RBL Bank Purchase Procure Plus Credit Card – Benefits, Fees & Eligibility

Introduction

The Purchase Procure+ Card, issued by RBL Bank, is a commercial credit card designed to empower businesses with seamless payments and extended interest-free credit. It simplifies the procurement process by allowing businesses to pay vendors effortlessly, automate recurring payments, and manage procurement expenses with ease. Key differentiating benefits include up to 50 days of interest-free credit, flexibility to choose from multiple billing cycles, and robust fraud liability coverage of INR 20,00,000. The card also features an exclusive reward milestone structure to maximize business savings.

Fees

• Joining Fee: NIL
• Annual Fee: NIL
• Foreign Currency Markup: 3%
• Late Payment Fee: 2% on total outstanding amount (minimum INR 300)
• Further details on charges are available in the Schedule of Charges document.

Rewards

Extended Credit Cycles

• Up to 50 days of interest-free credit for enhanced liquidity.

Milestone-Based Rewards

• Earn 1,000 Points for INR 75,000 spend.
• Earn 3,000 Points for INR 3,00,000 spend.
• Earn 6,000 Points for INR 10,00,000 spend.
• Earn 10,000 Bonus Points for INR 10,00,000 international spend.
• Note: Low Interchange MCC categories (Insurance, Fuel, Government, and Rental expenses) are excluded from milestone rewards.

Access to Nuclei Platform

• Maximize business savings on SaaS tool purchases with exclusive access to the Nuclei platform.

Access to XOXO Day Platform

• Simplify corporate gifting, employee rewards, and client recognition by purchasing Gift Cards at discounted prices.

Access to CorpCard Hub

• A centralized portal for commercial card management, offering enhanced visibility, real-time insights, and streamlined operations for both corporate administrators and cardholders.

Other Benefits

• Robust Fraud Liability Coverage of INR 20,00,000.
• Flexibility to choose from multiple billing cycles.
• Restricted use of card based on transaction limits and merchant categories for enhanced control.

Rewards Redemption Guide

• Visit www.rblrewards.com.
• New customers should sign up using their registered email ID.
• Existing customers can log in using their username and password.
• Once logged in, accumulated reward points will be visible and can be redeemed for customized gifts and vouchers from multiple brands and merchants.
• In case accumulated reward points are not visible, an email can be sent to corporatecard.support@rbl.bank.in.

Important Product Details

• Positive Highlights:
  • Up to 50 days of interest-free credit.
  • Exclusive Reward Milestone Structure.
  • Flexibility to choose from multiple billing cycles.
  • Robust Fraud Liability Coverage of INR 20,00,000.
  • Exclusive discounts on SaaS tools through the Nuclei platform.
  • Access to XOXO Day platform for purchasing gift cards at discounted prices.
  • Exclusive CorpCard Hub access for overall visibility and control.
  • NIL Joining and Annual fee.
• Negative Highlights / Restrictions:
  • Low Interchange MCC categories (Insurance, Fuel, Government, and Rental expenses) are excluded from milestone rewards.
  • Card use can be restricted based on transaction limits and merchant categories.
  • Foreign Currency Markup of 3%.
  • Late Payment Fee of 2% on total outstanding amount (minimum INR 300).
  • Insurance covers are standard product features and cannot be customized.
  • For FD-backed commercial cards, the FD cannot be closed midway, though partial withdrawal may be possible depending on the credit limit and deposit amount.

Other Details

• Commercial Cards Definition: Commercial Cards, also known as Corporate Credit Cards, are designed for businesses to manage corporate expenses, offering enhanced expense tracking and convenience.
• RBL Bank Commercial Card Types: RBL Bank offers Corporate T&E Cards for managing employee travel expenses and Corporate Purchase Cards (like the Purchase Procure+ Card) for managing other business payments such as vendor, utility, and tax.
• Minimum Validity Period: The RBL Bank Commercial Card facility is provided for a period of 1 year and is renewed annually based on the bank’s discretion.
• Users: Commercial Cards are used by corporate employees for business-related expenses, streamlining expense management and improving financial control.
• General Benefits of Commercial Cards: Efficient expense tracking, enhanced control over business expenses, and a simplified approach to expense management.
• Welcome Kit: A package sent to customers upon successful application, including the physical card, a letter with information on how to use the card, its benefits, and all attached fees and charges.
• PIN Setup: To set a PIN, visit rbl.bank.in/cardpin, validate card details, and set a PIN of your choice.
• Credit Limit and Personal Bureau Score: Most RBL Bank corporate card solutions are corporate liability products, meaning the credit limit does not appear in the personal bureau score of the individual cardholder. However, complete individual KYC is undertaken before issuance as per RBI regulations.
• Lost/Misplaced Card: In case the card is lost or misplaced, it should be blocked immediately to avoid misuse by calling customer care at 022 - 62327777.
• Payment Methods: Commercial card payments can be made instantly via Online Card Payment, NEFT, Net Banking, or payment via cheque at an RBL Bank Branch.
• Contactless Functionality: If contactless functionality does not work immediately on a new card, it may require activation by first performing a transaction by inserting the card into a machine and entering the PIN.
• Flexi Limit (for Corporate T&E Card): This feature simplifies the management of credit limits across commercial cards, allowing additional cards to be issued without reducing limits on existing cards, provided the total outstanding balance across all cards remains within the company's overall credit limit.
• FD-Backed Commercial Card: RBL Bank offers high interest rates on Fixed Deposits for secured commercial cards.
• Terms & Conditions: Detailed Terms & Conditions are available for Nuclei, XOXO Day, Card Members, Insurance, Most Important Terms and Conditions (MITC), and the Schedule of Charges.