BRAC Bank launches dual currency credit card service
Friday, 17 July 2009
FE Report
BRAC Bank has launched its own brand of dual currency credit card service called 'Universal Credit Card' lately to tap into the growing demand for internationally accepted and flexible payment scheme in the local market.
The BRAC Bank Universal Card- which can be used both at home and abroad interchangeably, offers the flexibility of making repayment either in Bangladeshi Taka or in US Dollar depending on the holder's location.
"Apart from this dual currency scheme, the Universal Card also offers a line of exclusive features assuring flexibility and customer convenience," Head of BRAC Bank's Retail Banking Firoz Ahmed Khan said on the eve of launching the card in the city Thursday.
"For example, the BRAC Bank card comes with a flexible credit limit so that one can spend in whichever currency he needs to. At the same time, it also offers an interest free credit period of 50 days," he added.
Managing Director of BRAC Bank A E A Muhaimen and other senior officials of the bank were also present on the occasion.
The Universal Credit Card, among other things, also contains a 3-tier insurance facility to cover the outstanding amount in credit card account, equal amount paid to the nominee and accidental death coverage.
BRAC Bank Universal Credit Card service has started its journey at a time when the use of credit card as a mode of payment is becoming common among the urban upper and middle class.
According to industry estimates- the number of credit card users in the country at the end of 2008 was around 4,50,000. At the same time, payments and transactions through credit cards by private banks rose to Tk 4.31 billion at the end of 2007.
However, the use of the credit card service for overseas transaction is still quite uncommon among the local customers. Likewise, most of the local banks and financial institutions do not offer the dual currency features in their credit card services.
BRAC Bank has launched its own brand of dual currency credit card service called 'Universal Credit Card' lately to tap into the growing demand for internationally accepted and flexible payment scheme in the local market.
The BRAC Bank Universal Card- which can be used both at home and abroad interchangeably, offers the flexibility of making repayment either in Bangladeshi Taka or in US Dollar depending on the holder's location.
"Apart from this dual currency scheme, the Universal Card also offers a line of exclusive features assuring flexibility and customer convenience," Head of BRAC Bank's Retail Banking Firoz Ahmed Khan said on the eve of launching the card in the city Thursday.
"For example, the BRAC Bank card comes with a flexible credit limit so that one can spend in whichever currency he needs to. At the same time, it also offers an interest free credit period of 50 days," he added.
Managing Director of BRAC Bank A E A Muhaimen and other senior officials of the bank were also present on the occasion.
The Universal Credit Card, among other things, also contains a 3-tier insurance facility to cover the outstanding amount in credit card account, equal amount paid to the nominee and accidental death coverage.
BRAC Bank Universal Credit Card service has started its journey at a time when the use of credit card as a mode of payment is becoming common among the urban upper and middle class.
According to industry estimates- the number of credit card users in the country at the end of 2008 was around 4,50,000. At the same time, payments and transactions through credit cards by private banks rose to Tk 4.31 billion at the end of 2007.
However, the use of the credit card service for overseas transaction is still quite uncommon among the local customers. Likewise, most of the local banks and financial institutions do not offer the dual currency features in their credit card services.