Santa Claus comes around just once a year. In the meantime, there are Credit Cards.
SBI Corporate Virtual Credit Card is designed exclusively to make a single transaction at a set amount without using a physical card to complete the purchase.
The number on the virtual card randomly-generated. Customers can set a maximum limit against the virtual number and also set the expiry date of the card. The virtual card looks exactly like a physical credit card and is accepted by vendors and merchants who have virtual card payment facility.
SBI Corporate Virtual Credit Card is not issued as a plastic card to the customers. Since the card details are virtually transferred to the supplier in an encrypted and secure manner, transactions are made without exposing customer’s primary account number and complete credit limit.
The unique “Card Not Present Transaction” technique is used by SBI where the cardholder is prevented from furnishing a physical credit card to a vendor or at a retail outlet for visual examination at the time of transactions, such as Mail Order/Telephone Order (MOTO), transactions made online at International retail outlets or travel-related purchases made through Global Distribution System (GDS) by means of a virtual terminal.
With SBI Corporate Virtual Credit Card, customers can configure and customise controls, such as validity, merchant category, velocity check, limits, etc. for each transaction. The customised controls prevent the customers from any fraudulent transactions by providing minimal exposure.
Also, the facility to configure certain controls at the time of transactions includes spend category control, single/multiple usages of the virtual card, spending limit, demographic, validity, etc. in case there is any possible breach of the configured controls, authorisation of the virtual card will be blocked by the card.
The customer can easily analyse the expenses made on SBI Corporate Virtual Credit Card to ensure there is no policy breaches and the transactions made are in compliance with policies.
The virtual card is not directed but is codified in a certain way to the customer’s primary account number only for disbursement of payments and accounting purposes. This ensures increased security as merchants are never permitted to access the primary account number of the customer.
The virtual card number is random and temporary, and SBI Corporate Virtual Credit Cardholders can avail the facility to generate a unique virtual card number during each purchase and transaction. Thus, SBI Corporate virtual card number is exclusive for every unique payment. There are 29 custom data fields available with enhanced data to streamline reconciliation and boost information reporting of each purchase request against each transaction. With the facility of enhanced data capture, SBI Corporate Virtual Cardholders do not have to rely on sellers to add more data.
The extended due date to pay outstanding amount (Extends Days Payables Outstanding or DPO) on SBI Corporate Virtual Credit Card gives the customers the opportunity to increase savings and at the same time helps improve the Days Sales Outstanding (DSO) of suppliers. SBI Corporate Virtual Credit Cardholders are also able to improve their chance to negotiate for a discount on the early payments with the sellers. With “e-Payables” process the transaction processing workload becomes effectively less, and cash flow and revenues also get a significant boost as well.
SBI Corporate Virtual Credit Card works on a web-based mechanism which is user-friendly and does not cost the corporations any money to implement it. The customers can generate a virtual corporate credit card very easily and even customise transactions in a number of ways.
Monthly e-statements for SBI Corporate Virtual Credit Card is delivered directly to the inbox of the cardholders. This paperless method is hassle-free, and cardholders do not have to worry about lost statements or late payment penalties due to delays in the postal service.
SBI Corporate Virtual Credit Card provides the customers with a dedicated help-desk team and Relationship Managers available 24x7 to assist and support cardholders in answering their queries and complaints. Virtual credit cardholders can call the SBI credit card customer care at 18601801290 or 39020202 any time for assistance.
| Type of Charge | Amount |
|---|---|
| Joining fee | Nil |
| Annual fee | Nil |
| Interest-Free Credit | 20 to 50 days |
| Period Finance Charges | Up to 3.35% per month 40.2% from the date of the transaction and a maximum of 40.2% per year. ( SBI Corporate Virtual Card is a Charge card and does not offer any revolving facility) |
| Total Amount Payable | Total Amount Due |
| Payment Dishonour Fee | 2% of payment amount amounting to a minimum Rs.350 |
| Charge slip Retrieval | Rs.225 per charge slip |
| Foreign Currency Transaction | 3.5% |
| Rewards Redemption Fee | Not Applicable |
| Annual Reward Fee | Not Applicable |
| Annual Priority Pass Fee | Nil |
| OTC Cash Payment Fees | Rs.100 + GST |
| Cheque Bounce / Invalid Cheque | 2% of Cheque Amount with the minimum of Rs.350 and maximum of Rs.500 |
| Railway Tickets | From Railway Counters: Rs.30 + 2.5% of transaction amount From www.irctc.co.in: 1.8% of transaction amount + GST |
| Petrol & all products/services |
|
| Maximum surcharge waiver | For Signature & Platinum Cards: Rs.250 per statement cycle per credit card account For All Other Cards: Rs.100 per credit card account |
| Payment of Custom Duty | 2.25% of transaction amount (subject to a minimum of Rs.75) |
Note - Taxes would be charged as and when applicable to all the aforementioned Fees, Interest & Charges.
If the cardholders, as per SBI records on the statement date, are residents of Haryana then CGST for them is 9%, and SGST is 9%. For residents of all other states, the integrated GST is 18%.
SBI Corporate Virtual Credit Card is an online payment solution for corporate organisations without the need to furnish physical card during purchase.
State Bank Corporate Virtual Credit Card is absolutely safe to use because of the following safety features:
SBI Corporate Virtual Credit Card can be used for one-time transactions. It comes with a predetermined amount, and it is valid only for a definite time. Since virtual credit card does not have any plastic copy, it can be created and used online only. There is no joining fee or annual fee for an SBI Corporate Virtual Credit Card.
No, SBI Corporate Virtual Credit Card is for one-time use only. Hence, it cannot be used to make an e-commerce purchase on EMI.
The order of payment settlement is:
For security purposes, once the virtual credit card is blocked, it cannot be unblocked or re-used.
Customers can create any number of virtual credit cards as long as it is in compliance with the company policy.
Virtual Card is designed for one-time use only. Hence, it cannot be reloaded or topped.
SBI Corporate Virtual Credit will be deactivated as soon as it is used to make a single purchase. Multiple purchases, therefore, is not possible with SBI Virtual Card.
The remaining amount will be automatically credited back to the primary account of the cardholder after the card is used.
No annual fee is charged for SBI Corporate Virtual Credit Card, and it can be availed free of cost.
Since delivery or quality of products is subject to merchant discretion, SBI cannot guarantee the delivery/quality of the goods purchased using SBI Corporate Virtual Credit Card.
No, the card can be used only for making online payments.
In case, an order is cancelled due to reasons like defects and other service issues, the amount used to purchase the goods will be credited to the primary account after the order cancellation is confirmed.
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