1) What is a credit card?
A
credit card is a plastic card that makes payments convenient. With it, you have
the option of making purchases or withdrawing cash when you want, and repaying
the amount over a period of time.
2) What are the benefit of owning a credit
card?
There are many benefits of owning a credit card, the most important
being:
- Buy Now and pay later concept.
- Ability to buy needed items now.
- Don't have to carry cash.
- Plastic cards are
easy to carry and convenient to handle.
- Creates a record
of purchases made.
- More convenient
than writing checks and making drafts.
- Consolidates bills
into one payment.
- Revolving credit
limit without any charge for a limited period.
- Accidental
insurance coverage of the cardholder.
- Insurance for loss
of baggage during air travel.
- Zero loss card
liability after it is reported to bank.
- Reward points on
the usage of cards.
- Add-on card for
offering the credit cards to your near and dear.
- 24 hour cash
through ATM/withdrawal centres.
- Facility to transact in more than one
currency.
3) What is a Master card or a Visa card?
MasterCard and VISA
are both international payment systems who franchise member banks to issue cards
with their brand name and provide settlement service for card payments to their
franchisees globally.
4) What are the
credit cards that BoB offers?
BOB offers seven
types of credit cards namely:
· BOBCARD SILVER
· BOBCARD EXCLUSIVE/EXCLUSIVE
WOMAN/EXCLUSIVE YOUTH
· BOBCARD NEXTGEN GOLD (For Students)
· BOBCARD GOLD (VISA)
. BOBCARD
CORPORATE GLOBAL
. BOBCARD GOLD (MASTER)
5) What are the eligibility criteria for owning a BoB
card?
The eligibility varies from the type of card you applied for. In
general the basic eligibility includes
· Income criteria:
Individual - Rs. 75,000 p.a. (Gross) and above.
Company/Firm (Paid up
capital) - Rs. 3 lakhs & above
· If card is applied on Company/Firm
a/c.:- Latest balance sheet, Profit & loss a/c., Board resolution.
· If
card is applied on personal a/c. :- Latest Salary slip / Form 16 or IT return
copy.
· Photograph of applicant/s and address proof.
For more details of
the eligibility criteria concerning different types of cards, you can refer our
"Our Cards" section.
6) What is the Service charges applied on
Bobcards?
The service charge is the interest applied on the outstanding balance
of credit card bill. The service charge varies from the type of Bobcard you
choose. The minimum rate includes;
· Cash withdrawal :
Service charge on Cash withdrawal : 2% or Rs.100 whichever is higher (At
Bobcards/Bank of Baroda branches).
Service Charge on ATM Cash withdrawal :
2.5% or min. Rs.100(Domestic), 3% or min. Rs.150(Abroad).
· Revolving
credit : 1.99% (for all cards) - 1.5% Service Charge for Exclusive Women/Youth & Nextgen Gold Card
For more details
kindly refer the "Our Cards"
section.
7) Can I get a
Bobcard even if I am not a taxpayer?
No, BOBCARDS Ltd.
is currently offering the Bobcard only to salaried personnel and professionals
who file IT returns.
8) What should I
do if my card is lost or damaged?
Immediately inform our nearest branch office. They will immediately
freeze payments on your current card and a new card will be delivered to you
within 7 days. You can also call our 24 hours customer care number
1800-225-110 . You will also be required to report
the loss to nearest police station and inform the bank in writing along with a
copy of FIR duly acknowledged by Police. For details of address, kindly refer
the "Contact Us" or "Area Offices" section.
In
case, your card is damaged or it is not working on the card acceptance terminal,
you are requested to return the same to us on any of the address provided in
this site. The damaged card will be replaced with a new one and will be sent to
your address.
9) When will the
customer get replacement card in lieu of lost one?
Replacement card
will be issued to the customer after receipt of lost information and a request
of issuing of replacement card. The replacement card will be issued against
payment of Rs.100/- and will be debited to customer's account.
10) What is a
Credit Limit?
Credit limit is the
maximum amount you could spend / borrow using your credit card. This limit is
determined by various personal details like your income, source of income etc.
The credit limit is normally revised upwards or downwards based on your previous
year's track record in terms of spending and repayment.
11) Does the
add-on card have a separate credit limit?
No, the add-on card
member shares the same credit limit as assigned to the primary card member.
12) What is a
PIN?
PIN is a four digit
Personal Identification Number, which is issued to the customer in a closed
jacket and is delivered to him separately. PIN should not be revealed to any one
including any staff of the card issuer.
13) What are
preventive measures to stop misuse of card.
Following are the
preventive measure, customer can take to stop misuse of card.
.
Do not divulge your PIN to anyone or write anywhere.
. Do not handover your
card to any stranger.
. After receiving the card, immediately sign on the
signature panel on the back of the card.
. Always keep the card in your
personal custody.
