Santa Claus comes around just once a year. In the meantime, there are Credit Cards.
  • ICICI Bank Purchase Card

    Corporates tend to spend a lot of money for various things. They have separate budgets for specific categories like office supplies, payment of utilities, etc. ICICI Bank offers Purchase Credit Cards to companies so that they can closely monitor expenditure that they carry out under categories like office supplies, utility payments, etc. It also makes their payment process faster and more efficient. Firms that depend on manual calculation and account keeping often witness higher costs of processing and an absence of visibility in the expenditure categories. On the other hand, companies using a purchase credit card have experienced an average saving of 10% in their overall costs. This was proven by a study that was conducted by Aberdeen Group Study 2005. 

    ICICI Bank Purchase Card makes tracking and analysis of data easy and more convenient. This further leads to better negotiation and sourcing by the firms. Let us take a detailed look at all the other functions that are performed by the ICICI Bank Purchase Card. 

    Features and Benefits of the ICICI Bank Purchase Credit Card

    The ICICI Bank Purchase Card comes with a set of useful and exciting features and benefits some of which are listed below:

    • Companies can enjoy up to 45 days of the interest-free period.
    • This card comes with advanced data for useful decision making and supplier negotiation based on facts.
    • This card is equipped with enhanced online reporting tools.
    • Cardholders can choose from two different billing dates.
    • A dedicated relationship manager will be available for the company to support its infrastructure.
    • Companies will receive online e-statement of their account with a proper break-up of the expenses made using the credit card.
    • This credit card is accepted across the world.
    • Companies will be provided with a relationship and sales team for the ongoing management of the account.

    Fees and Charges  of ICICI Bank Purchase Credit Card

    Listed below are the various fees and charges levied on the cardholder of an ICICI Purchase Card:

    Types of fees and charges Particulars
    Annual fee Nil
    Joining fee for primary as well as supplementary cardholders Nil
    Finance charges Since this is a charge card with no revolving credit, the company will have to pay the total outstanding balance on the due date.
    Default and late payment charges 3% of the total outstanding balance (subject to a minimum of Rs.400)
    Interest-free period Up to a maximum of 45 days of credit-free period
    Replacement card fee Rs.100
    Cash advance fee Not applicable
    Duplicate statement fee Rs.100
    Foreign currency transactions 3.50%
    Cheque/ECS return fee Rs.250
    Outstation cheque processing fee 0.5% of value of cheque subject to a minimum of Rs.100
      Charge slip retrieval fees Rs.100
    Fuel surcharge Not applicable
    Railway ticket booking surcharge 1.8% of transaction done online and 2.5% for over-the-counter tickets
    Fees on making cash payments at bank branches Rs.100

    How to Apply for an ICICI Purchase Credit Card?

    Companies can apply for an ICICI Purchase credit  Card in the following ways:

    1. They can log on to www.icicibank.com, select the ICICI Purchase Card and click on the “Apply” button. The page will lead the applicant to an application form on which they will need to fill in important details like their name, address, email ID, phone number, etc. Once they submit the application form, a customer care executive will get in touch with them and process their application.
    2. They can call the bank’s 24x7 customer care number at 1800-200-3344 and ask the executive to process your application.
    3. Alternatively, authorities from the company can walk into the nearest branch of ICICI and submit an application form in person.  

    Eligibility criteria  of the ICICI Bank Purchase Credit Card

    ICICI Bank has different eligibility criteria for different firms in India. However, the basic requirement is that the firm should not be involved in any kind of malpractices or illegal activities.

    FAQs about ICICI Bank Purchase Credit Card:

    1. What is the interest-free period that a firm can avail?
    2. A firm can enjoy an interest-free period of 45 days.

    3. Can firms withdraw cash using the ICICI Bank Purchase Card?
    4. No, there is no provision of cash withdrawal facility offered by ICICI Bank Purchase Card.

    5. Does the size of the firm matter in procurement of the card?
    6. Yes, the size of the firm matters to an extent.

    7. Does this card firms in cost-cutting?
    8. Yes, this card helps firms to cut costs by making legitimate and reasonable negotiations.

      

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