SBI Corporate Purchase Credit Card – Benefits, Fees & Eligibility

Introduction

The SBI Corporate Purchase Credit Card, issued by SBI Bank, is an entry-level corporate credit card designed to provide businesses with enhanced control and efficient management over their expenses. Its primary differentiating benefits include robust spend category control, detailed spend analysis, and smarter expense management tools, all while offering the advantage of zero joining and annual fees.

Fees

• Joining Fee: Nil
• Annual Fee: Nil
• Rewards Redemption Fee: Nil
• Foreign Currency Markup: Upto 3.5% of the transaction amount (plus applicable taxes)
• Interest Rates:
  • Up to 3.35% per month (40.2% per annum) on cash advances from the date of withdrawal.
  • 3.35% per month (40.2% per annum) applicable on the due amount if the cardholder is unable to clear all dues by the payment due date.
  • Interest-free credit period: 20-50 days, applicable only on retail purchases and if the previous month’s outstanding balance is paid.
• Fuel Surcharge:
  • 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 + other charges) for single transaction spends between Rs. 500 and Rs. 4000 for Signature & Platinum Cards; 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; Rs. 100 per corporate card account for all other cards.
• Cash Advance Charges:
  • SBI ATMs / Other Domestic ATMs: Upto 2.5% of withdrawal amount or upto Rs. 450, whichever is higher, per transaction.
  • International ATMs: Upto 3% of withdrawal amount or upto Rs. 450, whichever is higher, per transaction.
  • Free Credit Period for Cash Advance: Nil.
• Other Charges:
  • 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.

Card Eligibility Criteria

• Eligibility Rules:
  • 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 also play an important role.
• 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 fundamental corporate card designed primarily for efficient expense management rather than offering rewards or travel benefits. It is best suited for corporates seeking robust tools to track, control, and analyze their organizational expenses.

• Pros:
  • No annual or renewal fees.
  • Offers comprehensive Spend Category Control, allowing restriction of employee spends at non-permitted merchant categories and setting daily, weekly, or monthly spending limits.
  • Provides detailed Spend Analysis with a web-based interface (VISA Intellilink) for monitoring category-wise expenses and identifying expenditure trends.
  • Facilitates Smarter Expense Management through tracking, policy compliance review, email alerts for key events, and self-service interactive reports.
  • Includes Fidelity Guarantee Insurance for protection against employee fraud, valid on international and online transactions.
  • Offers a 20-50 day interest-free credit period on retail purchases.
  • Provides 24x7 services with a dedicated team.
  • Lost card liability cover.
• Cons:
  • Does not offer any reward points, privileges, or travel benefits.

Important Product Details

• No Annual or Renewal Fees.
• Spend Category Control: Restrict employee spends at non-permitted merchant categories and set daily, weekly, or monthly spending limits.
• Spend Analysis: Monitor category-wise expenses and expenditure trends using a web-based interface (VISA Intellilink) for better insights and compliance.
• Smarter Expense Management: Track and control organizational expenses, review policy breaches, receive email alerts for key events, and utilize self-service interactive reports with multiple filters.
• Insurance Benefit: Protection against Employee Fraud with Fidelity Guarantee Insurance, covering the organization’s liability against frauds by corporate cardholders, valid on international and online transactions.
• E-statement: Receive hassle-free monthly e-statements directly to the inbox.
• 24x7 Services: Access to a dedicated team of Service Desk Executives and Relationship Managers for assistance and support.
• Extended Credit: Interest-free credit period of 20-50 days on retail purchases, provided the previous month’s outstanding balance is paid.
• Lost card liability cover.

Other Details

• Order of Payment Settlement: Total amount due (inclusive of applicable taxes), followed by fees and other charges, Interest charges, retail outstanding, and cash advance.
• Payment Acceptance: Cheques payable outside clearing zones are not accepted. Payments are accepted through local or drafts payable in Delhi only.
• Taxes: All applicable taxes would be charged on all fees, interest & charges.
• Applicable Taxes (for Statements issued on or after 1st July, 2017):
  • For cardholders with state of residence in Haryana: Central Tax @ 9% and State Tax @ 9%.
  • For cardholders with state of residence other than Haryana: Integrated Tax @ 18%.
• Card Finance Charge: Dynamic and 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 SBI Card website. Continued use of the card will be deemed acceptance of these amendments.
• Contact for Assistance: 1860 180 1290 / 39 02 02 02 (prefix local STD code).
• VISA Intellilink: A web-based interface that does not demand any changes in the existing system, providing dashboards for quick snapshots of key information.
• How to Apply: Applications can be made online via the SBI Card’s official website or offline by visiting the nearest SBI branch with all required documents.