Bank of Baroda is a government-owned bank and it offers 5 credit cards. Among them, three credit cards are lifetime free credit cards and the other two have a membership fee. However, all of the credit cards by this bank are pretty much affordable. One of the lifetime credit cards offered by the Bank of Baroda is the BOB Easy Credit Card. In this article, we have reviewed this credit card and all its features and benefits so that you can make an informed decision.
Before we move on to the topic, you need to identify your needs and spending habits, so that you can compare credit cards on the basis of them and choose the right credit card for yourself. Having the right credit card is much better than having a credit card with more features and benefits but doesn’t match your needs and spending habits. If you are a first-time credit card applicant then you must go for a lifetime free credit card in order to understand the working of a credit card. Here is the detailed review of the Bank of Baroda Easy Credit Card.
- Signup benefits: Being a lifetime credit card it does not offer any welcome benefits to the credit cardholder. You can get welcome benefits on other entry-level credit cards that have a minimal membership fee.
- Reward Rate: In terms of rewards this credit card offers a quite rewarding rewards program. The credit cardholder can earn 5x reward points on every Rs. 100 spent on movies, groceries, and departmental store purchases. 1 reward point on every Rs. 100 spent on all other categories and 0.5% cashback on credit card bill payments.
- Reward Redemption: You can easily redeem your accumulated reward points against cashback and other options like gift vouchers, products, etc. 1 reward point is equivalent to Re. 0.25.
- Travel Benefits: Unfortunately this credit card doesn’t provide you with the travel benefits. If you are someone who travels a lot then you must not take this credit card as it will not help you to save on your travel expenses.
- Movie & Dining Benefits: Unlike other cards, you do not get to enjoy the entertainment benefits of these credit cards. The millennials are more likely to take a credit card that offers this benefit as well because the current generation goes out on dining and movies more often so they would like to take a card that helps them save on these activities.
- Interest rate: The bank charges a 3.25% p.m. interest rate on this credit card. So on frequently defaulting on the payment of credit card dues can easily lead you to a debt trap. So, it becomes very important for you to adhere to the timely repayment of credit card bills.
- Fuel Surcharge: You get a 1% fuel surcharge waiver on this credit card on the fuel transactions between Rs. 400 – Rs. 5,000 at all petrol pumps in India. You can save a maximum of Rs. 250 per statement cycle on fuel transactions.
So after reviewing the Bank of Baroda Easy Credit Card, we are at the conclusion that the first-time credit card applicants can consider taking this credit card as they get to enjoy the accelerated reward rate and cashbacks too. You do not get travel and entertainment benefits on this credit card still it’s a pretty good credit card as you can build your credit history with it and then after a certain period you can apply for an upgraded credit card which offers you more features and benefits.