The State Bank of India Multi Currency Card also goes by the name of the SBI Foreign Travel Card. It is a Mastercard that is linked with the State Bank of India and lets you hold 7 foreign currencies at one time in a single account.
Q1. What is Forex?
Ans: Forex and ‘FX’ are shortened terms used for ‘foreign exchange’. Foreign exchange is the exchange of money from different countries. The value of one country’s currency is constantly changing against the value of another country’s
Q2. What is Forex Fee?
Ans. Forex fee is levied as a conversion mark-up @ 3.5% of total international transactions done in foreign currency. International transactions done in INR are not levied with forex fee.
Q3. What is the offer?
Ans. Cardholder will need to meet the minimum spend transaction count criteria as communicated by SBICPSL through SMS, EDM & post login “ Offers” section or helpline to be eligible for the cashback.
– Forex fee is levied @ 3.5%. Of this, an amount equivalent to 2.50% ( 3.50% minus 1% ) of eligible forex spend will be credited as cashback into the cardholder’s account by 15th March 2017 upon meeting the eligibility criteria.
Effective Forex fee levied will, therefore, be 1%. Taxes applicable on original mark up fee will not be credited back under this offer.
– Offer valid on minimum number of transaction swipes at retail stores (point of sale merchant stores) in foreign currency ONLY.
– The offer is not valid on purchase on international websites
– International transactions done in INR are not included.
– No minimum transaction amount required
Q4. Is there a minimum transaction amount required for each transaction to be eligible?
Ans. No. There is no minimum transaction amount required. However, total amount spent during the offer period shall meet the minimum spend criteria.
Q5. What would be Tax Liability of cardholder?
Ans. The tax liability, duties, levies by whatever name called in connection with the offer shall be borne by the cardholder.
Q6. What is the offer validity?
Ans. Offer is valid between 1st Dec – 31st Jan 2017 ( both days inclusive )
Q7. Are all International transactions eligible for this offer?
Ans. Cardholders will need to meet the minimum spend transaction criteria as communicated by SBICPSL through SMS, EDM & post login “ Offers” section or helpline to be eligible for the offer.
– Offer valid at retail stores ( point of sale merchant stores ) in foreign currency ONLY.
– Online spends i.e transactions done on International websites are excluded in this offer.
– International transactions done in INR are not included. The offer is not valid on purchase on international ecommerce websites.
Q8. How will I know the eligibility for this Offer?
Ans. Cardholders can login into online Sbi Card account on www.sbicard.com and check for eligibility/ minimum swipes required at retail stores to earn the cashback of 2.5% of forex fee ( OR ) Call Helpline to know your eligibility.
– Offer details are also communicated periodically through SMS and/or E-mail on registered details during offer period.
Q9. I have not received any SMS on this offer?
Ans. Cardholder will need to check if their account is on DND ( DO NOT DISTURB ). As a process, SBI Card does not send any promotional/offer communication to DND cardholders. Request cardholders to unblock their card from DND to receive offer related communication on mobile.
Q10. Is this offer valid for all SBI Card cardholders?
Ans. This offer is valid for all SBI cardholders sourced until 30th November 2016. Cards sourced after 30th November 2016 are not eligible for this offer. Offer not valid on SBI Corporate Credit Card, SBI Card Signature, SBI Card Elite & VIP cardholders.
Q11. Are all International transactions eligible for this offer?
Ans. Only foreign currency transactions at retail stores ( Point of sale merchant stores ) are valid. ONLINE foreign currency transactions are excluded. Dynamic Currency conversion transactions (DCC) i.e. International transactions
made in INR are excluded.
Q12. All cardholders have same target?
Ans. Targets of swipes is set at account level. Each account will have a separate target. Kindly refer post login Offers section or call helpline or check messages on registered mobile & Email ID.
Q13. I have multiple accounts? Will I have different target for each account?
Ans. Each account has a specific target. In case of multiple account please check the card number & target specified to know the eligibility for a particular account.
Q14. What is the maximum cashback that I can get?
Ans. Maximum cashback eligible as part of this offer is Rs 1,000/-.
Q15. Will Platinum cardholders still get 5X RP on International transactions?
Ans. Platinum cardholder will continue to earn 5X RP on valid international transactions. Forex Fee offer will be valid over & above the bonus RP product feature.
Q16. Till when can I revert on offer query or cashback credit concerns if any?
Ans. Any query regarding the program will be entertained till 30th April 2017. SBICPSL will not entertain any correspondence or communication regarding this offer post this date
Q17. When will I get the cashback for the offer?
Ans. Cashback for offer will be credited by 15th March 2017.
Q18. Offer explanation:
Ans. Illustration 1, for Forex Fee Waiver
• Spends: US$100 = 6,700 INR (approx. at conversion of 1 USD = INR 67)
• Foreign Currency markup fee (3.5% of total spends in INR) = INR 234.5 + Applicable taxes
• Cashback on Forex Fee Charge: 2.5% of total eligible Forex Spends in INR
• Cashback to be posted on account (2.5% on spends in INR) = INR 167.5
Illustration 2, for Foreign Currency mark up waiver(Max Cap of Rs 1000)
• Spends: US$1000 = INR 67,000 (approx)
• Foreign Currency markup fee (3.5% of total spends in INR) = INR 2,345 + Service tax
• Cashback on Forex Fee Charge: 2.5% of total eligible Forex Spends in INR
• Cashback to be posted on account (2.5% on spends in INR) = INR 1000 (INR 1,675 capped to INR1000) Standard Terms
1. The SBI Card Offer (‘Offer’) from SBI Cards & Payment Services Private Ltd. (‘SBICPSL’) is open to select residents of India holding a valid and current SBI Credit Card (‘Card’) i.e., with no outstanding of more than 30 days (‘Cardholder’).
2. Offer Description
a. Get cashback equivalent to 2.50% of eligible transactions in Foreign Currency on foreign currency transactions at retail stores (Point of sale merchant stores )
b. Cashback is subject to the cardholder meeting the spend transaction criteria as specified by SBICPSL in all communication through SMS / Statement & Emailer to your registered account.
3. The Offer is valid on all qualifying transactions made between 01 Dec ‘2016 and 31 January 2017 (both days included) unless otherwise specified (‘Term’).
4. SBI Card is not making any commitment to make such similar offers beyond the Offer Period
5. Not Valid on Online international transactions and Dynamic Currency conversion transactions (DCC) i.e. International transactions made in INR
6. All other regular credit card conditions apply.
7. All other terms and conditions of the Cardholder’s agreement shall continue to apply.
8. Under this Offer, a Cardholder will be eligible for a cash back if the case fulfils the below mentioned criteria.
i. If the customer crosses the specified spend threshold/frequency as mentioned by SBICPSL through SMS, Email and in the post login section for a registered user
ii. This will be on all transactions/purchases made in foreign currency
iii. Offer not valid on online transactions.
iv. Dynamic Currency Conversions (DCC) & INR transactions within India and abroad are not eligible
v. No min transaction amount specified for this offer.
vi. Offer not valid on SBI Card Signature & SBI Card Elite cardholders.
9. SBICPSL reserves the sole right to decide whether a purchase meets the eligibility criteria as listed above
10. Foreign Currency conversion mark-up waiver in the form of cashback is limited to a maximum of INR 1000.
11. Platinum cardholders continue to be eligible for 5x Reward Points as part of the standard product feature on international Spends on these Card types only
12. This offer is over and above any other international offer and does not affect in any way the card holders participation in any other offer / promotion run by SBICPSL
13. Cashback will be processed within 45 days from the offer end date
14. Any query regarding the program will be entertained till 30th April 2017. SBICPSL will not entertain any correspondence or communication regarding this offer post this date
15. Cardholders are not bound in any way to participate in the Offer. Any such participation is voluntary.
16. SBICPSL reserves the right to modify or change any of the terms and conditions applicable to the Offer at any time.
17. Under no circumstances will the offer/discount being offered under this Program be settled with cash in lieu by SBICPSL or by the Merchant.
18. All government levies like Service tax, VAT, Sales Tax, Goods & Service Tax, TDS, any Local Tax, Octroi etc., shall be payable by the Cardholder as applicable.
19. It is the Cardholders responsibility to comply with the local customs and excise laws while making purchase of products at Merchant’s Stores. SBICPSL and Merchant does not take responsibility for violation of the same.
20. Any disputes arising out of the Programme shall be subject to arbitration by a sole arbitrator appointed by SBICPSL for this purpose. The proceedings of the arbitration shall be conducted as per the provisions of Arbitration and Conciliation Act, 1996. The place of arbitration shall be at New Delhi and language of arbitration shall be English. The existence of a dispute, if any, shall not constitute a claim against SBICPSL and/or Merchant. The courts at New Delhi, India shall have exclusive jurisdiction to try and entertain any dispute arising out of this Programme.
21. SBICPSL reserves the right to modify or change any of the terms and conditions applicable to this Programme
or to withdraw or cancel this Programme at any time with/without prior notice to the Cardholders.