BoB EXCLUSIVE Credit Card for ICAI Member 2021 Review

By | October 2, 2021

BoB EXCLUSIVE Credit Card for ICAI Members is made exclusively for chartered accountants. Bank of Baroda increases its customer base by issuing Credit to a specific group like ICAI and ICMA members.

This credit card provides 1% Default rewards on all expenses with Additional accelerated and Milestone benefits. Here is the BOB ICAI Credit card full review.

Highlight

  • All the active members of ICAI are eligible “ICAI exclusive credit card“.
  • Get a Guaranteed Credit Limit of Rs. 1 lakh for ACA,
  • Get a Guaranteed Credit Limit Rs. 2 lakh for FCA less than 5 years
  • Get a Guaranteed Credit Limit Rs. 3 lakh for FCA 5 years or more.
  • Up to 50 days of interest free credit.
  • 3 lifetime free add-on cards for family members
  • Complimentary Accidental Death Insurance cover.

What’s Ahead

  1. BoB ICAI Credit card Charges
  2. Welcome Benefits
  3. BoB ICAI Credit card benefits
  4. Lounge Access benefits
  5. Complimentary Insurance
  6. Best Alternative of Bank of Baroda Chartered Accountant Credit card
  7. Bottom line
BoB EXCLUSIVE Credit Card for ICAI Member
Image Credit: Bank of Baroda

Full Review

BoB ICAI Credit card Charges

Type of ChargesAmount ( In Rupees)
Joining FeeNil
Annual FeeNil
Cash Withdrawal Charges2.5% or minimum Rs. 500
Finance Charge ( Interest)3.49%
Cheque Return ChargesMinimum Rs. 300 or 2% of the amount, whichever is higher
Foreign Currency Transaction Fee2% of the transaction amount
BoB CA Credit card Charges

BoB EXCLUSIVE Credit Card for ICAI Member, Joining and Renewal Fees, is totally free. There are no Joining and Annual Fees. It’s a Lifetime Free.

Welcome Benefits of Bank of Baroda ICAI Credit card

  • Complimentary 6 Months FITPASS PRO with Rs. 15,000/-
  • 1,000 reward points on transacting your card within the first 30 days of card issuance.

BoB ICAI Credit card benefits

BoB EXCLUSIVE Credit Card for ICAI Member rewards benefits can be summarised as Regular Rewards, Accelerated rewards, and Milestone Rewards.

#1. Regular Rewards

  • 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%

Almost all basic credit provides a 1% default reward rate. Like Entry-level credit card CitiBank Paytm First Credit Card and Amazon Pay ICICI Bank Credit card

#2. Accelerated Rewards

  • 5 Rewards points for every Rs. 100 spent on dining, online, and utility bills.
  • 1000 Bonus rewards points on 5 transaction Rs. 1000 or more each month.

BoB ICAI Credit Card 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, which is an exception.

#3. Milestone Rewards

  • Transaction Bonus: Swipe your credit card within 30 Days of Issuance and Get 1000 rewards points with Rs. 250
  • Bonus Rewards Points: Get 4,000 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 spend Rs. 1,00,000/- within three months 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.

Lounge Access benefits

  • 3 Complimentary Domestic airport Lounge access benefits Per Quarter
  • 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.

Complimentary Insurance

BoB Exclusive Credit Card for ICAI Member credit card is an exclusively made credit card for chartered accountants. 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

Pros and Cons BoB Exclusive Credit Card for ICAI Member

Pros

  • 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

Cons

  • No International Lounge access.

Best Alternative of Bank of Baroda Chartered Accountant Credit card.

The best alternative to ICAI Credit Card could be Bajaj Finserv RBL Bank CA, Super Card. Let us understand the difference between the two cards.

RBL Bank CA Super Card is designed for exclusive ICAI Member. Bajaj Fiserv offers this credit card in association with RBL Bank. One of the main benefits of this credit card, your ICAI Membership fees shall be waived off.

TypesBoB ICAI Credit Card RBL Bank CA Super Card
(1). Joining FeesNilNil
(2). Annual FeesNilRs.999+GST
(3). Annual Fees WaiverN/AAt least Spends Rs.1.5 Lakh in the Previous Year.
(4). Foreign Currency Transaction Fee 2%3.5%
(5). Welcome Benefits(A). Complimentary 6 Months FITPASS PRO with Rs. 15,000 None
(B).
  • Complimentary 6 Months FITPASS PRO with Rs. 15,000/-1,000 reward points on transacting your card within the first 30 days of card issuance.
  • None
    (6). Guaranteed Credit Limit Get a Guaranteed Credit Limit of Up-to Rs.5 LakhNone
    Benefits(A).1 rewards point for every Rs. 100 spent (1%) (A). 1 Rewards Points per Rs.100 Spends at Store
    (B). 5 Rewards points for every Rs. 100 spent on dining, online, and utility bills. (B). 2X Rewards Points on Online Spends
    (C).1000 Bonus rewards points on 5 transaction Rs. 1000 or more each month. (C). 10 Rewards Points per Rs.100 Spends for Dinning.
    Milestone Benefits16,000 Rewards Points worth Rs.4,000Gift Voucher Worth Rs.1,000
    Lounge Access 12 Master Card Lounge Access Benefit in a year( Three in a Quarter)4 Master Card Lounge Access Benefit in a year.

    It is evident from the above comparison table that the ICAI BOB Credit card win over RBL Bank CA Super Credit card.

    Eligibility Criteria and Documents required

    Eligibility

    • You should be active members of ICAI
    • Add on cardholder should be above 18 years.
    • You should be resident of India.

    Documents

    • ID Proof– PAN Card Photocopy
    • Professional Proof– Photocopy of ICAI 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.

    Bottom-line

    BoB EXCLUSIVE Credit Card for ICAI Member 2021 Review

    BoB EXCLUSIVE Credit Card for ICAI Members is made exclusively for chartered accountants. Bank of Baroda increases its customer base by issuing Credit to a specific group like ICAI and ICMA members.

    Editor's Rating:
    4.8

    BoB EXCLUSIVE Credit Card for ICAI Members is made exclusively for chartered accountants. You should be a member of ICAI for getting this credit card. The Default rewards rate is 1 %; when we add Milestone and accelerated rewards rate, the total rewards rate exceed 2%. It’s a perfect 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.

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    Avatar of Dhiraj Jha
    Author: Dhiraj Jha

    I love to acquire, review, and earn reward points/cashback from Credit Cards for free traveling and enjoying luxury hotels. Helping people about the benefits and optimal utilization of credit cards.

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