Prime Bank’s Zero Credit Card has no annual fee, more money-saving benefits
Private sector Prime Bank has launched a no-fee credit card in the market. Prime Bank’s Zero Credit Card has no annual fee, This means that you will not have to pay any fees at any stage, starting from getting this card. However, if you do not pay the expenses on time, you will have to pay interest. The name of this card is ‘Zero by Prime Bank’. It is basically a Visa credit card. Through this, the bank is looking to strengthen its position in the credit card or retail banking sector. This leading bank in the country is known as a corporate bank.
Who can take it?
Salaried person: Minimum monthly salary should be 70 thousand taka.
Businessman: Must have a minimum monthly income of one lakh taka.
A trade license is required for businessmen. For salaried individuals, salary certificates and bank statements for the last six months, along with NID and passport-sized photographs, will be required for the application. If you don’t meet the income criteria, you can get this credit card by depositing a certain amount of money as a fixed deposit. You can then use 80 to 90 percent of that deposit as your credit limit.
What are the benefits of this Card?
The main advantage of this card is that it is the first charge-free credit card in the country. Where other banks charge various types of charges when using cards. First of all, this card has no issuance fee and you do not have to pay any fee to get the card. There is no annual fee and other banks require a certain number of transactions to waive the annual fee.
There are no charges for transferring money from this card to mobile financial services like bKash, Rocket and Nagad. There are no SMS alert charges. As a result, you will not have to pay any other charges for some lots received for transactions. No statement fee. No processing fee. No over limit fee. This means that if you exceed your credit limit, you will not be charged an over limit fee.
This card is Visa branded and dual currency, allowing you to spend money domestically and internationally. You will get one reward point for every 50 taka spent. These reward points can also be converted into cash. The card can be used for cash withdrawals from ATMs and Point of Sale (POS) transactions.
Important thing to Remember that
Like other bank cards, this card will incur a 3 percent fee when withdrawing money by check. A 1 percent fee will be charged for transferring campaign funds to an account. If you fail to repay the amount used within the grace period of 40 to 45 days after the transaction, you will have to pay a late fee of Tk 1,000. In addition, you will have to pay for the Easy Pay plan and card replacement. While online PIN replacement is free, a charge of Tk 500 will be applicable for paper-based PIN replacement. In addition, a CIB (Credit Information Bureau) charge of Tk 100 and an insurance premium of 0.35 percent on the outstanding balance will be applicable. If interest is not paid on time, an interest rate of 2 percent per month will be charged on the outstanding balance. In addition, the government will have to pay 15 percent VAT on all charges.
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