FAQs
1. What is the Credit Period on Purchase Moneyback Card?
A: 30 + 20 Days
2. What type of spends the will be eligible for cashback?
A: All general spends above 5 lakhs and utility payments above 10 lakhs will be eligible for cashback excluding EMI spends and Fuel Spends
3. Is there any monthly limit of Rebate?
A: There is a rebate limit capped to 10 Lacs /month.
4. Can corporate revolve on Purchase Moneyback?
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.
5. Will cashback be eligible if EMI has been opted for
A: No, cashback will not be eligible be eligible incase EMI is being opted for
6. 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.
7. Can a Corporate restrict usage of cards on certain merchants?
A: Yes, Merchant Category Code (MCC) wise restriction is possible on Purchase Moneyback Card, relevant MCC group/promo id needs to be selected by corporate on the MID while submitting application
8. Is auto-debit option for credit card payment possible on Purchase Moneyback Card?
A: Yes, auto debit is possible on Purchase Moneyback Card
9. Can multiple Purchase Moneyback Card be issued to a company?
A: Yes, multiple Purchase Moneyback Card can be issued to a company as per their requirement up to a maximum of 5 cards
10. What are the payment options for Purchase Moneyback 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
11. Is there any Surcharge on electricity payment through Purchase Moneyback Card?
A: No, there is no surcharge at Bank’s end on electricity payment through Purchase Moneyback Card. However, if the biller surcharges on their website for payment through credit card then the same will be applicable on Purchase Moneyback Card as well.
12. 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.
13. Will the customer qualify for Cashback if it falls under bank wide delinquency list?
A: No, If the Customer is delinquent for any product withing the bank, they will not receive cashback for their Purchase card spends in delinquent month.
Additionally, any missed cashback due to delinquency will not be processed or paid in subsequent months.
