IOB CREDIT CARD FAQs

1. What are the different types of credit cards offered by Indian Overseas Bank (IOB)?

Indian Overseas Bank offers a range of credit cards tailored to meet different customer needs. These include Visa International Credit Cards such as Classic and Gold cards. Each card comes with its own features, benefits, and eligibility criteria.

IOB also issues RuPay Credit Cards under three categories: RuPay Classic, RuPay Platinum, and RuPay Select.

2. How do I apply for an Indian Overseas Bank credit card?

You can apply for an IOB credit card online through the bank’s website (www.iob.in) by navigating to Cards > Credit Card > Apply Online, or by visiting the nearest IOB branch.

The application process involves submitting personal and financial details along with required supporting documents as per the bank’s guidelines.

3. What are the eligibility criteria to apply for an IOB credit card?

Eligibility criteria vary depending on the type of credit card. Factors such as income, employment status, credit history, and age are considered. Generally, applicants must meet minimum income and credit score requirements.

4. How long does it take to get approval for an IOB credit card?

The approval timeline depends on the completeness of the application and verification process. Typically, approval may take anywhere from a few days to a few weeks.

5. What are the credit limits offered on IOB credit cards?

The credit limit assigned to an IOB credit card is based on factors such as the applicant’s income, credit history, and repayment capacity. Each application is assessed individually to determine a suitable credit limit.

6. How do I activate my Indian Overseas Bank credit card?

Upon receiving your credit card, it must be activated before use. Activation can be done by calling the customer care number mentioned on the card, or through the bank’s website or mobile banking application by following the given instructions.

7. How can I make payments on my IOB credit card?

Payments can be made through multiple channels such as Internet Banking, Mobile Banking, NEFT/RTGS, auto-debit from savings or current account, or by making cash payments at Indian Overseas Bank branches.

8. What charges are associated with IOB credit cards?

IOB may levy charges such as annual fees, joining fees, interest on outstanding balances, late payment fees, and cash advance fees. Customers are advised to review the applicable charges to manage card usage effectively.

Detailed charges can be obtained from the nearest IOB branch or through the bank’s official website.

9. Can I convert my IOB credit card transactions into EMIs?

Yes, Indian Overseas Bank provides the facility to convert eligible credit card transactions into Equated Monthly Installments (EMIs) at competitive interest rates. Availability of EMI conversion may vary depending on the credit card type and transaction. Please check with the bank for detailed terms and conditions.

10. How do I redeem rewards earned on my Indian Overseas Bank credit card?

IOB credit cardholders can redeem reward points earned on their cards for various options such as merchandise, gift vouchers, airline miles, cashback, etc. Redemption options and procedures may vary and can be checked on the bank’s website or by contacting customer service.

11. What should I do if my Indian Overseas Bank credit card is lost or stolen?

If your IOB credit card is lost or stolen, immediately contact Indian Overseas Bank’s customer service to report the loss and request blocking of the card. This helps prevent unauthorized usage. You may also request a replacement card, if required.

12. How do I track my Indian Overseas Bank credit card transactions and statements?

You can track your credit card transactions, outstanding balances, and download monthly statements through Indian Overseas Bank’s Internet Banking portal or credit card customer portal. Monthly statements may also be received via email or post.

13. Does Indian Overseas Bank offer any insurance coverage with its credit cards?

Some Indian Overseas Bank credit cards may offer insurance benefits such as travel insurance, purchase protection, or rental car insurance. Cardholders are advised to check the specific card’s terms and conditions to understand the extent of coverage available.

14. What should I do if I have a dispute or unauthorized transaction on my IOB credit card statement?

In case of any unauthorized transaction or discrepancy in your credit card statement, promptly report the issue to Indian Overseas Bank’s customer service. The bank will investigate the matter and take appropriate action as per its dispute resolution process.

15. Are there any special offers or discounts available for Indian Overseas Bank credit cardholders?

Yes, Indian Overseas Bank frequently provides exclusive offers, discounts, and privileges to its credit cardholders across categories such as dining, shopping, travel, entertainment, and more. Customers are advised to regularly check the bank’s website or promotional communications for updates.

16. Where can I use my Indian Overseas Bank credit card?

Indian Overseas Bank credit cards can be used at merchant outlets, online platforms, and ATMs that accept Visa or RuPay credit cards, both within India and internationally, subject to card type and usage permissions.

17. What is the billing cycle for an Indian Overseas Bank credit card?

The billing cycle refers to the period between two consecutive billing dates. For Indian Overseas Bank credit cards, the billing cycle typically ranges from 25 to 30 days, depending on the card and account settings.

18. Is there a grace period for my Indian Overseas Bank credit card payments?

Yes, Indian Overseas Bank generally offers a grace period of approximately 20 to 25 days from the billing date for making payments without incurring interest charges, provided the outstanding amount is paid in full.

19. Can I increase the credit limit on my Indian Overseas Bank credit card?

Yes, cardholders can request an increase in their credit limit. The bank will assess factors such as credit history, income, and repayment behavior before approving any enhancement in the credit limit.

20. Can I withdraw cash using my Indian Overseas Bank credit card?

Yes, cash withdrawal can be done at ATMs using an Indian Overseas Bank credit card, subject to specified limits and applicable charges. Cardholders are advised to review the applicable fees and conditions before using this facility.