Headquartered in Vadodara, Bank of Baroda (BoB) is one of the most popular Indian state-owned international banking and financial company. The bank offers a wide range of credit cards that are exclusively designed to meet the needs of their cardholders. The credit cards offered by Bank of Baroda is classified into four categories, namely Easy, Select, Premier, and Prime. Some of the benefits of Bank of Baroda credit cards are low finance charges, easy EMI options on select cards, excellent reward program, zero fuel surcharge, in-built insurance, and free add-on cards.
To help their credit cardholders track their expenses better, the bank send out credit card statements every month. Cardholders can choose to get the statement online via e-mail or request for the copy to be sent via post to their registered mailing address. The credit card statements sent by the bank is comprehensive and contains all important credit-related information which will help the cardholder understand their spending habits better.
What Is A Credit Card Statement?
Almost all credit card providers in the country consolidate and send a credit card statement to their cardholders at the end of every billing cycle. A credit card statement is a summary of all debit and credit transactions made on the credit card in one billing cycle. The statement is generated every month and will be sent to the cardholder via email or post.
A credit card statement contains crucial information which will help the cardholder understand his/her credit usage and manage finances better. Some of the important information one can find in a credit card statement are the total outstanding bill amount, available credit limit, debit and credit transaction details, due date, billing start date, billing end date, available reward points, and the minimum due amount. The format of a credit card statement is simple and self-explanatory.
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The Benefits Of Bank Of Baroda Credit Card Statement
Taking the time out to understand your credit card statement is very important as it will help you trim your expenses, analyse your spending habits, create a budget, and help you manage your personal finance better. Most cardholders do not take the time out to read their credit card statement. However, taking a closer look at your statement will help you understand how the finance charges are calculated and how you can use your credit card to your benefit.
Some of the benefits of Bank of Baroda credit card statement are:
- Your credit card statement will help you understand how credit card companies calculate fees and charges on your card. Most cardholders do not understand how interest is charged on the card and end up paying way more than what they borrowed.
- Bank of Baroda sends credit card statement every month to their cardholders for free. You do not have to pay to avail this service.
- You can download your Bank of Baroda credit card statements online instantly and save time. You can also save it on your laptop or phone for future reference.
- A credit card statement will help you organise your expenses and trim it if required. For example, if your credit card statement indicates that you are using your card frequently to pay dining expenses, you can budget your food bills for the upcoming month and start saving up.
- It reminds you of your due date and helps you be a prompt payer.
Understanding Your Bank Of Baroda Credit Card Statement
The credit card statement issued by Bank of Baroda is simple and very easy to understand. However, there may be certain terms that could be a financial jargon for a few. Listed below are some of the important terms you will see in your credit card statements:
Billing start/end date: The billing cycle of a credit card differs from one card to another. On your Bank of Baroda credit card, you can see your billing cycle. The start date and the end date will be clearly mentioned. All transactions made on the card during this period will be listed. It is very important to know your billing cycle as it helps you calculate finance charges and track unbilled transactions which will appear on your next month’s credit card statement.
Interest-free period: On your credit card statement, the applicable interest-free period will be mentioned. The grace period differs from one card to another. If you pay the total due amount on the card within the grace period, your credit card provider will not levy finance charges. It is very important to know about the grace period that you are eligible for and to make use of it.
Due date: At the top of the credit card statement, you will be able to see the due date printed clearly. This is the date within which you will have to pay the total outstanding amount on the card to avoid finance charges and a late fee. However, if you are unable to pay the total due amount, you will be required to pay the minimum due amount before this date. Remember that finance charges will be levied if you pay any amount lesser than the total outstanding amount on the card.
Total outstanding bill amount: Your Bank of Baroda credit card statement will clearly mention the total outstanding due amount on the card. This includes all transactions made on the card when the bill is generated. To avoid paying high interest rate, it is recommended to pay the total due amount on the card every month.
Minimum due amount: The minimum due amount is a percentage of the total due amount that should be paid within the due date to avoid defaulting on your card payment. However, when you pay the minimum due amount instead of the total outstanding bill, finance charges will be levied on the revolving credit on the card on a daily basis. This way, you will end up paying a lot towards interest.
Finance charges: Your credit card statement will clearly mention the interest rate that will be charged if you do not repay the total due amount within the due date. Most cardholders do not give attention to the interest rate or take the time out to understand how it works and end up paying way more than what they had borrowed. Take the time out to check the applicable interest rate and learn how it is calculated. This will help you use your credit card wisely and manage your personal finances better.
Debit and credit transaction: Your credit card statement will include all debit and credit transactions made on your card during the billing cycle. Each transaction will be listed with the date, time, amount spent, and the merchant’s name. Go through each transaction and make sure it is correct. If you find any dispute, you can escalate it to the Bank of Baroda credit card department via phone or email.
Your Bank of Baroda credit card statement may contain other information such as:
- The available credit limit on the card
- The available cash limit on the card
- Details of late fee, interest rate, and other fees charged
- Past dues, if any
- Available rewards points
How To Avail Bank Of Baroda Credit Card Statement Online As Well As Offline
Bank of Baroda aims at being an environmentally-friendly organisation. The bank recommends their cardholders to opt for e-statements which will be sent to the cardholder’s registered e-mail ID. When a cardholder chooses to get e-statements, it helps the bank reduce their usage of paper and focus on being eco-friendly. However, if you prefer to get a hard copy of the credit card statement, you can keep the bank informed and your statements will be sent via post to your registered mailing address.
When the credit card is issued, you will be allowed to choose if you want the statement to be mailed to you via post or sent to your e-mail ID. You can select the mode you prefer. However, if you already have a credit card and wish to opt for e-statements, you can do so by calling the Bank of Baroda customer care department via phone or you can also requests for e-statements via your netbanking account. Alternatively, you can also visit a Bank of Baroda branch office and request for e-statements.
Faqs On Bank Of Baroda Credit Statement
- How can I pay my Bank of Baroda credit card bill?
You can pay your Bank of Baroda credit card bill in any one of the following ways:
How do I access Bank of Baroda net banking?
- Deposit cash at any Bank of Baroda branch office.
- Pay by cheque: While drawing the cheque, mention your 16-digit credit card number on the cheque and do not forget to mention "BOBCARDS A/C NO. 03910200000508" on the back side of the cheque.
- You can pay your Bank of Baroda credit card bill through Billdesk. You will be required to create an account to process the payment.
- You can pay your credit card bill through Bank of Baroda’s self-service portal. Please visit https://online.bobcards.com/Login.aspx?ReturnUrl=%2f and log in with your credentials to process the payment.
- Bank of Baroda also has Insta Pay services through which cardholders can pay their credit card bill without logging into their account. Please visit https://www.bobcards.in/insta-pay.htm to process the payment instantly.
- You can also pay your Bank of Baroda credit card bill through NEFT or RTGS: To process a NEFT or RTGS payment, you will have to add “Bank of Baroda” as the beneficiary using IFSC code: BARB 0 COLABA. Once the bank is added as the beneficiary, you will be able to transfer the funds.
- You can also set-up standing instructions on your savings account for your credit card bill. If you choose the auto-debit facility, the amount will be deducted from your bank account as soon as the bill is generated.
Can I pay a non-Bank of Baroda credit card using my BoB credit card?
- Visit www.bobibanking.com
- Choose if you are a retail or corporate user
- A login page will open
- Enter your user ID and password which you received when the card was issued
- Read the terms and conditions and click on the “Agree” option
- Set your security question
- Change your default password and login to your netbanking account
Unfortunately, you cannot pay another credit card using your Bank of Baroda credit card. However, a balance transfer option may be available depending on the type of card you own.
Am I required to register separately to manage my Bank of Baroda credit card online?
No. If you have a registered Bank of Baroda net banking account, you do not need a separate registration to manage your credit card online.
How do I get in touch with Bank of Baroda credit cards customer service department?
For credit card issuance-related queries, please call the Bank of Baroda credit card customer care toll-free number 1800 223 224. To block your credit card or for general enquiries, please dial 1800 225 100. Alternatively, you can write an e-mail to email@example.com.