Things to Keep in Mind While Using a Credit Cards

31 Oct 2022

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Credit cards are a boon for instant money, especially in case of emergencies. However, always use them responsibly. Pay your credit card bill timely, ensure you purchase according to your credit limit, avoid overspending, and more. Be fully aware of credit card usage and be careful while using a credit card.

While applying for a credit card:

Banks and other financial institutions in India offer several categories of credit cards. There are various types of Bank of Baroda Credit Cards, including Everyday Shopping Cards, Co-brand cards for specific needs like Travel, Shopping, etc., Card for Privileged Professionals, Specially designed cards for Defence personnel, Business cards and more. You can either apply for a BoB credit card online at or by visiting any BoB nearest branch. Here are the points to be kept in mind while applying for a credit card.

1. Purpose -

You must always settle your mind and decide on your purpose before applying for a credit card so you can use it wisely and also enjoy all of its benefits properly. For instance, you may choose BoB Easy & Select Credit Card for everyday shopping benefits, BoB Premier Card for travel benefits, and if you are looking to experience endless luxury, you may apply for BoB Eterna Credit Card!

2. Take advantage of an interest-free period -

Generally, banks and other credit card companies offer an interest-free period. With BoB Credit Cards, you get upto 50-days of interest-free credit period on all purchases. This means, no interest on card purchases for this period, however, just ensure you pay your bill on time to get a refill on your credit limit.

3. Eligibility -

Before applying for a credit card, make sure you fulfill the credit card eligibility such as your age & income fixed by the card issuance company. Discover the BoB Credit Card of your choice and know all the guidelines at BoB Financial site.

4. Track your spends for Reward points –

Depending on your card type, you earn reward points on every purchase. On all BoB Credit Cards, you get reward points on your purchases which are redeemable as cashback. You should apply for a credit card that comes with lucrative rewards and discounts, however, never overspend just to earn these reward points.

5. Monitor Associated Charges -

You may have to pay various associated charges such as Annual fees, late payment fees, balance transfers fees, charges for a cash advance, fees for increasing credit limit, etc. Make sure you have enquired about these charges in advance. Always check your monthly credit card statement to monitor the interest rate and charges levied on you.

6. Never withdraw cash through your credit card -

Cash withdrawals from your credit card will incur both one-time fees plus high-interest charges. Therefore, take out cash via credit card only when you are in dire need.

7. Lost/misplaced/stolen credit card -

If your credit card is stolen, misplaced, or lost, you must immediately report it to your bank and inform them. After verifying your credit card number and other details, they will instantly block your credit card, securing it against any misuse by fraudsters.

8. Card details privacy -

You must keep your credit card details like credit card number and PIN confidential and never share these details with anyone to ensure safe and secure purchases.

9. Always pay Total Due and not just Minimum Due -

If you can comfortably pay the total outstanding dues on your credit cards, always prefer to do it. If you pay only the minimum due, there will be extra charges to pay as well, including late payment fee, and interest on outstanding dues. You can pay your BoB credit card bills using multiple options, like InstaPay, Net banking, Auto debit, etc. Learn more on our website:

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    The contents of this article/infographic/picture/video are meant solely for information purposes and do not necessarily reflect the views of Bank of Baroda. The contents are generic in nature and for informational purposes only. It is not a substitute for specific advice in your own circumstances. Bank of Baroda and/ or its Affiliates and its subsidiaries make no representation as to the accuracy; completeness or reliability of any information contained herein or otherwise provided and hereby disclaim any liability with regard to the same. The information is subject to updation, completion, revision, verification and amendment and the same may change materially. The information is not intended for distribution or use by any person in any jurisdiction where such distribution or use would be contrary to law or regulation or would subject Bank of Baroda or its affiliates to any licensing or registration requirements. Bank of Baroda shall not be responsible for any direct/indirect loss or liability incurred by the reader for taking any financial decisions based on the contents and information mentioned. Please consult your financial advisor before making any financial decision.

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What is a Digital Saving Account - A Complete Guide

With technology filling gaps in the banking sector, digital savings accounts are answers to long winding queues and endless document verifications needed for savings accounts. In the words of Brett King CEO and co-founder of Moven, 'Banking has to work when and where you need it,' and that is the exact purpose that a digital savings account serves. Liberating you from tedious procedures, digital banking, first through internet banking and now through smart mobile banking apps, has redefined banking concepts. Saving accounts can be opened instantly with all banking features embedded in an app, your account is at your command, without the requirement of a physical presence at the branch. Supported by strong government and RBI initiatives, digital-first solutions have ushered in a new digital age in banking. It is banking with added features and more customer convenience features as compared to regular savings accounts.

10 FASTag Rules you must know

You must already be familiar with FASTag, the path-breaking tag that enables you to zip through toll plazas without pausing. But are you familiar with all the FASTag new rules? If you aren’t, here’s what you should know so that you don’t encounter any roadblocks on your way to getting one for your vehicles
It’s compulsory now
Well, there’s no way you can wriggle out of this one now. Under the FASTag toll plaza rules, the government has decreed that all lanes will be FASTag only. So it’s now compulsory for all vehicles to have it from 15 January 2020.
How to buy FASTag
You can buy FASTag at over 20 banks, including Bank of Baroda, and other point-of-sale outlets like toll plazas. You can even order them online through Amazon.
What are the documents you need to get FASTag?
To get a FASTag, you will need to submit documents like registration certificate (RC) of the vehicle, passport-size photograph and KYC documents. A driver’s licence will suffice for ID and address proof.
How to activate FASTag?
Once you have purchased the FASTag, you can activate it at your Bank of Baroda branch. You will need to submit your documents at this stage.
How to pay tolls using FASTag ID?
This isn’t necessarily one of the rules of FASTag; however, after you buy it, attach it to the windscreen of your car. Each time you pass a toll plaza, an electronic reader reads the tag using RFID technology and charges you the toll. This amount is automatically deducted from your account or your wallet.
What are the charges that I have to pay for FASTag?
You have to pay a one-time activation fee of Rs 100, as well as a security deposit. The security deposit will depend on the vehicle and ranges from Rs 200 to Rs 400.
Can I use one FASTag for multiple vehicles?
No, this is not possible. FASTag is meant for one vehicle only.
How to recharge FASTag?
If you have chosen the wallet option instead of direct debit from your account, you need to recharge it from time to time. It’s a relatively simple process. You can log in to your account using your ID and password and use Debit or Credit Card or Internet Banking to top up your account. You can also use other methods like UPI.
Do I get a discount on tolls if I live near a toll plaza?
You can get a discount on tolls paid through your FASTag if you live within 10 km of a toll plaza. You will have to submit proof of residence to avail of this benefit.
What happens if I don’t have a FASTag?
Well, you’ll have to pay double the toll fee, which you have to pay at a hybrid lane that accepts payments over the counter.
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