Bank of Baroda ICSI Diamond Credit is a co-branded credit card issued by BOB Financial Solutions Ltd (BFSL), a wholly-owned subsidiary of Bank of Baroda (BoB), in collaboration with the Institute of Company Secretaries of India (ICSI). This is an exclusive co-branded credit card for Company Secretaries (CS). Here is a detailed review of this card.
Table of Contents
- Joining and Annual Fees
- Welcome Benefits
- Complimentary Lounge Access benefits
- Complimentary Insurance
- Pros and Cons
- Eligibility Criteria
Bank of Baroda ICSI Diamond Credit Joining and Annual Fees
- Joining Fees: NIL
- Renewal Fees: NIL
There are no joining and annual fees. That’s great. All credit cards issued by BoB for professionals like CA, CMA, and CS are free from Joining and Renewal Fees.
- Complimentary 6 Months FITPASS PRO with Rs. 15,000/-
BOB ICSI Diamond Credit Benefits
BOB ICSI Diamond Credit provides you Regular Rewards, Accelerated rewards, and Milestone Rewards. Here are all the benefits.
- Rewards:1 rewards points for every Rs.100 spent (1%)
- Rewards Points Value: 1 reward points are equal to o.25ps
- Default Rewards rate: 1%
The benefits provided by this card are equal to all other professional credit, Like the BoB Exclusive Credit Card for ICAI Members and Bank of Baroda CMA One Credit Card.
- 5 Rewards points for every Rs.100 spent on dining, online, and utility bills.
- 999 Bonus rewards points on 5 transaction Rs.1000 or more each month.
BOB ICSI Diamond Credit also gives rewards points on the Utility bill spends @ 1.25%. Normally all credit card issuers avoid giving rewards points on utility bills. 1000 rewards points on 5 transactions Rs.1000 or more each month gives a 5% rewards rate, an exception.
- Transaction Bonus: Swipe your credit card within 30 Days of Issuance and Get 1000 rewards points value Rs.250
- Bonus Rewards Points: Get 3,999 reward points every quarter, on spending more than your card’s credit limit.
The concept that you spend should exceed your credit limit within a quarter to qualify for Bonus rewards points is unique. Let assume your credit card limit is Rs. 1,00,000/-, and then you should be spending at Rs.1,00,000/- within three months to qualify for Bonus rewards points of 4000. Bonus rewards points accelerate the regular rewards points by 1% so that the total rewards rate would be 2% on your credit card.
Complimentary Lounge Access benefits
- 3 Complimentary Domestic airport Lounge access benefits Per Quarter( Total 12 Per year)
- Lounge Access benefits are available on MasterCard Network.
- Foreign Currency Mark Up is only 2%
- Visit BOB Financial website for List of Available Domestic Airport where Lounge benefits are available.
This credit card does not have Joining and Annual Fees. Normally credit cards that do not charge Fees do not provide lounge access benefits.
BOB ICSI Diamond Credit is an exclusively made credit card for Company Secretaries, so it also offers Professional Indemnity Insurance which is not available for a normal credit card.
- Professional Indemnity Insurance Cover of Rs. 5 Lakh
- Air accident death cover of Rs.15 Lakhs
- Non-air accident death cover of Rs. 5 Lakhs
- Insurance cover only available to the Primary Cardholder.
- No, Documents are provided for Insurance.
- In the case of No use of credit card. The insurance facility will be withdrawn
Professional Indemnity Insurance policy applies to only CS individual members who are in practice and holding valid Certificate of Practice (CoP) both at the time of Bank of Baroda ICSI Diamond Credit issuance and at the time of submission of a claim, for the claim to be processed by the insurance company.
Pros and Cons Bank of Baroda ICSI Diamond Credit
- NO Joining and Renewal Fees
- Default Rewards Rate 1%
- Free 3 Per Quarter Lounge access benefits
- Milestone and accelerated rewards points
- Rewards points on Utility Bill also.
- Special Professional Indemnity Insurance Cover of Rs.5 Lakh
- No International Lounge access.
Eligibility Criteria and Documents required Bank of Baroda ICSI Diamond Credit
- You should be active members of ICSI
- Add on cardholder should be above 18 years.
- You should be resident of India.
- ID Proof– PAN Card Photocopy
- Professional Proof– Photocopy of ICSI Membership Card
- Address Proof– Voter ID Card, Aadhar Card, Copy of Passport etc..
- One Photograph
- Income Proof : Latest Salary Slip/latest ITR, Or Copy of other Credit card.
Bank of Baroda ICSI Diamond Credit Review
Bank of Baroda ICSI Diamond Credit made exclusively for Company Secretaries. You should be members of ICSI for getting this credit card.The Default rewards rate 1 %, when we add Milestone and accelerated rewards rate, the total rewards rate exceed 2%. Its very good credit card if you consider Joining and Renewal Fees.
I think you should have this credit card in your wallet. It’s a Lifetime Free credit card.
What’s your take on this credit card ?… Please share in the comments box below.