Bajaj Finserv is a diversified financial services company that offers a range of financial products and services in India. Among its offerings is the Bajaj Card, a credit card that comes with a host of features and benefits.
However, like with any other credit card, there are Bajaj Card fees and charges associated with the that you need to be aware of before you apply.
The good news is that the process to apply for the Bajaj Card online is quite simple and easy. All you need to do is visit the Bajaj Finserv website, select the Bajaj Card that you are interested in, fill in the application form with your personal and financial details, and submit it online. Once your application is processed and approved, you will receive your Bajaj Card by mail within a few days.
Now, let’s take a closer look at the fees and charges associated with the Bajaj Card:
Joining fee
The joining fee is a one-time fee that you need to pay when you apply for the Bajaj Card. The joining fee for most Bajaj Cards ranges from Rs. 499 to Rs. 2,999, depending on the card that you choose. Some cards may come with a waived joining fee as a promotional offer.
Annual fee
The annual fee is a yearly charge that you need to pay to keep your Bajaj Card active. The annual fee for most Bajaj Cards ranges from Rs. 499 to Rs. 4,999, depending on the card that you choose. Some cards may come with a waived annual fee as a promotional offer or if you spend a certain amount on the card within a year.
Interest rate
The interest rate is charged on the outstanding balance on your Bajaj Card if you do not pay your dues in full within the due date. The interest rate for most Bajaj Cards ranges from 2.25% to 3% per month, which translates to an annualized rate of 27% to 36%. The interest rate is one of the most significant charges associated with the Bajaj Card, so it is critical to pay your dues on time to avoid high-interest charges.
Late payment fee
If you do not pay your minimum amount due or the entire outstanding balance on your Bajaj Card by the due date, you will be charged a late payment fee. The late payment fee for most Bajaj Cards ranges from Rs. 100 to Rs. 600, depending on the outstanding balance and the card that you have.
Cash withdrawal fee
If you use your Bajaj Card to withdraw cash from an ATM, you will be charged a cash withdrawal fee. The cash withdrawal fee for most Bajaj Cards ranges from 2.5% to 3% of the withdrawal amount, with a minimum fixed charge of Rs. 500 to Rs. 600. The cash withdrawal fee is in addition to the interest rate charged on the cash withdrawal amount from the date of withdrawal until the date of payment.
Overlimit fee
If you exceed your credit limit on your Bajaj Card, you will be charged an overlimit fee. The overlimit fee for most Bajaj Cards ranges from Rs. 500 to Rs. 600, depending on the card that you have. It is essential to keep track of your spending and stay within your credit limit to avoid overlimit charges.
Foreign currency markup fee
If you use your Bajaj Card to make purchases or withdrawals in foreign currency, you will be charged a foreign currency markup fee. The foreign currency markup fee for most Bajaj Cards ranges from 2% to 3.5% of the transaction amount. The foreign currency markup fee is in addition to the conversion rate applied to the transaction. It is essential to factor in the foreign currency markup fee when using your Bajaj Card abroad to avoid any surprises on your bill.
Balance transfer fee and interest rate
If you have outstanding dues on another credit card or loan, you can transfer the balance to your Bajaj Card to take advantage of lower interest rates and save on interest charges. However, you will be charged a balance transfer fee, which ranges from 1% to 3% of the transfer amount, depending on the card that you have. Additionally, you will be charged a lower interest rate on the transferred balance for a limited period, which typically ranges from 3 to 12 months, depending on the card and the offer. After the offer period expires, the regular interest rate on the transferred balance will apply.
EMI conversion fees
If you make a high-value purchase on your Bajaj Card, you can convert the purchase amount into easy monthly instalments (EMIs) to manage your cash flow better and avoid high-interest charges. However, you will be charged an EMI conversion fee, which typically ranges from 1% to 3% of the converted amount, depending on the card and the tenure of the EMI. Additionally, you will be charged an interest rate on the EMI amount, which could be a higher or lower rate than the standard interest rate on your Bajaj Card.
In conclusion, the Bajaj Card is a convenient and viable option for anyone looking for a credit card with a range of features and benefits. However, it is essential to be aware of the fees and charges associated with the card to avoid any surprises on your bill. To apply for a Bajaj Card online, visit the Bajaj Finserv website and follow the simple steps outlined above. With the new iPhone 13 available, you can check for an emi option with bajaj finance and opt for the card to save money and enjoy the features of your new device.