The credit card offerings are aimed to cater to affluent, new-to-credit, and professionals like chartered accountants and cost accountants.
As for shopping benefits, there will be accelerated reward points on transacting online, for bill payments and on dining.
Along with Mastercard, BOB Financial Solutions Limited (BFSL) has launched four new credit cards catering to its customers across segments, including affluent as well as the first-time credit card owners. Two other credit cards are launched with eminent professional institutions of the country. BFSL is a wholly-owned subsidiary of Bank of Baroda (BoB) and is gearing up to meet the needs of evolving customer and market requirements.
Eterna – On the World Mastercard program, Eterna will cater to the distinctive needs of the NBFC’s affluent customers. It will be offered to customers part of the Radiance program of Bank of Baroda, as well as other affluent customers within and outside BoB
Swavlamban – This card redefines “by Invitation only”, as it targets the low-income employees of select corporates and SMEs which have a banking relationship with BoB. Swavlamban will be an invitation-only product in the initial phase
Two co-branded cards in partnership with the Institute of Chartered Accountants of India (ICAI) and the Institute of Cost Accountants of India (ICMAI). These will be offered exclusively to Chartered Accountants and Cost and Management Accountants respectively.
This launch is an extension of over 25-year-old partnership between Mastercard and BFSL. While each product has separate features and benefits, in a nutshell, Bank of Baroda credit card customers will enjoy the following:
1. Travel Benefits – Complimentary airport lounge access and savings on international spends with reduced Forex mark-up of 2%
2. Shopping Benefits – Accelerated reward points on transacting online, for bill payments and on dining
3. Rewards on activation and spends – Cashback in form of reward points on first transaction done within activation period, and bonus reward points on reaching defined spends thresholds
4. Insurance Benefits – Personal accident death cover (air and non-air)
5. Welcome gift – Joining gift worth Rs 15000 on select products
The new credit cards also aim to revive the economic cycle by providing the much-needed liquidity to new-to-credit salaried customers (with the Swavlamban card) and help them join the cashless journey. It also provides several avenues of handpicked experiences to BFSL’s affluent customers through the Eterna credit card, and unprecedented features and benefits for CAs and CMAs, in recognition of their contribution towards building a modern and self-reliant India.
Talking about the launch, Shailendra Singh, MD & CEO, BOB Financial Solutions Limited said, “We have entered this year with a clear vision and with the launch of these four products, we have achieved a key business goal. Not only BFSL but all industries currently are going through a big wave of change, and these unprecedented times have fuelled many aspirations if we look at it positively.”
Emphasizing upon Mastercard’s long standing partnership with BFSL, Porush Singh Division President, South Asia, Mastercard said, “Mastercard is committed to develop safe, secure, and more convenient ways to make payments with our technology and expertise. The company is excited to partner with BFSL as they launch these differentiated products targeted for the affluent and professionals. We have worked closely with them to offer a range of financing solutions and build awareness about convenience, safety, and security of digital payments. We aim to further strengthen our partnership with BFSL and provide best-in-class solutions for their customers in the coming days.”