SBI Corporate Purchase Credit Card

SBI Bank introduces the SBI Corporate Purchase Credit Card, tailored for corporate use. This card aims to provide businesses with enhanced expense control and efficient management capabilities. Unlike other corporate credit cards, the SBI Corporate Purchase card does not provide reward points, privileges, or travel benefits, resulting in zero Annual or Renewal Charges. Alongside this, State Bank of India offers various SBI credit cards for corporate clients, including the SBI Signature corporate card. While sharing similarities with the SBI Corporate Purchase Card, the Signature card extends additional perks such as travel benefits, Priority Servicing, and Concierge Service. It’s worth noting that the Signature card incurs a Renewal fee.

Key Highlights of SBI Corporate Purchase Credit Card

  1. No yearly or renewal charges.
  2. Card offers control over spending categories.
  3. Utilize Visa Intellilink for spend analysis to enhance expense control.
  4. Enhance expense management with smarter solutions.
  5. Benefit from lost card liability coverage.

Features and Benefits of SBI Corporate Purchase Credit Card

The SBI Corporate Purchase Credit Card offers several features and benefits:

1. Spend Category Control:

Restriction on Non-Permitted Merchant Categories:

  • Prevent employees from spending at unauthorized merchant categories.
  • Implement spending limits for specific merchant categories based on daily, weekly, or monthly expenses.

Entitlement Limit Management:

  • Assistance in maintaining card usage within permitted entitlement limits.
  • Enhanced protection against misuse, fraud, or skimming on cards.

2. Spend Analysis:

Control and Monitoring:

  • Enforce restrictions on spending in non-permitted merchant categories.
  • Set spending limits for chosen merchant categories on a daily, weekly, or monthly basis.
  • Monitor expenses categorically to gain insights into expenditure trends.

Web-Based Interface:

  • Accessible web-based interface with no need for alterations to the existing system.
  • Easy review of expenses to ensure policy compliance and identify breaches.
  • Category-wise tracking for optimizing negotiations with vendors and suppliers.

3. Smarter Expense Management:

Expense Tracking and Control:

  • Efficient tracking and control of organizational expenses.
  • Email alerts for key events, approvals, report availability, and program thresholds.

Interactive Reports:

  • Use self-service interactive reports with filters, sort options, and drill-down capabilities.
  • Control expenses effectively with VISA Intellilink without resorting to budget cuts.

Global Transaction Analysis:

  • Deep dive ability to analyze cardholder transactions globally.
  • Web-based interface without requiring changes to the existing system.
  • Dashboards for quick snapshots of key information.

4. Insurance:

Fidelity Guarantee Insurance:

  • Protection against employee fraud with Fidelity Guarantee Insurance.
  • Coverage for the organization’s liability against fraud by Corporate Cardholders.
  • Validity on international and online transactions.

5. E-Statement:

Hassle-Free Monthly E-Statements:

  • Monthly e-statements delivered directly to the inbox.
  • Eliminate concerns about postal delays, lost statements, or late payments.

6. 24×7 Services:

Dedicated Support:

  • A dedicated team of Service Desk Executives and Relationship Managers for assistance.
  • Contact for assistance: 1860 180 1290 / 39 02 02 02 (prefix local STD code).

SBI Corporate Purchase Credit Card Fees and Charges

Explore the fee structure for the SBI Corporate Purchase Credit Card and discover the financial advantages that come with it.

1. Joining Fee: Nil
2. Annual Fee: Nil
3. Extended Credit:

Interest-Free Credit Period:

  • 20-50 days
  • Applicable only on retail purchases
  • Applicable if the previous month’s outstanding balance is paid

Total Amount Payable: Total outstanding dues

4. Cash Advance Limit (If Applicable):

Cash Advance Limit: Variable

Free Credit Period: Nil

Finance Charges:

  • Up to 3.35% per month
  • Accounting for 40.2% per annum
  • Calculated from the date of withdrawal

5. Cash Advance Fee (If Applicable):

  • SBI ATMs / Other Domestic ATMs: Up to 2.5% of withdrawal amount or up to Rs. 450, whichever is higher, per transaction
  • International ATMs: Up to 3% of withdrawal amount or up to Rs. 450, whichever is higher, per transaction

6. Other Charges (If Applicable):

Payment Dishonor Fee:

  • 2% of payment amount
  • Subject to a minimum of Rs. 450

Late Payment Charges:

  • Nil for the total amount due from Rs. 0 – Rs. 200
  • Rs. 100 for the total amount due greater than Rs. 200 & up to Rs. 500
  • Rs. 400 for the total amount due greater than Rs. 500 & up to Rs. 1000
  • Rs. 500 for the total amount due greater than Rs. 1000 & up to Rs. 10,000
  • Rs. 750 for the total amount due greater than Rs. 10,000

Eligibility Criteria for SBI Corporate Purchase Credit Card

Here are essential criteria for applying for an SBI Corporate Purchase Credit Card:

  1. Age Requirement: Prospective applicants must fall within the age range of 21 to 70 years.
  2. Business Ownership and Stability: Eligible candidates must be business owners with a consistent and stable income.
  3. Credit Score Consideration: The applicant’s personal credit score and the credit score of their business may be influential factors in the evaluation process.

Documents Required for SBI Corporate Purchase Credit Card

To apply for the SBI Corporate Purchase Credit Card, you will typically need to provide the following documents:

1. Identity Proof:

  • Aadhar Card
  • Voter’s ID
  • PAN Card
  • Driving License
  • Passport

2. Address Proof:

  • Utility bills of the latest months
  • Aadhar Card
  • Passport
  • Any other government-approved address proof

3. Income Proof:

  • Latest audited Income Tax Return (ITR)
  • Business registration certificate
  • Passport-sized photograph

How To Apply for SBI Corporate Purchase Credit Card?

Follow these steps to apply for the SBI Corporate Purchase Credit Card:

  1. Go to the official website of SBI Card.
  2. Navigate to the ‘Corporate’ section using the tab on the website.
  3. Choose the ‘Credit Cards’ option within the ‘Corporate’ section.
  4. Pick the SBI Corporate Purchase Card from the available options.
  5. Click on the ‘Apply Now’ button.
  6. Follow the subsequent steps as instructed to complete the application process.

Frequently Asked Questions (FAQs) –

1. What is the SBI Corporate Purchase Card?

The SBI Corporate Purchase Card is a specialized credit card designed for corporate entities, offering benefits tailored to business-related expenses and purchases.

2. How can I apply for the SBI Corporate Purchase Card?

To apply for the SBI Corporate Purchase Card, visit the official SBI Card website, go to the ‘Corporate’ section, select ‘Credit Cards,’ choose the SBI Corporate Purchase Card, and click on ‘Apply Now.’ Follow the subsequent steps to complete the application.

3. What are the key features of the SBI Corporate Purchase Card?

The key features include expense management tools, customized credit limits, reward programs, and specialized benefits for corporate expenses.

4. Is there an annual fee for the SBI Corporate Purchase Credit Card?

Details about fees, including annual fees, can be found on the official SBI Card website or in the terms and conditions provided during the application process.

5. What are the eligibility criteria for the SBI Corporate Purchase Credit Card?

Eligibility criteria may vary, and details can be obtained from the official website. Generally, businesses and corporate entities meeting specific financial requirements may qualify.

6. How can I check the status of my SBI Corporate Purchase Credit Card application?

You can check the status of your application online through the SBI Card website or contact the customer support for assistance.

7. Can I set custom credit limits for individual employees using the SBI Corporate Purchase Credit Card?

Yes, the SBI Corporate Purchase Credit Card allows businesses to set custom credit limits for individual employees, providing flexibility in expense management.

8. What benefits does the SBI Corporate Purchase Credit Card offer for business expenses?

The card may offer benefits such as cashback, rewards, and discounts on business-related expenses, as well as features to streamline expense reporting.

9. Are there any international transaction fees associated with the SBI Corporate Purchase Credit Card?

Details regarding fees, including international transaction fees, can be found in the card’s terms and conditions. It’s advisable to review these before using the card for international transactions.

10. How can I contact customer support for the SBI Corporate Purchase Credit Card?

Customer support contact details are usually available on the SBI Card website. You can reach out SBI credit card customer care for assistance regarding card-related queries, application status, or any other concerns.