Bank of Baroda ICAI Exclusive BOBCARD Credit Card Review
Author And Publisher: Gyro 3.oICAI Exclusive BOBCARD Credit Card
Financial Expert Advice
Choose Your First (or Next) Credit Card Wisely
Maintain Two Credit Cards: One For Routine Expenses And Auto-Debits, And Another Reserved For Emergencies. Avoid Pursuing Rewards; Prioritize Financial Stability And Discipline.
Bank of Baroda ICAI Exclusive BOBCARD Credit Card Review: ICAI Member-Exclusive Card with Zero Joining Fee, 5X Rewards on Dining/Online/Utilities & 12 Lounge Visits
introduction
The ICAI Exclusive BOBCARD Credit Card is a lifetime-free credit card designed specifically for members of The Institute of Chartered Accountants of India (ICAI). It offers 5X reward points on dining, online, and utility spends, along with 1X rewards on other categories, which can be redeemed as cashback at a rate of 1 point = ₹0.25. Cardholders get milestone benefits like bonus reward points on achieving quarterly spend targets, plus 12 complimentary domestic airport lounge visits per year and a reduced 2% forex markup on international transactions. Additional perks include a fuel surcharge waiver across all fuel stations within specified transaction limits and a complimentary 6‑month Fitpass Pro membership to support health and fitness goals.
key features and benefits
Welcome Benefits
Complimentary 6-Month FITPASS Pro Membership: Activated on card issuance; unlimited gym access to 10,000+ fitness facilities nationwide.
Zero Joining Fee.
Reward Structure
Dining, Online Shopping & Utility Bills: 5 Reward Points per ₹100 (5X acceleration).
All Other Categories: 1 Reward Point per ₹100 (1% base earning).
Milestone Benefit
First 60-Day Bonus: 500 RP on ₹5,000 spend within 60 day Of card Issuance.
Quarterly Milestone Bonus: 4,000 RP every quarter on spending ₹1,00,000+ or card's credit limit (whichever is higher).
Airport Lounge Access
12 Complimentary Domestic Airport Lounge Visits: 3 visits per calendar quarter (12 annually) at participating domestic airport lounges nationally.
insurance Perks
Personal Accidental Death Cover:
Air accident: ₹15,00,000 coverage.
Non-air accident: ₹5,00,000 coverage.
- Professional Indemnity: ₹5,00,000 coverage.
Other Benefits
get upto 3 lifetime free add-on cards.
smart EMI: convert spends into EMI with smart EMI option (mini ₹2500).
zero Liability on lost card (report Immediately).
Contactless safe payments; wireless chip technology for secure and safe payments.
Card Essential
Rewards and Benefits Analysis
Best for: ICAI members, Chartered Accountants, financial professionals, frequent business travelers, those seeking professional recognition through banking.
Real Value Example (Annual Spend ₹20,00,000):
Dining (₹5,00,000 × 5%): 25,000 RP = ₹6,250 cashback.
Online shopping (₹4,00,000 × 5%): 20,000 RP = ₹5,000 cashback.
Utility bills (₹2,00,000 × 5%): 10,000 RP = ₹2,500 cashback.
Other categories (₹9,00,000 × 1%): 9,000 RP = ₹2,250 cashback.
Total RP: 64,000 RP = ₹16,000 value.
Quarterly milestone bonuses (4 quarters × 4,000 RP): 16,000 RP = ₹4,000 annually.
Lounge access (12 visits × ₹2,000): ₹24,000 value.
Forex savings (₹4,00,000 international × 2% vs 3.5%): ₹6,000 saved.
Fuel surcharge waiver (₹50,000 fuel × 1% capped): ₹3,000 annual.
FITPASS (6 months, year 1): ₹7,500 value.
Welcome bonus (year 1): ₹125 value.
Total annual value: ₹74,625+ (year 1 with welcome).
Less annual fee (₹0): Net benefit = ₹74,625+ indefinitely.
Milestone Benefit: Quarterly 4,000 RP bonus on ₹1L+ spend (or credit limit, whichever higher) = ₹4,000 annually.
Extra Perks: 12 lounge visits, FITPASS welcome, 2% forex, zero fees, quarterly bonuses, fuel waiver.
Limitations: 5X restricted to 3 categories; 1X base modest; ICAI exclusivity; no golf/concierge; lounge visits capped.
Practical Considerations
Fees & Charges Summary:
Lifetime zero joining and annual fees: Exceptional for professional association cards.
12 lounge visits: Annually (3 per quarter) for frequent travelers.
2% forex markup: Saves 1.5% vs standard 3.5% internationally.
1% fuel surcharge waiver: ₹3,000 annual maximum.
Quarterly milestone bonuses: Up to ₹4,000 annually on ₹1L+ quarterly spend.
Eligibility:
ICAI Membership: Must be current ICAI member (Chartered Accountant or Associate member).
Minimum Income: ₹13 lakh net annual income (salaried) or ₹13 lakh annual ITR (self-employed).
Age: Typically 21-65 years.
Residency: Indian residents only.
Documentation:
PAN card (mandatory).
Recent passport-sized photo (white background).
Address proof: Aadhaar, Voter ID, Passport, Driving Licence.
ICAI Membership proof: Valid ICAI membership certificate or ID.
Income proof: Salary slips + bank statements (salaried); ITR + bank statements (self-employed).
Potential Limitations:
ICAI member exclusivity: General public ineligible—requires active ICAI membership.
5X limited to 3 categories: Restricted to dining, online shopping, utilities.
1X base modest: Lower than some premium cards (2-3% base).
Lounge visits capped: 12 annually (4 per month average)—may not suit ultra-frequent travelers.
Insurance coverage unspecified: Confirm exact protection details at issuance.
Redemption Options
- BOBCARD Rewards Portal:
- Reward Points redeemable exclusively for cash credit against outstanding card balance (1 RP = ₹0.25 direct conversion per Bank of Baroda documentation)[BoB Official]—straightforward, transparent redemption suitable for professional use.
- Best Value Strategy:
Consolidate dining spends via card for 5X earning (business meals, professional dining).
Route all online shopping through ICAI Exclusive for 5X acceleration.
Pay utilities, insurance, telecom via card for 5X utility acceleration.
Plan business travel to maximize 12 annual lounge visits (3 per quarter).
Achieve quarterly ₹1L+ spend milestones for 4,000 RP bonuses.
Redeem quarterly for consistent cashback.
Ideal User Profile
Active ICAI members (Chartered Accountants, Associates).
Established CAs with ₹13L+ annual income.
Frequent business travelers (12+ annual trips).
Those with ₹20L+ annual spending patterns.
International business travelers.
High online shopping + dining spender.
Professionals prioritizing recognition through banking.
Final Thoughts
- Strengths:
Lifetime free: Zero joining + annual fees forever—exceptional for professional cards.
5X dining rewards: Exceptional acceleration on business meals and entertainment.
5X online shopping: Strong earning on e-commerce purchases.
5X utility bills: Coverage of recurring professional/household expenses.
12 domestic lounge visits: Quarterly access (3 per quarter) at major airports.
2% forex markup: Saves 1.5% on international transaction.
Quarterly milestone bonuses: Up to 4,000 RP (₹4,000 annually) on ₹1L+ quarterly spend.
FITPASS Pro welcome: 6-month ₹15,000 membership on issuance.
500 RP welcome bonus: ₹125 value on first ₹5,000 spend.
1% fuel surcharge waiver: ₹3,000 annual savings.
ICAI member exclusivity: Professional recognition and community alignment.
3-step digital application: Fast online process (form → Aadhaar e-sign → Video KYC).
- Limitations:
ICAI membership required: General public ineligible.
5X limited to 3 categories: Restricted to dining, online, utilities.
1X base modest: Lower than premium cards (2-3% base).
12 lounge visits capped: May not suit ultra-frequent travelers (40+ annual trips).
No golf benefits: Not lifestyle-luxury positioned.
Verdict:
ICAI Exclusive BOBCARD is a lifetime‑free, ICAI‑only card that gives 5X rewards on dining, online spends and utilities, 12 lounge visits and 2% forex—excellent if your real spending fits these buckets and you already spend in the ₹20L+ range.
Additional Tips for Applicants
Map quarterly milestone strategy: Target ₹1L+ quarterly spend for 4,000 RP bonuses.
Plan lounge travel patterns: Schedule 12 annual lounge visits strategically around business travel.
Activation Instructions: Upon card delivery, activate via SMS/mobile app; register FITPASS membership immediately (6-month window); configure card for recurring utilities; schedule lounge visits.
Application Process:
Apply online via BOBCARD website (ICAI members only).
Complete 3-step digital process: Fill application form → Aadhaar e-sign → Video KYC verification.
Provide: PAN, recent photo (white background), address proof, ICAI membership certificate/ID, income proof (salary slips/ITR + bank statements).
Receive approval within 5-7 working days.
Card delivery within 10 days.
CDMS EXPERT ADVICE
Professional association cards can tempt lifestyle inflation if 5X dining and online rewards encourage aspirational spending beyond genuine professional needs. If monthly balances climb despite zero-fee positioning:
Stop discretionary 5X category spending; focus on essential professional expenses only.
Prioritize full settlement to avoid 3.5% monthly interest erasing 5X value.
Seek professional financial counseling before balances spiral.
This review offers a clear and balanced overview of The Bank of Baroda ICAI Exclusive Credit Card’s strengths and limitations, helping readers make an informed choice about whether this card fits their
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