Bank of Baroda withdraws offers, features for credit card holders from September 15; check details

BOB’s Easy and Swavlamban credit cards now have a 0.5 percent cashback when one repays the credit card dues. This cashback is credited in the next month’s statement. This cashback benefit stands withdrawn effective September 15 on both the credit cards.

One gets rewards points for every transaction while using a credit card. It is a general trend wherein, one accumulates a whole lot of reward points and redeems it to purchase an item or even offset the credit card dues using these points.

Bank of Baroda had pegged 25 paise as the redemption value for one reward point. Effective September 15, the reward point will be pegged at 20 paise for Easy and Swavlamban credit cardholders. One can redeem the reward points to gain a lot more before the new rate kicks in.

Select credit cardholders now earn 1000 bonus rewards points on five transactions of more than Rs 1,000 per month. This is in addition to the regular reward points the cardholder would have earned. But the bonus reward points will be withdrawn from September 15.

The bank would charge a late payment fee on all credit cards if the minimum amount due as per the statement is not made. The bank has increased the late payment charges from the existing Rs 950 to Rs 1100 for any amount above Rs 25,000 if due on the statement. For any amount above Rs 25,001 to Rs 50,000, Rs 1300 will be charged as late penalty fees.

If one exceeds the credit limit, bank charges kick in which is 2.5 percent of the amount over and above the sanctioned credit limit or Rs 500, whichever is higher. The new bank charges would be 2.5 percent of the amount over and above the sanctioned credit limit or Rs 600, whichever is higher.

With Easy, Swavlamban and Select credit cardholders having reduced or totally withdrawn benefits, BOB’s Eterna cardholders are only spared of any changes. One has to now choose now between a PSU bank credit card or a private bank credit card post-September 15.