Whether it’s Axis, SBI, or IDFC, all have undergone significant changes in the first half of 2024. While some banks have been stricter and made more extensive changes than others, some have implemented minor changes. Now, the Bank of Baroda has also joined the long list of banks in India that are devaluing their credit card offerings.
If you have a Bank of Baroda credit card, please review the following changes to learn about all the new updates that will be implemented from July 15, 2024, onwards.
No Core Reward Points on Special MCCs:
Earlier, almost all Bank of Baroda credit cards used to offer reward points for special merchant categories. Other issuers often did not reward these categories, but cardholders received reduced rewards on Bank of Baroda credit cards. Now, all Bank of Baroda credit cards will not offer any reward points for special MCCs like utilities, education, government transactions, rent, insurance and charity. This also includes fuel, which shall not be awarded any reward points on all cards except the HPCL Energie Credit Card.
| Cards | Core Reward Points on Special MCCs |
| Select, Select (FD Backed) | No Reward Points |
| Eterna, Eterna (FD Backed) | |
| Prime | |
| Snapdeal | |
| Easy | |
| Corporate | |
| IRCTC | |
| Vikram | |
| Yoddha | |
| ICSI Diamond | |
| ICAI Exclusive | |
| Varunah Plus/Premium | |
| Rakshamah | |
| All Old/Discontinued Variants Not Mentioned |
Revision in Welcome Benefits
Bank of Baroda is making changes to its credit card welcome rewards program. Previously, each credit card offered unique welcome benefits in terms of welcome benefits. Going forward, all Bank of Baroda credit cards will offer 500 Reward Points for spends of ₹5,000 or more within the first 60 days of card issuance.
This change has both positive and negative aspects. For instance, if you had the Varunah card, you used to receive 1,000 Reward Points for meeting the spend criteria, but now you will only get 500 Reward Points on spends of ₹5,000 or more within the first 60 days.
On the other hand, those with the BoB Easy, Select, or Premier cards, who previously received no welcome benefits, will now be eligible for 500 Reward Points.
| Card | Current Welcome Benefits | New Welcome Benefits |
| Easy | N/A | 500 Reward Points on Spends of ₹5,000 in the First
60 Days of Card Issuance |
| Select | N/A | |
| Premier | N/A | |
| Prime | N/A | |
| Empower Business Card | N/A | |
| Snapdeal | Snapdeal Vouchers Worth ₹500 | |
| IRCTC | 1000 Bonus Reward Points on a Single Transaction of ₹1000 Within 45 Days of Card Issuance | |
| HPCL Energie | 2000 Bonus Reward Points on Spends of ₹5,000 or More Within 60 Days of Card Issuance | |
| Yoddha | 1,000 Reward Points for Activation Within 30 days of Issuance | |
| The Sentinal | 1,000 Reward Points for Activation Within 30 days of Issuance | |
| Varunah Plus | 1000 Reward Points on Card Activation in 180 Days | |
| Varunah Premium | 2000 Reward Points on Card Activation in 180 Days | |
| ICAI Exclusive | 1,000 Reward Points for Activation Within 30 days of Issuance | |
| Rakshamah | 1,000 Reward Points for Activation Within 30 Days of Issuance | |
| CMA One | 1,000 Reward Points for Activation Within 30 days of Issuance | |
| ICSI Diamond | 1,000 Reward Points for Activation Within 30 Days of Issuance |
Higher Interest Rates
The interest rate charged on some Bank of Baroda Credit Cards has been slightly increased. From 15 July 2024 onwards, those who are unable to clear their credit card dues on time will be charged extra.
| Card | Current Rate | New Rate |
| Prime | 3.25% Per Month (39.00% Per Annum) | 3.49% Per Month (41.88% Per Annum) |
| Empower Business Card | ||
| Varunah Plus/Premium | ||
| Yoddha | ||
| Vikram | ||
| Sentinel | ||
| Rakshamah |
All details regarding these latest devaluations can be found in the official BoB Card Notification.
Bottom Line
Credit card devaluations are no longer a surprise or shock for any of us. With some issuer or the other making changes every month, everyone is now accustomed to these periodic revisions in credit card benefits. While some, like Axis Bank, have removed or downgraded many features of multiple cards, others have only made a few changes. In this regard, Bank of Baroda has made only minor changes to its reward structure. The special categories that will no longer earn any reward points have also been excluded from credit cards of other banks. It seems that Bank of Baroda is following in the footsteps of other banks.
All of these revisions of product features and changes to tariffs shall soon be updated on the official Bank of Baroda website. All these changes shall be applicable from 15th July 2024.