By Kartik Kanwar
Updated On February 8, 2024

The Bank of Baroda started operations in 1994 and its non-banking financial organization, BoB Financial takes care of the credit card business. Individuals can find any type of credit card they need for their requirements ranging from lifestyle, fuel, travel, dining, shopping, corporate, business, etc.

If you are one of those people who regularly travel abroad, then you must be wary of the forex markup fees you have to pay whenever you use your card for foreign transactions. Most basic credit cards charge a standard 3.5% forex markup fee while some premium ones have low forex markup charges of around 2 to 3%.

BOB forex post

Bank of Baroda has several cards in its catalog that cater to the needs of every type of individual from young professionals to big businessmen. Before getting a credit card, you must factor in different things, and if you are going to use your card regularly for foreign currency spends, then a card with a low forex markup fee is a must.

Table of Contents

BoB Credit Cards – Forex Markup Charges

In the following section, we will take a look at the forex markup fees of the top BoB credit cards, along with other information about them.

Bank of Baroda Eterna Credit Card

(4.7/5)

Fees

Joining Fee

Rs. 2,499 + GST

Renewal Fee

Rs. 2,499 + GST

Best Suited For

Shopping

Reward Type

Reward Points

Welcome Benefits

6-month FitPass Pro membership worth Rs. 15,000 and 10,000 bonus reward points.

Bank-of-Baroda-Varunah-Credit-Card

(4.5/5)

Fees

Joining Fee

Nil (for Varunah Card),Rs. 1,499 (for Varunah Plus Card)Rs. 2,499 (for Varunah Premium Card)

Renewal Fee

Nil (for Varunah Card),Rs. 1,499 (for Varunah Plus Card)Rs. 2,499 (for Varunah Premium Card)

Best Suited For

Shopping

Reward Type

Reward Points

Welcome Benefits

Complimentary Amazon Prime & Zomato Pro membership for one year and Fitpass Pro membership for 6 months (with Varunah Plus and Varunah Premium Credit Card), and 1,000 bonus Reward Points with the Varunah Premium Card.

ICAI-Bank-of-Baroda-Exclusive-Credit-Card

(4.5/5)

Fees

Joining Fee

Nil

Renewal Fee

Nil

Best Suited For

Travel

Reward Type

Reward Points

Welcome Benefits

Get complimentary Fit Pass Pro membership for 6 months and 1,000 bonus Reward Points.

Bank-of-Baroda-ICSI-Diamond-Credit-Card

(4.5/5)

Fees

Joining Fee

Nil

Renewal Fee

Nil

Best Suited For

Travel

Reward Type

Reward Points

Welcome Benefits

Get free Fit Pass Pro membership for 6 months and 1,000 bonus Reward Points.

BoB-CMA-One-Credit-Card

(4.5/5)

Fees

Joining Fee

Re. 1

Renewal Fee

Nil

Best Suited For

Travel

Reward Type

Reward Points

Welcome Benefits

Get 6-months complimentary Fit Pass Pro membership and 1,000 bonus Reward Points.

Bank of Baroda Premier Credit Card

(4.4/5)

Fees

Joining Fee

Rs. 1000 + GST

Renewal Fee

Rs. 1000 + GST

Best Suited For

Travel

Reward Type

Reward Points

Welcome Benefits

NA

IRCTC BoB RuPay Credit Card

(4.5/5)

Fees

Joining Fee

Rs. 500 + GST

Renewal Fee

Rs. 350 + GST

Best Suited For

Travel

Reward Type

Reward Points

Welcome Benefits

Get 1000 Bonus Reward Points on spending Rs. 1000 through a single transaction using this card within the first 45 days of card issuance.

HPCL Bank of Baroda ENERGIE Credit Card

(4.5/5)

Fees

Joining Fee

Rs. 499 + GST

Renewal Fee

Rs. 499 + GST

Best Suited For

Fuel

Reward Type

Reward Points

Welcome Benefits

On spending Rs. 5,000 or more first 60 days after paying the joining fee, you get 2,000 Bonus RPs.

Bank of Baroda Easy Credit Card

(4.6/5)

Fees

Joining Fee

Nil

Renewal Fee

Nil

Best Suited For

Shopping

Reward Type

Reward Points

Welcome Benefits

NA

What is the Forex Markup Fee on Credit Cards

The forex markup fee is charged by the credit card issuer when the card is swiped abroad and the transaction is in a foreign currency. Every credit card has a forex markup fee which you should check before applying for a card. If you frequently make international spends, then you should look for a card with a low forex markup fee.

The credit card network charges a 1% fee for foreign transactions and then the card issuer adds a percentage to it. This makes the forex markup fee around 3-3.5% on most credit cards. Some premium credit cards have a lower forex markup fee of around 2-2.5% also. Other than this, you also have to pay a currency conversion fee for foreign transactions.

All these charges can add up over time, and therefore, it is recommended to go for a card that has a low forex markup fee.

BoB Credit Card Details – Forex Markup Charges

In the following section, we will take a look at the forex markup fees of the top BoB credit cards, along with other information about them.

BoB Eterna Credit Card – 2%

Bank of Baroda recently launched 4 new credit cards to their diverse portfolio, and the BoB Eterna is one of those cards in the premium category. The card comes at a joining fee of Rs. 2500 and offers a welcome bonus of 10,000 reward points and a complimentary FitPass Pro membership. As the Eterna card is topmost offering by BoB, it is packed with several features like unlimited domestic lounge access, insurance benefits, complimentary golf rounds and lessons, and more. You get accelerated 15 RPs per Rs. 100 spent on movie, travel, and dining, and 3 RPs per Rs. 100 spent elsewhere. The card is ideal for frequent travellers as it charges a low forex markup fee of 2% of the transaction amount.

  • Complimentary FitPass Pro membership and 10,000 RPs on spending Rs. 50,000 or more in 60 days of getting the card
  • Bonus 20,000 RPs on spending Rs. 5 Lakhs or more in the year
  • 15 RPs per Rs. 100 spent on travel, online shopping, movies, and dining
  • 3 RPs per Rs. 100 spent elsewhere
  • Complimentary golf rounds and golf lessons
  • Accidental air death insurance
  • Fuel surcharge waiver and annual fee waiver
  • Low forex markup fee of 2% of the transaction amount

BoB Varunah Plus (2.5%) and Varunah (2%) Premium Credit Card

The Bank of Baroda Varunah comes in three variants, the basic, the Plus, and the Premium. All these cards are for the Indian Navy exclusively with the Premium version with the highest joining fee of Rs. 2499, the Plus version at Rs. 1499, and the basic variant is free of cost. All three cards have different privileges across different categories and you should get the Varunah Premium card if you want the best benefits out of the three cards. The cardholder gets decent welcome benefits, reward rates, airport lounge access, and much more with the Varunah range of cards. The Varunah Plus card has a 2.5% forex markup fee, while the Varunah Premium card has a 2% forex markup fee.

  • Complimentary annual membership of Zomato Pro and Amazon Prime
  • Complimentary Fitpass Pro membership for 6 months
  • Bonus 1000 reward points as a welcome benefit with the Varunah Premium card
  • High reward rate upto 15 RPs per Rs. 100 spent with the card
  • Complimentary domestic airport lounge access per year
  • 1% fuel surcharge waiver and spend-based joining and renewal fee waiver
  • Low forex markup fee of 2.5% on the Varunah Plus card and 2% on the Varunah Premium card

ICAI BoB Exclusive Credit Card – 2%

Bank of Baroda has many exclusive credit cards for Indian navy, army, and other defense personnel. Similarly, the ICAI BoB Exclusive credit card is a lifetime free card that is exclusively meant for ICAI members. With this credit card, you get a complimentary FitPass pro membership and bonus 1000 reward points as a welcome benefit. Not just this, you can earn around 16000 reward points on reaching the annual spend milestone along with other privileges like insurance benefits, complimentary lounge access, fuel surcharge waiver, and more. Another great benefit, especially for those who consistently travel abroad is the low 2% forex markup fee on the card.

  • Bonus 1000 reward points as a welcome benefit
  • Complimentary FitPass Pro membership for 6 months
  • 5 RPs per Rs. 100 spent with the card
  • Complimentary domestic airport lounge access per year
  • Bonus 4000 reward points on reaching the spend milestone per quarter
  • 1% fuel surcharge waiver
  • Low forex markup fee of 2% of the transaction amount

BoB ICSI Diamond Credit Card – 2%

Similar to the ICAI Exclusive credit card, the ICSI Diamond card is exclusively meant for ICSI members. This is also a lifetime free credit card and is packed with multiple benefits across various categories. As a welcome benefit, the card offers bonus 1000 reward points and a complimentary FitPass Pro membership to the cardholder. The reward rate on the card is also decent, and you can get up to 5 reward points per Rs. 100 spent with the credit card. Some other benefits of the card include complimentary lounge access, insurance cover, and bonus reward points on reaching the milestone spends. Moreover, this credit card also has a low forex markup fee of 2%.

  • Bonus 1000 reward points as a welcome benefit
  • Complimentary FitPass Pro membership for 6 months
  • Upto 5 reward points per Rs. 100 spent with the card
  • Complimentary domestic airport lounge access per year
  • Bonus 999 reward points per month and 3999 reward points per month on reaching the quarterly milestone spend
  • 1% fuel surcharge waiver and insurance benefits
  • Low forex markup fee of 2% of the transaction amount

BoB CMA One Credit Card – 2%

Available at a one-time joining fee of Rs. 1, the BoB CMA One credit card does not charge any annual fee, and is exclusively meant for the members of ICMAI. Again, it is a lifetime free credit card but there is no shortage of rewards and benefits offered by the card. The cardholder gets bonus reward points and a complimentary FitPass Pro membership as a welcome benefit. The credit card even has a decent reward rate, and you can earn up to 1000 reward points per month, and up to 16000 reward points per year on reaching the target spend milestone. You can also enjoy complimentary lounge access, fuel surcharge waiver, insurance perks, etc. with the card. The card has a low forex markup fee of 2% of the transaction amount.

  • Complimentary FitPass Pro membership and 1000 reward points as a welcome benefit
  • Up to 5 reward points per Rs. 100 spent with the card
  • Bonus 1000 reward points per month on meeting the required condition
  • Bonus 16000 reward points per year on reaching the target spend milestone
  • Complimentary domestic airport lounge access per year
  • 1% fuel surcharge waiver and insurance benefits
  • Low forex markup fee of 2% of the transaction amount

BoB Premier Credit Card – 3.5%

The Bank of Baroda Premier credit card comes without any joining and annual fee and aims at offering multiple benefits to customers at the lowest charges possible. Earlier, the credit card came at a Rs. 1000 annual fee but the bank waived off this fee so that the customers can get maximum benefits out of this card, without paying a premium. The reward rate on the card is great and you can earn 10 reward points on dining, travel, and international spends, and 2 RPs on other spends. Not just this, you can enjoy domestic lounge access, accidental death insurance, and a fuel surcharge waiver with the card. The forex markup fee on the card is a standard 3.5%.

  • 2 RPs per Rs. 100 spent with the card
  • 10 RPs per Rs. 100 spent on travel, dining, and international transactions
  • Complimentary domestic airport lounge access
  • Accidental death insurance cover
  • 1% fuel surcharge waiver
  • Standard forex markup fee of 3.5% of the transaction amount

IRCTC BoB RuPay Credit Card – 3.5%

Bank of Baroda and IRCTC partnered to launch their co-branded IRCTC BoB RuPay credit card that charges a joining fee of Rs. 500 and renewal fee of Rs. 350. Those who travel regularly via the Indian Railways should definitely consider getting this credit card. The card offers bonus 1000 reward points to the cardholder on spending Rs. 1000 or more within 45 days of getting the card. The card has several exclusive privileges for travellers, but it also offers accelerated rewards on grocery, fuel, and some other spend categories. The cardholder can enjoy complimentary access to railway lounges and can convert their transactions to EMI through the card. The forex markup fee on the card is the standard 3.5% of the transaction amount.

  • Bonus 1000 reward points as a welcome benefit
  • 4 RPs per Rs. 100 spent on grocery and departmental store spends
  • 2 RPs per Rs. 100 spent elsewhere
  • Up to 40 RPs per Rs. 100 spent on IRCTC website train bookings
  • 4 complimentary railway lounge access per year

HPCL BoB ENERGIE Credit Card – 3.5%

Bank of Baroda joined forces with HPCL to launch their co-branded fuel card, the HPCL BoB ENERGIE credit card. This card was launched to benefit the customers during this time of extremely high fuel prices. Fuel is necessary for everyone who drives a vehicle, and with this card, you can get rewarded whenever you spend money on fuel. This card has a joining fee of Rs. 499 and offers 2000 reward points as a welcome benefit. You can get upto 24 RPs per Rs. 150 spent on fuel, 10 RPs on your departmental store and grocery spends, and 2 RPs per Rs. 150 spent elsewhere. The card offers complimentary domestic lounge access and has a standard forex markup fee of 3.5%.

  • Bonus 2000 reward points
  • 24 RPs per Rs. 150 spent on fuel and 10 RPs per Rs. 150 spent on groceries and departmental store spends
  • 2 RPs per Rs. 150 spent elsewhere
  • Extra 1.5% cashback on HPCL fuel purchases made through the HP Pay app
  • Complimentary domestic lounge access
  • Up to 25% off on your movie ticket bookings
  • 1% fuel surcharge waiver and spend-based renewal fee waiver
  • Standard forex markup fee of 3.5% of the transaction amount

BoB Easy Credit Card – 3.5%

If you are someone who wants to own an entry-level credit card without the hassle of paying high fees and charges for it, the Bank of Baroda Easy Credit Card is the right choice for you. It is a lifetime free credit card without any joining or annual fees and offers decent reward points on your daily spend categories. You can earn 5 RPs per Rs. 100 spent on groceries, departmental stores, movies, etc. and up to 0.5% cashback on the payment of your credit card dues. There are not many travel or other privileges with this card, but it is still great for beginners. The forex markup fee on the credit card is the standard 3.5% of the transaction amount.

  • Lifetime free card without any joining or annual fee
  • 5RPs per Rs. 100 spent on groceries, movies, departmental stores, etc.
  • 1 RP per Rs. 100 spent elsewhere
  • Get 0.5% cashback on the payment of your credit card bill
  • 1% fuel surcharge waiver
  • Standard forex markup fee of 3.5% of the transaction amount

How to Apply for Bank of Baroda Credit Cards

Follow these steps to apply for Bank of Baroda credit cards –

  • Click on the Apply Now button.
  • Fill in the necessary details and provide the necessary documents
  • Click on Submit to submit your application

Eligibility Criteria and Documents Required

The applicants must pass the following eligibility criteria in order to apply for BoB credit cards –

  • The applicant must be a resident of India
  • The applicant must be between 21 to 65 years of age
  • The applicant must have a stable source of income
  • The applicant must have a decent credit score

The following documents must be provided by the applicant when applying for the credit card –

ID Proof – Aadhar Card, PAN Card, Driver’s License, Passport, etc.

Address Proof – Aadhar Card, Rent Agreement, Ration Card, Passport, Latest Utility Bills, etc.

Income Proof – Salaried individuals need to provide the latest 2 months’ salary slips and the bank statements. Self-employed individuals need to provide their audited ITR of the previous year

Credit Cards Comparison

Category BoB Eterna Credit Card ICAI BoB Exclusive Credit Card BoB ICSI Diamond Credit Card BoB CMA One Credit Card
Joining/Annual Fee Rs. 2500 Nil Nil Rs. 1
Welcome Benefit Complimentary 6-month Fit Pass Pro membership and bonus 10000 reward points Complimentary 6-month Fit Pass Pro membership and bonus 1000 reward points Complimentary 6-month Fit Pass Pro membership and bonus 1000 reward points Complimentary 6-month Fit Pass Pro membership and bonus 1000 reward points
Reward Earning 15 RPs per Rs. 100 spent on movie, travel, shopping, etc. 3 RPs per Rs. 100 spent on other categories 1 RP per Rs. 100 spent with the card. 5x RPs on utility bills, online spends, and dining 1 RP per Rs. 100 spent with the card. 5x RPs on utility bills, online spends, and dining 1 RP per Rs. 100 spent with the card. 5x RPs on utility bills, online spends, and dining
Reward Redemption Reward points can be redeemed against various choices at the BoB Rewards portal or against cashback, where 1 RP = Rs. 0.25 Reward points can be redeemed against various choices at the BoB Rewards portal or against cashback, where 1 RP = Rs. 0.25 Reward points can be redeemed against various choices at the BoB Rewards portal or against cashback, where 1 RP = Rs. 0.25 Reward points can be redeemed against various choices at the BoB Rewards portal or against cashback, where 1 RP = Rs. 0.25
Dining/Movie Benefits 5x RPs on movie and dining spends BOGO offer on Paytm app movie ticket bookings 250+ culinary deals at MasterCard Priceless Specials NA NA NA
Travel Benefits Unlimited complimentary domestic lounge access Complimentary domestic lounge access per quarter Complimentary domestic lounge access per quarter Complimentary domestic lounge access per quarter
Forex Markup Fee 2% 2% 2% 2%

Bottom Line

Whenever we go abroad for travel or work, we want to have a relaxing and comfortable time. Credit cards make it easy to make payments when abroad, however, the high forex markup fees can burn a hole in your pocket. You have to pay these charges everytime you swipe your credit card, along with the currency conversion fee.

Bank Of Baroda has a great range of credit cards with thousands of cardholders in India. There are several cards by the issuer that have a low forex markup fee. The BoB Eterna, ICSI Diamond, ICAI Exclusive, and the CMA One credit card charge a low forex markup fee of 2%. Most other cards by Bank of Baroda charge the standard 3.5% markup fee, as discussed above.

Therefore, make sure to go for a card with a low markup fee, if you plan on using your card regularly for international transactions and foreign currency spends.

FAQs:

The forex markup fee is charged by the credit card issuer when the card is swiped abroad and the transaction is in a foreign currency. The credit card network charges a 1% fee for foreign transactions and then the card issuer adds a percentage to it. This makes the forex markup fee around 3-3.5% on most credit cards. Some premium credit cards have a lower forex markup fee of around 2-2.5% also.
The BoB Eterna credit card comes at a joining and annual fee of Rs. 2500 plus taxes, and is the most premium offering by Bank of Baroda. The card is packed with elite-level privileges across most spend categories and charges a low forex markup fee of 2% of the transaction amount.
There are several Bank of Baroda credit cards that charge a low forex markup fee of 2% on foreign currency spends and international transactions. These include –BoB Eterna Credit Card – 2%ICAI BoB Exclusive Credit Card – 2%BoB ICSI Diamond Credit Card – 2%BoB CMA One Credit Card – 2%BoB Varunah Premium Credit Card – 2%
The BoB Varunah credit card is exclusively for Indian Navy officials and it comes in three variants – the basic Varunah, Varunah Plus, and the Varunah Premium credit card. The Varunah Plus credit card charges a forex markup fee of 2.5%, while the Varunah Premium credit card charges a forex markup fee of 2% of the transaction amount.
The applicants must pass the following eligibility criteria in order to apply for BoB credit cards –
  • The applicant must be a resident of India
  • The applicant must be between 21 to 65 years of age
  • The applicant must have a stable source of income
  • The applicant must have a decent credit score