Bank of Baroda Eterna or BoB Eterna credit card by BoB Financial (a 100% sub of Bank of Baroda) is a new entrant in the premium credit card space. It is the flagship card in BoB’s bouquet. The USP of the BoB Eterna is 5x rewards points on Online/Travel/Dining spends and unlimited domestic lounge access, including add-on cards. Currently, online spends include all online spends, even wallet loads and utility bill payment, which is just awesome.
How to maximize benefits on BoB Eterna
As mentioned earlier, the USP of BoB Eterna credit card is 3.75% reward rate on all online spends. Thus the most optimal way would be to spend 400,000 in a year online (33,300 in a month). 33,300 a month on online spends is to max out the 5x quota. This is not difficult, given that spends on Amazon, Flipkart, wallet load, utility bill payment etc. are all considered for 5x reward. The remaining 100,000 a year can be spent online or even offline. This results in an effective reward rate of 4.15%, which is super awesome. Further, given that wallet load is considered for online spends, even insurance premiums paid will give 3.75% return.
Another way to look at BoB Eterna credit card is to calculate the reward rate in the worst case. Assume one spends around 500,000 annually on PoS machine i.e. offline. One would get 0.75% standard reward rate on spends and 1% as milestone benefit i.e. total 1.75% reward rate. This is still very good considering that at this spending level the annual fee is already zero and we have not yet accounted for the unlimited domestic lounge access benefit and BOGO on movie tickets via Paytm.