SBI Corporate Purchase card is designed to help customers manage their finances by keeping a track on their spending pattern, maintaining expenditure, and a lot more. Customers also get an interest free credit period up to 50 days along with e-statement facility, 24-hour assistance, and more importantly an insurance coverage that is valid for both international and virtual purchasing.
SBI Corporate Purchase Credit Card aims to effectively reduce the many minute steps involved in a business transaction. For any corporate organisation, reducing the expenses to manage the business is at heart of gaining more profit. The features and benefits of SBI Corporate Purchase card make it an absolute go-to for simplifying business to business purchases.
SBI Corporate Purchase Credit Card helps customers track, control, and review the company’s expenses to ensure policy compliance with the company as well as check for any kind of infringement. The Corporate Purchase Card also offers the advantage to track the spending information by using self-service interactive reports which offer multiple filters, sort options, and drill-down ability to get an accurate result. With VISA Intellilink, individuals no longer need to make budget cuts to control expenses more efficiently. The expense management feature also includes:
With SBI Corporate Purchase card transactions at non-permitted retail categories by the employees are restricted which helps in keeping the expenditures within the allowed limits. The organisation can also put a limit on the purchases of select merchant categories on a daily, weekly, and monthly basis. Keeping a tab on expenditures, in turn, offers more protection against any misuse, fraud, or embezzlement on the card.
Customers can choose to track the expenses category-wise with SBI Corporate Purchase Credit Card which allows them to understand the spending pattern and transaction trends in a better way. The user interface of this card is based online and does not need any change in the existing system. Also, the category-wise analysis of expenses not only ensure compliance with company policies and prevent any policy breach but also influence and negotiate better deals with vendors and suppliers.
SBI is determined to protect its customers against security concerns and fraudulent activities. Therefore, SBI Corporate Purchase Credit Cardholders are covered by the Fidelity Guarantee Insurance against fraud. The insurance also covers the company’s liability if any fraudulent charges are made against or by the cardholder. Moreover, the insurance policy remains valid on transactions made internationally as well as virtually.
The interest-free credit period that ranges from 20 to 50 days on the dues against retail purchases is a great feature of SBI Corporate Purchase Card. With this facility, business organisations can reimburse the credit amount as per their convenience. One can avail this facility by paying the outstanding balance of previous month in full.
With SBI Corporate Purchase Credit Card, there is no scope to worry about postal delays of statements, loss of statement, and subsequent late payments. Cardholders will receive a detailed statement delivered to their registered e-mail ID to keep track of monthly spending.
A dedicated team of managers and service desk executive are present 24x7 to help the customers with their queries and complaints. Customers can call 18601801290 or 39020202 (with local STD code) for support and assistance whenever required.
|Emergency card replacement||Free|
|Interest-free credit period (only applicable on retail purchases, given that all outstanding balance of previous month is paid)||20 up to 50 days|
|Total amount payable||Total outstanding dues|
|Finance charges||Up to 3.35% per month, accounting to 40.2% per annum from the transaction|
|Cash Advance Fee||For SBI ATMs and Other Domestic ATMs: Up to 2.5% of withdrawal amount or Rs.400 per transaction For International ATMs: Up to 3% of withdrawal amount or Rs.400 per transaction|
|Cheque Bounce or Invalid Cheque:||2% of Cheque Amount (minimum of Rs.350 and maximum of Rs.500)|
|Charge slip retrieval||Rs.225 per charge slip|
|Late payments||When outstanding statement balance is: Less than Rs.200 – Nil From Rs.201-Rs.500 – Rs.100 From Rs.501- Rs.1000 – Rs.400 Rs.1001-Rs.10000 – Rs.500 Above Rs.10001 – Rs.750|
|Rewards redemption fee:||Up to Rs.99|
|Cash OTC fees:||Rs.100 + GST|
|Annual Priority Pass Fee:||Rs.180|
|Annual Reward Fee:||Rs.300|
|Overlimit||2.5% of over limit amount, accounting for minimum Rs.500|
|Foreign currency transaction:||Conversion mark up to 3.5%|
|Railway tickets||Through railway counters: Rs.30 + 2.5% of transaction fee Through irctc.co.in: 1.8% of transaction amount + GST|
|Petrol & all products/services||1% of transaction value or Rs.10 whichever is higher 1% surcharge waiver (excluding all applicable GST + other charges) for single transaction spends between Rs.500 and Rs.4000 for Signature & Platinum Cards; Rs.500 and Rs.3,000 for all other cards|
|Maximum surcharge waiver||Rs.250 per statement cycle per credit card account for signature & platinum cards Rs.100 per credit card account for all other cards|
If customers fail to make payments on time by the payment due date, an interest rate of 3.35% per month is charged on the total outstanding amount which is annualised to 40.2%. This is called Finance Charges.
If the minimum amount due as per monthly balance statement is not paid payment due date, the bank levies late payment charges. These charges are calculated based on the balance statement.
If any transaction is done while the cardholder is abroad, then Foreign Transaction is charged. For international transactions in US Dollars, the charge will be 3.5% of the amount in INR which equivalent of the US Dollars. If the transaction happened in any foreign country other than the USA, then the transaction would be converted to US Dollars, and then 3.5% charge would be levied.
When a customer’s amount of purchase exceeds the card limit, the bank will charge an over-limit fee which is 2.5% of the amount exceeded amounting to a minimum Rs.500. For example, the card limit is Rs.50,000, and the expenditure is Rs.61,000 then according to 2.5% of the over-limit amount comes to Rs.275, but since the minimum amount to pay is Rs.500 the customer has to pay Rs.500 instead of Rs.275. If the over-limit amount comes to a total which is more than Rs.500, the customer has to pay the amount that has been calculated as the over-limit amount.
A cash advance fee is levied when customers withdraw cash from ATM using their credit card. The amount of cash advance is the interest that is accrued on the transaction as soon as the withdrawal is made. If the cash is withdrawn from domestic ATM, then a fee of 2.50% of the total amount cash withdrawal or Rs.300 whichever is higher has to be paid by the cardholder for each withdrawal. If the withdrawal is made from an international ATM, a fee of 3% of the withdrawn amount or Rs.400 whichever is higher has to be paid.
Total amount due (which is inclusive of applicable taxes), followed by fees and other charges, Interest charges, retail outstanding and cash advance.
SBI does not accept cheques payable outside clearing zones. Payments made through local cheques or drafts are accepted in Delhi only.
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