What is a credit card?
A credit card is basically a chip-based plastic card (usually) that contains information on the credit card holder’s name, credit card number, expiration date, CVV, credit card holder’s signature, and customer care center details.
Credit cards basically ensure the convenience of the cardholder to spend money. When a user uses a credit card to make a payment, the money is not deducted from the savings / current account. Instead, the money spent by the bank or card issuing company gives you the benefit of the rest of the transaction.
In other words, the function of the credit card is to provide the rest of the transaction facility to the users. Each credit card has a pre-determined credit limit. This means that after a certain amount of transactions, money can no longer be spent on credit cards. It can be used again after paying the credit card bill. Usually one month’s credit card bill has to be paid at some point in the next month.
Differences between credit, debit and prepaid cards
Credit cards, debit cards and prepaid cards – these three cards have different principles. Let’s find out the difference between credit, debit and prepaid cards.
The use of debit cards is much easier to understand. A debit card allows you to make transactions using money kept in your bank account. If you do not have enough money in your bank account, you will not be able to transact with debit card.
Learn more: What’s the difference between a debit card and a credit card?
Credit cards, on the other hand, keep separate accounts for your transactions and allow you to use them as balances or loans. Credit card payments are then repaid to the card issuing bank or institution.
Prepaid cards are very different from the other two cards. The prepaid card is basically a deposit in advance for certain work expenses. Prepaid cards are mainly used to avoid the risk of overcharging. Prepaid cards like credit and debit cards can be used in almost all cases.
What is an international credit card?
A single currency credit card issued by your bank will not work outside the country even if it works within the country. This requires an international credit card. These are usually dual currency credit cards. The currency consists of Bangladeshi taka and US dollar (two currencies in total). However, in Bangkok, you may also use the euro or other currencies as currency.
When you apply for a regular credit card, you must notify the relevant bank or card service provider and they will apply for an international card. However, if you want to spend dollars in foreign currency, first you have to endorse a certain amount of dollars in the credit card through your passport.
International Credit Card or International Credit Card is accepted in almost all countries of the world. International credit cards make it easier for you to travel around the world.
Advantages and disadvantages of credit cards
There are numerous benefits to using a credit card. Some of the notable advantages of credit cards are:
- No one has to go to the door for money to buy something expensive immediately
- Using a credit card is more secure than using a debit card or check. Credit card refunds can be easily requested if any inconsistency is found in the payment gateway or merchant service.
- Credit cards are available at very low interest rates, often at zero percent interest
- In case of credit card expenses, it is possible to earn income from expenses through various offers
- If you feel the burden of using the card, there is an opportunity to change the type of card
- Shopping using a credit card and paying bills on time can help increase the credit cardholder’s bank eligibility index or CIB record.
- Reward points are also available in many cases when shopping using a credit card
Learn more: Things to do after getting a new credit card
In the midst of so many benefits, there are some downsides to credit cards. Some of the potential disadvantages of credit cards are:
- Ease of shopping can increase the tendency to spend unnecessarily, which can lead to unnecessary financial instability.
- Failure to pay the credit card bill on time may result in higher interest charges
- Whether or not to use a credit card, it is mandatory to pay the applicable annual fee for the credit card.
Eligibility to get a credit card
There are many questions about who can get a credit card. Eligibility to get a credit card is very common in Bangladesh.
Only employees, businessmen or other professionals who have an Income and Valid Tax Identification Number (TIN) can apply for a credit card. In other words, the qualification to get a credit card is:
- National Identity Card
- TIN Certificate
- In case of employee appointment letter or salary certificate and 3 months bank statement
- Trade license, Memorandum of Association 3 months bank transaction statement for traders
In addition, if you have a fixed deposit with a bank, if they agree, you can apply for a credit card with that bank. The bank or card service provider will decide after analyzing your information about the credit limit of your credit card.
How do I get a credit card?
If you want to get a credit card, first make sure you have the necessary things to know about the eligibility to get a credit card. If you are eligible to get a credit card, you can easily apply for a credit card.
To get a credit card from a bank or financial service provider (such as LankaBangla Finance) they need to contact a representative of the credit card department. The credit card department will then notify you of the next step after submitting your income source, monthly income, etc.
Credit card issued by the bank
Almost all commercial banks in Bangladesh offer different types of credit card services. Some of the notable credit card banks are:
Dutch Bangla Bank Credit Card
Dutch Bangla Bank has been providing Visa EMV credit card service since 2006 and MasterCard EMV credit card service since 2010. At present the credit cards issued by Dutch Bangla Bank are:
- MasterCard Classic International Credit Card
- MasterCard Classic Local Credit Card
- MasterCard Gold International Credit Card
- MasterCard Titanium Credit Card
- Visa Classic Local Credit Card
- Visa Gold International Credit Card
- Visa Platinum Credit Card
In addition to the mentioned credit cards, DBBL also offers many other types of credit cards. For details about all credit cards issued by Dutch Bangla Bank Click here Please.
Citibank credit card
Citibank offers multiple types of credit card services. The notable credit cards issued by Citibank are:
- American Express Platinum Credit Card
- American Express Gold Credit Card
- City Alo American Express credit card
- Visa credit card
- American Express Blue Credit Card, etc.
In addition to the credit cards mentioned above, Citibank offers many more types of credit card services. You can visit all types of credit cards issued by Citibank Citibank website.
BRAC Bank Credit Card
BRAC Bank offers a variety of credit card services. Their credit cards are:
- Infinite
- Signature
- Platinum
- Gold
- Classic
BRAC Bank for details Website Please visit.
Standard Chartered Bank Credit Card
Standard Chartered Bank has been providing a variety of credit card services for a long time. Notable credit cards issued by Standard Chartered Bank are:
- Visa Signature Credit Card
- Platinum Visa / MasterCard
- Super value titanium card
To know the details about all the credit cards issued by Standard Chartered Bank Click here Please.
Eastern Bank credit card
Eastern Bank also offers multiple credit card services. Notable credit cards issued by Eastern Bank are:
- Visa Classic Credit Card
- Visa Gold Credit Card
- MasterCard Titanium Credit Card
- MasterCard World Credit Card
To know the details about all the credit cards issued by Eastern Bank Click here Please.
Premier Bank Credit Card
Premier Bank offers five types of credit cards. The credit cards issued by Premium Bank are:
- Gold card
- International credit card
- Platinum card
- Classic card
- Dual currency card
You can visit for details about Premium Bank Credit Cards Premier Bank’s website From
Credit card costs
Most banks now issue free credit cards. However, the annual credit card charges vary from bank to bank. In many cases you can waive some charges with reward points. You can get all the information about the cost of the credit card from the website of the bank from which you want to get the credit card.
Do you use credit cards? You can share your experience in the comments. Thanks.
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