Most Important Terms & Conditions
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A. Annual Fees & Renewal Fees
There areannual fees and renewal fees applicable on the Tata Credit Cards (Tata Cards). Annual fee is a one-time charge and renewal fee is charged every year. These fees may vary from Cardholder to Cardholder, and for different card variants. These shall be as communicated to the Cardholder at the time of applying for the credit card. These fees, as applicable, are directly charged to the Cardholder account and the same would be billed in the card statement of the month in which it is charged. There may be separate fees for Additional Cards issued to the Primary Cardholder.
B. Cash Advance Fees
The Cardholder can use the Card to access cash in an emergency from domestic/international ATMs. A transaction fee would be levied on all such withdrawals and would be billed to the Cardholder in the next statement. A transaction fee of 2.5% or Rs. 300 whichever is higher at domestic ATMs and 3% or Rs. 300, whichever is higher at international ATMs will be levied. The transaction fee is subject to change at the discretion of SBI Cards & Payment Services Private Limited (SBICPSL). All cash advances also carry a finance charge equal to charges on revolving credit (please refer schedule of charges) from the date of withdrawal until the date of full payment.
C. Cash Payment fee
The Cardholder can walk into select SBI Bank branches or SBI Associate Bank branches and pay Tata Cards dues by mentioning the Credit Card number & Amount in the pay-in slip and depositing the same at the branch counter. An instant payment acknowledgement receipt will be provided after paying your bill. This service is available at Rs.100 + all applicable taxes.
i. Charges and fees, as may be applicable from time to time, are payable by Cardholders for specific services provided by SBICPSL to the Cardholder or for defaults committed by the Cardholder with reference to his Card account
ii. SBICPSL retains the right to alter any charges or fees from time to time or to introduce any new charges or fees, as it may deem appropriate, with 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 the merchant. However, this is not applicable if the previous month’s balance has not been cleared in full or if the Cardholder has availed of cash from any ATM.
F. Finance Charges (Service Charges)
Finance Charges are payable at the monthly interest rate on all transactions including unpaid EMI installments from the date of transaction in the event of the Cardholder choosing not to pay his balance in full, and on all cash advances taken by the Cardholder, till they are paid back. If the Cardholder makes partial or no payment of Total amount due(TAD) before Payment due date (PDD); i.e. the Customer has outstanding balance from previous months and in the current month, full payment of Total amount due is made before Payment due date then Finance charges will be levied on the closing balance till the payment date. The current rate of finance charges is upto 3.35% per month [40.2% per annum] from the transaction date and is subject to change at the discretion of SBI Card & Payment Services Private Limited(SBICPSL). Finance charges, if payable, are subject to levy of applicable taxes and are debited to the Cardholder’s account till the outstanding on the card is paid in full.
a. Finance charges on cash advances are applicable from the date of transaction until the payment is made in full.
Example 1 - Card Statement date - 15th of every month.
Transaction done between 16th June’16 – 15th July’16
1. Retail Purchase of Rs. 5000 – On 20th June’16
2. Cash Withdrawal of Rs. 7000 – On 10th July’16
Assuming No Previous Balance carried forward from the 15th June 2016 statement, the cardholder will get his 15th July statement showing Rs. 12,000 of transactions along with 5 days of finance charges at the rate applicable on the Rs.7,000 cash withdrawal. The cardholder needs to make payment against the outstanding by 5th August 2016, i.e. 20 days from the Statement Date, for anything between the entire amount or Minumum Amount Due. Please note that any payment made against your Credit card outstanding, would first be cleared against your Minimum Amount Due (which is inclusive of all applicable taxes, EMI on Loan plans+5% of Total outstanding), fees and other charges (if any) followed by Balance Transfer balance (if any), retail balance (if any) and would be adjusted against your Cash Balance (if any) last. Finance charges will be levied from the previous statement date unless in the case of non-interest levied outstanding retail balance, where the finance charge is levied from the date of the transaction.
In case the statement outstanding has no cash balance and has not been carried forward from a previous statement and the retail balance outstanding on the statement date is paid in full by the payment due date, No Finance Charges are levied on such balances.
Example 2 – Card Statement date – 2nd of every month.
Transaction done between 3rd Jan’16 – 2nd Feb’16
1. Retail Purchase of Rs. 10000 – On 5th Jan’16
2. Online Purchase of Rs. 30000 – On 15th Jan’16
Assuming no previous balance carried forward from the 2nd Jan 2016 statement, the cardholder will get his 2nd Feb statement showing Rs. 40,000 transactions. The cardholder needs to make payment against the outstanding by 22nd Feb 2016, i.e. 20 days from the Statement Date, for anything between the entire amount or the Minimum Amount Due. In case the statement outstanding has no cash balance and has not been carried forward from a previous statement and the retail balance outstanding on the statement date is paid in full by the payment due date, No Finance Charges are levied on such balances.
Making only the minimum payment every month would result in the repayment stretching over the years with consequent interest payment on your outstanding balance.
For e.g. on a transaction of Rs. 5,000 if Minimum Amount Due is paid every month (subject to a minimum amount of Rs. 200 every month), it will take up to 44 months for entire outstanding amount to be paid in full.
Example 3 – Card Statement date – 2nd of every month
Transaction done between 3rd March ’16 – 2nd April ’16
(1) Annual Fee of Rs. 500 – On 5th March ’16
(2) Applicable taxes of Rs. 72.50 – On 5th March ’16
(3) Online Purchase of Rs. 6000 – On 15th March ’16
Assuming no previous balance carried forward from the 2nd March 2016 statement, the cardholder will get his 2nd April statement showing Rs. 6,572.50 transactions, Total amound due rounded off to Rs. 6573. The cardholder needs to make payment against the outstanding by 22nd April 2016, i.e. 20 days from the Statement Date, for anything between the entire amount or Minimum Amount Due.
Assuming the cardholder makes the payment of Minimum Amount Due of Rs. 398, (5% of Total outstanding) + applicable taxes on 22nd April 2016, rounded off to nearest decimal point, finance charges would be levied at the effective rate and added to the total outstanding. Considering the effective rate of 3.35% p.m., finance charge calculation will be done as follows:
On the balance of Rs. 500 (5th March to 22nd April) for 49 days: (3.35*12)*(49/365)*5000/100= Rs. 26.98
On the applicable taxes of Rs. 72.5 (5th March to 22nd April) for 49 days: (3.35*12)*(49/365)*72.50/100= Rs. 3.91
On the balance of Rs. 6000 (15th March to 22nd April) for 39 days: (3.35*12)*(39/365)*6000/100= Rs. 257.72
On the balance of Rs. 6,175 (22nd April to 2nd May) for 10 days: (3.35*12)*(10/365)*6175/100= Rs. 68
Total Interest charged = Rs. 356.61
Sum of Outstanding purchase amount, Interest charges, Fees and Charges, if any, and applicable taxes would reflect as the Total amount due in the statement dated 2nd May assuming the card holder does not make any transactions between 3rd April ’16 – 2nd May ’16.
If the cardholder keeps making the Minimum Amount Due (5%) payment every month and also keep paying the interest amount he would clear the outstanding in 20 months (100%/ 5% – 20).
If the Cardholder makes partial or no payment of Total amount due(TAD) before Payment due date (PDD); i.e. the Customer has outstanding balance from previous months and in the current month, full payment of Total amount due is made before Payment due date then Finance charges will be levied on the closing balance till the payment date.
Card Statement date – 2nd of every month.
Transactions done between 3rd Dec’15 – 2nd Jan’16
1) Retail Purchase of Rs. 500 – On 15th Dec’15
2) Online Purchase of Rs. 600 – On 20th Dec’15
Assuming no previous balance carried forward from the 2nd December 2015 statement, the cardholder will get his 2nd Jan statement showing Rs. 1100 transactions, Total amound due of Rs. 1100. The cardholder needs to make payment against the outstanding by 22nd Jan 2016, i.e. 20 days from the Statement Date, for anything between the entire amount or Minimum Amount Due.
Assuming the cardholder makes partial payment of of Rs. 500, on 22nd Jan 2016, finance charges would be levied at the effective rate and added to the total outstanding. Considering the effective rate of 3.35% p.m., finance charge calculation will be done as follows
On the balance of Rs. 500 (15th Dec to 22nd Jan) for 39 days: (3.35*12) * (39/365) *500/100 = Rs. 21.48
On the balance of Rs. 600 (20th Dec to 22nd Jan) for 34 days: (3.35*12) * (34/365) *600/100 = Rs. 22.47
On the balance of Rs 600 (22nd Jan to 2nd Feb) for 10 days (3.35*12) * (10/365) *600/100 = Rs. 6.61
Total Interest Charged = Rs. 50.56
Transactions done between 3rd Feb’16 – 2nd Mar’16
1) Beginning balance of Rs. 650.56 – On 3rd Feb’16
2) Retail Purchase of Rs. 1000 – On 5th Feb’16
3) Online Purchase of Rs. 3000 – On 15th Feb’16
Assuming previous balance of Rs. 650.46 carried forward from the 2nd Feb 2016 statement, the cardholder needs to make payment against the outstanding by 22nd Feb 2016, i.e. 20 days from the Statement Date, for anything between the entire amount or Minimum Amount Due.
Assuming Cardholder makes complete payment by 15th Feb i.e. within Payment due date. Considering the effective rate of 3.35% p.m., finance charge calculation will be done as follows:
On the Balance of Rs. 650.56 (3rd Feb – 15th Feb) for 12 days:
(3.35*12) *(12/365) * 650.56/100 = Rs. 8.60
Total Interest Charged = Rs. 8.60
Sum of Outstanding purchase amount, Interest charges, Fees and Charges, if any, and all applicable taxes would reflect as the Total amount due in the statement dated 2nd March.
G. Late Payment charges will be applicable if Minimum Amount Due is not paid by the payment due date.
Example 1 -
Card Statement date – 2nd of every month.
Transaction done between 3rd Jan’16 – 2nd Feb’16
(1) Retail Purchase of Rs. 5000 – On 5th Jan’16
(2) Online Purchase of Rs. 5000 – On 15th Jan’16
Assuming no previous balance carried forward from the 2nd Jan 2016 statement, the cardholder will get his 2nd Feb statement showing Rs. 10,000 transactions. The cardholder needs to make payment against the outstanding by 22nd Feb 2016, i.e. 20 days from the Statement Date, for anything between the entire amount or Minimum Amount Due.
If the cardholder does not make the payment of the Minimum Amount Due or more by 22nd Feb 2016, he would be charged a Late Payment Charge of Rs. 500 (Rs. 500 for greater than Rs.1000 & up to Rs. 10,000).
Example 2 -
Card Statement date – 2nd of every month.
Transaction done between 3rd Feb’16 – 2nd Mar’16
1. Retail Purchase of Rs. 2000 – On 8th Feb’16
2. Online Purchase of Rs. 2500 – On 19th Feb’16
Assuming no previous balance carried forward from the 2nd Feb 2016 statement, the cardholder will get his 2nd March statement showing Rs. 4500 transactions. The cardholder needs to make payment against the outstanding by 22nd March 2016, i.e. 20 days from the Statement Date, for anything between the entire amount or the Minimum Amount Due.
If the cardholder does not make any payment by 22nd March 2016, he would be charged a Late Payment Charge of Rs. 500 (Rs. 500 for greater than Rs.1000 & up to Rs. 10,000)
H. Overlimit fees - As a service gesture Tata Cards may approve certain transactions attempted by the cardholder which are over and above the credit limit, please note that if the outstanding amount exceeds the credit limit, an over-limit fee of 2.5 % of the over-limit amount or Rs. 500, whichever is higher will be levied. Over-limit status may also be applied because of fees and/or interest charges.
I. Payment Dishonor
In case of a Payment Dishonor, cardholder will be charged payment dishonor fee of 2% of Payment Amount subject to minimum charges of Rs. 450
J. Other charges:
• Card Replacement: Rs.100/- – Rs.250/-
• Chargeslip Retrieval Fee: Rs. 225/-
• Cheque Fee: Rs 100(Payments made via cheque upto Rs. 2000)
• Cheque Pick Up Fee: Rs. 90/-
• Statement Retrieval Fee: Rs. 100/- per statement for statements more than 2 months old
• Foreign Currency Transaction fee: 3.5% (For All Cards)
The exchange rate used to convert Foreign Currency transaction into INR will be determined by VISA/MasterCard, as the case may be, basis the exchange rates governed by them on the date the transaction is settled with Tata Cards, which may not be the same date on which the transaction was made. The Foreign currency transaction fee will be applied on the INR converted amount shared by VISA/MasterCard.
• Dynamic Currency Conversion Markup Fee: 3.50% (For All Cards Except Elite) 1.99%(For Elite Cardholders Only) (Only for transactions greater than or equal to Rs. 1000)
All transaction carried out in Indian Currency at an international location or at merchants which are located in India but registered overseas.
Credit Limit and Cash Limit are assigned to Cardholders based on internal SBICPSL credit criteria (Add-On cardholders share the same limits as that of the Primary Account Holder). These limits are communicated to the cardholder at the time of card delivery. The Credit Limit and Cash Limits are communicated to the Cardholder in every statement. The Available Credit Limit (i.e. the Credit Limit available for use) at the time of the statement generation is provided as a part of the statement. SBICPSL will review the Cardholder account periodically, and increase or decrease the Cardholder credit limit based on internal criteria. Cardholders seeking to have their credit limit increased can do so by writing to SBICPSL and providing financial documents declaring their income. SBICPSL, at it’s sole discretion and based on such new documents provided, may increase the Credit Limit of the Cardholder.
a) SBICPSL will send the Cardholder a monthly statement showing the payments credited and the transactions debited to the Cardholder’s Account since the last statement, provided the card has been active during the said period. SBICPSL will either mail a statement of transactions in the card account to the mailing address it has on record, or send a statement through email to the email id on record, on a pre-determined date.
b) Credit Cards offer the Cardholder a revolving credit facility. The Cardholder may choose to pay only the Minimum Amount Due printed on the statement and such payment should be sent before the Payment Due Date, which is also printed on your statement. The balance outstanding can be carried forward to subsequent statements. The Cardholder can also choose to pay the Total Amount Due or any part of the amount above the Minimum Amount Due. Any unpaid Minimum Amount Due of the previous statements will be added to the Cardholders Current Minimum Amount due in addition to the outstanding exceeding the Cardholders Credit Limit.
Minimum Amount due shall be 5% of outstanding amount or Rs. 200 (whichever is greater) plus all applicable taxes and EMI (only in case of EMI based products). Overlimit (OVL) amount shall also be included in the MAD in case cash or credit limit is exceeded. Any unpaid MAD of the previous statements, if any, shall also be included in the Minimum Amount Due.
c) Payments made towards the card outstanding are acknowledged in subsequent statements.
Any dispute regarding input tax credit or any other matter pertaining to taxes shall be communicated to Credit Card Issuer within 30 days from the date of issuance of the Statement
d) Payments received against the Cardholder’s card outstanding will be adjusted against all Minimum Amount Due (which is inclusive of all applicable taxes + EMI on Loan plans + 5% of Total Outstanding), Fees & Other Charges, Interest charges, Balance Transfer Outstanding, Purchase Outstanding and Cash Advance in that order.
Card Holder would be responsible for providing correct and timely information forenabling Credit Card Issuer to undertake appropriate GST compliances which would in turn enable card holder to take input tax credit of supplies made by the Credit Card Issuer. Card issuer shall not be responsible for any loss of input tax credit or delay in availment of input tax credit to the card holder on account of incorrect information provided by card holder or due to any act or omission by card holder.
e) Payments towards the Card account may be made in any of the following ways:
By logging onto sbicard.com and using Payment option to make payment through netbanking or your SBI ATM cum debit card.
By mailing a Cheque or draft to the mailing address provided on the reverse of the monthly statement.
By dropping a Cheque or draft into any of the SBI Card drop boxes placed in your city or in designated State Bank of India branches.
The Cheque/draft should be made payable to “Tata Card Number xxxx xxxx xxxx xxxx".
ECS: Payments can be made through the Electronic Clearing System (ECS) in select cities.
f) Tata Cards Offers various mode of making payments of bill outstanding, the same is illustrated at the back of the monthly statement and Tata Cards website
Any advance received from card holder shall treated as being an advance towards future spends and not against any charges/fees.
g) Billing Disputes: All contents of statements will be deemed to be correct and accepted by the Cardholder unless within 30 days of the Statement Date the Cardholder informs SBICPSL of any discrepancies, and these discrepancies are found to be true by SBICPSL. On receipt of such information, SBICPSL may reverse the charge on temporary basis. If on completion of subsequent investigations, the liability of such charges is to the Cardholder’s account, the charge will be reinstated in a subsequent statement, along with Charge slip Retrieval charges of Rs. 225 per charge slip.
h) Customer Grievance Redressal: All grievance escalations should be marked to the Tata Head, at PO Bag 7 - GPO, New Delhi - 110001 or e-mail at firstname.lastname@example.org
i) Contact Particulars: The Cardholder can contact SBICPSL for making any enquiries or for any grievance redressal through any of the following ways
24X7-Hour TATA Card Helpline:
From BSNL/MTNL Lines - 1800 180 8282
From All Phones 39 02 34 56 (please affix STD code)
Correspondence: Through mail, by writing to The Manager - Customer Services, SBI Cards & Payment Services Pvt. Ltd., DLF Infinity Towers, Tower C, 12th Floor, Block 2, Building 3, DLF Cyber City Gurugram-122002 (Haryana) India tatacard.com
Through email by writing in at email@example.com
In the event of default, the Cardholder will be sent reminders from time to time for settlement of any outstanding on the card account, by post, fax, telephone, e-mail, SMS and/or engage third parties to remind, follow up and collect dues. Any third party so appointed, shall adhere fully to the code of conduct on debt collection.
Before reporting default status of a credit card holder to a Credit Information Company which has obtained Certificate of Registration from RBI and of which the SBICPSL is a member, we will provide a months’ notice to the card holder.
It may further be noted, that if a card holder, post being reported as defaulter, clears his/her dues, then SBICPSL would withdraw the defaulter status from the Credit Information Company. Such changes may take 45-60 days to reflect in customer’s credit report.
Terms and Conditions Governing Credit Card facilities shall be applicable to the Supplementary /Add on Cardholder as well.
SBICPSL submits the Cardholder’s data to a Credit Information Company every month in the prescribed format. Credit Information Company uploads the submitted data onto their server within 30 days’ time.
The total Outstanding on the Card account, together with the amount of any Charges effected but not yet charged to the Card Account, will become immediately due and payable in full to SBICPSL on bankruptcy or death of the Primary Cardholder, and the Card Account shall immediately stand cancelled. The Primary Cardholder's estate will be responsible for settling any Outstanding on the Card Account and should keep SBICPSL indemnified against all costs, including legal fees and expenses incurred in recovering such Outstanding. Pending such repayments, SBICPSL will be entitled to continue to levy finance charges at its prevailing rates.
a) The Cardholder may end the Agreement at any time by writing to SBICPSL or calling in to the Tata Cards Helpline, and by cutting the card(s) diagonally. All the cards including the add-on cards will be terminated basis the written request. Termination will be effective after payment of all amounts outstanding on the card account. No annual, joining or renewal fees shall be refunded on a pro-rata basis.
b) SBICPSL may also restrict, terminate or suspend the use of The Cardholder Account at any time without prior notice if SBICPSL reasonably believe it necessary for business or security reasons and/ Or at the request of any law enforcement agency, and/or any government authority and/or under the laws & regulations which apply to SBICPSL & its customer.
SBICPSL can suspend the facility on the Credit Card, if the Cardholder defaults on the payment due or exceeds the credit limit extended. The Card must not be used after the Agreement ends or while use of Card Account is suspended.
c) In such a situation, the Cardholder must (subject to any default or other notice required by law) immediately pay SBICPSL the total outstanding Balance on the Account. This includes all amounts due to SBICPSL under the Agreement, including all transactions and other amounts not yet charged to the Account. The Cardholder Account will not be considered as closed until the Cardholder has paid all such due amounts.
a) The Cardholder should contact SBICPSL as soon as possible at the Tata Cards Helpline if the Primary or any Additional credit card is misplaced, lost, stolen, mutilated, not received when due or if he/she suspects that the credit card is being used without the Cardholder’s permission. Once a card is reported lost, it should not, under any circumstance be used if found by the Cardholder subsequently, and the Cardholder should cut the card diagonally in half.
b) SBICPSL is not liable or responsible for any transactions incurred on the card account prior to the time of reporting of the loss of the card to SBICPSL and the Cardholder will be wholly liable for the same. In addition to notifying SBICPSL about the loss or theft of the Card, the Cardholder must report any theft of the Credit Card(s) to the Police and lodge an FIR. The Cardholder will, however, be liable for all losses when someone obtains and misuses the Card or PIN with the Cardholder’s consent, or the consent of an Additional Cardholder.
c) As per Reserve Bank of India (RBI) mandate, dated 06 Jul’17 on Customer Protection - Limiting Liability of Customers in Unauthorised Electronic Banking Transactions, a policy is designed to ensure customer protection relating to unauthorized credit card transactions. The same is updated on SBI Card’s website under “Customer Grievance Redressal Policy”. The policy is based on the principles of transparency and fairness in treatment of customers
d) If the Cardholder has acted fraudulently the Cardholder will be liable for all losses. If the Cardholder acts without reasonable care, the Cardholder may be liable for all losses incurred. This may apply if the Cardholder fails to follow the safeguards as specified by SBICPSL.
e) SBICPSL may, without referring to the Cardholder or any Additional Cardholder, give the police or other relevant authorities any information that SBICPSL considers relevant about the loss, theft or misuse of a Card or PIN.
f) Changes in contact details including mobile number, of your credit card account would be intimated to your new as well as preceding contact details in the system. It is advised to keep your current contact details including mobile number updated in our records.
g) “Tata Cards offers complimentary lost/stolen card insurance cover on certain cards. The said insurance is provided by TATA AIG General Insurance Company Limited or any other insurance Company as may be decided by Tata Cards from time to time. TATA AIG General Insurance Company Limited is responsible for any claim settlement in this regard and Tata Cards shall not be responsible for any dispute arising due to claim settlement. For further details on Insurance terms & conditions, Cardholders are advised to go through the brochure in the welcome kit or refer the www.tatacard.com.”
The Credit Information Company is an initiative of the Government of India and the Reserve Bank of India (RBI) to improve the functionality and stability of the Indian financial system. This is in line with RBI’s efforts to provide an effective mechanism for exchange of information between banks and financial institutions, thereby enabling cardholders to avail of better credit terms from various institutions.
The Cardholder acknowledges that SBICPSL is authorized to share cardholder information to a Credit Information Company (that has obtained Certificate of Registration from RBI).
SBICPSL shall provide information relating to repayment record of the cardholder to a Credit Information Company within a period of 45 – 60 days.
In the event of a dispute, SBICPSL will make suitable amends to the reporting procedure before reporting the card holder as defaulter. However it may also be noted that such disclosure/release of information would be contingent on time available to investigate and settle such disputes raised.
The Cardholder further acknowledges that SBICPSL is authorized to share Cardholder information, including default in payments with Financial Institution, employer and to other third parties engaged by SBICPSL for proper operation of card accounts, verification and other administrative services.
SBICPSL may also share Cardholder information with any parent, subsidiary, affiliate or associate of SBICPSL, for the purposes of marketing and offering various products and services of SBICPSL or its group companies, subsidiaries, affiliates and/or associates. Tata Cards Most Important Terms and Conditions are also available at www.tatacard.com
Important Regulatory information
All payments made for a cardholder account will be settled in the order of Minimum Amount Due (which is inclusive of all applicable taxes + EMI on EMI based products + 5% of Total Outstanding), Fees & Other Charges, Interest charges, Balance Transfer Outstanding, Purchase Outstanding and Cash Advance.
Your continued usage of the card will be deemed as acceptance of these amendments.
Tata Cards Helpline
39 02 34 56 (prefix local STD code), 1800 180 8282
All information in this communication is correct as per July 2017 and is subject to change at the discretion of SBICPSL. Tata Cards Most Important Terms and Conditions are also available at www.tatacard.com