Bank of India Credit Cards: Things You Missed

Bank of India (BOI) was founded in the year 1906 and is a leading public sector banking institution. The bank has more than 4, 963 branches in the country with 54 zonal offices and several specialised branches as well. You can apply for Bank of India credit cards which come with a plethora of benefits including EMI options, affordable rates of interest, flexible tenor and the revolving credit mechanism. It is important to get a full overview of the cards available and their benefits before selecting the Bank of India credit card applying option.

Features and Benefits

You should keep an eye on the features and benefits prior to choosing the Bank of India credit card apply online option. All cards have particular features and benefits including global acceptance, EMI options, flexible credit and more. The entire application procedure is really transparent and free from any hassles. There is minimal documentation needed throughout the procedure as well.

Here are some of the major benefits:

  • Multi-Purpose Offerings- There are credit cards for taking care of the needs of diverse needs right from frequent global travelers, contemporary professionals, Navy employees and pensioners.
  • Medi-Claim Concessions- Customers get Medi-Claim insurance premium discounts (insurance of up to Rs. 5 lakhs) as part of the alliance with National Insurance Co. Limited.
  • EMI Conversion- High end purchases can be switched into easy EMIs and repaid throughout tenors extending up to 36 months.
  • Revolving Credit- Suppose one pays only 10% of the total bill of the credit card prior to the due date. 1.70% per month will be charged as interest on the outstanding 90%. 2.5% interest will be charged per month in case the entire balance turns overdue.
  • Balance Transfer- Customers can transfer outstanding balances from other credit cards to Bank of India cards subject to 75% as the maximum spending limit.
  • Global Acceptance- These cards are accepted worldwide across 4, 14, 000 locations. Cash can also be withdrawn from more than 8, 10, 000 ATMs globally.
  • Cash withdrawal facilities
  • Bank of India Credit Card Customer Care is available 24-7 for reporting theft/loss of cards and getting all your queries answered.
  • Credit Period- An interest free credit period is offered up to 51 days for customers.
  • Reasonable Rates of Interest- The interest rates are very reasonable and are 1.70% in case the minimum amount is paid by the due date.
  • Bank of India Credit Card statements are duly dispatched every month to customers.
  • There are easy and convenient Bank of India credit card payment options.

Interest & Charges

Bank of India Credit Card Charges and Interest:

The charges and fees for services related to Bank of India credit card are as follows.

Services/ Credit Card Types Navy Classic Credit Card Navy Gold Credit Card TAJ Premium Card Visa Gold Card Visa Gold International Card Visa Platinum Privilege Card Bank of India – India Card
Annual Fee Rs 600 Rs 600 Rs 800 Rs 600 Rs 1500 Rs 600 Waived if the minimum transaction of Rs.20,000/- during the previous year.
Add On Card Fee/ No. of add-on cards permitted Two add-on cards. Two add-on cards. Up to Two add-on cards at Rs 400 annually Up to Two add-on cards at Rs 350 annually Up to Two add-on cards at Rs 800 Up to Two add-on cards at Rs 350 annually NA
Cash Advance Transaction Fee 2.5% on advance amount for each transaction. 2.5% on advance amount for each transaction. 2.5% on advance amount for each transaction. 2% (minimum Rs. 50) for each transaction. 2.5% on advance amount (minimum Rs. 50) for each transaction. 2% (minimum Rs. 50) for each transaction. 2.5% on cash advance amount
Cash Advance Limit up to 50% of his total spending limit subject to Rs.15,000/- per day up to 50% of his total spending limit subject to Rs.15,000/- per day up to 50% of his total spending limit subject to Rs.15,000/- per day
Return of Cheque Fee Minimum of Rs 100 Minimum of Rs 100 Minimum of Rs 100 Minimum of Rs 100 Minimum of Rs 100 Minimum of Rs 100 Minimum of Rs 100
Cheque Bounce Fee Minimum of Rs 100 Minimum of Rs 100 Minimum of Rs 100 Minimum of Rs 100 Minimum of Rs 100 Minimum of Rs 100 Minimum of Rs 100
Penalty Interest Rate 1.70 per cent per month 1.70 per cent per month 1.70 per cent per month 1.70 per cent per month 1.70 per cent per month
Duplicate Statement Request Charges Rs 50 Rs 50 Rs 50 Rs 50 Rs 50 Rs 50 Rs 50
Free Credit Period up to 51 days up to 51 days up to 51 days up to 51 days up to 51 days up to 51 days up to 51 days
Over Limit Charges Rs. 100/- for each transaction Rs. 100/- for each transaction Rs. 100/- for each transaction Rs. 100/- for each transaction Rs. 100/- for each transaction Rs. 100/- for each transaction Rs. 100/- for each transaction
Air/Railway Booking Charges As prescribed by the acquirer bank As prescribed by the acquirer bank As prescribed by the acquirer bank As prescribed by the acquirer bank As prescribed by the acquirer bank As prescribed by the acquirer bank As prescribed by the acquirer bank
Replacement Card Charges Rs 250 Rs 250 Rs 200 Rs 50 Rs 50 Rs 50 Rs 100

Reward Points

Customers can get one reward point for every Rs. 100 that is spent in a month. The reward points can be accumulated for the entire year. They can be redeemed by customers for Rs. 1 for every point. These points can be used for waivers of the annual and renewal charges. The balance points can be converted at Rs. 0.50 per point and will be credited to the account of the customer.

Eligibility

The eligibility criteria is as follows:

  1. Applicants should be of Indian origin
  2. Applicants can be NRIs or individuals or foreign origin residing in India
  3. KYC documents must be possessed by the applicant
  4. Applicant must have a good CIBIL score
  5. Applicant should not be a payment defaulter in case of dues linked to Bank of India or other bank
  6. Steady income is required and this will be verified via salary slips and IT Returns

Documentation

The following documents are required:

  • Proof of Identity- Aadhar/Passport/PAN Card/Voter ID/Driving License
  • Filled up application form & passport size photographs
  • Proof of Address- Telephone bill/Aadhar/Passport/Election Card/Electricity Bill
  • Proof of Income- Form 16/Latest IT Returns/Salary Slip for last 3 months/Last 3 months bank statement

Bank of India may seek more documents depending on the card type applied for and the type of employment and income source of the customer.

Credit Card Types

Here are the specific types of credit cards available at Bank of India:

  1. Navy Classic Credit Card- This is a specially designed card for Indian Navy personnel and comes with cashless banking features. This card helps in smooth financial management and is free for a lifetime with multiple reward schemes and other benefits.
  2. Navy Gold Credit Card- This card helps in meeting requirements of high ranking naval officers and comes with various customer privileges including EMI options and reward points.
  3. TAJ Premium Card- This card is tailored for TAJ Group members and comes with various privileges and special offers. This card is free for a lifetime and the interest rates are affordable while the credit limits are on the higher side.
  4. Visa Gold Card- This card offers various rewards inclusive of Visa programs and balance transfer along with EMI Conversion, add-on card choices and flexible credit limit.
  5. Visa Gold Card International Card- This is tailored to meet the needs of frequent global travelers who desire cashless transactions. There are key benefits included like insurance premium concessions, rewards programs, revolving credit and enhanced transactional power.
  6. Visa Platinum Privilege Card- This card comes with flexible credit limits, add-on cards for family members, concessions for Medi-claim premiums, cash withdrawal options, nominal rates of interest and EMI options and global acceptance.
  7. Credit Card for Pensioners- This card comes with convenient EMI choices, discounts on the insurance premium and a 24-7 helpline.
  8. India Card- This card offers several options like the cash withdrawal facility, balance transfer, nominal rates of interest and wider acceptance.