Federal Bank StarBiz Visa Credit Card – Benefits, Fees & Eligibility

Introduction

The Fed Starbiz Credit Card, issued by Federal Bank, is a specialized business credit card designed for individuals and sole proprietors operating under the MSMED Act 2006. It is uniquely positioned as a utility card that seamlessly integrates with the customer's existing Overdraft (OD) or Cash Credit (CC) account, offering convenient merchant and online transactions. Key differentiating benefits include its direct linkage to business finances, high daily usage limits of up to ₹3 lakhs, and the elimination of separate card statements as all transactions reflect in the underlying OD/CC account.

Fees

• Issuance Fee: Rs. 275 + GST
• Annual Fee: Rs. 275 + GST
• Reissuance Fee / Replacement Fee: Rs. 225 + GST
• Late Payment Fee: Not applicable, as all repayment is done in the underlying OD/CC account.

Important Product Details

• Account Linkage: The card is linked to the customer's existing Overdraft (OD) or Cash Credit (CC) account with limits up to ₹50 lakhs, providing seamless integration with business finances.
• Card Validity: The card comes with a validity of 5 years, subject to the underlying account status.
• Daily Usage Limits: Customers can perform transactions up to ₹3 lakhs per day or the available limit on the underlying account, whichever is lower.
• Transaction Modes: Supports POS, Ecom, and Tap and Pay transactions.
• Enhanced Security: Benefits from advanced security features such as tokenization and encryption, ensuring safe and secure transactions.
• Wide Acceptance: Can be used at millions of merchants across India, wherever RuPay & Visa is accepted.
• No Separate Statements: All card transactions will reflect in the underlying OD/CC account, eliminating the need for separate card statements.
• Repayment: Repayment is to be done in the underlying OD/CC account as per process.
• Contactless Payment:
  • Indicated by a 'wifi' symbol on the card.
  • Allows payments without physically swiping or dipping the card.
  • Maximum limit for contactless payment is Rs. 5,000 without PIN, and Rs. 50,000 with PIN.
  • Can be used at merchants with NFC-enabled POS machines.
• Dispute Resolution:
  • Transactions can be disputed within 30 days of making the transaction.
  • Billing disputes are normally addressed within 14 working days.
  • Resolution intimation is provided via SMS/e-mail or call.

Card Eligibility Criteria

• Account Holder: Federal Bank OD account holder with limits up to ₹50 Lacs.
• Business Activity: Individuals engaged in activities (manufacturing and services) coming under the definition of MSMED Act 2006.
• Constitution: Individuals & sole proprietors only.
• Nationality: Indian resident.

Documents Required

• Duly signed application form mentioning the underlying account number & details.

Card Review

The Fed Starbiz Credit Card is an excellent tool for Federal Bank customers who are individual or sole proprietor MSMEs with existing OD/CC accounts. Its primary value lies in its seamless integration with business finances, allowing for direct expenditure from the credit line without the hassle of managing a separate credit card account. The high daily transaction limits and wide acceptance make it practical for diverse business needs. The absence of a late payment fee, due to its linkage with the OD/CC account, is a significant advantage. However, it is not a rewards-centric card, focusing instead on utility and operational efficiency. Those seeking cashback, travel points, or lifestyle benefits typically found on consumer credit cards may find it lacking in that regard. It is best suited for business owners looking for a straightforward, secure, and integrated payment solution for their operational expenses.

Other Details

• Application Process: Apply by submitting an application at the nearest Federal Bank branch.
• Application Status Tracking: Track status by contacting Branch staff or your Business Banking Relationship Manager (RM).
• PIN Generation:
  • Using Federal Bank ATM (Soft PIN option): Insert/Swipe card, select 'Soft PIN/PIN Change' -> 'Soft PIN' -> 'Generate a New Soft PIN'. Receive Soft PIN on registered mobile (valid 24 hours). Select 'Proceed To Set PIN', enter Soft PIN, then set and confirm new PIN.
  • Using Interactive Voice Response (IVR) System: Dial 04846716700 or 04842846699 from registered mobile. Press 1, enter last 6 digits of card, date of birth (DDMMYYYY), expiry date (MMYY), then enter and re-enter new 4-digit PIN.
• Card Activation:
  • For Physical Card (POS/Contactless): First set the PIN via IVR System (0484-2630994).
  • For E-com transactions: Activate through IVR System (04846716700 or 04842846699) from registered mobile.
• Card Controls & Transaction Preferences:
  • Enable/Disable Online, Contactless transactions: Via IVR System (04846716700 or 04842846699) or FedNet (Card Services → Manage Card).
  • Manage Transaction Limits (Domestic): Via FedNet (Card Services → Manage Card → Manage Transaction Limits).
• Updating Personal Information (Address, Mobile Number, Email ID): Changes to the underlying OD/CC account facility will automatically update these details for the card.
• Renewal Card: Customers need to apply for a renewal card based on the underlying OD/CC account status and its limits (not exceeding ₹50 Lacs).
• Increasing Card Limit: The card limit is a function of the underlying OD/CC account limit, which can be increased through the regular account process.
• Customer Service & Grievance Redressal:
  • Channels: Nearest Federal Bank branch, IVR.
  • First Level (Grievance Redressal Officer): Toll-free numbers 1800-420-1199 / 1800-425-1199 / 0484-2630994 (for abroad calls) or email to creditcards@federalbank.co.in.
  • Second Level (Principal Nodal Officer): If not satisfied with resolution, forward concern to support@federalbank.co.in with complaint details.
• General Terms & Conditions: Applicable charges shall be levied on card transactions as per agreed MITC. General MITC and Terms & Conditions documents are available on the bank's website.