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What are the benefits of contactless SBI credit card?

You can make faster payments as there is no need for dipping, swiping, entering card PIN or fumbling for cash. That routine was disrupted as chip-embedded cards came onto the scene, bringing with them the somewhat clunky experience of dipping a chip-embedded card into a card reader.

Q1. What is Credit Information Bureau India Limited (CIBIL)?

Ans. CIBIL is India’s first credit information bureau established in 2004. It is a repository of information which contains the credit history of all borrowers CIBIL’s members include all leading banks, financial institutions, non-banking financial companies, housing finance companies, state financial corporations and credit card companies

Q2. What is a Credit Information Report?

Ans. A Credit Information Report (CIR) is a factual record of a borrower’s credit payment history compiled from information received from different credit grantors. Its purpose is to help Banks & Financial Institutions make informed lending decisions – quickly and objectively.

Q3. How does the credit information report impact me?

Ans. When you approach the Banks & Financial Institutions for credit, your application will be evaluated on the basis of your past payment history, existing credit lines and other factors such as income and security. A good past payment history may lead to credit being granted faster and on better terms. On the other hand, a poor past payment record indicate past delinquency and can lead to denial of credit or extremely expensive credit. Therefore prudent credit management and financial discipline is a must to ensure a good credit history for enabling you for smooth and faster access to affordable credit in the future.

Q4. How do I improve my credit record?

Ans. a.  Make at least the minimum amount due on time each month. On time payments will have the most positive significant impact on your credit record.
b. Maintain affordable & reasonable levels of credit
c. Limit the number of credit cards that you hold. Maintaining a large number of cards can hurt your credit history.
d.  Do not use your credit card such that your outstanding is very close to your credit limit as this can adversely affect your credit rating.

Q5. How can you maintain a good credit history?

Ans. There are a number of things you can do to build and maintain a good credit history. Here are some important do’s and don’ts :
Secure your Card
a. Make your credit card payments on time
b. Pay off your “Minimum Amount Due” on your card every month
c. Contact your creditors if you are having trouble making payments
d. Make sure that your monthly account statement is correct
e. Read the statements and other material you receive from your credit card
company carefully
f. Deal with companies you know and trust
g. Pay attention to late payments, calls or letters from credit agencies, and denied or revoked credit. These are all signs that your credit history may be in
a. Do not pay late
b. Do not sign a credit contract until you read and understand it
c. Don’t go over the credit limit on your credit card
d. Don’t wait to report any unauthorized transactions on your account
e. Don’t open new credit accounts for the purpose of debit consolidation without closing existing accounts
f. Do not miss reviewing your monthly statements
g. Do not close credit cards in an improper manner, it can hurt your credit score

Q6. What is a Contactless Credit Card?

Ans. Contactless Credit Card powered by Visa payWave is a fast and convenient way to pay for every day purchases. It is a secure, contactless chip technology designed to help you spend less time at the cash register and give you the freedom to do the things that matter most to you.
Q7. How does the Contactless Credit Card work?

Ans. Step 1: Look for the Visa payWave mark and contactless logo at the point of sale.
Step 2: The cashier enters your purchase amount into the terminal. This amount will be displayed on the contactless reader.
Step 3: Hold your card over the reader or at the POS at close range (less than 4 cm from where the contactless logo appears).
Step 4: Four green indicator lights or a beep sound will indicate that the transaction is complete. A message will also be displayed on the screen indicating the transaction is complete. No PIN is required. Please note that payment through contactless mode is allowed for a maximum of `2,000 for a single transaction.

Q8. What are the benefits?

Ans. Contactless payment functionality powered by Visa payWave is specially designed for you for speed, convenience and security. There’s no dipping, swiping, entering PIN or fumbling for cash. You’re ready to go in just a few seconds. Ideal for places like fast-food joints, petrol stations, movie theatres etc.
During a contactless transaction the card never leaves your hand. This greatly
reduces the risk of card loss and fraud through counterfeit/skimming. A Visa payWave card has its own, unique, built-in, secret key, which is used to generate a unique code for every Visa payWave transaction, thus making it more secure. You don’t need to look for cash/coins for small ticket everyday purchases. It is also easier to keep track of these expenses.

Q9. Is there a limit for a contactless transaction amount? Can I set my own Limit?

Ans. Payment through the contactless mode is allowed for a maximum of 2,000 for a single transaction. For a contactless transaction PIN is not required. This limit is common for all customers and setting up of individual limits is not possible. Any transaction amount more than `2,000 has to be carried out through a contact transaction (Dip or Swipe) and entering the PIN. You can also choose to do a contact transaction (Dip or Swipe) with PIN for transactions amount below `2,000.

Q10. Where can I use my Contactless Credit Card?

Ans. You can look for the Universal Contactless symbol at the POS machine at merchant outlets. Also please visit www.sbicard.com for details of merchants enabled for Visa payWave contactless payment acceptance.

Q11. Can I use my Contactless Credit Card at other merchants (not enabled for contactless payment acceptance) as well?

Ans. Yes, for the merchants not enabled for contactless payment acceptance, you can use this card for a normal dip or swipe transaction.

Q12. . Could I be debited twice if I have more than one contactless card?

Ans. No, contactless readers communicate with one card at a time. If the shop’s reader finds more than one contactless card in your wallet or purse, you will be asked to select one card to pay.

Q13. Could I unknowingly have made a purchase if I walk past the reader?

Ans. No, your card has to be waved within 4cm of the card reader for more than half a second and the retailer must enter the amount for you to approve. Terminals can only process one payment transaction at a time, therefore reducing transaction errors.

Q14. Is there any difference in the process for ATM and Internet transactions for this contactless Credit Card?

Ans. There is no difference in transaction process for ATM or any Card not Present Transactions including Internet transactions. For ATM transactions you need to enter the PIN and for Internet transaction you need to enter your 3D secure PIN or OTP.

Cash Points

Q15. What Is a Cash Point?

Ans. A Cash Point is a point you earn whenever you use your
Simply SAVE SBI Card.

Q16. How is a Cash Point different from a Reward Point?

Ans.  Traditionally Reward Points refer to points you can redeem only on items in a Rewards Catalogue. Cash Points can be redeemed to pay the outstanding balance on your credit card account and also exchanged for attractive gifts from the Rewards Catalogue.

Q17. How much do I need to spend to earn Cash Points?

Ans. You will earn 1 Cash Point for every `100 spent on your Simply SAVE SBI Card.

Q18. How much is a Cash Point worth?

Ans. If you have 2000 Cash Points in your account, you can use them to pay `500 from your credit card balance.

Q19. How do I encash my Cash Points?

Ans. To encash your Cash Points just call the helpline numbers given below and ask the Customer Service Executive to credit your Cash Points. It’s as simple as that.

Q20. What are the minimum Cash Points needed to encash?

Ans. You can start encashing your Cash Points after you have earned 2000 Cash Points. KNOW US BETTER
Call us: 39 02 02 02 (prefix local STD code) or
1860 180 1290/1860 500 1290
E-Mail: customercare@sbicard.com
Visit: www.sbicard.com
Write to us: SBICPSL, Post Bag No. 28, GPO, New Delhi-110001

EMV Chip Card

Q21. What is EMV?
Ans. a. EMV stands for “Euro Pay, mastercard, Visa”.
b. These three companies jointly sponsor the global standard for payment card
c.This is designed to ensure global acceptance.

Q22. What is a Chip Card?

Ans. a. A Chip Card is a plastic payment card with an embedded microchip.
b. It stores encrypted confidential information such as the cardholder’s account
number and PIN.
c. It enables the card to hold and update multiple applications and data securely, perform calculations and do much more.

Q23. Why EMV?
Ans. a. Chip-enabled transactions are easier and quicker, hence more convenient for the customer.
b. They provide enhanced security against counterfeiting and skimming.
c. It also provides the option of hosting multiple applications on the same card
resulting in more features and benefits on the card.



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