Bank of Baroda Credit Card Fee and charges

Bank of Baroda credit cards come with various fees and charges, including interest rates, joining fees, and annual fees. The bank offers an interest-free period of 20 to 50 days. But the bank also charges interest on cash withdrawals or carries forward outstanding balances. The interest rate varies from card to card, which usually ranges from 3.25% to 3.49% per month. Some cards also have a joining fee or an annual fee but their Vikram and Yoddha credit cards charge no annual fee. Factors like payment history, credit utilization, and late payments affect interest charges. To avoid these charges, pay your bills on time, avoid cash withdrawals, and track your spending carefully.

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.

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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%
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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%
AU Credit Cards

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.

FAQs

Interest rates vary by card type, ranging from 1.50% to 3.49% per month (18.00% to 41.88% annually). The Unnati Credit Card has the lowest rate at 1.50% per month, while most other cards charge 3.25% to 3.49% per month.

BOB credit cards offer an interest-free period of 20 to 50 days, provided you pay the full outstanding balance by the due date.

Interest is calculated daily using the Annual Percentage Rate (APR) and is applied to outstanding balances. Partial payments reduce interest but do not eliminate it.

Fees vary by card type. Some cards like Vikram and Yoddha have no fees, while premium cards like Eterna charge ₹2,499 annually. Others, like the IRCTC BoB Credit Card, have a ₹500 joining and annual fee.

Yes, late payments attract penalty charges and additional interest on the outstanding balance. Paying on time avoids extra costs.

Yes, interest is charged immediately on cash advances, with no interest-free period. Avoid using your credit card for ATM withdrawals to save on charges.

Pay your full bill before the due date, avoid cash withdrawals, and set up auto-pay to ensure timely payments. Keeping track of spending helps prevent unnecessary interest charges.

Your payment history, credit utilization, cash advances, and late payments impact the interest rate and additional charges.

Some cards, like the Empower Credit Card, waive the ₹500 annual fee if yearly spending exceeds ₹50,000. Check your specific card’s terms for waiver eligibility.

Paying only the minimum due keeps your account active but accrues interest on the remaining balance. Over time, this leads to higher overall repayment amounts.

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You can access the following links to find detailed information and procedures related to managing your BOB Bank Credit Card

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