CMA One BOBCARD Credit Card

Quick verdict: CMA One is BOBCARD's card for Cost Accountants, reserved for active members of the Institute of Cost Accountants of India (ICMAI). Your membership number is checked when you apply, and no amount of earnings gets a non-member past that. It charges a ₹1 joining fee and nothing after that, the only BOBCARD to do so, which also means it isn't strictly lifetime free. For that rupee you get a markup of 2% on foreign spends, lounge access at 12 domestic visits a year and professional indemnity cover of up to ₹5 lakh. The points are modest and never touch fuel or groceries, so it's a poor main card. For a member who can keep every quarter above ₹1 lakh, though, the milestone turns it into a respectable second card.

One rupee, two names

The ₹1 joining fee won't change anyone's maths. We mention it only because it's the one line on the fee schedule where CMA One differs from its sister cards. After joining there's no annual fee, and no spend target to meet to keep it that way.

The name has moved as well. BOBCARD's product revision notice effective 1 April 2026 calls the card ICMAI One, while the live product page, Bank of Baroda's own card listing and the Key Fact Statement dated 5 May 2026 all say CMA One. It's one card, and CMA One is the name that stuck.

A year on CMA One, in rupees

Headline rates don't show how the pieces add up, so we ran one member's year in round numbers. Say you put ₹35,000 a month on the card, all of it outside the exclusion list, with ₹15,000 going on dining, online shopping and utility bills and ₹20,000 on everything else. That's ₹1.05 lakh a quarter and ₹4.2 lakh over the year. We've assumed a credit limit of ₹1 lakh or less, for a reason explained below.

More than half of that ₹6,975 is the milestone. Now trim the spend to ₹30,000 a month, still with ₹15,000 in the 5X categories. Each quarter lands at ₹90,000, the milestone never triggers, and the year's rewards come to ₹2,825. Spending ₹60,000 less over the year costs ₹4,150 in rewards. This card is generous to members who keep every quarter above the line and does little for those who fall just short.

The limit assumption matters because the milestone bar is ₹1 lakh a quarter or your credit limit, whichever is higher. With a ₹2 lakh limit, the same member would have to pass ₹2 lakh a quarter to collect it. Large bills deserve a check as well, because BOBCARD adds a 1% levy once utility payments reach ₹50,000.

Forex, lounges and cover

Foreign-currency spends carry a 2% markup. That's 1.5 percentage points under the 3.5% typical of the BOBCARD range, so each ₹10,000 spent abroad keeps ₹150 in your account. It isn't zero, and a frequent international spender will still do better elsewhere. If you're weighing CMA One against other cards with no annual fee, our guide to zero annual fee cards covers the wider field.

CMA One's lounge allowance is three domestic visits a quarter, and it doesn't stretch to international lounges at all. Since 1 January 2025 the visits depend on ₹40,000 of spend in the preceding calendar quarter, a bar the member in our example clears every time.

Then there's the cover built for the profession. CMA One includes free professional indemnity cover of up to ₹5 lakh, along with ₹15 lakh of air accident death cover and ₹5 lakh of non-air accident death cover. Treat all of it as a backstop, not as value you'll see. BOBCARD can withdraw the covers without notice. They also lapse on a card that sat unused for the 90 days before a death, so one kept in a drawer protects nobody.

Fuel earns no points. On fills from ₹400 to ₹5,000 the pump's 1% surcharge comes back to you, with a ₹250 ceiling per statement. That waiver is your own money being returned, so don't count it as a reward.

What earns nothing

Our example kept every rupee away from the exclusion list, and on this card that list is unusually wide. Rent, fuel and groceries earn nothing, and neither do education, insurance or hospital bills. The FAQ at the end has the complete list. UPI is no shortcut to 5X either, because UPI spends earn the core rate only.

Who should hold CMA One

Hold it if you're an ICMAI member who spends abroad a few times a year, can keep each quarter above ₹1 lakh on one card, and would value indemnity cover. Family members can come along too, with up to three add-on cards that stay free for life. Skip it as a main card if most of your month goes on groceries, fuel and rent, since it pays nothing there.

Chartered Accountants and Company Secretaries have their own versions in the ICAI Exclusive and the ICSI Diamond. Both skip even the rupee and are lifetime free, and the ICSI card's milestone is a point lighter at 3,999. You can't shop between them on those details, though. Each card checks membership of its own institute, and on ICMAI membership, CMA One is the one open to you.