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BOB Eterna is now becoming a most un-popular choice credit card

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J

jetesh

TF Legend
BOB Eterna credit card has seen a significant rise in demand recently due to several attractive features:

1. With the recent launch of the Rupay network, BOB Eterna is becoming a popular choice in super premium credit card segment.
2. BOB Eterna offers the highest number of lounges.
3. Unlimited Domestic Lounge Access. ( min spends criteria : Rs 40,000 per quarter )
4. International lounge access will also be announced soon.
5. Best Reward Points. 15 rewards points per Rs 100 on online shopping, dining, travel and international spends.
6. Plus, BOB Eterna annual fees are lower compared to other banks’ credit cards in the same segment.
7. And achieving a fee waiver is a breeze !
8. Foreign Exchange Mark-up fee of 2%.
9. Buy 1 Get 1 Free Movie ticket via Paytm
10. Welcome Gift of FitPass Pro Membership worth Rs. 15,000.
eterna-shadow-19-feb24.webp

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BOB Eterna Updates :

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CLICK HERE to View Updated Features and Terms & Conditions
CLICK HERE to Download the District App
CLICK HERE for Steps to Avail Your Movie Ticket Benefit
 
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@Swastik : mail them to upgrade your one card to eterna card

H

Thread 'Get approval of Bob rejected card application'

If you have any idea on this, please share..
I have applied for premier cc & it got rejected.
I already tried sending itr & credit card statement(limit- 2L) requesting to reconsider my application but got only one reply everytime - "we regret to inform you that we are unable to issue a credit card at this time basis our internal risk criteria.You can re-apply after 6 month with updated financial information at a later date, as per our guidelines."

I mailed on these - escalations@bobfinancial.com
crm@bobfinancial.com
acquisition@bobfinancial.com
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Thread 'BOB Eterna card on LTF basis - Experience and Eterna unboxing'

Dear all,

This post is regarding my Journey to get BOB eterna card on a Lifetime free (LTF) basis. I had BOB ICSI (The Institute of Company Secretaries of India) Diamond credit card which I was using for the last 1 year. however, due to frequent travel, I was trying to get a credit card with Unlimited Lounge access.

Considering the pathetic customer service of BOB, getting a paid eterna is also difficult leave aside LTF Eterna. The overall card upgrade process went on for around 1.5 months as BOB took 4-5 days to respond to every mail.

I have read in multiple threads that BOB eterna can...
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Bank of Baroda has launched BOB Masterstroke Savings Account, a premium offering aimed at high-net-worth clients. The account provides an array of exclusive services, including higher interest rates on balances through the Flexi Fixed Deposit facility, priority banking, and wealth management consultations. Customers also benefit from the BOB World Opulence Visa Infinite Debit Card (Metal Edition) and a lifetime-free BOB Eterna Credit Card, subject to eligibility. With higher daily limits on ATM withdrawals (Rs 5 lakh) and POS purchases (Rs 10 lakh), the account ensures flexibility and convenience.
 
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jetesh said:
Bank of Baroda has launched BOB Masterstroke Savings Account, a premium offering aimed at high-net-worth clients. The account provides an array of exclusive services, including higher interest rates on balances through the Flexi Fixed Deposit facility, priority banking, and wealth management consultations. Customers also benefit from the BOB World Opulence Visa Infinite Debit Card (Metal Edition) and a lifetime-free BOB Eterna Credit Card, subject to eligibility. With higher daily limits on ATM withdrawals (Rs 5 lakh) and POS purchases (Rs 10 lakh), the account ensures flexibility and convenience.
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Isn't 5L in SB account is too much price to pay at 3% interest rate? There itself you will loose extra 4% compared to FD in same bank which is almost loss of 20k per year. Might as well take BoB Eterna paid as it works out to be cheaper
 
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Abhishek012 said:
Dude, This is not just about domestic or foreign companies. It's also about Indian currency.

If you make a foreign transaction using a RuPay card, the payment is received by the other country in Indian Rupees, which they will then use for trade with India.

And this is just a small step.

Once this cross-border local currency system is fully developed, we will start doing large-scale trade in INR, which will be facilitated by India's SWIFT alternative - SFMS and INFINET.

Here's an interesting point -

You might have often heard people saying that these or that guys are traveling abroad or getting married in Turkey, spending money in another countries.

You know, the problem isn't with getting married in Turkey or traveling abroad. The problem is that when you trade using Visa/Mastercard, you end up strengthening the US dollar and weakening our own INR.

If you make payments using RuPay/UPI in INR, that country will accept Indian Rupees and later trade with us.

This will elevate India to the position where the US, Europe, and China are today. The entire world will use Indian Rupees and trade with us.
And not just that, countries will also trade with each other in Indian Rupees.

Imagine if banks in Bhutan and Sri lanka are connected through RuPay/UPI/SFMS/INFINET in the future, they can trade with each other in their local currencies through Indian Rupees.

For example, currently when we buy something from China, we currently pay in Chinese currency. But first, we convert our INR to US dollars, and then US banks convert those US dollars into Chinese currency and give it to them.

If you ever wonder why countries would trade or conduct transactions using the Indian payment system, it's because the transaction fees of the Indian payment system are 50% cheaper than those of Visa, Mastercard, or SWIFT,

Read this - WTO: USA use veto power & opposing UPI to reduce the cost of cross-border remittances - https://www.technofino.in/community...e-the-cost-of-cross-border-remittances.25176/

In the end, I would just say that the dream I mentioned above will only be possible if more and more people use RuPay/UPI.

I remember, around 2015, the former CEO of NPCI said that the success of the RuPay card depends on the support of the Indian people. It will only succeed if people support it.

Today, Europe regrets selling Euro Card. When the topic of creating a domestic European card network came up again, the shareholder banks gave up, saying they could no longer do it.

@_amit_
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Your understanding is completely flawed. Rupay or Visa or Mastercard are just payment networks. They have nothing to do with which currency is used. If I pay with Visa in India to an Indian merchant, the payment is in INR. The same card used in Poland would mean the payment in Zloty. It isn't in the US $ just because it is an American company. Similarly, If Rupay were to be accepted in the US, the American merchant would want his payment in US $ and not Indian Rupees. Using Rupay doesn't help the INR in any manner. It only helps the local banks which is fine.
No one wants to accept INR at the moment. Even Russia has refused to do so despite being under severe sanctions and not having many buyers for their oil. Only a couple of exceptions are there like Nepal. Chinese RMB is strong not due to their use of UnionPay. It's strong because China became an economic powerhouse with highest exports and highest forex reserves in the world. Everyone runs a huge trade deficit with China and thus it is ok for them to accept the Yuan. What would Argentina do with INR? Can they buy something from Colombia, US or Mexico in INR? Only when India has China like exports, you will see INR becoming stronger.
 
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Abhishek012 said:
There's nothing particularly special about Visa/Mastercard, and there's nothing wrong with them either. It's just that Indians that makes them think Visa/Mastercard is the best.
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Indians are convinced because Visa and Mastercard are globally successful products with near universal acceptance around the world. That is what's special about them. I can use them in Ghana, Portugal, Argentina or Pakistan.
 
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jetesh said:
Bank of Baroda has launched BOB Masterstroke Savings Account, a premium offering aimed at high-net-worth clients. The account provides an array of exclusive services, including higher interest rates on balances through the Flexi Fixed Deposit facility, priority banking, and wealth management consultations. Customers also benefit from the BOB World Opulence Visa Infinite Debit Card (Metal Edition) and a lifetime-free BOB Eterna Credit Card, subject to eligibility. With higher daily limits on ATM withdrawals (Rs 5 lakh) and POS purchases (Rs 10 lakh), the account ensures flexibility and convenience.
Click to expand...
Thanks @jetesh Bhai!!😄😄

This is what exactly many of us were looking!!

Just confirm whether Opulence Debit Card is also LTF??😁😁

It seems our patience have given some good options in BOB now.
 
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Lobogris said:
Your understanding is completely flawed. Rupay or Visa or Mastercard are just payment networks. They have nothing to do with which currency is used. If I pay with Visa in India to an Indian merchant, the payment is in INR. The same card used in Poland would mean the payment in Zloty. It isn't in the US $ just because it is an American company. Similarly, If Rupay were to be accepted in the US, the American merchant would want his payment in US $ and not Indian Rupees. Using Rupay doesn't help the INR in any manner. It only helps the local banks which is fine.
No one wants to accept INR at the moment. Even Russia has refused to do so despite being under severe sanctions and not having many buyers for their oil. Only a couple of exceptions are there like Nepal. Chinese RMB is strong not due to their use of UnionPay. It's strong because China became an economic powerhouse with highest exports and highest forex reserves in the world. Everyone runs a huge trade deficit with China and thus it is ok for them to accept the Yuan. What would Argentina do with INR? Can they buy something from Colombia, US or Mexico in INR? Only when India has China like exports, you will see INR becoming stronger.
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No, It's the US $.

Let me explain how Visa/Mastercard works -

When we use Visa/Mastercard in Poland, Visa/Mastercard converts INR to US dollars (This US dollar is deducted from our reserve currency), and then those US dollars deposit to Poland's reserve currency. Poland's banks or central bank then convert it into the local currency - Zloty, and give it to the merchant.

This is how the Visa/Mastercard system works, and Poland can use that US dollar reserve currency anywhere.

What is the system of RuPay/UPI ?

RuPay/UPI opens local bank accounts between both countries with the help of both countries' central banks. For example, Russia has created Nostro and Vostro accounts.

In Rupee Vostro Accounts, foreign banks open accounts in Indian banks. Whenever a transaction is made in that country using RuPay/UPI, Indian banks deposit the transaction amount in Rupee Vostro Accounts, and that country provides the equivalent amount to their local merchants in their local currency.

I hope it's clear, and there should be no doubt about it.

And your statement is also incorrect - We are continuously buying oil from Russia in INR, and Indian banks are still depositing INR in Russia's Rupee Vostro Accounts for all the oil.

It is true that Russia is concerned about what they will do with such a large amount of Indian rupees. The Indian government has said to invest it in the Indian economy, and that's what Russia has done. They are investing all the Indian rupees from their Rupee Vostro Accounts into the Indian economy.

Your last ques "What would Argentina do with INR?"

Note - Trade between Argentina and India has grown substantially, with bilateral trade now exceeding $4.5 billion.

When a local currency payment system is established between India and Argentina, trade and RuPay/UPI transactions will work similarly. When Argentina needs to buy something from India, they will pay Indian merchants from their Rupee Vostro Accounts.

Also, Nostro and Vostro are Russian terms, so obviously, we are not going to call Argentina's accounts Nostro and Vostro.

@SSV
 
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