RBL Bank RazorpayX Corporate Purchase Card – Benefits, Fees & Eligibility

Introduction

The RBL Bank RazorpayX Corporate Purchase Card is a co-branded credit card issued by RBL Bank in partnership with Razorpay, specifically designed for businesses to streamline expense management and enhance financial control. This card offers significant advantages such as up to 50 days of interest-free credit, no joining or annual fees, and a low foreign currency markup, making it an ideal tool for modern businesses focused on growth and efficient financial operations.

Fees

• Joining Fee: Nil
• Annual Fee: Nil
• Rewards Redemption Fee: ₹99 + GST
• Foreign Currency Markup: 2.5%
• Fuel Surcharge Waiver: 1% waiver on transactions between ₹400 and ₹5,000, capped at ₹500 per billing cycle. This waiver applies as long as the total transaction value is higher than ₹10.
• Cash Advance Charges: Nil
• Card Replacement Fee: ₹200
• Late Payment Fee: 2% on total outstanding amount, with a minimum of ₹300.

Rewards

• The card offers a rewards program where points are earned based on spending.
• Milestone-Based Rewards:
  • Earn 1,000 Points for spending ₹75,000 or more.
  • Earn 3,000 Points for spending ₹3 lakh or more.
  • Earn 6,000 Points for spending ₹10 lakhs or more.
  • Earn a bonus of 10,000 Points for international spends of ₹10 lakhs or more.
• Reward Exclusions: Spending on utility, insurance, fuel, government, and rental expenses will not earn reward points.
• Other Benefits:
  • Access to the Nuclei platform for exclusive discounts on SaaS tool purchases.
  • Access to the XOXO Day platform for purchasing gift cards at discounted prices, simplifying corporate gifting, employee rewards, and client recognition.
  • Access to CorpCard Hub, a centralized portal for commercial card management, offering enhanced visibility, real-time insights, and streamlined operations for corporate administrators and cardholders.
  • Restricted use of the card based on transaction limits and merchant categories.

Rewards Redemption Guide

• Reward points can be redeemed via the RBL Rewards platform.

Card Eligibility Criteria

• Who can apply: Businesses using Razorpay services, particularly startups and SMEs. Corporates can then request to issue individual RBL Bank RazorpayX Commercial Cards to their employees.
• KYC Requirements: Complete individual KYC needs to be undertaken before issuance, as per RBI regulations.
• Liability: This is a corporate liability product; the credit limit will not appear in the personal bureau score of the individual cardholder.
• Secured Facility: The card can be obtained against a Fixed Deposit (FD). The invested FD amount will continue to generate returns at the applicable interest rate.
• FD Closure: The FD cannot be closed midway. Partial withdrawal may be an option, depending on the credit limit on the card and the deposit amount.

Card Review

• Overall Verdict: The RBL Bank RazorpayX Corporate Purchase Card is an excellent choice for small to medium-sized businesses aiming to simplify expense management and improve financial control. It is particularly beneficial for companies that frequently make overseas purchases or require flexible billing cycles. With no joining or renewal fees, it provides a smart and cost-effective solution for managing business expenses.
• Pros:
  • No joining or annual fee.
  • Up to 50 days of interest-free credit.
  • Low foreign currency markup fee of 2.5% on international transactions.
  • Robust fraud protection coverage of up to ₹20 lakh for unauthorized transactions.
  • Flexibility to choose from multiple billing cycles (monthly, quarterly, or yearly).
  • Simplifies expense claims and reimbursements for employees.
  • Access to exclusive platforms like Nuclei for SaaS discounts and XOXO Day for discounted gift cards.
  • Centralized management and control through CorpCard Hub.
• Cons:
  • No specific benefits on dining, entertainment, travel, or golf.
  • Reward points are not earned on certain categories like utility, insurance, fuel, government, and rental expenses.

Important Product Details

• No joining or annual fee.
• Offers up to 50 days of interest-free credit on purchases.
• Provides robust fraud protection coverage of up to ₹20 lakh for unauthorized transactions.
• Features a low foreign currency markup fee of 2.5% for international transactions.
• Businesses can choose from multiple billing cycles (monthly, quarterly, or yearly) to suit their financial schedules.
• Includes a milestone-based rewards program.
• Offers a 1% fuel surcharge waiver on transactions between ₹400 and ₹5,000, capped at ₹500 per billing cycle, applicable for transactions above ₹10.
• Cash advance charges are Nil.
• A rewards redemption fee of ₹99 + GST applies.
• Provides access to the Nuclei platform for exclusive discounts on SaaS tools.
• Offers access to the XOXO Day platform for purchasing gift cards at discounted prices.
• Grants access to CorpCard Hub for centralized commercial card management, offering enhanced visibility and control.
• Allows for restricted use of the card based on transaction limits and merchant categories.
• Features a "Flexi Limit" that simplifies managing credit limits across commercial cards, enabling the issuance of additional cards without reducing limits on existing ones, provided the total outstanding balance remains within the company's credit line.
• Merchant category wise (MCC) restriction is possible on the card.
• Insurance covers are a standard product feature and cannot be customized or additional cover bought.

Other Details

• The RBL Bank RazorpayX Corporate Purchase Card is a co-branded product of RBL Bank and Razorpay, aimed at simplifying corporate expense management.
• It helps organizations manage cash flow better and provides insights into spending habits for smarter financial decision-making.
• Commercial Cards are primarily used by corporate employees for business-related expenses.
• For grievance redressal, contact corporatecard.support@rbl.bank.in or the nodal officer.
• Links to various Terms & Conditions documents (Nuclei, XOXO Day, Card Member, Commercial Card Payment Mode, Insurance, MITC, Schedule of Charges, CorpCard Hub) and the RBI Sachet Portal are available for detailed information.