New credit card rules: Bank of Baroda hikes interest rates and late payments fees on this credit card
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.
BOBCARD One revised interest rate
- 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
Read more on economictimes.indiatimes.com
