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The Best Credit Cards by Bank of Baroda

by Apoorv Trivedi on
BoB Feature Image

The Bottom Line

The Bank of Baroda ETERNA is the best credit card for Bank of Baroda Credit Card (BoB) customers charging more than ₹25,000 to their card each month.

The ETERNA gives effective rewards of 3.75% on travel, dining, online shopping & foreign transactions and 0.75% on all other spending.

Including the value of milestone rewards (₹5,000 on hitting ₹5 lacs in year), we estimate it offers a net reward yield of 1.6 – 2.7% on all your spending.

If you spend less than ₹25,000 a month on your card, we do not recommend any credit card from BoB.

At that level, none of the credit cards offered by BoB have a net reward yield of 1.5% or higher. We think there is no reason for most people to accept a net reward yield lower than 1.5% on their card.

If you have the option, consider getting your credit card from another card company like Axis Bank or SBI Card. The best cards from these providers offer much higher reward yields (2.3-3.0%) than anything from BoB. That difference can add up to thousands of rupees in a year.

BoB also offers special credit cards for members of various organizations such as the armed forces, government employees, ICAI and ICSI members. We also review some of these cards below.

Our Pick
Bank of Baroda ETERNA Credit Card
3.75% rewards on travel, dining & online shopping. Unlimited domestic lounge access.

A great option for monthly spend between ₹25,000 - 1 lacs. Entry level and high spenders should consider other providers.


Who this is for

If you would like a credit card from Bank of Baroda Credit Card (BoB), this guide is for you. We recommend the best credit cards, no matter what your spending level is.

We have friends who have raised maximizing credit card rewards to an art form. However not everyone wants put so much effort tracking deals, discounts, reward caps and spending categories.

Most of us simply want a solution that is easy to manage – good enough, not perfect. If that’s you, you are in the right place.

In our guides for other credit card providers (HDFC BankSBI Card etc.) we have also recommended card combos that help you supercharge your rewards without a lot of micromanaging.

However, while BoB offers more than 20 credit cards in India, juggling more than one of those will not meaningfully increase your rewards.

So we do not recommend any card combos for BoB customers.


How we picked

Banks and credit card companies in India offer hundreds of credit cards. Each credit card has a different set of rewards and other terms and conditions, which makes it difficult for most of us to figure out which card is best for us.

We cut through this complexity by ranking each card on its Net Reward Yield, which measures the total effective discount you receive in form of rewards, when you charge your expenses to the card.

To calculate the net reward yield of a credit card, we create 5 standardized spending profiles of a typical customer with different income levels. We then simulated the total rewards a customer with each spending profile would get on that card, based on the reward schedule for that card.

Table 1: Standardized Spending Profiles

Total Monthly Spend in Rs.→
Spend by Category ↓
5,000 10,000 20,000 50,000 1 lac
Grocery 1,250 2,000 3,000 5,000 10,000
Dining 250 500 1,500 4,000 8,000
Food Delivery 250 500 1,000 2,250 3,000
Entertainment 250 500 1,000 1,250 2,000
Online Shopping 250 500 1,500 5,000 12,500
Shopping 250 750 1,500 5,000 10,000
Transport 250 500 1,000 3,750 7,500
Utility Bills 1,250 2,000 3,000 5,000 7,500
Online Entertainment 250 250 500 1,250 1,500
Travel 500 1,500 5,000 11,500
Foreign 500 1,500 5,000 11,500
Other 750 1,500 3,000 7,500 15,000
Total 5,000 10,000 20,000 50,000 1 lac

Our reward calculations attempts to account for different types of rewards (cashback, points, miles etc.), reward caps by spending category, bonuses, fees and differences in realizable value of the rewards depending on how you redeem them (e.g. on Bank website as statement credit vs. for flight bookings).

We prefer cards with higher rewards yields, lower income thresholds and lower fees.

We apply this standardized methodology for every Bank of Baroda credit card, allowing you to zoom in to the best credit cards for you.

If you’re willing to manage multiple cards, you can supercharge your total rewards compared to using a single card.

However, managing multiple credit cards requires some effort.

At a minimum, you need to:

  • Sign up for the card
  • Set up the monthly credit card bill payments (monthly effort or one-time depending on the banks involved)
  • Review your statement periodically
  • Remember to claim the reward (in some cases)
  • Remember to get the annual fee waived (in many cases)

More work is also required to figure out which card to use where and possibly change the setup on various sites and apps to use a different card.

So while adding more and more cards to the mix can keep increasing the potential benefits (at least for high spenders), we think most people would want to manage another card only if the additional benefit is meaningful and the additional mental load low.

With that in mind we decided to identify sets of 2 credit cards that will work well together for most people i.e. so that you can easily remember which card to use where, meet the minimum spend & other conditions and not lose track of all the admin stuff like paying the bill and getting annual fee waived.

To find the best card combinations, we considered 100’s of card pairs for to figure out the combos that work best with each other to maximize rewards.

In testing a pair of cards, we assumed that only one card will be used for each spending category and it would be the one with the higher rewards in that category.

We think this is reasonable as you only need to know which card to use in which situation and don’t need to keep track of your spending on each card through the month.

We think most people do not want to obsessively track their spend by card and category on a daily basis. So we have tried to avoid a situation where you need to switch from one card to other based on how much you have spent on it during the month, in total or for a specific category. That’s too much work for most people.

As mentioned above, we found that combining multiple cards strategically did not give better rewards with Bank of Baroda cards. We found that most people would do just fine by selecting our top pick in their spending category and using it for all spending.

You can read more about our credit card recommendation methodology here.


The Best Credit Card by Bank of Baroda

The Bank of Baroda ETERNA is the best credit card from Bank of Baroda Credit Card (BoB) for people who charge between ₹25,000 – 1 lacs to their cards each month.

We estimate most people will get a net reward yield of 1.6 – 2.7% using this card for all their spending.

The ETERNA offers 3.75% effective rewards on travel, dining, online shopping & foreign transactions and 0.75% on all other spending. It also offers unlimited domestic airport lounge access.

Table 2: Feature Summary – Bank of Baroda ETERNA Credit Card

Card Bank of Baroda ETERNA Credit Card
Reward Features 15 Reward Points / ₹100 on:
– Travel
– Foreign Spends
– Dining
– Online Shopping

3 Reward Points / ₹100 on all other spends

Milestone Rewards 20,000 bonus points on annual spend of ₹5 Lacs
Other Rewards Unlimited complimentary lounge access in India
Reward Caps 5,000 points p.m. on travel, foreign spends, dining & online shopping
Preferred Redemption Method Cashback against statement balance @ ₹0.25 / reward point
Income Criteria ₹12 Lacs p.a. (ITR>₹12 Lacs)
Annual Fee ₹2,499 + Taxes
Min. Annual
Credit Card Spend
for Fee Waiver
₹2.5 Lacs
Monthly Spend Estimated Reward Earned
₹5,000
₹10,000
₹20,000
₹50,000
₹1,00,000
(₹175)*
(₹125)*
(₹30)*
₹675
₹1,175
* The negative figure means at this level of monthly spends, the rewards earned in a year will be worth less than the annual fee.

The ETERNA has an annual fee of ₹2,499 which is waived on hitting annual spending of ₹2.5 lacs i.e. slightly more than ₹20,000 a month on average.

Because of the fee, outside the ₹25,000 – 1 lacs range, the net reward yield on this card is not very competitive compared to the best cards offered by many other card providers like like Axis Bank or SBI Card.

You can easily earn net reward yield of 2.3-3.0% on cards and card combos from these providers.

If you have the option of getting your credit card from those companies, you should take it because that difference in the net reward yields can add up to thousands of rupees every year for you.


Co-Branded Credit Cards

Bank of Baroda Credit Card (BoB) offers a number of co-branded credit cards for members of specific groups like the Indian Navy, the ICAI etc. Some of these cards offer much better rewards than the Snapdeal BoB Credit Card and would be a better choice for you if you are eligible for them.

However even these cards, in most cases, have a lower net reward yield compared to the best cards from some other credit card companies. So if you have a choice you should still prefer those other credit cards.

The table below lists these credit cards and the situation in which you should prefer them over the Snapdeal BoB Credit Card.

Table 3: Choosing Niche Cards

Eligible
Organization
Credit Card Monthly
spending range
for better
rewards than
Snapdeal BoB
Avg.
Rewards
Yield in
spending
range
Indian Navy ₹12.5 – 60K 2.0%
Indian Navy ₹12.5 – 60K 1.4%
Indian Navy *
Indian Army ₹0 – 10K 1.0%
Assam Rifles ₹0 – 10K 1.0%
Indian Coast Guard *
ICAI *
ICSI ₹20 – 80K 1.8%
ICMIA ₹20 – 80K 1.8%
* This card does not offer better reward yield than then Snapdeal BoB Credit Card for any level of monthly spending.

Based on this table, for e.g., Indian Navy personnel should prefer the BoB Varunah Premium over the Snapdeal BoB if their monthly credit card spending falls in the range ₹12.5-60K. If their monthly credit card spending falls outside of this range on either side, they should prefer the Snapdeal BoB (or even better one of our recommended credit cards from another card company like Axis or SBI Card.)

Table 4: Feature Summary – BoB Varunah Premium

Card BoB Varunah Premium Credit Card
Rewards Features – 15 Reward Points / ₹100 on travel, dining, online and international spends

– 3 Reward Points / ₹100 on all other spends

Rewards Caps 2,500 reward points p.m. on on travel, dining, online and international spends
Preferred Redemption Method Cashback against statement balance
Income Criteria N/A
Annual Fee ₹2,499
Min. Annual
Credit Card Spend
for Fee Waiver
₹1,50,000
Monthly Spend Estimated Reward Earned
₹5,000
₹10,000
₹20,000
₹50,000
₹1,00,000
(₹110)*
₹0
₹450
₹800
₹1,000
* The negative figure means at this level of monthly spends, the rewards earned in a year will be worth less than the annual fee.

Table 5: Feature Summary – Indian Army Yoddha BoB

Card Indian Army Yoddha BoB Credit Card
Rewards Features – 10 Reward Points / ₹100 on grocery and departmental stores

– 2 Reward Points / ₹100 on all other spends

Rewards Caps 1,000 reward points p.m. on grocery and departmental stores
Preferred Redemption Method Cashback against statement balance
Income Criteria N/A
Annual Fee Nil
Min. Annual
Credit Card Spend
for Fee Waiver
Nil
Monthly Spend Estimated Reward Earned
₹5,000
₹10,000
₹20,000
₹50,000
₹1,00,000
₹50
₹100
₹175
₹440
₹700

Table 6: Feature Summary – The Sentinel BoB

Card The Sentinel BoB Credit Card
Rewards Features – 10 Reward Points / ₹100 on grocery and departmental stores

– 2 Reward Points / ₹100 on all other spends

Rewards Caps 1,000 reward points p.m. on grocery and departmental stores
Preferred Redemption Method Cashback against statement balance
Income Criteria N/A
Annual Fee Nil
Min. Annual
Credit Card Spend
for Fee Waiver
Nil
Monthly Spend Estimated Reward Earned
₹5,000
₹10,000
₹20,000
₹50,000
₹1,00,000
₹50
₹100
₹175
₹440
₹700

Table 7: Feature Summary – BoB ICSI Diamond

Card BoB ICSI Diamond Credit Card
Rewards Features – 5 Reward Points / ₹100 on dining, online and utility bills

– 1 Reward Points / ₹100 on all other spends

– 999 Bonus Reward Points on 5 transactions worth ₹1000 or more each every month

– 3,999 reward points every quarter, on spending more than your card’s credit limit

Rewards Caps 1,000 reward points p.m. on dining, online and utility bills
Preferred Redemption Method Cashback against statement balance
Income Criteria N/A
Annual Fee Nil
Min. Annual
Credit Card Spend
for Fee Waiver
Nil
Monthly Spend Estimated Reward Earned
₹5,000
₹10,000
₹20,000
₹50,000
₹1,00,000
₹35
₹70
₹375
₹875
₹1,025

Table 8: Feature Summary – BoB CMA One

Card BoB CMA One Credit Card
Rewards Features – 5 Reward Points / ₹100 on dining, online and utility bills

– 1 Reward Points / ₹100 on all other spends

– 1000 Bonus Reward Points on 5 transactions worth ₹1000 or more each every month

– 4,000 reward points every quarter, on spending more than your cards credit limit

Rewards Caps 1,000 reward points p.m. on dining, online and utility bills
Preferred Redemption Method Cashback against statement balance
Income Criteria N/A
Annual Fee Nil
Min. Annual
Credit Card Spend
for Fee Waiver
Nil
Monthly Spend Estimated Reward Earned
₹5,000
₹10,000
₹20,000
₹50,000
₹1,00,000
₹30
₹70
₹140
₹875
₹1,025

Table 9: All Bank of Baroda Credit Cards Ranked by Rewards Yield

Monthly Spend →
Credit Cards ↓
₹5K ₹10K ₹20K ₹50K ₹100K Avg.
BoB ICSI Diamond 0.79% 0.75% 1.95% 1.80% 1.04% 1.26%
Snapdeal BoB 0.89% 1.13% 1.20% 1.20% 1.25% 1.13%
BoB CMA One 0.79% 0.75% 0.70% 1.80% 1.04% 1.01%
Indian Army Yoddha BoB 1.01% 1.04% 0.95% 0.90% 0.70% 0.92%
BoB Sentinel 1.01% 1.04% 0.95% 0.90% 0.70% 0.92%
BoB Rakshamah 0.93% 0.90% 0.80% 0.70% 0.70% 0.80%
HPCL BoB ENERGIE 0.99% 0.96% 0.83% 0.73% 0.50% 0.80%
ICAI BoB Exclusive 0.55% 0.55% 0.55% 1.20% 0.81% 0.73%
BoB ConQR 0.83% 0.77% 0.73% 0.65% 0.65% 0.72%
BoB Varunah Premium -2.29% 0.07% 2.29% 1.65% 1.01% 0.55%
BoB Premier Credit Card -1.14% 0.80% 0.95% 1.06% 0.91% 0.51%
BoB Nainital Bank Renaissance 0.55% 0.57% 0.53% 0.47% 0.42% 0.51%
BoB Varunah Plus -1.25% 0.19% 1.55% 1.27% 0.76% 0.50%
BoB Prime 0.45% 0.50% 0.50% 0.50% 0.50% 0.49%
BoB Easy 0.51% 0.50% 0.45% 0.37% 0.37% 0.44%
BoB Swavlamban 0.45% 0.50% 0.50% 0.40% 0.20% 0.41%
BoB Varunah 0.27% 0.30% 0.33% 0.33% 0.33% 0.31%
IRCTC BoB RuPay -0.13% 0.20% 0.35% 0.44% 0.47% 0.27%
BoB Corporate 0.23% 0.25% 0.25% 0.25% 0.25% 0.24%
BoB Empower 0.23% 0.25% 0.25% 0.25% 0.25% 0.24%
BoB Unnati 0.23% 0.25% 0.25% 0.25% 0.20% 0.23%
BoB Select -0.39% 0.19% 0.46% 0.50% 0.34% 0.22%
BoB Eterna -3.45% -1.24% -0.14% 1.35% 1.18% -0.46%
Note: Negative yields mean the rewards earned on a card at that monthly spend level are less than the annual fee AND the monthly spend level is not sufficient to earn a fee waiver.

Table 10: Key Terms for Bank of Baroda Credit Cards

Cards Min.
Qualifying
Income
(in. ₹ lacs)
Annual Fee
(₹)
Annual
Waiver Spend
(₹ ‘000)
Interest
Rate
FX
Txn
Fee
BoB ICSI Diamond 41.88 2.00
Snapdeal BoB 3.6 249 41.88 3.49
BoB CMA One 41.88 2.00
Indian Army Yoddha BoB 39.00 3.00
BoB Sentinel 39.00 3.00
BoB Rakshamah 39.00 3.00
HPCL BoB ENERGIE 3.6 499 50 41.88 3.49
ICAI BoB Exclusive 41.88 2.00
BoB ConQR 41.88 3.49
BoB Varunah Premium 2,499 150 39.00 2.00
BoB Premier 1,000 120 41.88 3.49
BoB Nainital Bank Renaissance 3.6 250 25 41.88 3.49
BoB Varunah Plus 1,499 150 39.00 2.00
BoB Prime 39.00 3.49
BoB Easy 41.88 3.49
BoB Swavlamban 43.00 3.49
BoB Varunah 39.00 2.00
IRCTC BoB RuPay 3.6 350 41.88 3.49
BoB Corporate 41.88 3.49
BoB Empower 2.4 500 50 39.00 3.49
BoB Unnati 18.00
BoB Select 750 41.88 3.49
BoB Eterna 12.0 2,499 39.00 2.00
Source: Bank of Baroda
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