Bank of Baroda Credit Card Fee and charges


Interest-Free Period

Bank of Baroda provides an interest-free period ranging from 20 to 50 days on all its credit cards. If the cardholder repays their outstanding balance within this time, then the bank charges no interest.

Bank of Baroda charges interest charges apply in the following scenarios

  1. Non-payment of Minimum Amount Due: If you fail to pay the minimum amount due by the due date.
  2. Cash Withdrawals: The bank charges interest on all the cash withdrawals made using your credit card from ATMs from the date of withdrawal.
  3. Carrying Forward Outstanding Balances: If you miss paying the full outstanding balance from your previous billing cycle, then the bank charges interest on the remaining balance.

Bank of Baroda Credit Card Interest Rates

The interest rate on Bank of Baroda credit cards varies based on the type of credit card. Below are the applicable rates:

Interest Rate Based on Credit Card Type

Credit Card Name Monthly Interest Rate Annual Interest Rate
Unnati Credit Card 1.50% 18.00%
Billing-related issues crm@bobfinancial.com  
Eterna Credit Card 3.25% 39.00%
Prime Credit Card 3.25% 39.00%
Varunah Plus, Varunah, Premium, Yoddha, The Sentinel, Vikram, Rakshamah, Empower Business Card 3.25% 39.00%
All Other Credit Cards 3.49% 41.88%

How Does Bank of Baroda Calculate Credit Card Interest?

Bank of Baroda uses the Annual Percentage Rate (APR) to determine interest on outstanding balances. The interest is charged daily on the due amount.

Formula for Daily Interest Calculation

The bank follows the average daily balance method, and the interest is calculated as follows:

For example, if the monthly interest rate is 3.50%, the calculation would be:

Key Takeaways

  • Interest is charged if you do not pay the full amount by the due date.
  • Partial payments reduce the interest but do not eliminate it completely.
  • Interest is applied daily on the remaining balance until full payment is made.
  • Cash withdrawals attract interest from the day of withdrawal.

To avoid high interest charges, it is always best to pay your full credit card bill on time and avoid cash withdrawals. Managing your credit card wisely can help you save on unnecessary interest expenses.

Bank of Baroda Credit Cards along with their joining and annual fees

Credit Card Name Monthly Interest Rate Annual Interest Rate
Unnati Credit Card 1.50% 18.00%
Eterna Credit Card 3.25% 39.00%
Prime Credit Card 3.25% 39.00%
Indian Army Yoddha BoB Credit Card Nil Nil
Indian Navy Varunah BoB Credit Card Nil Nil
BoB Nainital Bank RENAISSANCE Nil Rs. 250 + taxes
HPCL BoB ENERGIE Credit Card Rs. 499 + taxes Rs. 499 + taxes
Snapdeal BoB Credit Card Rs. 249 + taxes Rs. 249 + taxes
Assam Rifles The Sentinel BoB Credit Card Nil Nil
CMA One Credit Card Re.1 + taxes Nil
ConQR Credit Card Nil Nil
Easy Credit Card Nil Nil
Eterna Credit Card Rs. 2,499 + taxes Rs. 2,499 + taxes
ICAI Exclusive Credit Card Nil Nil
ICSI Diamond Credit Card Nil Nil
Premier Credit Card Rs. 1,000 + taxes Rs. 1,000 + taxes
Select Credit Card Rs. 750 + taxes Rs. 750 + taxes
BoB CORPORATE Credit Card Nil Nil
Bank of Baroda PRIME Credit Card Nil Nil
Bank of Baroda EMPOWER Credit Card Nil Rs. 500 + taxes (Waived if annual spend exceeds Rs. 50,000)

Factors Affecting Interest Rates

Several factors influence the interest rate applicable on your Bank of Baroda credit card:

  • Payment History: If you consistently pay your bills on time, you can avoid high-interest charges.
  • Credit Utilization Ratio: Higher utilization may result in higher interest charges if the outstanding balance is not cleared on time.
  • Cash Advances: Using a credit card for cash withdrawals attracts immediate interest without any interest-free period.
  • Late Payments: Missing due dates results in additional interest and late payment penalties.

How to Avoid Interest Charges on Bank of Baroda Credit Cards?

To avoid unnecessary interest charges, follow these tips:

  • Pay your full bill on time: Always clear your outstanding dues within the due date to avoid interest accumulation.
  • Avoid cash withdrawals: Cash advances attract interest from the day of withdrawal; avoid using your credit card for ATM transactions.
  • Monitor your spending: Keep track of your transactions and avoid overspending beyond your repayment capacity.
  • Use Auto-Pay Facility: Set up auto-debit payments from your bank account to ensure timely repayments.

Bank of Baroda Credit Card