BOBCARD Ltd, a subsidiary of Bank of Baroda, recently introduced the TIARA Credit Card, a first-of-its-kind, women-centric credit card. Priced at an annual fee of Rs. 2,499, this card is suitable for first-time users or those upgrading from basic credit cards. Staying true to its motto, “Reimagine Credit for India,” BOBCARD markets the TIARA Card as a product tailored to meet women’s needs, offering rewards and benefits curated for them.
However, the TIARA Credit Card’s perks seem to focus heavily on fashion and beauty vouchers. One wonders if the card assumes women’s financial choices begin and end with shopping sprees and makeup hauls. Isn’t this subtly perpetuating the stereotype of women as frivolous spenders? Or, as the brand suggests, is a women-exclusive credit card indeed a step toward empowering women financially?
Does the TIARA credit card truly empower women?
The central premise behind the Tiara Credit Card is to offer a range of lifestyle benefits tailored to the “modern” woman’s needs and preferences. There are INR 500 quarterly discounts on Myntra, Nykaa, and Flipkart, INR 1,500 off quarterly at Lakmé Salon, and complimentary annual memberships on major streaming platforms. It also includes a 3-month Swiggy One membership and a 6-month Fitpass Pro Membership worth INR 15,000, both provided annually. Additionally, the card offers 5X accelerated Reward Points on dining, travel, and international spending.
At the launch of the TIARA Credit Card, held at Pinkathon, Milind Soman spoke about the card’s connection to empowerment and self-reliance. He said it symbolises confidence and independence for women. While these rewards provide convenience and perks in everyday spending, they do not necessarily contribute to women’s empowerment or their financial freedom. Instead, the card’s offerings focus more on consumerism, with perks measured by how much women shop, eat out, and pamper themselves.
TIARA credit card and the inclusion bias
It is also interesting to note that the TIARA Credit does not offer reward points for fuel transactions Card. Do women not make fuel transactions? Considering that women, like anyone else, drive, commute, and need fuel just as much, this omission seems a bit odd. This oversight further highlights the card’s limited understanding of what truly empowers women in their everyday financial choices.
The need for financial literacy for women
According to the National Centre for Financial Education (NCFE), only 21% of women in India are financially literate. Many women are not receiving the necessary guidance to manage their finances effectively. If the goal is real empowerment, companies should shift their focus from rewards and perks to financial education. Women need to understand how to budget, save, and invest wisely to build a secure financial future.
Women must have access to resources that teach them how to manage money, whether through workshops, online courses, or simple tools for tracking spending and savings. With the right tools, women can make better financial choices, not just for today but for the long term.
Financial inclusion of women: A long way to go
Another issue to address is that in India, only 33% of women have an active bank account, compared to 45% of men. Among those who do have an account, there are gaps in its usage. Many women still lack access to savings and credit. Even when credit is extended, women receive only 27% of the deposits they contribute, compared to 52% for men.
Moreover, one in five women in India lacks access to a bank account. In rural areas, many women have no access to formal financial services at all. Thus, services like the TIARA Credit Card, a supposed symbol of empowerment, are limited to a tiny club of privileged women who already have access to everything else.
What more do these stats reveal
These statistics also reveal that whatever efforts are being made to encourage the financial inclusion of women are either not working or not having the desired impact. While there are initiatives aimed at improving access to banking services, the actual usage and benefits of these services remain limited for many women. This gap in financial inclusion shows that more needs to be done to ensure women not only have access to banking but also the tools and opportunities to use these services effectively.
There are multiple ways to encourage women’s participation in financial initiatives. However, the real challenge is how to bring them on board in the first place. To achieve this, it is crucial to build visibility and awareness about such initiatives. Without proper visibility, many women may remain unaware of the opportunities available to them.
Conclusion: TIARA credit card & the ignored aspects of financial inclusion
The TIARA Credit Card might offer convenience and perks. However, true empowerment requires more than discounts and rewards. Women need financial literacy, access to essential banking services, and the right tools to build wealth, plan for retirement, and achieve financial independence.
At ChangeinContent, we advocate for a more thoughtful approach to what financial inclusion and empowerment genuinely mean. We advocate for inclusive communication in 2025 through campaigns or policies. It is about helping them understand how to save, invest, and make informed decisions for their future rather than just offering short-term incentives.
Disclaimer: The views expressed in this article are based on the writer’s insights, supported by data and resources available both online and offline, as applicable. Changeincontent.com is committed to promoting inclusivity across all forms of content. We broadly define inclusivity as media, policies, law, and history—encompassing all elements that influence the lives of women and gender-queer individuals. Our goal is to promote understanding and advocate for comprehensive inclusivity.
