Bank of Baroda is among the top government-owned banks in India that offers customers many products. A key service they provide are the wide range of credit cards they offer that are curated to fit the needs and requirements of its customers.
BOB Credit Cards, however, also carry fees and charges, including an interest rate. The rate of interest on your card is added to the transactions you make and is included under the ‘Total Amount Due’ in your credit card statement.
Popular Bank's Credit Card Interest Rates
The BOB Credit Card’s interest rate is applicable if you have not paid your total outstanding amount or paid only a portion of your total outstanding amount as the minimum amount due.
For example, suppose the total outstanding amount on your card is Rs.9,000 and you paid Rs.2,000 as a partial payment. The remaining Rs.7,000 will be carried forward to next month’s statement and will attract a certain rate of interest.
However, if you have paid off your total outstanding amount, BOB will not charge an interest rate on your credit card.
Bank of Baroda calculates the rate of interest through the Annual Percentage Rate or APR.
The bank does charge a monthly rate of interest on the due amount daily. You will be able to calculate the Daily Periodic Rate by dividing the Annual Percentage Rate by the total number of days in the year.
For example, if the monthly interest rate charged on your BOB credit card is 3.5%, the formula used to calculate the interest rate you land up paying on an average daily balance method is as follows:
Interest Rate = [(Total Outstanding Amount x 3.5% per month x 12 months) X number of days] / 365 days.
|Bank of Baroda Credit Cards||Monthly Interest Rate||Annual Rate|
|Bank of Baroda Eterna Credit Card||3.49%||41.88%|
|Bank of Baroda Premier Credit Card||3.25%||39.00%|
|Bank of Baroda Select Credit Card||3.49%||41.88%|
|Bank of Baroda Easy Credit Card||3.49%||41.88%|
|Bank of Baroda ICAI Exclusive Credit Card||3.49%||41.88%|
|Bank of Baroda ICSI Diamond Credit Card||3.49%||41.88%|
|Bank of Baroda CMA One Credit Card||3.49%||41.88%|
|Swavlamban Credit Card||3.49%||41.88%|
|Bank of Baroda Prime Credit Card||3.25%||39.99%|
The Bank of Baroda will charge the interest rate on credit cards due to the inability to pay the total due amount within the due date along with other activities and transactions. Some of them are as follows:
Bank of Baroda offers an interest-free period of between 20 days to 50 days. However, this will also depend on the date of the transaction as this interest-free credit period will be only applicable if you have paid your total outstanding amount in full for the previous month.
The interest rate charged by the Bank of Baroda is from the date of transaction date till the previous total balance is paid in full, in case your total amount due is not paid.
Yes, if you have any questions or doubts about your credit card charges, you can contact the customer care of the bank at 1800 103 1006.
In case you are not able to pay your total amount due, BOB will contact you regarding non-payment. Your credit card may be cancelled if you still are unable to pay the due amount.
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