Wednesday, November 27, 2019

Credit cards cannot be used for that purpose.

Credit Card system
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 In the modern world, credit cards are called 'plastic money'.  In a word, it is a card that a customer can pick up from a bank or such financial institution.


 The feature of credit card is that you can buy with cash even if you do not have cash in hand.  However, a customer can use or spend or withdraw up to a certain amount with his credit card.  He has to pay that amount after a certain period of time.


 Again, credit limit or how much money can be spent or withdrawn is usually calculated on the basis of customer's monthly income.  However, due to the different policies of the banks, the credit limit of all banks may not be the same.


 Bangladesh Bank, a regulator of the financial sector, said that in June this year, there were more than one billion transactions in the country using credit cards.


 Mir Shafiqul Islam, head of the card division of NRB Bank, said that a customer can pay using his credit card up to his required product, from home utility bill, internet bill and even driver's salary.  Credit card customers can withdraw cash at the time of payment through a card check.
 According to Shafiqul Islam, credit card is no longer a luxury, it has become a matter of concern for many people.


 He also said that with the development of technology, credit cards will be greatly expanded in Bangladesh in the next decade as in every other country in the world.  As all public and private services are being digitized, the common people will also be encouraged to use this card.


 As one shows, there are more than 1.2 million credit card customers in Bangladesh right now.  As banks, credit card customers are expected to exceed 1 lakh in the next decade.


 Bangladesh Bank says credit cards cannot be used to buy online gambling, foreign transactions, crypto currency, lottery tickets or to buy shares of foreign companies.


 Following the tightening of Bangladesh Bank on November 7, several banks have stopped using credit cards to pay Uber bills.  As a result, individuals and organizations involved in digital marketing are concerned that they will suffer from paying for foreign companies.


 Shafiqul Islam said credit card customers get the opportunity to purchase any lifestyle products, movie tickets, food, bus railway tickets through e-commerce at home.  In Bangladesh, credit card customers of various banks are now getting various discounts on buying different lifestyles, hotels, restaurants, furniture, electronics at various merchant outlets.  In addition, there is a chance of paying the principal in zero percent interest installments for different periods from three to 20 months.  In this case, a customer has the opportunity to pay for any interest from 3 to 7 days, he said.


 Bangladesh Bank says the purchase of goods or services online through INTERNATIONAL CREDIT CARDing foreign currency to study abroad and participation in training, seminars or workshops abroad can be paid.


 There are some advantages to using a credit card.  The benefits are - faster transactions, reward points, relieving the risk of cash flow, more secure and more.


 However, there are some disadvantages of using a credit card.  They are the risk of falling into debt, hidden or hidden costs, the possibility of increasing the debt burden on the wrong card.


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