Bank of Baroda has hiked the interest rate and late payment fees on its BOBCARD One co-branded Credit Card. The hiked rates are effective June 26, 2024, as per the Most Important Terms and Conditions pages on the GetOnecard website.
According to the One website, “As long as you use the BOBCARD One co-branded Credit Card within your approved credit limit, and pay the full outstanding by the due date, we wont charge you anything. However, in cases of delays in payments or part payments or using your card beyond the limit, there would be some charges levied.”
What are Co-branded credit cards?
Banks issue co-branded credit cards in each major category through collaboration with a retail brand, a travel or Ecom aggregator, Fintech or any other strategic partnership as per the internal due diligence process of the Bank. By leveraging the technical capabilities & expertise of the partner, A co-branded credit card combines the benefits of both the issuer & cobrand partner allowing clients to receive the benefits & perks from a single card. Co-branded credit cards offer special rewards, discounts and offers through the cobranded partnership like rewards on booking train tickets, shopping online and on special merchant categories along with special cashbacks & waivers depending on the cobranded partnership.
- 3.49% per month applicable till June 22, 2024. 41.88% per annum applicable till June 22, 2024.
- 3.75% per month applicable with effective from June 23, 2024. 45% per annum applicable from June 23, 2024.
According to the bank website, “At the end of each day, the current balance/outstanding amount will be multiplied by the daily rate to arrive at the daily interest charges, which then get added to your outstanding balance. A simple formula would be as below: ((Number of days X Entire outstanding amount X (Interest rate per month x 12 months))/365 days. Till 22.06.2024, the interest rate on unpaid dues is 41.88% per annum, or 3.49% per month, for all BOBCARD One Co- Branded Credit Card members on their unpaid dues. With effect from 23.06.2024, the interest rate on unpaid dues will be 45% per annum, or 3.75% per month, for all BOBCARD One co-branded Credit Card members on their unpaid dues.”
Revised late payment charges of BOBCARD One
Late payment charges up to June 22, 2024
| Outstanding amount | Fee |
| Rs 0-99 | 0 |
| Rs 100-1000 | Rs 100 |
| Rs 1001-5000 | Rs 250 |
| Rs 5001-10000 | Rs 750 |
| Rs 10001-50000 | Rs 1000 |
| Rs 50000 and above | Rs 1200 |
Late up to charges with effective from June 22, 2024
| Outstanding amount | Fee |
| Rs 0-250 | Rs 0 |
| Rs 251-1000 | Rs 250 |
| Rs 1001-5000 | Rs 500 |
| Rs 5001-25000 | Rs 1000 |
| Rs 25001 and above | Rs 1250 |
