CREDIT CARD DEPARTMENT
Mr. Ali Gardezi deals this department. Credit card is also called Plastic Money. In modern world it is modern mode of money transaction because it is easy to carry. There are two procedures for issuing credit cards. One for the existing customers and other for new customers.
PROCEDURE FOR ISSUANCE OF CREDIT CARD.
1. Essential documents are obtained from the customer which are:
- National ID Card
- Statement of Accounts of last 3 months.
- Three Photographs
- Hypothecation agreement
- Prove of income.
- Letter of Lien.
- Letter of set off.
- Direct Debt Authority
- Latest Financials of the Company.
- Customer Guarantee.
2. American companies are Visa Card and Master Card. ACBL has the facility of master card only. They have to sent their credit cards, they have given the authority of master cards to two banks. First is City Bank and second is Bank of America. ACBL has the agreement with City Bank. ACBL takes master card from city bank and then issue to the customer.
3. ACBL takes the yearly fee, interest fee, late payment fee, credit sale fee for issuance of the card. ACBL also pays certain percentage to City Bank.
4. City Bank has the authority for the master cards for applying credit cards, master cards certain limit is mentioned.
5. Credit advances means an include any amount sanctioned and advance by the bank. On the request of card holder the determination of such cash advance shall however be at the discretion of the bank.
6. Credit limit means the maximum limit permitted by the bank on the card account for the applicable card. In ACBL limit is for 40 days and after 40 days the card holder must have to pay 10% of the total expenditures. 5 days are grace period.
ASKARI MASTER CARDS.
- ACBL is incorporated under the companies ordinance 1984. Card means applicable master card, visa card issue by the bank to the account holder. But ACBL is issuing only master cards.
- Card center means credit division which is in Rawalpindi.
- Card holder means primary card applicant.
- Card account means master card and visa card accounts opened by the bank for the purpose entering debt.
