Indian Overseas Bank (IOB) is a major bank in India, having a strong presence in the southern states of the country. It was founded in 1937 and is headquartered in Chennai. IOB has about 3,300+ branches and ATMs throughout the country. It serves almost 4 crore customers throughout India.
All Image Credit- Card Insider
To compete with major banks, IOB now offers a variety of credit cards to meet different customer needs. From basic credit options to premium cards, IOB aims to serve its customers who have different spending habits and financial requirements. To attract more customers, the bank is offering appealing rewards, cashback deals, and special services. With this approach, the bank aims to make itself a popular option for both regular users and big spenders in the credit card market.
IOB RuPay Classic Credit Card
The RuPay Classic Credit Card is the basic offering from the Indian Overseas Bank. This card is designed for everyday use. It features a minimum credit limit of ₹10,000 and a maximum limit of ₹50,000 for the general public and ₹59,000 for bank staff. There is no joining fee, making it accessible for many, and it has an interest rate of 30% per annum.
With this card, cardholders earn loyalty rewards, where they receive 1 Reward Point for every ₹150 spent on eligible transactions. The value of 1 Reward Point is ₹0.25, which can be redeemed for gift cards, merchandise, recharges, etc. A cardholder will need at least 500 Reward Points to redeem for vouchers.
The card also offers an EMI facility, allowing users to convert transactions into manageable monthly installments. Various merchant offers are available from time to time, which upgrade the card’s value even further.
IOB Visa Platinum Credit Card
The Visa Platinum Credit Card from Indian Overseas Bank is designed for customers who want premium banking. This card falls under the mid-premium category and provides cardholders with multiple benefits and features. It comes with an annual maintenance charge of ₹250 plus taxes, but this fee can be waived if your annual spending exceeds ₹60,000.
Cardholders can enjoy a credit limit ranging from ₹51,000 to ₹2.7 lakh. The card provides appealing rewards, including 1% flat cashback on selected transactions through the Nth Rewards program. It offers several valuable services, such as discounts on luxury airport transfers, car rentals, and online education platforms like Coursera and Udemy. The card also comes with personal accident insurance coverage of up to ₹10 lakhs, so that you are protected during unforeseen events.
IOB RuPay Select Credit Card
The RuPay Select Credit Card from Indian Overseas Bank is a premium credit option designed for both staff and the public. The card does not have a joining fee, but a renewal fee of ₹500 plus taxes applies. It offers a minimum credit limit of ₹1.5 lakh, with a maximum limit of ₹2 lakh for the public and ₹5 lakh for the staff.
With this card, cardholders earn one Reward Point for every ₹100 spent on eligible transactions, with each point valued at ₹0.25. Points can be redeemed for various items, including merchandise, gift cards, and travel services. A minimum of 1,000 Reward Points is needed to redeem for vouchers.
The card also offers an EMI facility, allowing users to convert transactions into installments with interest rates ranging from 13% to 17%, depending on the tenure. Cardholders can enjoy selected merchant offers and access to airport lounges, where they can visit domestic lounges twice every quarter and international lounges once every quarter. The card also includes a 1% fuel surcharge waiver and a personal accident insurance cover of ₹10 lakhs.
IOB Visa Signature Credit Card
The Visa Signature Credit Card from Indian Overseas Bank is a super premium card ideal for high spenders. The annual maintenance charge is ₹750 plus taxes, but if your annual spending exceeds ₹1,00,000, the fee is waived.
The card comes with a credit limit ranging from ₹2,70,001 to ₹5 lakh. Cardholders can earn Reward Points through the Nth Rewards program. The Visa Signature card provides exclusive services, such as discounts on airport immigration, car rentals, and access to 24/7 concierge services. You can also enjoy a 50% discount, up to ₹300, on the booking of two movie tickets via BookMyShow.
Visa regularly updates offers for Signature cardholders, so that they can make the most of their cards. The card also includes personal accidental insurance coverage of up to ₹10 lakh, providing added security while you enjoy its numerous benefits.
IOB RuPay Platinum Credit Card
The RuPay Platinum Credit Card is a premium card introduced by Indian Overseas Bank that serves both bank staff and the general public. The minimum credit limit stands at ₹60,000, whereas the maximum credit limit is ₹1.5 lakh for the staff and ₹2 lakh for the public.
This credit card comes with no initial fee, but has a renewal fee of ₹250 plus taxes from the second year onwards. The card carries an interest rate of 30% per annum on outstanding balances. Cardholders earn one Reward Point for every ₹100 spent, with each point valued at ₹0.25. Redemption options include merchandise, gift cards, travel, and entertainment, but at least 750 points are needed to redeem.
The card offers an EMI facility, allowing users to convert their purchases into easy installment plans at competitive interest rates starting from 13%. Other benefits include airport lounge access, where cardholders are eligible for one domestic lounge visit every quarter and one international lounge visit annually, a fuel surcharge waiver, and personal accident insurance coverage of ₹2 lakh.
Eligibility Criteria
Individuals:
- Must have a minimum monthly income of ₹15,000 (for salaried) or a gross annual income of ₹3 lakh (for self-employed).
- A good credit score is required for the IOB International Credit Card.
- Satisfactory credit history and financial dealings are needed.
- If there is no income proof, you can apply for a Secured Credit Card against a Term Deposit.
NRI Nationals:
- Must hold an Indian passport and have a PAN number.
- Needs to maintain an NRE/NRO account with the bank.
- Must provide both overseas and local Indian addresses.
- The cash withdrawal limit is 40% of the card limit.
FAQs – Indian Overseas Bank Credit Cards
1. Is there a joining fee for IOB credit cards?
Some IOB credit cards like RuPay Classic, RuPay Select, and RuPay Platinum come with no joining fee, while others like Visa Platinum and Signature have waivable annual charges.
2. How can I redeem reward points?
Reward points can be redeemed for gift cards, merchandise, travel, and mobile recharges. Minimum points required vary by card (e.g., 500, 750, or 1,000).
3. What is the interest rate on EMI conversions?
Interest rates for EMI conversions range from 13% to 17% depending on the tenure and card type.
4. Can I access airport lounges with an IOB credit card?
Yes. Premium cards like RuPay Select, RuPay Platinum, and Visa Signature offer domestic and international airport lounge access.
5. Is there an option for NRIs to apply for IOB credit cards?
Yes, NRIs with a valid Indian passport, PAN, and NRE/NRO account with IOB can apply.
6. What is the cash withdrawal limit on these cards?
The cash withdrawal limit is 40% of the total credit limit for most cards.
Bottom Line
Indian Overseas Bank offers a number of credit cards. From the basic RuPay Classic to the premium Visa Signature, each card provides different benefits that make them competitive in the market. With features like cashback rewards, loyalty points, and travel benefits, IOB credit cards are designed to make customers satisfied.
Many cards do not have joining fees, making them easier for more people to access. IOB is continuing to offer new and appealing deals, which help it compete with top banks in India. This makes it a good choice for everyday users and high spenders alike.
Read More Blog- Find My Swipe