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Federal BankSBI Corporate Purchase Credit Card is a corporate card launched by the SBI Bank. The purchase card has been designed to enable the corporates to have better control over the expenses and also to manage the same efficiently. The Corporate Purchase card is a very basic card that does not offer any reward points, privileges, or travel benefits. Therefore, there are no Annual or Renewal Charges on the card. The SBI Bank has launched many credit cards for corporates. The SBI Signature corporate card is also a corporate card offered by the Bank which has most of the similar features to the SBI Corporate Purchase Card but also offers other benefits in travel and other benefits like Priority Servicing and Concierge Service. However, there is a Renewal fee charged for the signature card.
The SBI Purchase as mentioned does not charge any Annual fee. The card helps corporates in reducing the cost and time with every transaction. It offers many tools like Spend Category Control, Spend Analysis and Smarter Expense Management. The card also provides 24×7 Services for assistance and support. To know more about the card, keep reading the detailed review of the card below:
SBI Corporate Purchase Credit Card
Fees
Joining Fee
Renewal Fee
Best Suited For
Reward Type
Reward Points
Welcome Benefits
Movie & Dining
NA
Rewards Rate
NA
Reward Redemption
NA
Travel
NA
Golf
NA
Domestic Lounge Access
NA
International Lounge Access
NA
Insurance Benefits
Fidelity Guarantee Insurance
Zero Liability Protection
For misuse of the lost card, protection is provided as 48 hours prior notification and 7 days post notification of the card.
Spend Based Waiver
NA
Rewards Redemption Fee
Nil
Rewards Redemption Fee
Nil
Foreign Currency Markup
3.5% of the transaction amount
Interest Rates
3.35% per month (40.2% per annum)
Fuel Surcharge
1% fuel surcharge waived off on transactions between Rs. 500 and Rs. 3,000 (max waiver capped at Rs. 100 per month)
Cash Advance Charges
2.5% of the withdrawal amount subject to a minimum charge of Rs. 450 per transaction
Add-on Card Fee
Nil
- No Annual or Renewal Fees.
- Spend Category Control on the card.
- Spend analysis for controlling expenses better with Visa Intellilink
- Smarter Expense Management.
- Lost card liability cover.
SBI Corporate Purchase Card Features & Benefits
The SBI Corporate Purchase Card by the SBI Bank is a great card to manage expenses and have better control over them. Following are the features of the card:
Spend Category Control
With the Corporate Purchase Card, you can set limits on certain categories and even confine the usage of the card to the non-permitted merchants or categories. You can set spending limits with the card on a daily, weekly, or even monthly basis. With this, you will have more protection and reduced chances of misuse of the card by the employees. ‘
Smarter Expense Management
With the card, you can track and control all the expenses and even review the expense statement to ensure policy compliance. You can also use VISA Intellilink to control expenses better rather than resort to budget cuts. Visa Intellilink is a web-based interface that does not require any changes in the system and provides a dashboard for quick snapshots of key information.
Insurance Benefit
With the Purchase card, you also get protection against any employee fraud with Fidelity Guarantee Insurance which covers the organization’s liability against frauds by the Corporate Cardholder. The insurance is valid on international as well as online transactions.
Fuel Surcharge Waiver
1% fuel surcharge waiver on transactions between Rs. 500 and Rs. 3,000 (max waiver capped at Rs. 100 per month)
SBI Corporate Purchase Card Fees & Charges
- Joining Fee/Annual Fee: SBI does not charge any joining or annual fees for the SBI Corporate Purchase Card.
- Interest Rate: An interest rate of 3.35% per month (40.2% per annum) is applicable on the due amount on the card if the cardholder is unable to clear all the dues by the payment due date.
- Forex Mark-up Fee: A foreign currency mark-up fee of 3.5% (plus applicable taxes) of the transaction amount is applicable on all foreign currency transactions made with SBI Corporate Purchase Card.
- Cash Advance Charges: A charge of 2.5% of the amount withdrawn or flat Rs. 450 (whichever is higher) is applicable to the cash advance transactions made on SBI Corporate Purchase Card.
SBI Corporate Purchase Card Eligibility Criteria
Some specific eligibility requirements need to be fulfilled by the applicants to get approved for this credit card. Some of the basic requirements are as follows:
- 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 also play an important role here.
Documents Required
The documents required to apply for the SBI Corporate Purchase Card are listed below:
- 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.
- As income proof, you may require to submit the latest audited ITR, a business registration certificate, a passport-sized photograph, etc.
How To Apply For The SBI Corporate Purchase Credit Card?
You can apply for the SBI Corporate Purchase Card online as well as offline at your convenience. To apply offline, visit your nearest SBI branch with all the required documents and apply by filling out the physical application form. You can also apply online via the SBI Card’s official website as follows:
- Click on Apply Now and proceed further accordingly.
Conclusion
The SBI Corporate Purchase Card is a very basic card which only benefits the corporates in managing their expenses more efficiently. The card provides great tools to track expenses, have control over them by putting a limit, and much more. Therefore, it will be beneficial if you are looking for such a card. However, you may also check other corporate purchase cards like HDFC Purchase Credit Card, or American Express Purchasing Solutions Credit card.
