Wednesday, January 24, 2018

Bank of Baroda launches the 5X Rewards Credit Cards


Mumbai, 24th January, 2018: Bank of Baroda, through its wholly owned subsidiary BOB Financial Solutions Limited (formerly known as Bobcards Limited), today announced the launch of its 5X Rewards range of Credit Cards that offers industry leading value propositions for customers. The new range of Credit Cards will be available to customers across the vast network of over 5,500 branches of Bank of Baroda.

The 5X Rewards Credit Cards have been designed based on clear customer segmentation, offering relevant rewards and benefits to each segment. The pioneering 5X multiplier across all cards, ensures that each segment gets great value from the carefully chosen spend categories.

Key highlights of the 5X Rewards range of Credit Cards are:

  • Easy is designed for everyday use and carries 5X Rewards on regular spend categories viz. Grocery, Departmental Stores and Movies. In another industry first, the Easy cardholder will get 0.5% cash back on card outstanding repayment. This feature has been included to promote financial responsibility among new credit card users.

  • Select is the product for mass affluent customers with 5X Rewards on spend categories that make life convenient viz. Online, Utilities and Dining spends. In addition, the customer can get additional 1,000 bonus Reward Points every month just by using the Select credit card for 5 or more times of > ₹ 1,000.

  • Premier is targeted at the premium customers, who seek exclusive benefits from their credit cards. In keeping with their profile, the 5X Rewards are offered across Travel, International and Dining spends. The base rewards are also double of Easy and Select, thereby making 5X points equivalent to 10 points. The Premier customers will also get access to 38 domestic airport lounges across 22 cities in India.

The new range of products comes with customer-centric features like No cost EMI, Zero fuel surcharge and membership fees waiver basis annual spends.

Speaking on the occasion, Mr. Ashok Kumar Garg, ED of Bank of Baroda mentioned, “Retail customers are a key strategic priority for our Bank and we have been enriching our retail product suite very rapidly to cater to this segment. This new 5X Rewards range of Credit Cards will help even the first time credit card users to build their credit history and thus be a gateway to the full range of credit products offered by the Bank at the best industry rates. ”
Mr. Manoj Piplani, MD & CEO of BOB Financial said, “We are committed to providing best-in-class products and services to our customers. The launch of Bank of Baroda 5X Rewards Credit Cards is one such step in that direction. We shall continue to bring out innovative and personalized products and keep enhancing overall customer experience.”

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