Indian Overseas Bank Credit Card – Check Features & Apply Online

Priya works as a freelance graphic designer who spends her time with clients and working from city cafes. She works creatively and prioritises convenient solutions. She has intelligent expense management in her everyday routine.

Priya said in the latest Freelancer's Podcast episode that her spending changed after acquiring the Indian Overseas Bank Premium Credit Card.

She said, “The exclusive benefits and rewards attached to this card transformed my freelance life into a more convenient and affordable journey. The card's rewards inspire me to visit new locations while discovering new cafes and buying creative tools.”

Priya defines how the Indian Overseas Bank Premium Credit Card is beneficial for her

• I filled up 200 litres of fuel every month to meet clients, and I saved ₹1200 monthly and almost ₹14,400 annually.
• I spent ₹12,000 on groceries, dining, and shopping. So, I earned nearly 300 reward points monthly and 3,600 reward points annually, which costs ₹3,600.
• I watched movies in the cinema hall and on the OTT platform every month, and I saved ₹300 monthly and ₹3,600 annually.
• I saved ₹400 monthly on dining (annually ₹4,800).
• Regarding my fuel surcharge waiver, the Indian Overseas Bank Premium Credit Card helps me save ₹80 monthly and ₹960 annually.
• Also, I get free roadside assistance twice a year, which allows me to save ₹1,000 annually on emergency services.

Priya's Total Savings are almost ₹28000+ per year!

What is an Indian Overseas Bank Credit Card?

The IOB Credit Card is a financial tool that provides features for daily expenditures. The card offers waivers on fuel surcharges and gives reward points when spending on groceries and shopping.

The combination of free roadside assistance and dining savings allows customers to experience enhanced convenience and financial benefits. Users stand to save a maximum of ₹34,000 each year through fuel and dining expenses combined with additional savings.

Key Features and Benefits of Indian Overseas Bank Premium Credit Card

1. Fuel Surcharge Waiver

How It Works:

• When you use your credit/debit card to purchase fuel, a small surcharge (usually a percentage of the transaction) is added to the total amount.
• With a Fuel Surcharge Waiver, the additional fee is waived, meaning you only pay for the actual value of the fuel.
• The waiver feature allows customers to waive the limit or number of transactions.

Example: Priya uses a credit card from an Indian Overseas Bank that offers a fuel surcharge waiver. Here is how it works for Priya:

Key Points

• Eligibility: Check with your bank or card provider to confirm if your card offers a Fuel Surcharge Waiver.
• Limits: Most waivers have a monthly cap (e.g., ₹500 or ₹1,000).
• Applicability: The waiver is usually valid only at specific fuel stations or networks.
• Savings: The higher your fuel expenses, the more you save annually.

2. Reward Points

How It Works:

• For every ₹100 spent on eligible categories (e.g., groceries, dining, shopping), you earn  5 reward points.
• Accumulated points can be redeemed for cashback, gift vouchers, merchandise, or travel benefits.
• The value of each reward point is typically defined by the bank (e.g., 1 point = ₹0.25 or ₹0.50).

Example: Priya uses a credit card from an overseas bank that offers reward points on groceries, dining, and shopping. Here is how it works for Priya:

Key Points:

• Earning Rate: The number of points earned per ₹100 spent varies by Credit card Category.
• Redemption Options: Points can be redeemed for cashback, gift vouchers, merchandise, or travel benefits.
• Point Expiry: Check if your reward points have an expiry date to avoid losing them.

3. Entertainment Discounts

How It Works:

• Cardholders can avail themselves of discounts (e.g., 25% off) or buy-one-get-one-free (BOGO) offers on movie tickets booked through specific platforms.
• Discounts or cashback can be applied on popular OTT platforms like Netflix, Amazon Prime, Disney+ Hotstar, etc.
• These discounts are often available only on premium credit cards and may have a monthly or annual limit.

Example: Priya uses a premium credit card from an overseas bank that offers entertainment discounts. Here is how it works for Priya:

Priya Annual Savings:

• Movie Tickets: ₹3,000
• OTT Subscription: ₹1,000
• Total: ₹3,000 + ₹1,000 = ₹4,000.

Key Points:

• Discount Limits: Most entertainment discounts have a cap (e.g., ₹200 per movie ticket or ₹1,000 per year on OTT subscriptions).
• Eligible Platforms: Discounts are often valid only on specific platforms (e.g., BookMyShow for movies or Netflix for OTT).
• Premium Cards: These benefits are typically available on premium credit cards with higher annual fees.
• Redemption Process: Discounts may be applied automatically at checkout or require manual redemption through the bank’s rewards portal.

4. Dining Offers

How It Works:

• Discounts and cashback are applicable only at select partner restaurants.
• A percentage discount (e.g., 20% off) on the total bill.
• If you are eligible for a discount, a percentage of the bill amount is credited to your account (e.g., 10% cashback).
• The Indian Overseas Premium Credit Card offers complimentary perks such as free desserts, drinks, or appetisers with a minimum spend.
• These offers often have a cap (e.g., a maximum discount of ₹500 per transaction) and may be limited to a certain number of times per month.

Example: Priya uses a premium credit card from an overseas bank that offers dining benefits. Here is how it works for Priya:

Key Points:

• Eligible Restaurants: Discounts and cashback are valid only at partner restaurants. Check your bank’s list of participating restaurants.
• Caps and Limits: Most offers have a maximum discount or cashback limit per transaction or month.
• Complimentary Perks: These are often subject to a minimum spend requirement.
• Premium Cards: Dining offers are typically available on premium credit cards with higher annual fees.

5. Easy EMI Options

Large purchases of goods converted into manageable monthly payments through Indian Overseas Premium Credit Card EMI facilities. 

For example, Priya can transform a purchase of a ₹90,000 laptop into 12 planned interest-based payments at an annual rate of 12% through Easy EMI Options. She can purchase through Easy EMI Options at an EMI amount of ₹8,000, which includes interest costs and GST. EMI conditions of the Priya card require verification of eligibility criteria and possible repayment choices.

6. Complimentary Insurance 

The Indian Overseas Premium credit cards offer customers free insurance coverage to protect their travel arrangements and shopping purchases.

For example, the overseas bank may offer travel insurance covering flight delays (up to ₹10,000 per incident) and lost luggage (up to ₹50,000). Additionally, purchase protection covers damaged or stolen items (up to ₹1 lakh) within 90 days of purchase. These benefits are automatically activated when Priya uses our card, ensuring peace of mind without extra costs. 

Eligibility Criteria for Indian Overseas Bank Premium Credit Card

The Indian Overseas Premium Credit Card benefits require applicants to fulfill requirements and share relevant documents. The premium credit card suits individuals who demonstrate financial responsibility through a stable monetary background and a solid credit profile. 

For more details, visit the Indian Overseas Bank website or contact customer care at 1800 425 4445.

Required Documents to Apply for Indian Overseas Premium Credit Card

Your application requires these documents to finish the process:

• Identity Proof: Aadhaar card, PAN card, or passport.
• Address Proof: Utility bill, rental agreement, or Aadhaar card.
• Income Proof: Salary slips (last 3 months) or income tax returns (for self-employed individuals). 
• Passport-sized Photograph.

How to Apply for an Indian Overseas Premium Credit Card?

Offline Application:

Step 1: Visit the nearest IOB Bank branch. You can find your nearest IOB Bank branch with the help of their Branch locator.

Step 2: To initiate the application process, you request a credit card application from IOB Bank branches.

Step 3:  Fill in the required details and attach the necessary documents, like address proof and income proof.

Step 4: After completing your form, submit it to the bank representative.

Step 5: Wait for 24 hours to 48 hours.

Step 6:  When IOB Bank verifies your documents, the bank will approve your Credit Card.

Online Application:

Step 1: Visit the official website of the Indian Overseas and navigate to Digital Banking.

Step 2: Select the “Credit Card” option or click here to direct access.

Step 3: You will now see all Indian Overseas Credit Cards. Select one of your needs, then click here for the direct link.

Step 4: Fill in the required personal and financial details.

Step 5: Upload necessary documents (PAN card, Aadhaar, income proof, address proof).

Step 6: Apply and await approval (online applications take 7-10 working days).

Fees of Indian Overseas Bank Premium Credit Card

The following charges are linked to this credit card:

How to check an Indian Overseas Bank Credit Card Statement and Balance?

• Online:
  • Log in to the IOB Net Banking portal or mobile app.
  • Navigate to the credit card section to view your balance and statement.
    
    
• SMS:
  • Send an SMS in the format BAL XXXX (last 4 digits of your card) to 5676766.
    
    
• Customer Care:
  • Call IOB, toll-free number 1800 425 4445, and follow the IVR instructions.
    
    
• Email:
  • Registered email ID receives monthly e-statements automatically.
    
    
• ATM:
  • Visit any IOB ATM, insert your card, and check the balance.
    
    

Conclusion

As a dual-purpose financial instrument, the Indian Overseas Bank (IOB) Premium Credit Card delivers convenience and savings benefits to its users. The Indian Overseas Bank (IOB) Premium Credit Card includes fuel surcharge waiver programs and reward points that accumulate with grocery purchases, dining out, shopping, entertainment reductions, and free roadside emergency support. 

Users are attracted to the card because it provides competitive fees, easy EMI options, and complimentary insurance benefits. The card has benefits like convenience features and cost-effective services to users across all lifestyle categories. 

FAQs Related to Indian Overseas Bank Credit Card

1. What are the benefits of the IOB Premium Credit Card?
   • Enjoy fuel surcharge waivers, reward points on groceries/dining/shopping, entertainment discounts, free roadside assistance, and complimentary insurance.
     
     
2. How can I apply for the IOB Premium Credit Card?
   • Visit the IOB website, fill out the application form, and submit the required documents such as  PAN, Aadhaar, and income-proof.
     
     
3. What is the annual fee and how can it be waived?
   • The annual fee is ₹1,000, which may be waived if you meet the specified spending limit.
     
     
4. How do I check my credit card balance and statement?
   • Use IOB, Net Banking, the mobile app, SMS "BAL XXXX" to 5676766, or call customer care at 1800 425 4445.
     
     
5. What is the interest rate on unpaid balances?
   • The interest rate is 3.4% per month (approximately 40.8% annually) if you have outstanding amounts.

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