Sohar International Corporate Credit Card is a first-of-its-kind facility to be introduced in Oman and across the GCC. It is a complete finance solution for businesses, supported by Visa’s unparalleled Visa Spend Clarity Management System.
Unlike a personal credit card
Unlike a personal credit card which is typically used for personal expenses only, a Corporate Credit Card serves as an extension of a corporate finance facility provided to a company by its Bank. Depending upon the approved credit card limit allocated to it, the company may apply for credit cards to be issued to its designated employees. Usage however is strictly limited to corporate related expenses only.
Corporate Credit Card outperforms
Sohar International Corporate Credit Card outperforms all other corporate credit cards in that it is a universal payment solution to help businesses make and manage a range of corporate expenditure. A flexible, efficient and innovative reporting system ensures that customers receive comprehensive card statements. Moreover, a sophisticated Spend Management web-based solution allows cardholders to access all the necessary information and tools to make better and more efficient business related decisions.
Visa’s global network
Based on Visa’s global network, the Corporate Credit Card is accepted at more than 26 million locations including over one million ATMs worldwide. It covers purchases made over the counter, through ATMs, and online, if required.
Annual Fee Waiver
Minimum spend of RO 7,000 per year per card.
24/7 Global Emergency Assistance
Freeze your credit card by calling our emergency service from anywhere in the world at any time of day.
Equipped with Visa 3D Secure
Visa 3D Secure guards you against unauthorised use of your card when making online transactions with additional password authentication for online transactions.
Business card liability waiver insurance
Provides protection against employees unauthorized use of their Corporate Card
A Corporate Credit Card is an extremely convenient and complete solution for businesses. It provides users with absolute control on their corporate spend and helps minimize the paperwork associated with everyday operational expenses. Additionally, it helps maximize the organization's operational efficiency and reduces costs.
The Bank allocates an overall credit limit at the corporate level, and sub-limits for designated employee credit cards. The Bank provides two sets of statements at the end of each month – one showing spend transactions by all cards issued to the company, and the other showing spend transactions by individual cardholders. Besides, other issuers do not offer online monitoring of credit limits and transactions.
The card's advanced Spend Management web-based solution allows cardholders to access all the necessary information and tools to make better and more efficient business related decisions.
The corporate liability waiver program protects customers against losses that might be incurred through card misuse by employees.
The Corporate Credit Card comes with comprehensive insurance cover, which includes free travel accident insurance and emergency medical assistance of up to US$2 million.
The corporate credit card can be customized to meet the user's specific needs. Thus, the credit card can be programmed for cash withdrawals, online transactions, over the counter purchases, and so on, depending upon the customer's requirements.
The process starts with a detailed product presentation to the corporate customer's designated Finance and Accounting personnel. Thereafter, in consultation with the applicant, the overall corporate credit limit is set. This limit will be part of the overall working capital facility made available by Sohar International to the customer. Once the paperwork is in place, Sohar International begins the process of setting up and customizing an account in the customer's name. A brief training session for the corporate user then follows before the credit card is fully activated.
Any company applying for corporate credit card must open an account in its name with Sohar International.
This chip-based card comes with powerful safety features that offer complete protection against potential misuse. Users exercise full control over their transactions (whether related to over-the-counter purchases, cash withdrawals, and online transactions).
Fee and Commission | |
---|---|
Annual Membership Charges per Card | First Year Free RO 20/- from 2nd year onwards |
Annual Fee Waiver | Minimum Spend of RO 7,000/- per year per card |
Replacement Fee | RO 20/- |
PIN Issuance Fee | RO 5/- |
Card Cancellation Fee | RO 20/- |
Interest Rate | 12% first year. 18% for clients with other credit facilities. 20% for clients having corporate credit cards only. |
Late Payment Fee | RO 10 + 3% past due |
Over Limit Fee | RO 20/- |
Cash Advance Fee | RO 3 + 3% of amount |
Cash Advance Fee Limit | 50% of Limit |
Foreign Currency Transactions Processing Fee | 3% of transaction amount |
Request for Statement | RO 20/- |
Dispute Request Charges | RO 25/- |
“Agreement” means these Terms and Conditions and any amendments thereto.
“Bank” means Sohar International Bank SAOG and its successors and assigns.
“Card” means the credit card issued to a Cardholder by the Bank.
“Card Account” means the account maintained by the Bank for debiting all Card Transactions entered into by the Cardholder together with interest, fees, and other Card Charges.
“Cardholder” means the Principal Cardholder and the Supplementary Cardholder(s).
“Card Charges” means any fees and commission payable by a Cardholder to the Bank in respect of a Card as set out in the Schedule of Fees and Commission and notified by the Bank to the Cardholder from time to time, including, without limitations, the amount incurred by the Cardholder on each Card Transaction, interest, service charges, late payment fees, Overlimit Fees, Cash advance Charges subscription, renewal fees and replacement fees.
The Card shall, at all times, remain the property of the Bank. At the request of the Bank the Cardholder shall immediately return to the Bank or to any other person authorized by the Bank all or any Cards issued for use by a Cardholder.
The Insurance Policy is underwritten by Oman Insurance Company (P.S.C.), and the insurance coverage that the insurance Policy provides is at all times subject to the policy/terms and conditions of the insurance contract issued by the insurer. Bank Sohar S.A.O.G. shall not be responsible for insurer’s actions or decisions nor shall Bank Sohar S.A.O.G. be liable regarding payment of claims or services under the Policy.
If, for any reason, the Cardholder fails to comply with these Terms and Conditions, the Bank is compelled to commence legal proceedings against the Cardholder. The Cardholder shall be responsible for the discharge of all legal cost, charges, fees and expenses incurred by the Bank in such legal proceedings.
The Cardholder authorizes the Bank to disclose information concerning the Cardholder or the Card Account to such persons as the Bank deems appropriate, necessary or desirable in connection with the services to be provided by the Bank and/or the enforcement of any of the Bank’s rights and/or the performance of any obligations of the Bank in respect of the Card Account or as may otherwise be required in accordance with the applicable laws.