Most Important Terms & Conditions

Transcription

1 Most Important Terms & Coitions

2 SBI Cards - Most Important Terms & Coitions 1. FEES AND CHARGES A. Joining Fees, Annual Fees & Renewal Fees There are joining fees, annual fees a renewal fees applicable on e SBI Credit Card (SBI Card). These fees may vary from Cardholder to Cardholder, a from offer to offer. These shall be as communicated to e Cardholder at e time of applying for e credit card. The joining a annual fees, as applicable, are directly charged to e Cardholder account a e same would be displayed in e card statement of e mon in which it is charged. There are separate fees for Additional Cards taken by e Primary Cardholder. B. Cash Advance Fees The Cardholder can use e Card to access cash in an emergency from ATMs / Cashpoints in Iia or ATMs overseas. A transaction fee would be levied on all such charges a would be billed to e Cardholder in e next statement. A transaction fee of Rs 2.5% or Rs 300 whichever is higher at domestic SBI ATMs / Cashpoints, a Rs.300 or 2.5% whichever is higher, at oer domestic ATM's a 3% or Rs. 300, whichever is higher at international ATMs will be levied. The transaction fee is subject to change at e discretion of SBI Cards & Payment Services Private Limited (SBICPSL). All cash advances also carry a service charge from e date of widrawal until e date of settlement. The service charge is currently Upto 3.35% per mon [40.2% per annum] a is subject to change at e discretion of SBICPSL. C. OTC fees The Cardholder can walk into select SBI Bank branches or SBI Associate Bank branches a pay SBI Card dues by mentioning e Credit Card number & Amount in e pay-in slip a depositing e same at e branch counter. An instant payment acknowledgement receipt will be provided after paying your bill. This service is available at Rs all applicable taxes. D. Charges i. Charges a fees, as may be applicable from time to time, are payable by Cardholders for specific services provided by SBICPSL to e Cardholder or for defaults committed by e Cardholder wi reference to his Card account ii SBICPSL retains e right to alter any charges or fees from time to time or to introduce any new charges or fees, as it may deem appropriate, wi due intimation to cardholders. E. Interest Free Grace Period The interest free credit period could range from 20 to 50 days subject to submission of claims by e merchant. However, is is not applicable if e previous mon's balance has not been cleared in full or if e Cardholder has availed of cash from any ATM / Cash Point F. Finance Charges (Service Charges) Finance Charges are payable at e monly percentage rate on all transactions from e date of transaction in e event of e Cardholder choosing not to pay his balance in full, a on all cash advances taken by e Cardholder, till ey are paid back. Card Interest Rate is dynamic a will be based on e 1

3 Cardholder's usage a payment patterns a is subject to periodic review. The rate of finance charges may increase to a maximum of 3.35% per mon [40.2% per annum] from e transaction date. Finance charges, if payable, are subject to levy of Service Taxes a are debited to e Cardholder's account till e outstaing on e card is paid in full. a. Finance charges on cash advances are applicable from e date of transaction until e payment is made in full. Example 1 - Card Statement date 15 of every mon. Transaction done between 16 June'15 15 July'15 1. Retail Purchase of Inr 5000 On 20 June'15 2. Cash Widrawal of Inr 7000 On 10 July'15 Assuming No Previous Balance carried forward from e 15 June 2015 statement, e cardholder will get his 15 July statement showing Rs.12,000 of transactions along wi 5 days of finance charges at e rate applicable on e Rs.7,000 cash widrawal. The cardholder needs to make payment against e outstaing by 5 August 2015, i.e. 20 days from e Statement Date, for anying between e entire amount orminumum Amount Due. Please note at any payment made against your Credit card outstaing, would first be cleared against your EMI Balance (if any) followed by Balance Transfer balance (if any), retail balance (if any) a would be adjusted against your Cash Balance (if any) last.finance charges will be levied from e previous statement date unless in e case of non-interest levied outstaing retail balance, where e finance charge is levied from e date of e transaction. In case e statement outstaing has no cash balance a has not been carried forward from a previous statement a e retail balance outstaing on e statement date is paid in full by e payment due date, No Finance Charges are levied on such balances. Example 2 Card Statement date 2 of every mon. rd Transaction done between 3 Jan'15 2 Feb'15 1. Retail Purchase of Inr On 5 Jan'15 2. Online Purchase of Inr On 15 Jan'15 Assuming no previous balance carried forward from e 2 Jan 2015 statement, e cardholder will get his 2 Feb statement showing Rs. 40,000 transactions. The cardholder needs to make payment against e outstaing by 22 Feb 2015, i.e. 20 days from e Statement Date, for anying between e entire amount orminimum Amount Due. Please note at any payment made against your Credit card outstaing, would first be cleared against your EMI Balance (if any) followed by Balance Transfer balance (if any), retail balance (if any) a would be adjusted against your Cash Balance (if any) last. Finance charges will be levied from e previous statement date unless in e case of non-interest levied outstaing retail balance, where e finance charge is levied from e date of e transaction. 2

4 In case e statement outstaing has no cash balance a has not been carried forward from a previous statement a e retail balance outstaing on e statement date is paid in full by e payment due date, No Finance Charges are levied on such balances. Making only e minimum payment every mon would result in e repayment stretching over e years wi consequent interest payment on your outstaing balance. For e.g. on a transaction of Inr 5,000 if Minimum Amount Due is paid every mon (subject to a minimum amount of Inr 200 every mon), it will take up to 44 mons for entire outstaing amount to be paid in full. Example 3 Card Statement date 2 of every mon. rd Transaction done between 3 March '15 2 April '15 (1) Retail Purchase of Inr 5000 On 5 March '15 (2) Online Purchase of Inr 6000 On 15 March '15 Assuming no previous balance carried forward from e 2 March 2015 statement, e cardholder will get his 2 April statement showing Rs. 11,000 transactions. The cardholder needs to make payment against e outstaing by 22 April 2015, i.e. 20 days from e Statement Date, for anying between e entire amount or Minimum Amount Due. Assuming e cardholder makes e payment of Minimum Amount Due of Inr 550, (5% of Total outstaing) on 22 April 2015, finance charges would be levied at e effective rate a added to e total outstaing. Considering e effective rate of 3.35% p.m., finance charge calculation will be done as follows: On e balance of Rs (5 March to 22 April) for 49 days: (3.35*12)*(49/365)*5000/100= Inr On e balance of Rs (15 March to 22 April) for 39 days: (3.35*12)*(39/365)*6000/100= Inr On e balance of Rs (22 April to 2 May) for 10 days: (3.35*12)*(10/365)*10450/100= Inr Total Interest charged = Inr Sum of Outstaing purchase amount, Interst charges, Fees a Charges, if any, a applicable taxes would reflect as e Total amount due in e statement dated rd 2 May assuming e card holder does not make any transactions between 3 April '15 2 May '15. If e cardholder keeps making e Minimum Amount Due (5%) payment every mon a also keep paying e interest amount he would clear e outstaing in 20 mons (100%/ 5% 20). G. Late Payment Charges Late Payment charges will be applicable if Minimum Amount Due is not paid by e payment due date. N I L f o r T o t a l A m o u n t d u e f r o m R s. 0 - R s ; Rs.100 for Total Amount due greater an Rs.200 & up to Rs.500; Rs.200 for Total Amount due greater an Rs.500 & up to Rs.1000; Rs.500 for Total Amount due greater an Rs.1000 & up to Rs.10,000; Rs.750 for Total Amount due greater an Rs.10,000; 3

5 Example 1 - Card Statement date 2 of every mon. rd Transaction done between 3 Jan'15 2 Feb'15 (1) Retail Purchase of Inr 5000 On 5 Jan'15 (2) Online Purchase of Inr 5000 On 15 Jan'15 Assuming no previous balance carried forward from e 2 Jan 2015 statement, e cardholder will get his 2 Feb statement showing Rs. 10,000 transactions. The cardholder needs to make payment against e outstaing by 22 Feb 2015, i.e. 20 days from e Statement Date, for anying between e entire amount orminimum Amount Due. If e cardholder does not make any payment by 22 Feb 2015, he would be charged a Late Payment Charge of Rs. 500 (Rs. 500 forgreater an Rs.1000 & up to Rs.10,000). Example 2 - Card Statement date 2 of every mon. rd Transaction done between 3 Feb'15 2 Mar'15 1. Retail Purchase of Inr 2000 On 8 Feb'15 2. Online Purchase of Inr 2500 On 19 Feb'15 Assuming no previous balance carried forward from e 2 Feb 2015 statement, e cardholder will get his 2 March statement showing Rs transactions. The cardholder needs to make payment against e outstaing by 22 March 2015, i.e. 20 days from e Statement Date, for anying between e entire amount orminimum Amount Due. If e cardholder does not make any payment by 22 March 2015, he would be charged a Late Payment Charge of Rs. 500 (Rs. 500 forgreater an Rs.1000 & up to Rs.10,000) H. Overlimit charges As a service gesture SBI Card may approve certain transactions attempted by e cardholder which are over a above e credit limit, Please note at if e outstaing amount exceeds e credit limit, an over-limit fee of 2.5 % of e overlimit amount or Rs. 500, whichever is higher will be levied. Over-limit status may also happen because of fees a/or interest charges. I. Cheque Bounce Charges In case of a Cheque bounce, a charge of 2% of Cheque Amount (Min Rs. 350 & Max Rs. 500). J. Oer charges: Invalid Cheque Fee: 2% of Cheque amount subject to Min-350/- Max-500/- Replacement Card Fee: Rs. 100/- Chargeslip Retrieval Fee: Rs 225/ Cheque Pick Up Fee: Rs.90/- Statement Retrieval Fee: Rs 100/- per statement for statements more an 2 mons old Foreign Currency Transaction fee: 3.5%. The exchange rate used to convert Foreign Currency transaction into INR will be 4

6 determined by VISA/MasterCard, as e case may be, basis e exchange rates governed by em on e date e transaction is settled wi SBI Card, which may not be e same date on which e transaction was made. The Foreign currency transaction fee of 3.5% will be applied on e INR converted amount shared by VISA/MasterCard. 2. LIMITS Credit Limit a Cash Limit are assigned to Cardholders based on internal SBICPSL credit criteria (Add-On cardholders share e same limits as at of e Primary Account Holder). These limits are communicated to e cardholder at e time of card delivery. The Credit Limit a Cash Limits are communicated to e Cardholder in every statement. The Available Credit Limit (i.e. e Credit Limit available for use) at e time of e statement generation is provided as a part of e statement. SBICPSL will review e Cardholder account periodically, a increase or decrease e Cardholder credit limit based on internal criteria. Cardholders seeking to have eir credit limit increased can do so by writing to SBICPSL a providing financial documents declaring eir income. SBICPSL, at it'ssole discretion a based on such new documents provided, may increase e Credit Limit of e Cardholder. 3. BILLING AND STATEMENT a) SBICPSL will se e Cardholder a monly statement showing e payments credited a e transactions debited to e Cardholder's Account since e last statement, provided e card has been active during e said period. SBICPSL will eier mail a statement of transactions in e card account to e mailing address it has on record, or se a statement rough to e id on record, on a pre-determined date. b) Credit Cards offer e Cardholder a revolving credit facility. The Cardholder may choose to pay only e Minimum Amount Due printed on e statement a such payment should be sent before e Payment Due Date, which is also printed on your statement. The balance outstaing can be carried forward to subsequent statements. The Cardholder can also choose to pay e Total Amount Due or any part of e amount above e Minimum Amount Due. Any unpaid Minimum Amount Due of e previous statements will be added to e Cardholders current Minimum Amount due in addition to e outstaing exceeding e Cardholders Credit Limit. Minimum Amount due shall be 5% of outstaing amount or Rs. 200 (whichever is greater) plusall applicable taxes a EMI (only in case of EMI based products).overlimit (OVL) amount shall also be included in e MAD in case cash or credit limit is exceeded. Any unpaid MAD of e previous statements, if any, shall also be included in e Minimum Amount Due. c) Payments made towards e card outstaing are acknowledged in subsequent statements. d) Payments received against e Cardholder's card outstaing will be adjusted against all Minimum Amount Due (which is inclusive of all applicable taxes + EMI on Loan plans + 5% of Total Outstaing), Fees & Oer Charges, Interest charges, Balance Transfer Outstaing, Purchase Outstaing a Cash Advance in at order. 5

7 e) Payments towards e Card account may be made in any of e following ways: By mailing a Cheque or draft to e mailing address provided in e reverse of e statement. By dropping a Cheque or draft into any of e SBI Card drop boxes placed in your city or in designated State Bank of Iia branches. The Cheque/draft should be made payable to SBI Card Number xxxxxxxxxxxxxxxx. ECS: Payments can be made rough e Electronic Clearing System (ECS) in select cities. f) SBI Card Offers various mode of making payments of bill outstaing, e same is illustrated at e back of e monly statement a SBI card website g) Billing Disputes: All contents of statements will be deemed to be correct a accepted by e Cardholder unless wiin 30 days of e Statement Date e Cardholder informs SBICPSL of any discrepancies, a ese discrepancies are fou to be true by SBICPSL. On receipt of such information, SBICPSL may reverse e charge on temporary basis. If on completion of subsequent investigations, e liability of such charges is to e Cardholder's account, e charge will be reinstated in a subsequent statement, along wi Charge slip Retrieval charges of Rs. 225 per charge slip. h) Customer Grievance Redressal: All grievance escalations should be marked to e Nodal Officer, at PO Bag 28 - GPO, New Delhi or at [email protected] i) Contact Particulars: From All Phones : ( Prefix STD code of your city while calling from mobile) From BSNL/MTNL : / For SBI Railway Credit Card: Contact SBI Railway Credit Card Helpline from anywhere in Iia From All Phones : ( Prefix STD code of your city while calling from mobile) From BSNL/MTNL : Correspoence: Through mail, by writing to The Manager - Customer Services, SBI Cards & Payment Services Pvt. Ltd., DLF Infinity Towers, Tower C, 12 Floor, Block 2, Building 3, DLF Cyber City Gurgaon (Haryana) Iia or at PO Bag 28 - GPO, New Delhi Through by writing in [email protected] 4. DEFAULT In e event of default, e Cardholder will be sent remiers from time to time for settlement of any outstaing on e card account, by post, fax, telephone, e- mail, SMS messaging a/or engage ird parties to remi, follow up a collect dues. Any ird party so appointed, shall adhere fully to e code of couct on debt collection. The total Outstaing on e Card account, togeer wi e amount of any Charges effected but not yet charged to e Card Account, will become immediately 6

8 due a payable in full to SBICPSL on bankruptcy or dea of e Primary Cardholder, a e Card Account shall immediately sta cancelled. The Primary Cardholder's estate will be responsible for settling any Outstaing on e Card Account a should keep SBICPSL iemnified against all costs, including legal fees a expenses incurred in recovering such Outstaing. Peing such repayments, SBICPSL will be entitled to continue to levy finance charges at its prevailing rates. 5 TERMINATION/REVOCATION OF THE CARDHOLDERSHIP a) The Cardholder may e e Agreement at any time by writing to SBICPSL or calling in to e SBI Card Helpline, a by cutting e card(s) diagonally. All e cards including e add-on cards will be terminated basis e written request. Termination will be effective after payment of all amounts outstaing on e card account. No annual, joining or renewal fees shall be refued on a prorata basis. b) SBICPSL may also restrict, terminate or suspe e use of The Cardholder Account at any time wiout prior notice if SBICPSL reasonably believe it necessary for business or security reasons a/ Or at e request of any law enforcement agency, a/or any government auority a/or uer e laws & regulations which apply to SBICPSL& its customer. SBICPSL can suspe e facility on e Credit Card, if e Cardholder defaults on e payment due or exceeds e credit limit exteed. The Card must not be used after e Agreement es or while use of Card Account is suspeed. c) In such a situation, e Cardholder must (subject to any default or oer notice required by law) immediately pay SBICPSL e total outstaing Balance on e Account. This includes all amounts due to SBICPSL uer e Agreement, including all transactions a oer amounts not yet charged to e Account. The Cardholder Account will not be considered as closed until e Cardholder has paid all such due amounts. 6. LOSS/THEFT/MISUSE OF CARD a) The Cardholder should contact SBICPSL as soon as possible at e SBI Card Helpline if e Primary or any Additional credit card is misplaced, lost, stolen, mutilated, not received when due or if he/she suspects at e credit card is being used wiout e Cardholder's permission. Once a card is reported lost, it should not, uer any circumstance be used if fou by e Cardholder subsequently, a e Cardholder should cut e card diagonally in half. The Cardholder can also block e card instantly eier on IVR or our website rough SMS based service To block your lost/stolen card roughsms, just SMS BLOCK XXXX to from your registered mobile number. (XXXX = Last 4 digits of your Card number). If you do not receive a confirmation SMS wiin 5 minutes of your request, please do not consider e card to have been blocked. Please 7

9 call up e help line to get your card blocked immediately a to avoid any misuse. b) SBICPSL is not liable or responsible for any transactions incurred on e card account prior to e time of reporting of e loss of e card to SBICPSL a e Cardholder will be wholly liable for e same. After e receipt of proper notification of e loss by SBICPSL, e Cardholder's subsequent liability is restricted Upto a maximum of Rs.1000 (for SBI Gold Cardholders Nil). In addition to notifying SBICPSL about e loss or eft of e Card, e Cardholder must report any eft of e Credit Card(s) to e Police a lodge an FIR.The Cardholder will, however, be liable for all losses when someone obtains a misuses e Card or PIN wi e Cardholder's consent, or e consent of an Additional Cardholder. c) If e Cardholder has acted fraudulently e Cardholder will be liable for all losses. If e Cardholder acts wiout reasonable care, e Cardholder may be liable for all losses incurred. This may apply if e Cardholder fails to follow e safeguards as specified by SBICPSL. d) SBICPSL may, wiout referring to e Cardholder or any Additional Cardholder, give e police or oer relevant auorities any information at SBICPSL considers relevant about e loss, eft or misuse of a Card or PIN. e) Changes in contact details of your credit card account would be intimated to your new as well as preceding contact details in e system. It is advised to keep your current contact details updated in our records. 8. DISCLOSURE The Cardholder acknowledges at SBICPSL is auorized to share Cardholder information wi any existing or future credit bureaus wiout any notice to is intent to e Cardholder, a such information may pertain to positive or negative Performance/default by e Cardholder. Such update may take days to reflect in credit bureau report. The Credit Information Bureau Iia Ltd. (CIBIL) is an initiative of e Government of Iia a e Reserve Bank of Iia (RBI) to improve e functionality a stability of e Iian financial system. This is in line wi RBI's efforts to provide an effective mechanism for exchange of information between banks a financial institutions, ereby enabling cardholders to avail of better credit terms from various institutions. The Cardholder furer acknowledges at SBICPSL is auorized to share Cardholder information, including default in payments wi Financial Institution, employer a to oer ird parties engaged by SBICPSL for proper operation of card accounts, verification a oer administrative services. SBICPSL may also share Cardholder information wi any parent, subsidiary, affiliate or associate of SBICPSL, for e purposes of marketing a offering various products a services of SBICPSL or its group companies, subsidiaries, affiliates a/or associates. SBI Card Most Important Terms a Coitions are also available at 8

10 9. SCHEDULE OF CHARGES Fees Joining Fee (one time) UptoRs Annual Fee (p.a.) UptoRs Add on Fee (p.a.) Nil Exteed Credit Interest Free Credit Period days (applicable only on retail purchases a if previous mon's outstaing balance is paid in full) Finance Charges# Upto 3.35% p.m. (40.2% p.a.) from e transaction date Minimum Amount Due 5% of Total Outstaing (Min. Rs. 200) + all applicable taxes + EMI (in case of loans) Cash Advance Cash Advance Limit Upto 80% of Credit Limit (Max. 12K / day for Gold a Titanium& 15K / day for Platinum Cards & Signature Cards) Free Credit Period Nil Finance Charges# Upto 3.35% p.m. (40.2% p.a.) from e date of widrawal Cash Advance Fees SBI ATMs/Oer Domestic ATMs 2.5% - Min. Rs. 300 International ATMs 3.0% - Min. Rs. 300 Oer Charges & Fees Cash OTC Rs.100 Cheque Pickup Rs. 90 Cheque Bounce / Invalid Cheque 2% of Cheque Amount (Min Rs. 350 & Max. Rs. 500) Statement Retrieval Rs. 100 per Statement (>2 mons old) Charge slip Retrieval Rs. 225 per Charge slip Late Payment NIL for Total Amount due from Rs.0-Rs.200; Rs.100 for Total Amount due greater an Rs.200 & up to Rs.500; Rs.200 for Total Amount due greater an Rs.500 & up to Rs.1000; Rs.500 for Total Amount due greater an Rs.1000 & up to Rs.10,000; Rs.750 for Total Amount due greater an Rs.10,000; Overlimit 2.5% of Overlimit Amount (Min. Rs. 500) Card Replacement Rs. 100 Emergency Card Replacement Actual cost (Min. $175) (When Abroad) Foreign Currency Transaction Conversion mark up: 3.5% Rewards Redemption Fee Rs. 99 Surcharge Railway Tickets - Railway Counters Rs % of transaction amount Railway Tickets % of transaction amount + service charge, as applicable Petrol & all products/services sold 2.5% surcharge waiver (excluding all applicable taxes wherever at petrol pumps applicable + oer charges) for single transaction spes between Rs.500 a Rs.4000 for Signature & Platinum Cards; Rs.500 a Rs.3000 for all oer cards. Maximum surcharge waiver of Rs. Rs.250 per statement cycle per credit card account for Signature & Platinum Cards; Rs.100 per credit card account for all oer cards 2.5% of transaction amount (Min. Rs. 10) for transaction amounts <Rs. 500 &>Rs. 4,000 for Signature & Platinum Cards; amounts <Rs. 500 &>Rs. 3,000 for all oer cards Payment of Customs duty 2.25% of transaction amount (Min. of Rs. 75) 9

11 All taxes would be charged as applicableon all e above Fees, Interest & Charges. All payments made for a cardholder account will be settled in e order of Minimum Amount Due (which is inclusive of all applicable taxes + EMI on Loan plans + 5% of Total Outstaing), Fees & Oer Charges, Interest charges, Balance Transfer Outstaing, Purchase Outstaing a Cash Advance. # Card Finance charge is dynamic a will be based on e cardholder's usage a payment patterns a is subject to periodic review. Your continued usage of e card will be deemed as acceptance of ese amements. SBI Card Helpline From BSNL/MTNL lines From All Oer Lines All information in is communication is correct as per March 2015 a is subject to change at e discretion of SBICPSL. SBI Card Most Important Terms a Coitions are also available at 10

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