Credit cards have made our lives simpler as they give us the freedom of extended credit, which helps us to manage our financial needs quickly. As we are transitioning into a paperless world, credit cards have become a very essential part of our daily transactions. For different requirements, banks offer a wide variety of credit cards. Additionally, people find today’s credit card offers to be highly alluring. Indeed, they are the best kinds of plastic money we use daily.
Bank of India, being one of the very famous government financial institutions, provides credit cards to customers. Numerous services are available with the Bank of India credit card, including shopping points, cashback deals, free cinema tickets, dining advantages, etc. You can quickly get a Bank of India credit card according to your need and enjoy its benefits. This blog will help you know every bit and bite of Bank of India Credit Cards.
Let’s jump into it!
Top Bank of India Credit Cards
The table below enlists the top credit cards from Bank of India along with their key features:
BOI Domestic Credit Card
It is a Classic card with Photo or Non-Photo.
For Domestic usage and valid only in India and Nepal.
Billing cycle is from the 16th of the current month to the 15th of next month.
Payment must be made on or before the 5th of the succeeding month.
Interest-free credit for up to 51 days and revolving credit at a preferential rate.
EMI at POS facilities is available on POS that are managed/owned by M/S WorldLine Private Limited.
Flexible credit limits for add-on cards.
Reward program on card usage.
BOI International Credit Card
Card valid in India, Nepal, and at all foreign centers across the globe, wherever the MASTER logo is displayed.
Maximum amount of cash limit is 50% of the spending limit
Maximum amount of cash that can be withdrawn from – ATM – Rs. 15,000 per day
Billing cycle is from the 16th of the current month to the 15th of next month.
Payment is to be made on or before the 5th of the succeeding month, which mostly suits the requirement of the salaried class.
EMI at POS facilities is available on POS that are managed/owned by M/S WorldLine Private Limited.
Flexible credit limits for add-on cards.
Reward program on card usage.
One complimentary lounge visit per quarter at airport lounges in India for Master Platinum International card.
BOI SwaDhan Rupay Platinum Credit Card
SwaDhan Rupay Platinum Credit card to be issued against TDR.
It is a Chip card without a Photo.
Card valid in India, Nepal, and all foreign centers across the globe, wherever the Rupay logo is displayed.
Billing cycle is from the 16th of the current month to the 15th of next month.
Payment is to be made on or before the 5th of the succeeding month, which mostly suits the requirement of the salaried class.
EMI at POS facility is available on POS that are managed/owned by M/S WorldLine Private Limited irrespective of Bank.
Flexible credit limits for add-on cards.
Reward programme on card usage.
Benefits & Features of Bank of India Credit Cards
The Bank of India offers some of the best and greatest benefits on credit cards. The advantages of their credit cards include
Financial advantages: The Bank of India credit card offers a number of financial advantages. This includes the ability to charge and credit, choice of branch billing or direct, no processing fees, and lowest service charge.
Cash Withdrawal: Bank of India permits customers to use their credit cards to withdraw cash from ATMs. The amount is based on the card’s credit limit.
Revolving Credit: The cardholder just needs to pay 10% of the total payment on or before the due date, and only 1.70% interest will be applied to the remaining balance.
EMI: To better manage your monthly or cycle-specific finances, there is a facility to convert the outstanding balance on the card into EMIs.
Concessional Premium: As part of a partnership with National Insurance Co. Ltd., there is a reduction in the premium for the Medi-Claim insurance up to Rs. 5.00 lakhs.
Transfer schemes: Up to 75% of your credit card’s spending limit may be transferred from another bank to the Bank of India as an outstanding balance. Maximum 51 days interest-free credit period.
What are the rewards on the BOI Credit Cards?
Credit card users of Bank of India credit cards can earn reward points for using their cards. One point is added to the cardholder’s account for every Rs. 100 spent in a given month. Credit card reward points can be collected and redeemed afterward for up to a year. The renewal charge and yearly fee may be waived using the reward points, which can be redeemed for Rs. 1 per point. The cardholder’s account will be credited with the balance points, which they can use according to their needs at a rate of Rs. 0.50 per point.
What is the eligibility criteria for getting a Bank of India Credit Card?
The following criteria must be met in order to get a Bank of India Credit Card:
Only people of Indian origin can get credit cards from the Bank of India.
The applicant may be a person of Indian descent, a non-resident Indian, or a person of foreign descent residing in India for employment or other connected reasons.
The applicant must possess the necessary paperwork to finish the KYC process.
The candidate needs a high CIBIL credit score.
The applicant must not have any debts owed to the Bank of India or another bank.
The consumer must have a consistent source of income, which will be confirmed by looking at their income tax returns and salary slips.
In addition to the aforementioned requirements, the eligibility requirements may change based on the card. Additionally, you could be required to provide more documentation depending on your employment status and source of income. Before submitting your application, check with the Bank of India regarding the documents needed for your profile.
What are the documents required for getting a Bank of India Credit Card?
The applicants must submit the below-mentioned documents to get a Bank of India Credit Card:
Proof of Identity: PAN Card, Aadhaar card, Driver’s License, Passport, Voter’s ID, Overseas Citizen of India Card, Person of Indian Origin Card, Job card issued by NREGA, Letters issued by the UIDAI.
Proof of Address: Aadhaar card, Driver’s License, Passport, Utility Bill not more than 3 months old, Ration Card, Property Registration Document, Person of Indian Origin Card, Job card issued by NREGA, Bank Account Statement.
Proof of Income: Latest one or 2 salary slips (not more than 3 months old), Latest Form 16, Last 3 months’ bank statement.
Conclusion
With the above information, it’s clear how helpful a Bank of India Credit Card can be. You can easily apply online from their official website and get a credit card. You just need to fulfill the eligibility criteria and submit the required documents. So, just pick a credit card of your choice, and you are good to go and enjoy all its benefits.
FAQs
Yes, depending on the primary card type, cardholders may receive up to two add-on cards. Immediate family members of the primary cardholder may be granted add-on cards. But the combined credit limit of the primary and add-on cards must not exceed the primary card’s spending limit.
Call the Bank of India’s 24-hour helpline as soon as possible if you lose or misplace your card. In order to prevent fraudulent use. Your card will be disabled after you report it to the helpdesk of the Bank of India.
At ATMs run by other banks, there will be charges of Rs. 20, but there won’t be one when using a Bank of India credit card to check your balance at BOI ATMs.
Within 20 days of the purchase, customers can convert transactions of Rs. 5,000 or more into EMIs. You need to make the request by visiting the BOI branch.