Introduction
The SBI Platinum Corporate Credit Card is designed to meet the financial needs of businesses and organizations, offering a range of features that enhance expense management, security, and travel convenience. This card is globally accepted and provides advanced tools for managing corporate expenditures, making it an ideal choice for companies seeking streamlined financial operations and comprehensive benefits for their employees. In this review, we will delve into the specific features, benefits, and overall value of the SBI Platinum Corporate Credit Card to help you determine if it is the right fit for your organization.
Joining Benefits of SBI Platinum Corporate Credit Card
- Welcome Benefit:
- Complimentary access to premium offers and discounts across various categories.
- Reward Points:
- Earn 2 reward points for every โน100 spent on all categories except fuel.
- Fuel Surcharge Waiver:
- 1% waiver on fuel surcharge at all petrol pumps across India.
- Travel Benefits:
- Access to special travel offers and discounts on flights, hotels, and holiday packages.
- Expense Management Tools:
- Detailed expense reports and analytics to manage corporate spending efficiently.
- Integration with leading expense management solutions for seamless expense tracking and reporting.
- Airport Lounge Access:
- Complimentary access to domestic airport lounges for a comfortable travel experience.
- Insurance Coverage:
- Complimentary travel insurance, including air accident cover and lost card liability cover.
- Concierge Services:
- 24/7 concierge service for travel, dining, and entertainment arrangements.
- Dining Discounts:
- Up to 15% off at partner restaurants through SBI Cardโs Culinary Treats program.
- Annual Fee Waiver:
- No specific annual fee waiver, but competitive annual fees designed for corporate use.
- Interest-Free Period:
- Up to 50 days of interest-free credit on purchases.
- Global Acceptance:
- Widely accepted at millions of merchant locations and ATMs worldwide.
Card Features and Benefits
The SBI Platinum Corporate Credit Card offers a variety of features and benefits tailored to the needs of corporate users:
Global Acceptance
- Accepted at over 38 million outlets worldwide, including 3 million in India.
- High international authorization approval rate, ensuring seamless transactions globally.
Smarter Expense Management
- Spend management tools with user-friendly dashboards and real-time expense management interfaces.
- Customized data analysis, e-statements, and detailed insights for personal transactions.
- Category-wise tracking for better negotiation with vendors and suppliers.
- Email alerts for key events like approvals and program thresholds.
- Self-service interactive reports with multiple filters and drill-down capabilities.
Insurance Coverage
- Complimentary insurance covers corporate card liability against employee fraud.
- Travel insurance includes air accidental death, lost card liability, baggage loss, and delay coverage.
Multilayer Spend Control
- Category control to restrict non-permitted merchant categories.
- Limit control with daily, weekly, and monthly spending limits.
Security Features
- Chip and PIN security for enhanced protection against fraud.
- Emergency card replacement within 72 hours globally.
- 24x7 dedicated support and emergency cash access.
Priority Pass Program
- Access to over 600 international airport lounges worldwide.
- Annual membership fee of Rs. 180 plus applicable taxes.
- Usage fee of $27 per visit plus applicable taxes.
Pricing and Plans
The SBI Platinum Corporate Credit Card offers transparent and competitive pricing tailored for corporate users. Below is a detailed breakdown of the fees and charges associated with the card:
Joining and Annual Fees
- Joining Fee: Nil
- Annual Fee: Nil
Extended Credit
- Interest-Free Credit Period: 20-50 days (applicable only on retail purchases and if the previous monthโs outstanding balance is paid in full).
- Finance Charges: Up to 3.35% per month (40.2% per annum) from the transaction date. Note that this card operates as a charge card and does not offer a revolving credit facility.
- Total Amount Payable: Total outstanding dues.
Cash Advance (If Applicable)
- Cash Advance Limit: Variable.
- Free Credit Period: Nil.
- Finance Charges: Up to 3.35% per month (40.2% per annum) from the date of withdrawal.
- Cash Advance Fee:
- SBI ATMs/Other Domestic ATMs: Up to 2.5% of the withdrawal amount or up to Rs. 450 (whichever is higher) per transaction.
- International ATMs: Up to 3% of the withdrawal amount or up to Rs. 450 (whichever is higher) per transaction.
Other Charges (If Applicable)
- Payment Dishonor Fee: 2% of the payment amount (subject to a minimum of Rs. 450).
- Overlimit Fees: Not applicable on corporate cards.
- Late Payment Fees:
- Nil for total amount due from Rs. 0 up to 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. 1,000.
- Rs. 500 for total amount due greater than Rs. 1,000 up to Rs. 10,000.
- Rs. 750 for total amount due greater than Rs. 10,000.
- Emergency Card Replacement: Complimentary.
- Foreign Currency Transaction: Conversion markup up to 3.5%.
- Rewards Redemption Fee: Rs. 99.
- Annual Priority Pass Fee: Rs. 180.
- Annual Reward Fee: Up to Rs. 300.
- Cash Payment Fees: Rs. 100 + applicable taxes.
- Cheque Pickup: Rs. 90.
- Statement Retrieval: Nil.
- Cheque Fee: Rs. 100 (for cheque payment up to Rs. 2000).
Priority Pass Lounge Charges
- All airport lounge visits within and outside India through the Priority Pass Program will be charged with a usage fee of $27 per visit plus applicable taxes.
- All guests accompanied by the SBI cardholder with the Priority Pass will be charged a usage fee of $27 per visit plus applicable taxes.
Surcharge
- Railway Tickets:
- Railway Counters: Rs. 30 + 2.5% of the transaction amount.
- Online (www.irctc.co.in): 1.8% of the transaction amount + all applicable taxes.
- Petrol & All Products/Services: 1% of the transaction value. A 1% surcharge waiver (excluding all applicable taxes + other charges) for single transactions between Rs. 500 and Rs. 4000 for Platinum Cards, with a maximum waiver of Rs. 250 per statement cycle per corporate card account.
Order of Payment Settlement
Payments will be settled in the following order: Total amount due (inclusive of applicable taxes), followed by fees and other charges, interest charges, retail outstanding, and cash advance.
Payment of Customs Duty
2.25% of the transaction amount (subject to a minimum of Rs. 75).
Taxes
All taxes will be charged as applicable on the above fees, interest, and charges.
User Experience
The user experience of the SBI Platinum Corporate Credit Card is designed to provide convenience and efficiency for both corporate administrators and individual cardholders. Here are key aspects of the user experience:
Application and Onboarding
- Simplified Application Process: Businesses can apply for the card with minimal documentation and a straightforward process, ensuring quick approval and issuance.
- Dedicated Support: A dedicated team of service desk executives and relationship managers is available to assist with the application process and any queries during onboarding.
Card Management and Spending Controls
- Online Management Tools: The card comes with advanced spend management tools, including Visa Intellink and SmartData Gen2, which offer real-time expense tracking, customized data analysis, and detailed e-statements.
- User-Friendly Dashboard: The intuitive dashboard provides a quick snapshot of key information, making it easy to monitor and manage expenses.
- Spend Control Features: Multilayer spend control allows organizations to set category and limit controls, restricting non-permitted merchant categories and setting daily, weekly, and monthly spending limits.
Security Features
- Chip and PIN Security: The card is equipped with EMV chip and PIN technology, offering enhanced protection against counterfeit, skimming, and lost or stolen card frauds.
- Insurance Coverage: The card includes comprehensive insurance coverage, such as fraud protection and travel insurance, providing peace of mind to both the organization and individual cardholders.
Travel Benefits
- Priority Pass Program: Cardholders can access over 600 international airport lounges worldwide, with complimentary access and a usage fee of $27 plus applicable taxes for additional visits.
- Emergency Card Replacement: In case of a lost or stolen card, a replacement can be arranged within 72 hours globally, ensuring minimal disruption.
Customer Support
- 24x7 Assistance: Cardholders have access to round-the-clock support for reporting lost or stolen cards, emergency cash disbursement, and other services.
- Emergency Cash Access: In times of emergency, cardholders can access cash within 24 hours, providing an added layer of security and convenience.
Alerts and Notifications
- Email Alerts: Cardholders receive email alerts for key events such as approvals, availability of reports or statements, and program thresholds, ensuring they stay informed and in control of their expenses.
Additional Perks and Benefits
The SBI Platinum Corporate Credit Card offers a range of additional perks and benefits that enhance its value for corporate users. These features are designed to provide convenience, security, and added value to both organizations and their employees.
Complimentary Insurance Cover
- Fraud Related Insurance: Covers the organizationโs corporate card liability against frauds by employees. Individual cards are covered up to the card's credit limit, subject to a maximum of Rs. 2 lakhs, while at the corporate level, the cover is limited to a maximum of Rs. 60 lakhs.
- Travel Insurance: Includes air accidental death coverage of Rs. 50 lakhs if the ticket is purchased using the corporate card. Additional travel-related coverage includes:
- Lost Card Liability: Up to Rs. 3 lakhs for misuse 7 days prior and post notification.
- Fraud Protection: Coverage for counterfeit, phishing, vishing, skimming, and online frauds up to Rs. 2 lakhs.
- Baggage Loss: Up to Rs. 75,000.
- Baggage Delay: Up to Rs. 7,500.
- Loss of Passport: Up to Rs. 12,500.
- Flight Delay: Up to Rs. 15,000.
Emergency Card Replacement and Cash Disbursement
- Card Replacement: Cards can be replaced from anywhere in the world within 72 hours, with no delivery charges.
- Emergency Cash Access: Cardholders can access emergency cash within 24 hours, ensuring they have funds available in critical situations.
Priority Pass Program
- Airport Lounge Access: Membership to the Priority Pass Program is available at an annual charge of Rs. 180 plus applicable taxes, offering access to over 600 international airport lounges worldwide. The usage fee per visit is $27 plus applicable taxes.
- Lounge Access in India: Complimentary access to participating lounges at Indian airports for up to 2 visits per quarter. Additional visits and accompanying guests are subject to charges.
Security Features
- Chip and PIN Benefits: Enhanced security through chip and PIN technology, reducing the risk of fraud.
- Email Alerts: Notifications for key events such as approvals, report availability, and program thresholds.
Additional Offers
- Bouquet of Offers: Cardholders can enjoy a variety of offers on travel, dining, shopping, and more. These offers are periodically updated and can be checked in the Offers section of the SBI Card website.
Comparative Analysis
To provide a clear understanding of how the SBI Platinum Corporate Credit Card stands against other platinum credit cards in the Indian market, we will compare it with the ICICI Bank Platinum Corporate Card and the HDFC Bank Platinum Corporate Card. The comparison will be presented in a table format to highlight key features and benefits.
| ๏ปฟFeature/Benefit | SBI Platinum Corporate Credit Card | ICICI Bank Platinum Corporate Credit Card | HDFC Bank Platinum Corporate Credit Card |
|---|---|---|---|
| Joining Fee | Nil | Nil | Nil |
| Annual Fee | Nil | Nil | Nil |
| Interest-Free Credit Period | 20-50 days | 20-50 days | 20-50 days |
| Finance Charges | Up to 3.35% p.m. (40.2% p.a.) | Up to 3.40% p.m. (40.8% p.a.) | Up to 3.49% p.m. (41.88% p.a.) |
| Cash Advance Limit | Variable | Variable | Variable |
| Cash Advance Fee | 2.5%-3% (min. Rs. 450) | 2.5%-3% (min. Rs. 300) | 2.5%-3% (min. Rs. 500) |
| Late Payment Fee | Rs. 100 - Rs. 750 | Rs. 100 - Rs. 750 | Rs. 100 - Rs. 1,300 |
| Foreign Currency Transaction Fee | Up to 3.5% | Up to 3.5% | Up to 3.5% |
| Insurance Coverage | Extensive travel and fraud insurance | Limited travel insurance | Extensive travel and fraud insurance |
| Priority Pass Membership | Rs. 180 + taxes (usage: $27/visit) | Rs. 180 + taxes (usage: $27/visit) | Rs. 180 + taxes (usage: $27/visit) |
| Lounge Access | 2 complimentary visits/quarter | 2 complimentary visits/quarter | 2 complimentary visits/quarter |
| Expense Management Tools | Advanced tools (Visa Intellink, SmartData) | Basic tools | Advanced tools (SmartData) |
| Emergency Card Replacement | Complimentary, within 72 hours | Complimentary, within 48 hours | Complimentary, within 48 hours |
| Fraud Liability Cover | Up to Rs. 2 lakhs per card | Up to Rs. 1.5 lakhs per card | Up to Rs. 2 lakhs per card |
| Travel Insurance | Comprehensive | Limited | Comprehensive |
| Dedicated Customer Support | 24x7 dedicated service desk | 24x7 dedicated service desk | 24x7 dedicated service desk |
| Rewards Program | Yes, Rs. 99 redemption fee | Yes, Rs. 99 redemption fee | Yes, Rs. 99 redemption fee |
Pros and Cons
Pros
- No Joining and Annual Fees:
- The SBI Platinum Corporate Credit Card has no joining or annual fees, making it cost-effective for businesses.
- Comprehensive Insurance Coverage:
- Extensive insurance options, including fraud protection and travel insurance, provide significant security for corporate expenses.
- Advanced Expense Management Tools:
- Features like Visa Intellink and SmartData Gen2 offer detailed insights and real-time tracking, helping businesses manage and control expenses efficiently.
- Global Acceptance:
- Accepted at over 38 million outlets worldwide, ensuring ease of transactions for international business travel.
- Priority Pass Program:
- Provides access to over 600 international airport lounges with a reasonable annual fee and usage charge, enhancing travel comfort for employees.
- Security Features:
- Chip and PIN technology and emergency card replacement services enhance the card's security against fraud.
- Emergency Cash Access:
- The ability to access emergency cash within 24 hours adds an extra layer of financial security.
- 24x7 Customer Support:
- Dedicated service desk and relationship managers are available around the clock for assistance.
Cons
- High Finance Charges:
- Finance charges of up to 3.35% per month (40.2% per annum) are relatively high, especially for businesses that may carry a balance.
- Cash Advance Fees:
- High cash advance fees (2.5%-3% with a minimum of Rs. 450) can add up quickly if cash advances are frequently used.
- Foreign Currency Transaction Fees:
- A conversion markup of up to 3.5% can make international transactions more expensive.
- Limited Complimentary Lounge Access:
- Only two complimentary visits per quarter to Indian airport lounges may be insufficient for frequent travelers.
- Usage Fees for Priority Pass Visits:
- Although the Priority Pass membership is available at a low annual fee, each lounge visit incurs a usage fee of $27 plus taxes.
- Potential Overdependence on Digital Tools:
- Reliance on advanced expense management tools might be challenging for businesses that are not tech-savvy or lack proper digital infrastructure.
| ๏ปฟFeature | Details |
|---|---|
| Type of Card | Corporate Credit Card |
| Annual Fee | Nil |
| Joining Fee | Nil |
| Reward Rate | Variable (depends on specific offers/programs) |
| Renewal Rate | Nil |
Conclusion and Overall Rating
The SBI Platinum Corporate Credit Card stands out as a robust financial tool tailored for corporate users, providing a blend of advanced features, comprehensive insurance coverage, and global acceptance. The card's expense management tools, such as Visa Intellink and SmartData Gen2, offer real-time tracking and detailed insights, making it easier for organizations to control and optimize their spending.
Moreover, the extensive travel insurance and fraud protection enhance the security and peace of mind for both the organization and its employees. The Priority Pass Program and emergency services, such as card replacement and cash access, add significant value for business travelers.
However, the card does come with relatively high finance charges and cash advance fees, which can be a consideration for businesses that may carry a balance or frequently require cash advances. The foreign currency transaction fee is another aspect to consider for organizations with extensive international dealings.
The SBI Platinum Corporate Credit Card is a strong choice for businesses seeking a comprehensive, secure, and globally accepted credit card with advanced expense management capabilities. While the fees associated with certain services can be higher than some competitors, the value added through the card's extensive features and benefits makes it a worthwhile investment for many organizations.
