BB recasts credit card guidelines for banks

The interest or profit rate on the outstanding amount of credit card shall not exceed five per cent of the highest interest rate offered in any credits of the respective Bank, said a Bangladesh Bank (BB) circular in the capital yesterday, reports BSS.

Interest or Profit shall be charged on the unpaid amount due for payment, the circular added.

According to the circular, if a due date falls on a Friday, Saturday or any other public or bank holidays published by the government or BB at the beginning of each year, the card issuer shall allow the grace period (holiday) as required for payment to be made on the next working day.

Telephone calls and visits for recovery of unpaid dues should be limited to a convenient time as or to be defined in the published policy of the card issuer and communicated to customers at the time of issuance of credit card.

BB recasts credit card guidelines for banks

The interest or profit rate on the outstanding amount of credit card shall not exceed five per cent of the highest interest rate offered in any credits of the respective Bank, said a Bangladesh Bank (BB) circular in the capital yesterday, reports BSS. Interest or Profit shall be charged on the unpaid amount due for payment, the circular added. According to the circular, if a due date falls on a Friday, Saturday or any other public or bank holidays published by the government or BB at the beginning of each year, the card issuer shall allow the grace period (holiday) as required for payment to be made on the next working day. Telephone calls and visits for recovery of unpaid dues should be limited to a convenient time as or to be defined in the published policy of the card issuer and communicated to customers at the time of issuance of credit card.