Bank of Maharashtra (BOM) provided a variety of credit cards to its customers. These credit cards were designed to offer a range of features and benefits.
For instance, the Bank of Maharashtra SBI Platinum Credit Card was a co-branded card with the State Bank of India (SBI), offering rewards points for spending, discounts on various purchases, and additional privileges.
Similarly, the Bank of Maharashtra SBI Signature Credit Card, also co-branded with SBI, typically provided premium features like airport lounge access, concierge services, and enhanced rewards.
Selecting the Best Bank of Maharashtra (BOM) credit card requires a systematic approach. To make an informed choice, begin by understanding your financial goals and spending habits.
Carefully review the features and benefits of each BOM credit card, including rewards, discounts, cashback, and travel perks, ensuring they align with your preferences and usage.
Pay attention to fees and charges, such as annual fees and interest rates, making certain they fit your budget. Check the eligibility criteria for each card to verify you meet the requirements.
Keep an eye out for any special promotions that may be available when you apply, as these can add extra value to your chosen card.
| Credit Card | Joining Fee | Annual Fee |
|---|---|---|
| Bank of Maharashtra SBI Platinum Card | 2,999 | 2,999 |
| Bank of Maharashtra SBI Card | 499 | 499 |
The Bank of Maharashtra Credit Card provides an extended credit facility, granting cardholders an interest-free credit period of 20-50 days, which is applicable exclusively to retail purchases if the outstanding balance from the previous month is paid in full.
This feature allows cardholders to make purchases and pay for them without incurring interest charges if the balance is settled within the specified timeframe.
However, if the outstanding balance is carried forward, finance charges are levied at a rate of up to 3.35% per month (equivalent to 40.2% per annum) from the transaction date.
Additionally, the cardholder is required to make a minimum payment of 5% of the total outstanding amount or a minimum of Rs. 200, whichever is higher, along with applicable GST.
This flexible payment option, combined with the interest-free credit period, offers greater financial control and convenience to Bank of Maharashtra Credit Card users.
PROS
CONS
- Extended credit period (20-50 days).
- Reward programs for points or cashback.
- Global acceptance.
- Flexible repayment options.
- Various card types available.
- Annual fees may apply.
- Interest charges on unpaid balances.
- Late payment fees for missed payments.
- Foreign transaction fees for international spending.
- Limited readily available information on card features.
| Fees | Charges | Remarks |
|---|---|---|
| Joining Fee | Varies | Amount depends on the card type and variant. |
| Annual Fee | Varies | Amount depends on the card type and variant. |
| Interest Rate (Finance Charges) | Up to 3.35% p.m. | Charged on the outstanding balance. |
| Late Payment Fee | Varies | Charged for late or missed payments. |
Bank of Maharashtra offers two credit card options with varying joining and annual fees. The Bank of Maharashtra SBI Platinum Card entails a joining fee of Rs. 2,999 and an annual fee of Rs. 2,999.
On the other hand, the Bank of Maharashtra SBI Card carries a more affordable joining fee of Rs. 499 and an annual fee of Rs. 499.
These fees are subject to change and can be influenced by the specific features and benefits associated with each card. It’s advisable to verify the most current fee structure when considering a Bank of Maharashtra credit card.
- Age requirement (usually 21 years or older).
- Minimum income criteria (varies by card type).
- Good credit score.
- Employment or a regular source of income.
- Indian residency with a valid address.
- Consideration of existing debt.
- Required documentation: ID, address proof, income proof, and photographs.
- Visit the Bank of Maharashtra (BOM) website.
- Choose the specific BOM credit card that suits your needs.
- Click on the “Apply Now” or “Apply Online” option.
- Fill out the online application form with your personal and financial information.
- Provide the required documents, including proof of identity, address, and income.
- Carefully review and confirm the accuracy of your application.
- Once your application is processed and approved, BOM will issue your credit card.
Other Bank Credit Cards
Bank of Maharashtra was established on September 16, 1935, in Pune, India. It began as a regional bank and initially catered to the financial needs of the people in the Maharashtra region.
Over the years, the bank expanded its network of branches and services, making it more accessible to customers across India. It played an important role in providing banking support to various sectors, including agriculture, trade, and industry.
Bank of Maharashtra has been actively involved in various government initiatives and schemes aimed at promoting economic development and financial inclusion.
Today, Bank of Maharashtra offers a wide range of banking services, such as savings accounts, loans, and digital banking, to serve the financial needs of individuals and businesses throughout India.
It continues to be a significant player in the Indian banking sector, contributing to the country’s economic growth and financial well-being.
Hey, I’m Ratiranjan Singha, the Creator of Myworldstuffs.com. I Offer in-Depth Articles and Guides that Help you to Understand Various Financial Concepts.
