SBI Corporate Purchase Credit Card – Benefits, Fees & Eligibility

SBI Corporate Purchase Credit Card

Introduction

The SBI Corporate Purchase Credit Card is designed to provide businesses with enhanced control and efficient management over their operational expenses. This card focuses on streamlining corporate spending rather than offering traditional rewards, travel benefits, or lifestyle privileges. It comes with no joining or annual fees, making it a cost-effective solution for companies looking to monitor and control employee expenditures, analyze spending patterns, and implement smarter expense management systems. The card integrates features like spend category controls, detailed spend analysis, and comprehensive expense management tools, ensuring compliance and reducing the potential for misuse.

Welcome Benefits

• Not Applicable

Fees

• Joining Fee: Nil
• Annual Fee: Nil
• Rewards Redemption Fee: Rs. 99
• Annual Reward Fee: Up to Rs. 300
• Foreign Currency Markup: Up to 3.5% of the transaction amount
• Interest Rates
  • Interest-free credit period: 20-50 days, applicable only on retail purchases if the previous month’s outstanding balance is paid in full.
  • Finance charges on Cash Advance: Up to 3.35% per month, accounting to 40.2% per annum, calculated from the date of withdrawal.
• Cash Advance Charges (If Applicable)
  • Cash advance limit: Variable.
  • Free Credit Period on Cash Advance: Nil.
  • At SBI ATMs / Other Domestic ATMs: Up to 2.5% of the withdrawal amount or Rs. 450, whichever is higher, per transaction.
  • At International ATMs: Up to 3% of the withdrawal amount or Rs. 450, whichever is higher, per transaction.
• Other Charges (If Applicable)
  • Payment Dishonor Fee: 2% of payment amount (subject to a minimum of Rs. 450).
  • Late Payment Charges:
    • NIL for Total Amount due from Rs.0 - Rs. 200.
    • Rs. 100 for Total Amount due greater than Rs. 200 & up to Rs. 500.
    • Rs. 400 for Total Amount due greater than Rs. 500 & up to Rs. 1000.
    • Rs. 500 for Total Amount due greater than Rs. 1000 & up to Rs. 10,000.
    • Rs. 750 for Total Amount due greater than Rs. 10,000.
  • Overlimit fees: Not Applicable on Corporate Cards.
  • Emergency card replacement (when abroad): Complimentary.
  • Annual Priority Pass Fee: Rs. 180.
  • OTC Cash Payment Fees: Rs. 100 + applicable taxes.
• Surcharge (If Applicable)
  • Railway tickets through railway counters: Rs. 30 + 2.5% of transaction fee.
  • Railway tickets through irctc.co.in: 1.8% of transaction amount + service charge, as applicable.
  • Petrol & all products/services:
    • 1% of transactional value (excluding all applicable taxes and other charges) for single transaction spends between Rs. 500 and Rs. 4000 for Signature & Platinum Cards.
    • 1% of transactional value (excluding all applicable taxes and other charges) for single transaction spends between Rs. 500 and Rs. 3,000 for all other cards.
    • Maximum surcharge waiver: Rs. 250 per statement cycle per corporate card account for Signature & Platinum cards.
    • Maximum surcharge waiver: Rs. 100 per statement cycle per corporate card account for all other cards.

Rewards

The SBI Corporate Purchase Credit Card is primarily focused on expense management for corporations and does not offer traditional reward points, movie benefits, dining benefits, travel benefits, domestic lounge access, international lounge access, or golf privileges. Its "rewards" are primarily operational and control-oriented features:

• Spend Category Control
  • Restrict employee spends at non-permitted merchant categories.
  • Put spending limits on select merchant categories as per daily, weekly, or monthly expenses.
  • Helps in keeping card usage within permitted entitlement limits.
  • Offers more protection and reduced chances of misuse, fraud, or skimming on cards.
• Spend Analysis
  • Monitor category-wise expenses to gain better insight into expenditure-trends.
  • It is a web-based interface and does not demand any changes in the existing system.
  • Easy review of expenses to check policy breaches & ensure compliance.
  • Enables category-wise tracking to leverage and negotiate better rates & terms with vendors & suppliers.
• Smarter Expense Management
  • Track and control the organization’s expenses.
  • Easy review of expenses to check policy breaches and ensure compliance.
  • Get email alerts for key events, such as approvals, availability of reports or statements, and program thresholds.
  • Utilize self-service interactive reports with multiple filters, sort options, and drill-down capability for accurate spending information.
  • With VISA Intellilink, control expenses better, rather than resorting to budget cuts.
  • Offers deep dive ability to analyze cardholder transactions globally.
  • It is a web-based interface and does not demand any changes in the existing system.
  • Dashboards provide quick snapshots of key information.
• Insurance
  • Protection against Employee Fraud with Fidelity Guarantee Insurance, which covers the organization’s liability against frauds by a Corporate Cardholder.
  • The insurance stays valid on international and online transactions, as well.
  • Lost card liability cover.
• E-statement
  • Receive hassle-free monthly e-statements delivered directly to the inbox, avoiding postal delays, lost statements, or late payments.

Rewards Redemption Guide

The SBI Corporate Purchase Credit Card does not offer traditional reward points for redemption. However, a Rewards Redemption Fee of Rs. 99 and an Annual Reward Fee of up to Rs. 300 are mentioned, which may pertain to other specific reward-related services or programs, if any are introduced or available for corporate users.

Card Eligibility Criteria

• Eligibility Rules
  • The applicant’s age should be between 21 years to 70 years.
  • The applicant should own a business with a stable income.
  • The credit score of the applicant and the business credit score might play an important role in the approval process.
• Documents Required
  • Identity Proof: Aadhar Card, Voter’s ID, PAN Card, Driving License, or Passport.
  • Address Proof: Utility bills of the latest months, Aadhar Card, Passport, or any other government-approved address proof.
  • Income Proof: Latest audited ITR, a business registration certificate, a passport-sized photograph, etc.

Card Review

The SBI Corporate Purchase Credit Card is a functional and practical offering specifically tailored for corporate entities to manage their business expenses effectively. It stands out by offering robust expense control features like category restrictions, spending limits (daily, weekly, monthly), and in-depth spend analysis through a web-based interface and VISA Intellilink. The card's focus is clearly on operational efficiency, cost reduction, and compliance, rather than consumer-style rewards. With no joining or annual fees, it presents a compelling value proposition for businesses seeking a transparent and controllable spending solution. The inclusion of Fidelity Guarantee Insurance provides an added layer of security against employee fraud. While it lacks conventional rewards, which might be a drawback for personal card users, it is perfectly suited for businesses whose primary need is comprehensive expense tracking and management.

Important Product Details

• Nil Joining Fee.
• Nil Annual Fee.
• Offers Spend Category Control allowing restriction of employee spends and setting spending limits.
• Provides Spend Analysis for monitoring category-wise expenses and identifying expenditure-trends.
• Features Smarter Expense Management with tools like email alerts, interactive reports, and VISA Intellilink for better control.
• Includes Fidelity Guarantee Insurance for protection against employee fraud, valid for international and online transactions.
• Provides Lost card liability cover.
• Offers monthly e-statements for convenience.
• Interest-free credit period of 20-50 days on retail purchases, subject to full payment of the previous month's outstanding balance.
• Cash advance finance charges up to 3.35% per month (40.2% per annum).
• Foreign currency transaction mark-up of up to 3.5%.
• Fuel surcharge waiver available, with varying maximum limits (Rs. 250 for Signature & Platinum Cards, Rs. 100 for other cards).
• A Rewards Redemption Fee of Rs. 99 and an Annual Reward Fee of up to Rs. 300 are applicable.

Other Details

• 24x7 Services: A dedicated team of Service Desk Executives and Relationship Managers is available for assistance and support. For assistance, contact 1860 180 1290 or 39 02 02 02 (prefix local STD code).
• Order of Payment Settlement: Payments are settled in the following order: Total amount due (inclusive of applicable taxes), followed by fees and other charges, Interest charges, retail outstanding, and finally, cash advance.
• Payment Acceptance: Cheques payable outside clearing zones are not accepted. Payments through local cheques or drafts payable in Delhi only are accepted.
• Applicable Taxes: All taxes are charged as applicable on all fees, interest, and charges. For statements issued on or after 1st July, 2017:
  • Cardholders with state of residence as "Haryana" will be charged Central Tax @ 9% and State Tax @ 9%.
  • Cardholders with state of residence other than "Haryana" will be charged Integrated Tax @ 18%.
• Dynamic Finance Charge: Card Finance charge is dynamic and will be based on the cardholder's usage and payment patterns, subject to periodic review.
• Changes in Charges: Any changes in the schedule of charges will be communicated via email and will be available on the official website. Continued use of the card will be deemed acceptance of these amendments.