BRAC Bank launches universal credit cards

BRAC Bank Ltd launched the new Universal Credit Card service yesterday in Dhaka.

The new service would allow customers to undertake risk- and hassle-free shopping at home and abroad.

Firoz Ahmed Khan, head of retail banking of BRAC Bank Ltd, said at a press conference in Dhaka that Bangladeshi consumers would no longer need to possess multiple credit cards for local and global use, as the new card would be accepted locally and globally.

“It comes with features tailored to the needs of customers -- a flexible credit limit to spend on a currency of choice, an extended credit period of 50 days and instant SMS alerts,” he said.

Other features include the instant ability to track the use of the card, a 3-tier insurance facility to cover the outstanding amount of credit and equal payments to a nominee and accidental death coverage, he added.

AEA Muhaimen, managing director and chief executive officer of BRAC Bank, said, “ The Universal Card is taking Bangladesh abroad". He assured that the bank would continue to bring a wider range of convenient services to Bangladesh.

The new universal credit card would give users the option to make repayments in equal monthly instalments, in both Bangladeshi taka and US dollars.

There will be two different kinds of dual currency cards -- gold and classic. The annual charge for the gold card would be Tk 2,500, excluding VAT, while it would be Tk 1,300, excluding VAT, for the classic cards.

Zeeshan Kingshuk Huq, head of corporate affairs, Taufiq Hasan, head of cards, and Syed Mahabubur Rahman, deputy managing director of BRAC Bank, were also present.