ICAI Exclusive BOBCARD Credit Card – Benefits, Fees & Eligibility

ICAI Exclusive BOBCARD Credit Card

Introduction

The ICAI Exclusive BOBCARD Credit Card is a lifetime-free credit card meticulously designed and tailored exclusively for members of The Institute of Chartered Accountants of India (ICAI). This card aims to provide unmatched benefits and delightful saving opportunities, offering a compelling start with welcome perks like bonus reward points and a complimentary FitPass Pro membership. Cardholders can enjoy an accelerated rewards program, complimentary domestic airport lounge access (subject to milestone spends), and comprehensive insurance benefits, all while incurring zero joining and annual fees.

Welcome Benefits

• Complimentary 6-months Fitpass Pro Membership worth ₹15,000.
  • Benefit expiry date: 60 days from the card issuance date.
  • Benefits are applicable on the Primary Card only.
• 500 bonus Reward Points on spending ₹5,000 and above within 60 days of card issuance.

Fees

• Joining Fee: Nil (Lifetime free)
• Renewal Fee: Nil (Lifetime free)
• Spend-Based Waiver: No spend-based waiver is required as the card is lifetime free.
• Rewards Redemption Fee: Nil
• Foreign Currency Markup: 2% of the total transaction amount (reduced forex mark-up).
• Interest Rates: 3.49% per month.
• Fuel Surcharge Waiver:
  • 1% fuel surcharge waiver at all fuel stations across India on transactions between ₹400 and ₹5,000.
  • Maximum waiver is capped at ₹250 per statement cycle.
  • The GST component on fuel surcharge is not reversed.
  • The rate of fuel surcharge may vary depending on the fuel station and their acquiring bank.
  • The surcharge is levied by the acquiring bank providing the terminal to the merchant.
  • The value of the fuel transaction on the charge slip will differ from the credit card statement since the fuel surcharge and GST on the same are levied by the acquiring bank after the transaction.
• 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  • 2.5% of the withdrawn amount, subject to a minimum of ₹300 at domestic ATMs.
  • 3% of the withdrawn amount, or a minimum of ₹300, at international ATMs.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

Accelerated Rewards

• Earn 5X Rewards, i.e., 5 Reward Points per ₹100 spent on dining, online purchases, and utility bills.
• 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.

Core Rewards Points

• Earn 1 Reward Point per ₹100 spent on all other categories.
• Reward program is not applicable on select Merchant Category Codes (MCCs) and fuel transactions.
• UPI transactions are eligible only for core Reward Points; they do not qualify for bonus rewards.

Milestone Rewards

• Earn an additional 4,000 reward points every quarter on spending more than ₹1 Lac or your card's credit limit, whichever is higher.
• Earn 1,000 bonus Reward Points every month on making at least 5 transactions worth ₹1,000 or more in a month.

Travel Benefits

• Enjoy 12 complimentary access passes (3 per quarter) at a long list of partner domestic airport lounges.
• Effective 1st Jan, 2025, complimentary lounge access will be subject to minimum spends of ₹40,000 in the preceding calendar quarter.
• Save on international spends with a 2% reduced Forex mark-up.

Insurance Benefits

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

Other Benefits

• Fuel Surcharge Waiver: 1% fuel surcharge waiver on transactions between ₹400 and ₹5,000 (Max. ₹250 per statement cycle).
• Free Add-on Card: Get up to 3 lifetime free add-on cards for your spouse, parents, siblings, or kids (above age 18).
• Zero Liability on Lost Card: Report the loss of your card immediately to ensure zero liability on any fraudulent transactions.

Rewards Redemption Guide

• All your accumulated reward points can be redeemed for cashback.
• The redemption value is 1 reward point = ₹0.25.
• Reward points can also be redeemed against various options available at the BOBCARD Rewards portal.

Card Eligibility Criteria

• Residency: Resident of India.
• ICAI Membership: All eligible & active members of ICAI.
• Age:
  • For Salaried & Self-employed: 21 to 75 years.
  • For supplementary cardholders: Minimum 18 years.
• Income:
  • Salaried Customers: Minimum ₹3 lakhs net annual income or above.
  • Self-employed Customers: Minimum ₹3 lakhs annual ITR or above.
• Credit Score: The applicant should have a decent credit score.

Card Review

The ICAI Exclusive BOBCARD Credit Card stands out as a highly attractive option for eligible members of ICAI, primarily due to its lifetime-free status, meaning zero joining and annual fees. The card offers a robust suite of benefits that often exceed expectations for a no-fee card, making it a valuable asset for professionals. Its accelerated rewards program on dining, online, and utility bills, coupled with milestone bonus points, provides significant earning potential. Travel benefits include complimentary domestic lounge access and a competitive low forex markup of 2%, which is advantageous for international transactions. Furthermore, the inclusion of extensive insurance coverage (professional indemnity, air, and non-air accident death cover) adds a layer of security. Overall, it's an excellent value proposition for ICAI members seeking a feature-rich card without recurring costs.

Important Product Details

• Lifetime free credit card with zero joining and annual fees.
• Earn 500 bonus Reward Points as a welcome benefit upon specified spend within 60 days.
• Complimentary 6-month Fitpass Pro membership as a welcome gift.
• Earn 5 Reward Points per ₹100 spent on dining, online, and utility bills (capped at 1000 RPs per statement cycle).
• Earn 1 Reward Point per ₹100 spent on all other categories.
• No Reward Points are earned on fuel transactions.
• UPI transactions are eligible only for core Reward Points, not bonus rewards.
• Receive 4,000 bonus rewards every quarter on spending more than ₹1 Lac or the card's credit limit (whichever is higher).
• Get 1,000 bonus Reward Points every month on making at least 5 transactions worth ₹1,000 or more in a month.
• Enjoy 12 complimentary domestic lounge accesses per year (3 per quarter).
• Complimentary lounge access is subject to minimum spends of ₹40,000 in the preceding calendar quarter, effective January 1, 2025.
• Benefit from a reduced foreign currency markup fee of 2% on international transactions.
• Includes free Professional Indemnity Insurance Cover of up to ₹5 Lakhs, Air accident death cover of ₹15 Lakhs, and Non-air accident death cover of ₹5 Lakhs.
• Receive a 1% fuel surcharge waiver on transactions between ₹400 and ₹5,000 (maximum ₹250 per statement cycle).
• Reward points can be redeemed as cashback, where 1 Reward Point equals ₹0.25.

Other Details

• Smart EMI Option: Convert purchases of more than ₹2,500 on your card into Smart EMIs with flexible tenures ranging from 6 to 48 months.
• Contactless Safe Payments: The card is enabled with wireless chip technology for secure and faster payments in contactless mode.
• Card Network: The ICAI Exclusive BOBCARD Credit Card is available on the RuPay network, allowing for easy payments via UPI.
• Application Process:
  • Online:
    1. Fill out the online application form.
    2. Complete e-signing using your Aadhaar.
    3. Verify your identity through Video KYC.
  • Offline: Alternatively, you can reach out to customer support or visit any Bank of Baroda branch to initiate the application process.

Card Eligibility Criteria

Eligibility Rules

• Applicant must be a Resident of India.
• Applicant must be an eligible and active member of ICAI.
• Age of primary applicant: 21 to 75 years (for both salaried and self-employed individuals).
• Age of supplementary cardholder: minimum 18 years.
• Minimum net annual income for salaried customers: ₹3 lakhs or above.
• Minimum annual ITR for self-employed customers: ₹3 lakhs or above.
• Applicants should have a decent credit score.

Documents Required

• KYC Documents.
• PAN card photocopy.
• Photocopy of ICAI Membership Card.
• Latest Salary Slip (for salaried individuals) / Latest ITR (for self-employed individuals) for income proof.
• Recent Passport sized photograph.
• Address proof (e.g., latest utility bills, Aadhar Card).