Purchase Premium Credit Card

A smart payment solution to centralize your purchase with rewards & earnings

  • 5% Cashback
  • 4 reward points for every INR 150 spent
  • 1% Fuel surcharge waiver Upto INR 500
  • 2.5% on all your foreign currency spends
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Cashback

5% Cashback

*Upto Rs. 1500 per statement cycle on minimum monthly spends of Rs 50,000 *(Will be revised to Rs.1,00,000 effective 15th Feb'24)

Reward points

4 reward points for every INR 150 spent

Fuel Surcharge Waiver

1% Fuel surcharge waiver Upto INR 500

FCY Mark up

2.5% on all your foreign currency spends

Revolve facility

Pay minimum 30% on the Billed amount

Additional Savings

Upto 50 Days of credit period on the Purchase premium Card

Streamline the purchase process

Convenient paperless process leading to better manpower productivity

Better Control on expenses

  • Restrictions can be placed on cards as per transaction and vendor/ merchant category for better control
  • Better control on expenses basis spends data reports on expense patterns

Process Efficiency

  • All direct expenses of the company can be centrally taken on purchase Premium card
  • Reduces transaction processing time and overall cost of high volume / low value transactions
  • Relief from multiple invoice managements, cheque handling and payment system

Frequently Asked Questions

1.  What is the Credit Period on Purchase Premium Card

A: 30 + 20 Days 

2.  How many rewards points will be earned for every INR 150

A: Four reward points will be earned by the corporate for every INR 150 spent. 

3.  What type of spends the Reward Points will be given

A: The regular MCCs spends will be eligible for Reward points. Special MCCs, fuel, charity, rent payment type of expenses will not be eligible for the reward points. 

4. What is the value of Reward Points earned on the Purchase Premium Card

A: Each reward point will have a value of 20 paisa. 

5. How many reward points can be accrued every month on Purchase Premium

A: Maximum of 15,000 reward points can be accrued per statement cycle on Purchase Premium. 

6. What is the reward point expiration timeline

A: The reward point will expire after a period of 12 months. 

7. Is the customer eligible for cashback

A: The customer is eligible for 5% cashback on business essential spends, subject to minimum overall statement spends of Rs.50,000. *(Will be revised to Rs.1,00,000 effective 15th Feb'24).  Apart from this corporate will not be eligible for any other form of cashback. 

8. Is there any monthly limit of cashback

A: The monthly cashback amount is capped to INR 1,500 

9. What are the merchant categories considered under Business Essential

A: Hotels, Rail, Road, Taxi, Utility, Taxes & Telecom are part of business essential spends. 

10. Will Corporate qualify for Reward points and Cashback both simultaneously

A: Yes, both Reward points & Cashback will be applicable on this product. 

11. Is the customer eligible for Fuel surcharge waiver

A: Yes, the corporate is eligible 1% fuel surcharge waiver. 

12. Is there any capping on the fuel surcharge waiver

A: The fuel surcharge waiver is capped upto INR 500. 

13. Can corporate revolve on purchase premium

A: The corporate can revolve the outstanding on the purchase premium card. 

14. Upto what amount the corporate can revolve the outstanding amount

A: The corporate can revolve 30%(MAD) of Total Amount Due (TAD). While calculating the MAD, other charges such as interest, fee, GST, etc. are excluded 

15. What payment types are considered while calculated MAD

A: All payments are considered while calculating MAD, except the payments done on Vendor Payment portal. 

16. What is the interest rate applied on the outstanding amount

A: An interest rate of 1.99% per month (23.88% annually) will be applied on the outstanding amount while revolving. 

17. Can a Corporate restrict usage of cards on certain merchants

A: Yes, Merchant Category Code (MCC) wise restriction is possible on Purchase Premium Card, relevant MCC group/promo id needs to be selected by corporate on the MID while submitting application 

18. Is auto-debit option for credit card payment possible on Purchase Premium Card

A: Yes, auto debit is possible on Purchase Premium Card 

19. Can multiple Purchase Premium Card be issued to a company

A: Yes, multiple Purchase Premium Card can be issued to a company as per their requirement upto a maximum of ten cards. 

20. What are the payment options for Purchase Premium Card

A: Payments can be made via cheque, auto debits or online modes such as NEFT, RTGS Full payment needs to be made by the corporate to Bank 

21. Is there any Surcharge on electricity payment through Purchase Premium Card

A: No, there is no surcharge at Bank’s end on electricity payment through Purchase Premium Card. However, if the biller surcharges on their website for payment through credit card then the same will be applicable on Purchase Premium Card as well.

22. How will the Regular and Special Merchants be classified for Rebate?

A: Regular and special merchants will be classified as per the final merchant category code received by the bank in transaction settlement file.