BOI RuPay Swadhan Platinum Credit Card
- Best suited for
Shopping
- Reward type
Reward Points
Rewards
- Rewards rate
2X reward points on POS and E-Commerce Transactions
- Welcome benefits
100 points, one-time incentive, with a minimum spend threshold of ₹3,000 within 30 days of card Issuance.
- Reward redemption
2 Star Points on every ₹100 for regular spends. 3-star points on preferred categories.
Fees & charges
- Spend-based waiver
Nil
- Foreign currency markup
3% Currency conversion charges on all foreign currency transactions, including international POS, online spends, and ATM Withdrawls.
- Interest rates
Secured Credit Card (Swadhan) – 1.20% Per month (15.40% per annum) on daily balances. In Case of default, 1.70% per month (22.45% Per Annum)
- Fuel surcharge waiver
1% of the transaction amount or actual charges applied by the merchant’s bank, whichever is higher.
- Cash advance charges
On BOI ATMs, 2% of the transaction amount (minimum ₹50)
Product highlights
- This is a secured card and will only be issued against the Fixed Deposit.
- It’s a Lifetime Free Credit Card
- Cash limit is 50% of the total spending limit
- The daily cash withdrawal limit is ₹15,000
- Add-on cards can be issued on this secured credit card.
Pros & cons
Pros
- This card is free for life with no joining or renewal fees. Moreover, this card is secured and issued against a TDR or fixed deposit, making it relatively easy for individuals with a low CIBIL Score or a poor credit history. Any individual who has proof of income as an employee or self-employed person can apply for this card.
- This Card also offers lower interest rates than other secured credit cards. The simple reason for this is that, while unsecured credit cards rely on credit history, this credit card relies on collateral; the bank can simply cover the remaining dues from the pledged deposit.
Cons
- Having a fixed deposit as collateral for the Card offers a low interest rate. However, it must be kept in mind that using it as collateral is also a disadvantage for maintaining liquidity, as funds cannot be withdrawn in an emergency until the credit card account is closed.
- The benefits of this card are limited. Even though the risk factor in case of a default is that the bank will liquidate your FD, it doesn’t have the premium benefits that it should.
FAQs
Is the BOI RuPay Swadhan Platinum Credit Card a lifetime free card?
Yes, this card is a lifetime free credit card. There is no joining fee, no annual or renewal fee, and no replacement card charge, as long as the card remains active and complies with all the bank’s rules.
Do I need a fixed deposit to get this credit card?
Yes, this is a secured credit card and is issued only against the Term Deposit receipt. The fixed deposit acts as collateral, and the credit limit is linked to the deposit amount.
How can reward Points be redeemed on this card?
Reward points earned on eligible spend can be redeemed through Bank of India’s reward redemption platform, subject to the bank’s reward catalog. If you run low on points while redeeming, then the remaining balance would be debited from the cardholder’s account.
Is this Credit Card suitable for international usage?
Yes, this credit card is enabled for both domestic and international usage. A 3% foreign-currency markup applies to international transactions.