Bank of India Pensioners Credit Card
Credit cards have become the norm of the day and has simplified banking to a great extent. But, for pensioners, the issue of having to find an apt credit card is still prevalent. The answer to this problem is Bank of India Credit Card for Pensioners which has been specially designed to meet the unique financial needs of pensioners.
Also, because most of the pensioners are also senior citizens, Bank of India Credit Card for Pensioners comes loaded with many customer-centric features that will make banking easier. Pensioners can get total control of their expenses with benefits like EMI option, revolving credit facility and nominal interest rates.
Features of Bank of India Credit Card for Pensioners
The following features accompany a Bank of India Credit Card for Pensioners.
- Balance Transfer Facility: Bank of India Credit Card for Pensioners can transfer their outstanding balance on other credit card to Bank of India Credit Card for Pensioners subject to a maximum of 75% of spending limit. The minimum amount required to avail the balance transfer facility is Rs.10,000 for other bank cards and Rs.5,000 for Bank of India Credit Card for Pensioners.
- Cash Withdrawal Facility: Bank of India Pensioners credit card holders can withdraw cash from any ATM including other bank ATMs using their card.
- Insurance Premium Discount: BOI Pension Credit Cardholders can avail discount in the mediclaim insurance policy premium for up to Rs. 5 lakhs. This benefit is offered in partnership with National Insurance Co. Ltd.
- Interest Free Credit: All the purchases that you make using a BOI Pensioners Card will be offered a up to 51 days of interest free credit period.
- Revolving Credit Facility: The cardholder has to pay only 10% of the bill on or before the due date if he makes use of the revolving credit facility. The customer will have to pay an interest of 1.70% per month on the 90% outstanding balance. If the entire amount is overdue, the cardholder will be charged an interest of 2.5% per month.
- EMI Facility: The cardholder can easily convert his purchases to EMI given that the value of transaction is over Rs.5000. Now, you do not have to think twice before making any costly purchases.
Benefits of Bank of India Credit Card for Pensioners
Bank of India Credit Card for Pensioners comes with an array of customer-centric benefits that makes it a sought-after financial product for people post retirement.
- Affordable Interest Rate for EMI Options: Customers have the option to change their costly purchases to affordable EMIs and pay back the credit over flexible tenure. Customers are offered the benefit of nominal interest rate, revolving credit facility at a preferential rate and interest free credit for up to 51 days.
- 24/7 Customer Helpline: If customers have any query regarding any service or want to report the loss of card, they can do the same by calling bank of India 24/7 helpline for credit card.
- Cash Advance Facility: Bank of India Pensioner credit cardholderscan avail the cash advance facility at over 4000 bank branches with free remittance option for credit card payment.
- Wide Acceptance: Bank of India Credit Card for Pensioners is accepted at all major ATMs and merchant PoS. You can enjoy the benefit of not having to carry cash with you for purchases and for shopping.
Fees and Charges
The fees and charges for services related to Bank of India Credit Card for Pensioners is as follows.
Service | Fee & Charges |
Joining Fee | Nil |
Annual Fee | Rs. 600 |
Free Credit Period | Minimum of 19 days to maximum of 50 days. |
Credit Limit for Bank of India Credit Card for Pensioners | Three times the monthly pension of the customer. |
Eligibility
The applicant must satisfy the following eligibility criteria for Bank of India Credit Card for Pensioners.
- This card is offered to pensioners in India. The applicant must be a person of Indian origin.
- The applicant must have a good CIBIL score and must not have defaulted on payments of dues pertaining to any other Bank or Bank of India.
For a detailed eligibility criteria including the income criteria, do enquire with Bank of India before filing the application for Bank of India Credit Card for Pensioners.
Documentation
You will have to submit the documents given below to obtain a Bank of India Credit Card for Pensioners.
- Proof of identity - You can submit either passport, voter ID, driving licence, Aadhaar card or PAN card.
- Address Proof - You must submit either of recent telephone bills, electricity bills, passport or voter ID as a proof of address.
- You must also submit as proof stating that you are a pensioner, if necessary.
The list of documents required may vary depending on the type of income and nature of employment of the applicant. To know the detailed list of documents required for your profile, do contact Bank of India.
FAQs on Bank of India Pensioners Credit Card
- What is the billing cycle for Bank of India Credit Card for Pensioners?
The billing cycle for Bank of India Credit Card for Pensioners is from the 16th of current month to the 15th of succeeding month. The payment has to be made on or before the 5th of next month which makes it very convenient for people.
- What is the credit limit for Bank of India Credit Card for Pensioners?
The credit limit will be not more than three times the monthly pension that the applicant receives.
- Can I withdraw cash from ATMs using my Bank of India Credit Card for Pensioners?
Yes, you can withdraw cash from Bank of India ATMs as well as other bank ATMs using Bank of India Credit Card for Pensioners.
- How do I apply for Bank of India Credit Card for Pensioners?
Applying for a Pensioners credit card by Bank of India is easy - you will have to submit a duly filled application form with all other relevant documents at the nearest Bank of India branch.
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