SBI Platinum Corporate Credit Card

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The SBI Platinum Corporate Credit Card is designed to simplify business expenses with robust management tools, security features, and exclusive privileges, enhancing corporate spending control and operational efficiency for organizations of all sizes.

Smart Expense Management: Taking Control of Your Business Spending

At the heart of the SBI Platinum Corporate Credit Card's appeal is its advanced expense management capabilities. It’s more than just a payment card; it’s a strategic tool for financial oversight.

1. Advanced Spend Management System:

• Tools such as Visa IntelliLink and SmartData Gen2 analyze spending patterns.
• They assist in expense control and may help avoid budget cuts.
• The system offers a web-based interface for customized data analysis.
• Users can access e-statements and detailed transaction insights.
• No changes to existing organizational systems are required.

2. User-Friendly Reporting:

• Provides easy access to cardholder expenses for policy compliance checks.
• Features a dashboard for quick financial snapshots.
• Sends email alerts for key events, such as approvals and report availability.
• Offers self-service interactive reports with filters and drill-down capabilities.
• Ensures accurate spending information through detailed reporting.

3. Category-wise Tracking

• Organizations can categorize expenses for better tracking.
• Enhanced tracking enables improved negotiation with suppliers.
• Better terms and rates can be achieved through analysis.

4. Multilayer Spend Control

• Offers flexibility in monitoring employee spending through various controls.
• Limit Control allows for the setting of daily, weekly, or monthly spending limits.
• It helps prevent over-exposure by keeping usage within permitted entitlements.
• Category Control restricts spending in specific merchant categories, such as jewelry or casinos.
• It aligns spending with corporate policies and prevents non-permitted expenses.

5. Global Acceptance

• The card is accepted at 38 million outlets globally, including 3 million in India.
• It has a high international authorization approval rate.

6. Robust Security

• Transactions are secured by EMV chip and PIN technology.
• A personal identification number is required for each transaction.
• This provides enhanced protection against counterfeiting and fraud.

7. Emergency Card Services

• Lost or stolen cards are replaced globally within 72 hours, with no extra delivery charges.
• Emergency cash access is available within 24 hours worldwide.

8. 24x7 Dedicated Customer Support

• A dedicated team of Relationship Managers and Service Desk Executives is available for assistance.
• Easy reporting and blocking of lost or stolen cards at any time.

9. Comprehensive Insurance Coverage

Provides complimentary insurance to cover the organization’s corporate card liability against potential employee fraud. This includes:

• Travel Insurance: Covers baggage loss (up to Rs. 75,000), lost passports (Rs. 12,500), and delays.
• Air Accidental Death: Coverage of Rs. 50 lakhs if the ticket is bought with a corporate card.
• Fraud-Related Insurance: Lost card liability coverage of up to Rs. 3 lakhs for a specific misuse timeframe.
• Additional fraud coverage of Rs. 2 lakhs for online fraud, skimming, and counterfeiting.
• Individual card coverage matches the credit limit (maximum Rs. 2 lakhs); corporate entity coverage is up to Rs. 60 lakhs.
• Employee Fraud Insurance coverage is available up to ₹ 20,00,000 through Royal Sundaram Alliance Insurance Company.

10. Airport Lounge Access

• The Visa Lounge Access Program offers two complimentary visits per quarter to airport lounges in India.
• Additional access for cardholders and guests is available at an extra charge.
• The Priority Pass Program requires an annual fee of Rs. 180 plus taxes.
• It grants access to over 600 international lounges, with a $27 usage fee per visit.

11. Rewards and Benefits:

• It Offers 5x reward points.
• Includes a welcome benefit of a Rs. 3,000 coupon.
• Provides an annual benefit totaling Rs. 12,000.

Other Features

• Interest-free credit period of 20 to 50 days if the previous balance is fully paid.
• Waiver of up to 2.5% on fuel surcharges for transactions between Rs. 500 and Rs. 4,000.
• Maximum waiver of Rs. 250 per statement cycle for fuel surcharges.
• Provides access to various loan facilities, including home, personal, and education loans.
• Fast data processing enables global expense tracking.
• Simplifies consolidated payments for corporate expenses.

Fees, Charges, and Eligibility: The Essentials

Understanding the financial aspects and eligibility requirements is crucial for any corporate offering.

Fees and Charges

• There are no joining or annual fees for the SBI Platinum Corporate Credit Card; however, some sources mention an annual charge of Rs. 3,000.
• Finance charges can reach 3.35% monthly or 40.2% annually from the transaction date.
• An interest-free credit period of 20 to 50 days is contingent on the full payment of the previous balance.
• Cash withdrawal fees are up to 2.5% (with a maximum of Rs. 450) for domestic ATMs and 3% (with a maximum of Rs. 450) for international ATMs.
• Overlimit fees are not applicable; late payment fees range from Nil to Rs. 750 based on the amount.
• The foreign currency transaction markup is up to 3.5%; the reward redemption fee is Rs. 99, and the Priority Pass fee is Rs. 180.
• Surcharge waivers apply with a maximum of 2.5% on fuel surcharges for transactions between Rs. 500 and Rs. 4,000, with a maximum of Rs. 250 per cycle.

Eligibility Criteria

• Primary applicants must be Indian citizens aged 18 to 70 (or 21 to 60).
• Add-on applicants must be over 15 years old.
• The bank evaluates credit score, credit report, income, and employer information.
• Having an SBI account is advantageous.

Documents Required

• Essential documents for verification include a PAN Card and proof of identity.
• Examples of identity proof include a Ration Card, Passport, Aadhaar Card, Driving License, or Voter ID.
• Proof of income can be a salary certificate, salary slip, Form 16, or Income Tax Return.
• Address proof can include a telephone bill, electricity bill, bank passbook, Aadhaar card, or ration card.
• A passport-sized photograph is also required.

Application Process

• Individuals can inquire about the card on the official SBI website.
• Required details include the company name, turnover, city, and expenses.
• Contact information must also be provided.
• An SBI representative will assist with the process.
• Applications can also be submitted at a bank branch.

Conclusion

The SBI Platinum Corporate Credit Card enhances business operations with effective spend management, global acceptance, and travel benefits. It allows organizations to track and analyze expenditures, turning financial oversight into a strategic advantage that boosts efficiency and savings. Essentially, it acts as a financial controller, ensuring that spending aligns with business goals.