection on reporting a lost card immediately.
• Enabled for contactless payments.
• UPI transactions earn core Reward Points only, not bonus rewards.

Other Details

• How to Apply: Applicants can apply online through a 3-step process (fill application form, e-sign using Aadhaar, verify identity via Video KYC) or offline by visiting the nearest BOBCARD branch with required documents.
• Card Network: The ICAI Exclusive BOBCARD Credit Card is available on the RuPay network, allowing for easy payments via UPI.
• Terms & Conditions Summary: The reward program is not applicable on select Merchant Category Codes (MCCs) and fuel transactions. The GST component on fuel surcharge is not reversed, and the surcharge rate may vary. Welcome benefits are applicable only on the Primary Card and expire 60 days from the card issuance date.