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Credit Card

Oriental Bank of Commerce is a very reputed and well known bank in India. The bank provides a host of credit card services to various segments of customers. Oriental Bank of Commerce also ranks as one of the pioneer banks in India which provides loans and many other facilities for the lower segment of the society. In the following sections, we will discuss about credit cards offered by Oriental Bank of Commerce.

Key Features of Oriental Bank of Commerce Credit Card

The bank offers a wide range of credit cards in collaboration with State Bank of India which caters to the requirements of individuals from every walk of life.The main features and benefits can be summarized as below:
 

Working Capital: The Bank provides cards for financing the working capital needs for small scale business enterprises, retail traders, self employed individual, artisans, as well as handloom weavers.

Competitive rate of interest– The rate of interest i.e. finance charges on credit card is also quite worthwhile.

Loan against credit card: The bank also provides loan against credit card to purchase assets, various raw materials etc.

The main features and benefits of OBC and SBI Co-branded credit card can be summarized as below:

Waiver of Fuel Surcharge: Rs 500-4000 Platinum card holders  can get a waiver of 2.5% fuel surcharge for transactions amounting to Rs 500- Rs4000 and Rs 500-Rs 3000 for Rs 500-4000 credit cards.

Flexi Pay : With minimum transaction value of Rs 2500/- one has the option to pay the amount in EMI.

Easy Money Facility: One can avail draft or cheque facility against the cash limit.

Worldwide Acceptance of the Card : The OBC-SBI card is accepted globally.

Add on cards: Family members are entitled to get add on cards. Family members like spouse, children above 18 years, parents can have an add-on card.

Payment of utility bills: Various utility bills can be paid online through the credit card.

Balance transfer on EMI: Outstanding on any other card can be transferred to OBC-SBI credit cards at a much lower interest rate and can be paid through EMIs.

Online Railway Booking- One can book online railway tickets through irctc.oc.in website and the tickets will be delivered.

Extended credit: One can enjoy 20-50 days interest free credit period. However, this is applicable only in case of retail purchases and if the last months’ outstanding has been paid within the scheduled time.

Following are the key types of credit cards offered by Oriental Bank of Commerce:
 

Kisan Credit Card

Laghu Udhami Credit Card

Swarojgar Credit Card Scheme.

OBC-SBI Credit Card

OBC-SBI Platinum Credit Card.

OBC-SBI Credit Card

This is a co-branded credit card which has been designed jointly by State Bank Of India and Oriental Bank of Commerce. All the facilities and features as mentioned above are available in this type of card. Cash advance is also available in this card where 80% of the limit can be withdrawn with a maximum of Rs 12000/- per day. There is no additional charge for add-on cards. The detailed benefits available under the card and the card features are explained below:

  • This is the OBC SBI Gold and More Card which promises great features and benefits to the cardholder.
  • The joining fee payable for the card is Rs.499 against which the card offers reward points worth the same amount, viz. Rs.499 on the first purchase made using the card.
  • The annual fee payable every year for using the card is Rs.499 which is paid back to the cardholder if the spending on card in the previous year exceeds Rs.75, 000
  • By spending Rs.2000 or more on the card within the first 60 days of card issuance, the cardholder is entitled to avail 2000 bonus reward points.
  • 10 times the reward points are awarded per Rs.100 spent all departmental or grocery stores thereby allowing a value back of 2.5% to the cardholder on such purchases.
  • The 2.5% fuel surcharge payable on fuel transactions are waived off if such transactions are done using the card and lie in the range of Rs.500 to Rs.3000 in a month.
  • 1 reward points are awarded on every Rs.100 spent using the card which can be accumulated to pay off the card bills or can be redeemed on a wide range of gifts.
  • On the first cash withdrawal at an ATM using the credit card within 30 days of card issuance, Rs.100 can be earned as cash back
  • The card is internationally valid across all VISA or MasterCard outlets
  • Electricity, mobile or other utility bills can be easily paid using the card
  • The cardholder can book railway tickets online and get them delivered to his doorstep using the credit card to make the booking
  • The card has a balance transfer option which allows the outstanding balances of any other credit cards to be transferred to the bank’s credit cards and the payments can be done in easy EMIs.
  • The cardholder can avail a cheque or a demand draft against his cash limit on the card through the card’s easy money facility.
  • Transactions which are valued above Rs.2500 can be paid in easy EMIs using the card’s EMI conversion facility.

OBC-SBI Platinum Credit Card

OBC-SBI Platinum Credit Card is a globally and internationally accepted credit card provided jointly by State Bank of India and Oriental Bank of Commerce. Specially made for purchase of departmental stores, one can earn 5 times of the Reward points when this card is spent for dining and purchases abroad. The detailed list of the card features and benefits are highlighted here under:

  • The joining fee payable for the card is Rs.2999 against which the cardholder receives welcome gifts in the form of vouchers totaling Rs.3000 which can be used against reputed retail partners like Yatra, Jabong, Westside, Shopper’s Stop and Marks & Spencer.
  • The annual fee of the card is also Rs.2999 against which the cardholder can avail anniversary gift vouchers worth Rs.2999 if the annual spending on the card in the preceding year exceeds Rs.2 lakhs.
  • Bonus reward gift vouchers worth Rs. 3000 are provided to the cardholder if the annual spending is Rs.4 lakhs and Rs.5 lakhs. Such vouchers can be spent at the card’s retail partners which include leading retailers such as Jabong, Lifestyle, Shopper’s Stop and Raymonds.
  • The cardholder can earn accelerated reward points which is 5 times the normal reward points on dining spends, departmental store purchases and international spending.
  • For every other Rs.100 spent on the card, 2 reward points are earned on this card.
  • The cardholder can enjoy a complimentary membership of Priority Pass program which is otherwise worth US$99. The membership provides access to international airport lounges across the world while travelling.
  •  The cardholder can enjoy access to over 200 golf courses spread throughout the world and also a discount of 30% on the green fee payable on golf privileges.
  • Cash can be withdrawn from any ATM located domestically as well as internationally using the card. Standard charges will apply for such transactions.
  • The fuel surcharge of 2.5% on fuel transactions is waived off up to a maximum of Rs.250 per month if the transactions value is between Rs.500 and Rs.4000 and is completed using the card.
  • Utility bills can be easily paid online using this credit card and that too without incurring any additional charges. Standing instructions can also be placed on the bank for paying off the utility bills directly by debiting the account of the cardholder
  • The flexipay facility allows cardholders to convert their purchases above Rs.2500 into easy and affordable EMIs within 30 days of such purchases
  • Credit cards of other banks can be closed and the balance on such cards can be easily transferred to this card. Moreover, the cardholder can pay the outstanding balance payable through easy EMIs.
  • The easy money facility service extended by the card allows easy access to cash for the cardholder. The cardholder can avail of cheques and demand drafts valuing up to the card’s cash limit easily by requesting the bank for the same.
  • Railway tickets can be booked online using the IRCTC website using the card. Such tickets, when booked through the card can also be arranged to be home delivered to the cardholder’s doorsteps for convenience. The whole process can be completed from the comfort of the cardholder’s home or office and requires following some few easy steps.
  • The Platinum card is globally accepted and can be used across millions of VISA outlets present all over the world including India.
  • The facility of add-on cards is available with this Platinum Credit Card. The cardholder can avail of add-on credit cards for his family which includes the spouse, dependent children, dependent parents and also siblings. The only conditions for availing such add-on cards are that the cards would only be given to those individuals who are above the age of 18 years. The add-on cards come free of cost as the bank levies no charge for issuing such add-on cards.
  • The card also provides the facility of emergency replacement of a lost card. Whenever the cardholder loses the credit card, he would simply have to inform the card helpline numbers which are available for service 24*7 and report the loss. He would have to request for an emergency card replacement and against such request the card would easily be replaced at the earliest possible time. This emergency card replacement facility is available for the cardholder even if the cardholder is travelling abroad.

A period of 25 days to 50 days is available as interest free credit period under the card which does not attract the monthly interest which is otherwise payable on credit card balances if the payment is not done on time.

Kisan Credit Card – Oriented Green Card

The name itself depicts that this credit card is dedicated to all the farmers or Kisan’s of the country for meeting their working capital requirement for farm activities, machinery repair, production needs and as term loan to for their investment purpose.


Eligibility

Applicants include farmers, artisans and cultivators who are engaged in various farming and non-farming activities.


Amount

The unique feature of this card is this amount is completely dependent on the need and there is absolutely no upper limit on the amount.


Security Needed

The structure of security is as follows:

For credit limits up to Rs 1 lakh – Hypothecation of crops or goods.

For credit limits between Rs 1 lakh – Rs 2 lakhs– Hypothecation of crops or goods as well as mortgage of agricultural land or property which has the double the value of the loan or a third party guarantee.

For credit limits over Rs 2 lakhs – Hypothecation of crops or goods as well as mortgage of agricultural land or property which has the double the value of the loan is necessary.


Validity of the card

The card validity is for 5 years.


Rate of Interest

Unlike other credit cards, the interest charged on Kisan Credit cards is lower and based on the commercial loan rates of Oriental Bank of Commerce.

For credit limits up to Rs 2 lakhs- Base Rate + 2.25%

In case of limits ranging from Rs 2 lakhs to Rs 5 lakhs - Base Rate + 3.00%

If card limit is over 5 lakhs – Base Rate + 3.5%

Laghu Udhami Credit Card –Oriented Business Card Scheme

Eligibility

Professional and self employed individuals, small business units, retail traders, artisans, village industries, small scale units are eligible to apply for the Laghu Udhami credit card.

Amount

The maximum amount under this category is Rs 10 lakhs per borrower account.

Security Needed

The structure of security is as follows:

Loan Up to a limit Rs 25,000 – Hypothecation of assets which has been made out of Banks fund.

In case of credit above Rs. 25,000 and up to a limit of Rs. 10 lakhs hypothecation of assets which has been bought or purchased with the Bank’s funds is mandatory.


Validity of the card

The card validity is for 3 years which will be reviewed every year.

Margin

The margin is 10%.

Swarojgar Credit Card Scheme

Eligibility

This is a credit scheme for small entrepreneurs, small artisans and hand loom weavers.


Amount

Maximum credit limit on this card is Rs 25,000.


Security Needed

As security, hypothecation of assets which has been created by banks finance is mandatory to avail this credit scheme.


Repayment of the card

The card repayment facility is for 5 years.

Interest Rates and Charges

Charges

Laghu Udhami Credit Card –Oriented Business Card Scheme

 

Swarojgar Credit Card Scheme.

 

Kisan Credit Card –Oriented Green Card

 

OBC-SBI Credit Card

OBC-SBI Platinum Credit Card

Annual Fee

NA

NA

NA

Rs 499

Rs 2999

 

 

 

 

 

 

Joining Fee

NA

NA

NA

Rs 499

Rs 2999

 

 

 

 

 

 

Rate of Interest

11.95%

NA

Base rate + 2.25% ( term loan till Rs 2 lakhs)

40.2% p.a

40.2% p.a

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