Visa Platinum Credit

What is a credit card? 

A credit card works in the same way as cash but is a safer alternative. You can use the card in lieu of cash; the bank pays the merchant and at the mid of each month the bank sends you a statement of all your purchases made during that period and the minimum amount you have to pay.

Who can apply for a Platinum Card? 

If you earn a net monthly of Rs 150,000 or more, you will be eligible to apply.

Can I apply for additional/supplementary credit cards? 

Supplementary cards can be issued to close family members, that is spouse and children. The expenditure limit will be shared between primary and supplementary cardholder(s). However, the statement will list down the individual card expenditure.

How secure is a credit card? 

SBM Credit Cards are chip-enabled which makes the card totally secure. Even if you lose your card all you need to do is to call us immediately on our cards hotline (230) 202 1256, available on a 24/7 basis, or (230) 207 0111 between 08hr00 to 18hr00 on weekdays and we will cancel your card.

Do I need to open / hold an account with SBM to have a credit card? 

No need to have an account with us if you are applying for a Gold or Platinum card.

Will the credit card cost me anything? 

You have to pay an annual fee. Any other charges are up to you. If you repay within the interest free period and if you don’t withdraw cash there will be no extra fees or charges. All fees and charges are detailed in our tariff guide. Ask for your copy at any SBM Branch or contact your Private/ Personal Banker.

Will the merchant charge me an additional fee for paying with my card? 

No, the cost of an item is the same whether you pay by card or cash.

What is meant by the billing period and when is the payment due date? 

Presently, the billing period for all your transactions starts from 15th of the month until 14th of next month. The payment due date falls on the 30th/31st of the month after the last billing date. You have 15 grace days to repay your bill.  All payments must be effected by the payment due date indicated on your bill. Overdue accounts are subject to late payment fees and finance charges.

What happens when I choose to pay less than the total amount charged? 

As a credit cardholder, you have the flexibility to pay less than the total amount due on or before your due date. You must however, pay at least 5% of your statement closing balance. If you pay less than 100% of the amount spent you will need to pay finance charges (interest). The finance charge will be levied on your opening balance and on all new transactions posted to your credit card account within the statement period, accrued from date of transaction until the end of the statement period.

What is a finance charge and how is it calculated? 

A finance charge is the interest charged to your card account when you do not pay the total amount due. As such you will be charged interest (finance charge) if you only pay the minimum amount due or any amount between the total amount due and the minimum amount due, on or before the Payment Due Date. A finance charge is also levied on cash advance transactions from the date the cash advance is effected until it is fully paid irrespective of having chosen 100% repayment option.

What if I am not able to pay the minimum amount due by payment due date? 

If you are unable to pay the minimum amount due by the payment due date, the current tariffs and charges will be applied, please refer to our tariff guide 

https://www.sbmgroup.mu/downloads/fees/BOM_Template.pdf 

Can I use my credit card for online purchases? 

Yes you can. However, you first need to register your credit card for SBM eSecure at any SBM branch or contact your Personal / Private Banker.

What if I pay in full the total amount due? 

If you pay in full the total amount due on or before the payment due date, then no finance charges will be applied on your credit card account. This, however, does not apply if you performed cash advance, where interest accrues as from day one of the transaction. Quasi cash transactions are considered as cash advance and will attract interest and cash advance fees. All forms of Betting are quasi cash transactions.

What to do if I lose my card? 

You should immediately report the loss or theft of your credit card by calling our cards hotline on (230) 202 1256, available on a 24/7 basis, or call centre on (230) 207 0111 between 08hr00 to 18hr00 on weekdays.

FAQ – SBM Visa Platinum Card Insurance Cover 

The set of 'Questions & Answers' below do not cover all the aspects of the Insurance Policy. Hence you need to carefully read the Policy document for a more detailed picture of the Agreement.

Is there any geographical restriction on the policy coverage? 

No. The services & benefits are provided on a worldwide basis.

When is a customer eligible for cover under the policy? 

When a platinum card is issued to a customer, he/she is automatically enrolled. Customer does not have to pay any premium to get covered.

Does a cardholder has to pay for services provided by International SOS? 

For certain cases where SOS arranges for assistance services with third parties, the cost of such services are borne by cardholder.

What age limit does the policy cover up to? 

The policy covers up to the age of 76 years old. 

Who are covered under the policy? 

The cardholder and his/her immediate family who are traveling on a journey from his/her principal country of residence with pre assigned ticketing.

When and how long is the cardholder covered in a journey? 

• Only the first 90 days are covered in a journey 
• The trip needs to be outside the cardholder’s principal country 
• At least 50% of the total value of the tickets for travel should be paid by cardholder’s platinum card 
• The journey starts from cardholder departure from home (his / her place of residence) and ends upon return to his / her home. 

If an accident occurs to a cardholder while driving to the airport in his/her country of residence, is the cardholder /family covered? 

Yes.

What are the different means of travel/common carrier under the policy? 

Any public transport by Road, Rail, Sea or Air

Who are covered during a journey? 

The family, which comprises of the Cardholder, spouse and dependent children.
Spouse means the legal wife/husband, common law partner living at same address for at least a year prior to the journey.

What’s the meaning of dependent children and how are they covered? Children, step children, legally adopted children who are: 

• Unmarried 
• Living with cardholder (unless living elsewhere whilst in full time education) 
• Traveling with cardholder 
• Under 19 years of age (or under 24years if in full time education) 

I have paid for my wife travel trip with my platinum card but I am not traveling with her. Is she eligible for cover? 

No. The family needs to travel together.

I have availed my wife with a supplementary platinum card. She pays her journey with her card. Is she covered? 

Yes. She can travel alone as well.

Will a supplementary card holder have the same privilege as a principal cardholder when he/she pays with the supplementary card for a trip? 

Yes

What is the role of International SOS? 

It will provide various medical/travel assistance services. Those services provided directly by SOS are covered under this policy. It also provides referral services. This would imply use of third parties such as lawyers or physicians. The costs will be at the expense of the cardholders.

Will International SOS take action if a cardholder reports to them of a card loss? 

Yes. SOS will provide cardholder support by contacting the customer service of the bank as soon as practicable.

In what circumstances will a cardholder/family covered whilst in a journey? 

During an accident the cardholder/family sustains bodily injury or illness, the cardholder/family will be indemnified for all medical expenses incurred as a result up to a limit as detailed in the insurance policy section 14

When will the Personal Travel accident Cover start? 

During the journey which starts from cardholder departing from his/her place of residence until he/she is back to his/her place of residence.

What is the written notice period to be given to underwriters in case of an accident or any other events which may give rise to a claim? 

Within 30 days of the occurrence or as soon as reasonably practical.

Is there a time frame to submit to underwriters of expenditures incurred following an accident? 

Yes. A claim form needs to be submitted within 90 days of expenditure being incurred.

Would a cardholder be covered on any sporting events whilst abroad? 

Cover is included provided they are not taking part in a race, rally, a 'charity' or a 'sponsored event', and taking necessary safety precautions e.g. wearing a cycle helmet etc, and following the correct procedures.

What is meant by Personal Liability? 

If a cardholder driving a car whilst in a journey is involved in an accident, he/she becomes legally liable to pay damages/costs in respect of accidental death or bodily injury or damage to property.

Are Cardholders family covered under Personal Liability. 

If a member of the family is involved in an accident while driving, he/she is NOT covered under Personal Liability.

When will a cardholder eligibility for the Benefits and Services under the insurance policy stop? 

• When he/she no longer holds the platinum card. The card has been cancelled and card account has been closed. 
• When the bank terminates the Agreement with the Insurance company. 

A cardholder is planning for a trip abroad. He pays with his Platinum card for the whole journey. He then returns the card to the bank for cancellation before he flies. Is he covered during the journey? 

No. Cardholder needs to be in possession of his card and operates a normal card account at all times during the journey.

What are the payment procedures in case of hospitalization? 

If International SOS has been contacted prior to hospitalization, they will guarantee or pay any required hospital admittance deposit on behalf of a cardholder provided cardholder is covered under the policy.

Would I be covered for taxi costs in the event of a medical emergency? 

These costs are generally not covered under Medical Expense claims unless they have already been approved by the Medical Team at International SOS.

Are cardholders covered for Loss of Baggage & Money during a journey? 

Yes, they are covered up to the limits shown in section 14 of the Policy. 

However cardholders would need to satisfy the conditions laid down in the policy. They will be subject to the relative exclusions. 

All loss need to be reported to either police, airline, shipping line within 24 hours of discovery 

Is Jewellery covered? 

Jewellery is covered for loss or theft under the policy up to the limit of $300 USD per event and is included in the total amount for valuables.  Valuables can also be other items including antiques, paintings, electrical items such as MP3 Players, Mobile Phones, and Laptops.

Would some items be classed as secure if stored in a locker? 

Personal Effects stored in a storage locker while on a trip would be covered for theft/damage/loss, provided necessary precautions had been taken to protect belongings e.g. the locker was actually secure and not accidentally left open by the user etc.

What is the time frame for claims in respect of loss? 

Within 90 days after the date of loss.

Strike Action: Am I covered if I cannot travel due to a strike? 

The Policy does cover for cancellation of flights due to strike/ industrial action.  Flights are deemed as public transport.  This is, provided that they have booked the tickets prior to any announcements about the strike. If their flight is only delayed due to the strikes they would be covered for travel delay benefit as per usual conditions so long as they have checked in for the flight. (Please see Section 12 & 13 of the policy)

Are cardholders covered under Baggage Delay and Travel Delay? 

Yes. Written confirmation of the delay from airline or shipping line needs to be submitted. Payment will be effected as per section 14 of the policy and as per conditions laid down in sections 13 of the Policy.

Do cardholders receive any allowance if their transport is subject to Hi-jack during a covered trip? 

Yes. Up to the limits shown in section 14 of the Policy i.e. USD100 per day for a maximum of 21days.

What are the contact details   cardholders need to know regarding Emergency Medical or Travel assistance when they travel abroad? 

Emergency Medical & Travel Assistance services are available 24 hours a day from International SOS. They need to call on +44 208 762 8146 (U.K)

Before making a claim what does a cardholder need to do? 

He/She must read the Policy and the relevant sections, terms, conditions and exclusions to ensure that he/she is covered. Documentary evidence such as original invoices, receipts, official reports, tickets, agreements, credit card slips or other evidence to support the claim would be required to be submitted.

How is a cardholder required to make a claim? 

Cardholder or his representative should contact International SOS on +44 208 762 8002 (U.K).A claim form needs to be requested which should be returned to the address given within 28days, along with all supporting documents. Claimants need to keep a copy of their documents for their own reference.

Does the customer need to be aware of the Insurance Policy before/when traveling abroad?

Absolutely. The customer should be informed that: 

• he/she needs to pay at least 50% of the journey abroad with his platinum card 
• he/she and immediate family traveling together will be covered 
• he/she has not to pay for any insurance premium as it’s free for him / her. 
• he/she needs to go through the policy to know more about the various coverage. 
• A copy of the insurance brochure should be handed to customer. He/She can also have the insurance details on the bank’s web site: www.sbmgroup.mu

Benefits, limits of indemnity & excesses and compensations payable