Indian Overseas Bank Credit Card

Indian Overseas Bank (IOB) offers a diverse range of credit cards across Visa and RuPay networks, catering to first-time users, regular spenders, travellers, and premium customers. Below is a detailed comparison of the IOB Classic, Gold, Visa, and RuPay credit cards, highlighting key features, limits, and benefits to help you choose the most suitable option based on your spending needs and eligibility.

IOB Classic vs IOB Gold Credit Cards: Features & Benefits

The IOB Classic and IOB Gold Credit Cards are designed for users seeking simple rewards, insurance cover, and controlled credit access for everyday and travel-related expenses.

Key Differences at a Glance

Additional Benefits (Both Cards)

• Baggage insurance cover of Rs.25,000
• Purchase protection cover of Rs.25,000
• Personal accident insurance (Air crash & Road/Rail)
• The personal accident cover on IOB Classic and Gold cards is split as Rs.4 lakh (self) and Rs.2 lakh (spouse) for death due to air crash, and Rs.2 lakh (self) and Rs.1 lakh (spouse) for death due to road or rail accidents. 
• Accepted for domestic and international transactions

Who Should Choose These Cards?

• IOB Classic: Ideal for users upgrading from entry-level cards and managing everyday expenses.
• IOB Gold: Suitable for customers seeking higher credit limits with basic travel protection and rewards.

IOB Visa Platinum vs Visa Signature Credit Cards

IOB’s Visa Platinum and Visa Signature cards are positioned in the mid-premium to super-premium segment, offering lifestyle privileges, concierge services, and higher credit limits.

Feature Comparison

Who Should Choose These Cards?

• Visa Platinum: Best for users upgrading from basic cards who value travel discounts and learning benefits.
• Visa Signature: Designed for premium customers seeking concierge services, lifestyle privileges, and higher spending flexibility.

RuPay Classic Credit Card: Features & Eligibility

The RuPay Classic Credit Card is suitable for first-time cardholders and customers preferring domestic card networks.

Key Highlights

• Credit Limit: ₹10,000 – ₹50,000 (Public) | ₹59,000 (Staff)
• Rewards: 1 point per ₹150 spent (₹0.25 per point)
• Minimum Redemption: 500 points
• EMI Facility: Available on eligible transactions
• Insurance: RuPay Classic does not carry NPCI personal accident cover; this benefit applies only to RuPay Platinum (Rs.2 lakh) and RuPay Select (Rs.10 lakh).
• Merchant Offers: Periodic RuPay network discounts

Best For: Entry-level users building credit history with controlled limits.

RuPay Platinum Credit Card: Features & Benefits

The RuPay Platinum Credit Card is designed for higher spenders who want rewards, lounge access, and fuel savings.

Key Highlights

• Credit Limit: ₹60,000 up to ₹2 lakh
• Rewards: 1 point per ₹100 spent
• Lounge Access: 1 domestic (quarterly) + 1 international (annually)
• Fuel Surcharge Waiver: 1% (₹400–₹5,000 transactions)
• Fuel Surcharge Waiver Cap: Rs.250 per billing cycle 
• Insurance: ₹10 lakh personal accident cover

Best For: Frequent travellers and professionals with higher monthly spends.

RuPay Select Credit Card: Premium Features

The RuPay Select Credit Card is a super-premium offering for high-income individuals and frequent travellers.

Key Highlights

• Credit Limit: ₹2 lakh – ₹5 lakh
• Rewards: 1 point per ₹100 spent
• Lounge Access: 2 domestic (quarterly) + 2 international (annually)
• EMI Facility: Flexible repayment options
• Insurance: ₹10 lakh personal accident cover

Best For: High-value users seeking premium travel and lifestyle benefits.

Charges and Interest on IOB Credit Cards

Indian Overseas Bank offers a transparent EMI structure on its credit cards, allowing cardholders to convert eligible transactions into manageable monthly instalments. The key IOB credit card fees, interest rates, and EMI charges are outlined below.

IOB Credit Card EMI Charges & Interest Rates

Important Note: IOB credit card fees and interest rates are subject to change based on bank policy. Cardholders are advised to verify the latest charges with Indian Overseas Bank before converting transactions into EMI.

RuPay IOB credit cards carry their own annual fee: RuPay Classic is free, RuPay Platinum costs Rs.250 + GST, and RuPay Select costs Rs.500 + GST — both waived if annual card spend crosses Rs.1,00,000. 

IOB Credit Card Eligibility & Documentation

Indian Overseas Bank follows RBI-compliant eligibility norms to assess applicants based on income, credit history, and repayment behavior. The eligibility criteria and required documents vary by applicant category.

Eligibility Criteria by Applicant Type

Salaried Individuals

• Documents Required: Valid KYC (ID & address proof), PAN, mobile number, email ID Employment details, bank statements, and credit history verification
• Income Criteria: Minimum monthly income of ₹15,000
• Credit Limit Assessment: Based on net monthly income and CIC score Credit limit generally capped at 50% of take-home income
• Alternative Option: Secured credit card against a term deposit (up to 90% of principal) if income proof is unavailable

Self-Employed Individuals

• Documents Required: KYC documents, PAN, bank statements, business stability proof, credit history
• Income Criteria: Minimum gross annual income of ₹3,00,000
• Credit Limit Assessment: Based on income and credit score Secured card option available against term deposit if required

Existing IOB Housing Loan Customers

• Eligibility: KYC compliance and satisfactory repayment history on housing loan
• Credit Limit: Based on income and CIC score Secured card rules apply if eligibility norms are not met

Non-Customers

• Eligibility: KYC compliance and satisfactory creditworthiness
• Credit Limit: Based on income and credit bureau assessment Secured credit card available if eligibility criteria are not met

Applicants Based on CIBIL Score

• CIBIL ≥ 700: Eligible for IOB International Credit Card Higher credit scores generally result in higher credit limits
• CIBIL < 700: Eligible only for Secured Credit Card. Credit limit: Up to 90% of term deposit

Applicants Without Income Proof

• Eligible only for Secured Credit Card
• Credit limit capped at 90% of term deposit
• PAN, mobile number, and email ID mandatory

NRI Applicants

• Must hold a valid Indian passport
• PAN mandatory; NRE/NRO account required
• Overseas and Indian address proof required
• Credit card dues settled through NRE/NRO account
• Cash withdrawal limit capped at 40% of credit limit

How to Pay IOB Credit Card Bills

Indian Overseas Bank offers multiple secure and convenient payment options to ensure timely settlement of credit card bill dues.

IOB Credit Card Bill Payment Methods

Payment Through IOB Branch

1. Visit any nearby IOB branch.
2. Inform the staff at the credit card counter about the payment.
3. Pay via cash deposit or transfer from IOB savings/current account.
4. Collect and retain the payment receipt for reference.

Payment Through UPI Apps

1. Open a UPI app such as BHIM, Google Pay, PhonePe, or CRED.
2. Select Pay or Send Money and add your IOB credit card as beneficiary.
3. Enter your 16-digit credit card number and payment amount.
4. Confirm using your UPI PIN. Payment is reflected instantly.

Payment Through Internet Banking

1. Log in to IOB Internet Banking.
2. Register your credit card under IOB Cards → Credit Card Registration.
3. Navigate to Make Payment.
4. Enter the amount and authorise the transaction.

Payment Through Mobile Banking App

1. Log in to the IOB mobile banking app.
2. Add your credit card under Card Services.
3. Select Credit Card Payment.
4. Enter the amount and submit.

Payment Through NEFT

Log in to your bank’s internet banking portal and add beneficiary using:

• Account Number: Your 16-digit IOB credit card number
• Account Type: Credit Card
• IFSC Code: IOBA00CARDS
  

Confirm and complete the NEFT transfer.

Payment by Cheque

1. Write a cheque in favour of your IOB Credit Card Number.
2. Deposit it at any IOB branch.
3. Payment is credited within 1–2 working days after clearance.

Payment Through Auto-Debit

1. Register for auto-debit via IOB mobile app or customer portal.
2. Link your preferred bank account.
3. Monthly dues will be deducted automatically on the due date.

Auto-debit helps avoid late fees and ensures uninterrupted credit card usage.

Disclaimer: Credit card features, charges, eligibility criteria, and benefits are subject to change at the discretion of Indian Overseas Bank. The information provided is based on publicly available data and is for informational purposes only. Users are advised to verify details directly with the bank before applying.  

Summary

Indian Overseas Bank credit cards combine Visa and RuPay options with credit limits up to Rs.5,00,000, reward points, and complimentary insurance cover, catering to first-time users, frequent spenders and premium travellers alike. Eligible applicants can choose an unsecured card based on income and CIBIL score, or a secured card against a term deposit if income proof is unavailable. Compare and apply for the right Indian Overseas Bank credit card on BankBazaar. 

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