Considering the current situation, Bangladesh Bank has instructed all banks and financial institutions to not charge any extra fees for late payment of credit card bills, and loan installments. The central bank issued a directive to banks and financial institutions in two separate notifications in this regard on Wednesday. Those who had time to pay their loan installments, credit card bills, and savings deposit installments during the curfew and public holidays can make the payments till July 31. Bangladesh Bank has said that banks and financial institutions will not collect any additional interest, penalties or late fees for installments/card bills payable between July 18 and 25. No savings scheme can be canceled due to failure to pay installment during this time. According to the central bank notification, many borrowers and credit card users have not been able to pay their dues to the banks on time due to the current situation. Read more: Offices, banks reopen for four hours; Commuters suffer amid traffic gridlock Besides, many depositors could not deposit installments of various savings schemes including Deposit Pension Scheme (DPS) on time. Under the circumstances, the new guidelines will be effective from July 18 to 25 in respect to dues of loans, credit card bills, and installments of various savings schemes including DPS. The Bangladesh Bank directive stated that if the loan and credit card dues are paid by July 31, any interest or profit and penalty interest, additional interest, excess profit, late fee on the outstanding amount will be deducted. If installments of savings schemes are paid by July 31, no late fee or penalty can be collected. Apart from this, interest or profit and penalty interest or late fee on any loan or credit card and any kind of late fee or penalty on various savings schemes that has already been collected has to be refunded or adjusted. Read more: Overcrowding and long queues as banks reopen today for only 4 hours

Mobile financial services provider Nagad has brought a cashback offer of up to Tk 400 on Mastercard credit card bill payment. To avail themselves of the offer, the consumers will have to save their Bangladesh Bank-approved Mastercard credit cards in the Nagad app, according to a media statement. Cardholders can pay their bills through the "Bill Pay" option of Nagad by clicking on the "Credit Card Bill" payment option. They will get 1.5 percent cashback on two cycles or up to a maximum of Tk 400. Read 4 Mastercard, Visa cards fraud ring members held The cashback will be disbursed in two cycles. The first cycle, which started on September 21, will continue till October 20. A 1.5 percent or a maximum of Tk 200 cashback can be availed if one saves or pays the bill from a newly saved Mastercard credit card. Later, the second cycle will run from October 21 to November 30, 2022. During this time, if a customer pays his bill from a Mastercard credit card, he will get 1.5 percent cashback or a maximum of Tk 200. Read Nagad launches service for paying Mastercard Credit Card Bill A consumer can get cashback only once from one bank card in a cycle. But they will get this benefit again in the new cycle. Customers can avail of this facility from multiple banks' Mastercard cards in the same cycle. And in that case, the consumer will get a maximum cashback of Tk 200. Nagad Chief Business Officer Sheikh Aminur Rahman said: "Paying Mastercard credit card bills through Nagad will be a hassle-free process for the consumers. We hope consumers will no longer have to wait in queues at the banks to pay their bills." Read Cellfin launches Mastercard dual currency prepaid card

Credit card debt in Bangladesh has surged as consumers struggle to keep up with the high cost of living amid rising inflation. As the prices of all kinds of products including essentials are on the rise in the market people have been using their credit card loans. According to the latest data of Bangladesh Bank (BB), credit card transactions have increased by about 29 per cent in a span of one year. Read: Cellfin launches Mastercard dual currency prepaid card Credit card transactions in June 2021 were Tk 1,935 crore and in June 2022, the amount of transactions increased to Tk 2491 crore. Credit card transactions have increased by 29 percent, or Tk 556 crore in a year, it said. At the same time, the number of credit cards in the country has increased by 10,51, 549 last year. Read Credit Card Fraud Prevention: How to Protect Your Credit Card Online? In June 2022, the number of credit cards in the country increased to 37,52.891 against 27,01342 in June 2021. Besides, people borrowed Tk 120 crore more from credit cards in June compared to May this year. The BB data review found that the third highest credit card transaction in the last three years was in June, 2022. The highest transaction through credit cards was Tk 2715 crore in April, 2022 and the second highest transaction was Tk 2513 crore in March. Read Best Banks for Student Credit Card in Bangladesh Since November last year, credit card transactions in Bangladesh have exceeded Tk 2000 crore as the use of credit cards has increased among the middle and fixed income group of people.

Cellfin, omni-channel banking app of Islami Bank Bangladesh Limited (IBBL), has launched a Mastercard dual currency prepaid card. The users will be able to buy from any local or foreign e-commerce sites in both foreign currency and taka. Read Mastercard, Brac unveil Mastercard Millennial Titanium Credit Card Mohammed Monirul Moula, managing director and chief executive officer of IBBL, inaugurated the card service on June 22 at a Dhaka hotel. The card enables fund transfer to Mastercard cards or accounts of any bank connected to the NPSB/BEFTN/RTGS network. Read bKash customers can now add money from 29 banks, Visa, Mastercard Having an IBBL account is not necessary for this card. One may avail of the card by registering with Cellfin, said a media statement Saturday.

In the world of digital transactions, credit cards have been at the forefront of innovation. It is fast, simple, and easy to use. Not to mention the ease of not having to carry around cash everywhere. But like everything digital, credit cards are also at the risk of getting compromised. And that adds to a host of other worries. Resolving credit card frauds is a painstaking procedure. Unauthorized transactions not only defraud a person of their money but also end up hampering the credit score. So, what is the workaround to this?  How Does Credit Card Fraud Happen?  There are several different ways of credit card fraud. And each of these is a degree above the rest. That means a cardholder has to be a vigilante over several things. But should that deter a person from getting a card? Not at all. Here are some of the common ways a card gets compromised. And as it will become apparent, a few precautionary measures would be enough to secure a card.  Read What is the Best Programming Language to Learn First? -Physically stolen card  - Scanning the number and Code for Verification (CVC) code  - Access to computer and credentials  - Unauthorized wire transfers  - Access to a recovery mail  - Phishing  How to Prevent Credit Card Frauds  It might seem like there are a lot of ways to get compromised. However, just like the means, there are also ways to secure a card. And each of the following steps will add a layer of protection. Essentially iron cladding the card against any threat.  Read E-commerce Scams: Ways to Protect Your Investment from Online Frauds Security Check The Internet Banking Devices  Since internet banking became a supplement to card transactions, hackers target the computer or the mobile to access card credentials. These malicious attacks are often launched as a virus or phishing filter. So, it is important to run a security check through antivirus software. It is better to use paid ones as free ones often fail to detect advanced attacks.  Issue Transaction Alert  This feature comes as a standard with most credit cards. The bank will send a transaction alert SMS to the designated number associated with the card account. However, there are some added charges for this feature. But it is useful considering the instant notification for any unauthorized transactions.  Read Online shopping boomed but many falling prey to fraudsters Lock The Card  It is only human to misplace a card. In any case, the prompt action should be to lock the card, regardless of where it might be. Whether a person forgetfully misplaces or gets stolen, locking the card ensures that no one can make any transaction with it. The process is also simple. A cardholder just needs to call the 24/7 hotline or the card division and request a lock.

Credit cards have been a revolution in the transaction process across the globe. It's fast, simple, and easy to use. In the wake of the pandemic, businesses and retail clients are focusing on contactless payment systems as part of personal safety measures. Credit cards are a great way to initiate this change. There are approximately 1.62 million credit card users in Bangladesh. The number is continuously increasing every year. But the question arises whether the young generation, especially the students are getting access to the credit service? Let's find out in detail.  How can a student get a credit card in Bangladesh? The use of credit and debit cards are on the rise in Bangladesh. Even though the world came to a standstill due to the pandemic, the performance of credit and debit cards have experienced  month-on-month growth. It hit a record of 76% year-on-year growth in June of this year. This took the total transaction tally to 23,633 Crore BDT. Even though credit cards are becoming popular, the target client base for the service hasn’t changed much over the years. Historically, credit cards have been marketed to professionals with a sizable income who can ensure the securities associated with a card. As a result, there aren’t any specialized frameworks or credit card schemes for students in Bangladesh.  Read B2B Marketing in 2021: Challenges and Solutions However, almost all the banks of Bangladesh have a basic credit card policy. A student over 18 years with a valid TIN can easily apply for credit cards. Most credit cards require two things upfront – a security fixed deposit and means for loan repayment. Oftentimes, students can’t meet these two requirements. Most banks have a special policy where a TIN can be used to make the fixed deposit and the “Family income” option can be chosen for loan repayment.  Best Credit Cards for Student  EBL Visa Classic Credit Card EBL is one of the leading private banks of Bangladesh. The bank is known for its efficient customer service and innovative banking features. Their visa classic debit card can be the smart solution for students looking to get a credit card.  The detailed eligibility can be found at any branch of the bank. to apply for the credit card, the requester must be 18 years or old and should be a Bangladeshi citizen by birth. Read International Courier Services in Bangladesh: An Overview The bank offers some competitive schemes for the classic credit card. A cardholder will get the first two complementary cards for free. It also issues a free checkbook for cheque-type transactions. The interest-free loan repayment period is 45 days. A cardholder will be eligible for all the internet banking services provided by EBL including the Sky banking app. In addition to that, EBL has partnerships with a host of leading restaurants and shops for offers and discounts on their cards. 

Mastercard and Brac Bank announced the launch of the Mastercard Millennial Titanium Credit Card Sunday to cater exclusively to the lifestyle and aspiration of millennials and young working professionals in Bangladesh. Through this card, Mastercard and Brac Bank will offer unique, personalised solutions that meet the needs of millennials.  The card's welcome pack offers unparalleled rewards and benefits, including cashback, vouchers, and discounts on e-commerce portals, clothing shops, beauty salons and online bookstores. Read Mastercard, Dutch-Bangla, bKash partner to make cross-border remittance transfer easier Other benefits include bonus reward points on grocery and online transactions, BOGO (Buy-One-Get-One) hotel stays, dining and lifestyle offer at more than 5,500 partner outlets in Bangladesh, two complimentary visits to airport lounges per year, and 500 bonus points on the endorsement of a minimum $5,000 on travel. Also, the card will allow millennials to make a retail purchase at zero per cent interest. The Mastercard Millennial Titanium Credit Card also comes with year-round offers, including the chance to earn 1,000 reward points monthly on a minimum cumulative spend of Tk5,000 at Gloria Jeans, North End Coffee, Crimson Cup, Coopers, Domino's Pizza, and double bonus reward points on a monthly spend on selective weekend grocery transactions and up to 15 per cent cashback on selective online food delivery apps. Read Nagad, Southeast Bank, Mastercard Launch ‘Add Money’ Service "It is high time to engage the youths, the prime promoters of the digital lifestyle, with the economy and empower them so that they can realise their full potential," Selim RF Hussain, managing director and CEO of Brac Bank, said. "With ever-evolving technologies within reach, Brac Bank hopes this endeavour will not only compliment their unique lifestyle needs but also help them advance in their personal and professional fields." "Today millennials account for one-third of Bangladesh's population. With continuously evolving aspirations, this generation of mobile-first digital natives provides a tremendous opportunity to drive a less-cash economy," said Syed Mohammad Kamal, country manager for Mastercard. Read Consumer habits emerging from pandemic set to become permanent: Mastercard "As a technology company in the payment industry, Mastercard combines safety and security with seamless user experiences that are highly valued by millennials. We are delighted to partner with Brac Bank to launch this first of its kind card in Bangladesh."

The idea of a cashless society is not new. A cashless monetary system not only eases the transactional processes but also helps to reduce the emergence of black money in the market. And one of the important stepping stones to this cashless transaction system is credit cards. The concept of credit cards is not new in Bangladesh. ANZ Grindlays Bank (now Standard Chartered bank) first introduced credit cards to the masses in 1989. The bank was also the first to introduce Visa and Mastercard as well.  Since then, every major bank and NBFI has introduced a credit card system. Read Top FMCG Companies in Bangladesh: At a Glance A simple look in the first quarter of the 2020-21 fiscal years shows the steady growth of credit card adoption and usage. Even in the pandemic, banks have seen transaction levels to be almost similar to the pre-pandemic level. This goes a long way to show that more and more expenditure opportunities are opening up for the cardholders and people are becoming more and more inclined to use them. However, it is not all smooth sailing. Credit cards are, after all, a loan system issued against your card and account and you will need to pay your debt that is your expenditure amount back. Failing to meet deadlines will land you in default and harm your creditworthiness and CBI value. Not to mention, the compounding interest on your expenditure. Read Best Personal Loans in Bangladesh to Make Your Dream Come True But everything's aside, credit cards are still a good option to make your transactions easier. So, which credit card should you get? Let us take a deeper look into the individual offerings against the cards to see what facilities the clients are getting. Top Credit Cards in Bangladesh The City Bank Amex Card City Bank is one of the few banks that offer Amex Cards to its clients. The Visa and Mastercard may be the most popular transaction routes but the Amex card also has its certain niche in Bangladesh for local and international transactions. The Regular APR stands at 27% and the grace period ranges up to 45 days. The renewal fee is slightly higher ranging from 1500 BDT to 25000 BDT depending on card facilities. There is a 5% outstanding fee applicable and there are no installment facilities available with this card. Also read: IFAD names new country director for Bangladesh Standard Chartered Bank Credit Card As one of the oldest and an international bank in our country, the Standard Chartered bank is much reputed. The bank offers a range of credit cards depending on the creditworthiness of the client. This card varies in limits and other facilities. However, the standard regular APR is 26% across cards.  The grace period is 45 days as well and the maintenance and renewal fee ranges from 1500 BDT to 10000 BDT. Standard Chartered provides an installment facility which is a bonus. You can also get an additional supplementary card which is subject to charges. Read Fintech MFS: Mobile Wallet for Easy Money Transfer, Payment & Savings in Bangladesh BRAC Bank Credit Card BRAC Bank is another pioneering bank in Bangladesh. The main idea behind BRAC bank was to increase the inclusiveness in the banking sector by making banking more accessible to the rural as well as economically drawn part of our society. Over the years, the bank has expanded its horizon of service and has introduced several cards. The renewal fee for the cards varies from 1500 BDT to 25000 BDT. However, you can waive this fee by making at least 18 transactions a year. The APR stands at 27% and the grace period is 45 days. You also get installment facilities and the supplementary card with this one is free of charge. Read Mobile Insurance Offers in Bangladesh Can Save Lives Eastern Bank Credit Card EBL was a pioneer of mobile banking in Bangladesh and to this day, they have the most robust infrastructure when it comes to mobile banking. They are also equally adept with their card services. One of the more lucrative aspects of EBL cards has to be the privilege of using EBL SkyLounge while traveling abroad. That alone might incline a client towards EBL. You’re getting a standard APR rate of 27%, a grace period of 45 days, and installment facilities. You can also avail of their supplementary card subject to additional charges. Read Best Home Loans in Bangladesh to Build Your Dream Nest DBBL Credit Card Bangladesh’s first joint venture bank DBBL has been the pillar of ATM service in our country. They have made banking more accessible through agent points and ATMs even in remote locations. Their credit cards also offer lucrative facilities making them one of the top credit issuers on the list. The APR is significantly low at 15% and in addition to that, you get a 50-days grace period. Depending on cards, you will also get waivers on the renewal fee. However, there are no installment facilities but you do get a supplementary card for free. Read Best Car Loans in Bangladesh to Grab Your Dream Car Verdict So far we have discussed the leading credit cards in Bangladesh. It is clear that each bank has services that they are excelling in. Standard Chartered will provide you with a unified experience, DBBL will give you low APR and with EBL and City Amex you are getting a host of transactional benefits including lounge access. However, the issuance of cards isn't the only factor that determines the performance of cards. In fact, it all comes down to personal preferences and your expectations from the bank itself. Of course, other financial institutions are working alongside to provide better services. As long as people aren’t actively using the cards, the banks don’t stand to gain anything. In order to get the most out of your credit card facilities, you as a client need to decide what the purpose of your credit card is. The credit card landscape of our country is expanding at a rapid pace and if you’re willing and your means support, you should avail the services as well.  Read Zero Investment Business Ideas to Try Amidst the Pandemic

The central bank says banks will not be allowed to charge more than 20 percent in interest on credit cards.

San Francisco, Aug 25 (AP/UNB) — Apple believes some of its zealous customers will treasure its new titanium credit card so much that they will spend time polishing its white finish.