Credit cards are an excellent method to start this transformation. There are around 1.62 million cardholders in Bangladesh. The number keeps growing each year.
How do students get an account with a credit union in Bangladesh?
Although credit cards are becoming more popular. However, the clientele for the product hasn't changed a lot in the past. In the past, credit cards have been targeted at professionals with substantial incomes who are able to warrant the security that comes with the card. This is why there aren't any special structures or credit card plans for college students from Bangladesh.
But, the majority of banks in Bangladesh have a basic policy for credit cards. Students over 18 who have a valid TIN can be able to make an application for a credit card. The majority of credit cards need two requirements at the beginning - a security deposit and a means for the repayment of loans. In many cases, students aren't able to satisfy these two conditions. Many banks have a specific policy in which a TIN may be used to create a fixed deposit as well and it is possible to select the "Family income" opportunity can be selected for the repayment of loans.
Top 5 Credit Cards for Students in Bangladesh:
1. EBL Visa Classic Credit Card:
The complete eligibility requirements are available at any branch of the Bank. To be eligible for the card the person applying must be at least 18 years aged and be a Bangladeshi citizen as of birth.
The bank has a variety of attractive options for the traditional credit card. The cardholder gets two complimentary cards for no cost. The company also offers a free Checkbook for checks that are a type of cheque. The repayment period for interest-free loans extends to 45 days. Cardholders will be qualified for all online banking services offered via EBL which includes the Sky banking application. Additionally, EBL has partnerships with many top stores and restaurants for promotions and discounts for their cards.
2. BRAC Bank Universal Visa Credit Card:
This BRAC bank universal Visa credit card is available to those who are self-employed and eligible. In that scenario, students will need an active TIN to apply. The credit card is equipped with important features that distinguish it from the other.
The applicant must show an income minimum of 20,000 BDT in order to be eligible for the card. The card will charge 2 percent for balance transfers (150 BDT) or 2% for balance transfers, whichever is greater. The annual fee for it is set at 1300 BDT. However, a minimum of 18 transactions per year will see the annual fee slashed.
The maximum limit for your card is 75,000BDT. There is a set over-limit fee of 450 BDT for the credit card. To learn more, visit the section on cards of BRAC the bank on this page.
3. MDB VISA Platinum Dual Credit Card:
The multi-currency credit card offered by Midland Bank can be a profitable opportunity for learners. The usual requirements aside applicants can also apply by proving that they are self-employed or a landowner.
The minimum monthly income for MDB is 15000 BDT. MDB provides a significant maximum of 500,000 BDT for this card.
MDB allows balance transfers inside the exact bank. The cost of the transfer is free. Its interest rates are sensible at 2.5 per month. There is an annual charge of 2500 BDT, which cannot be waived.
4. Jamuna Visa Classic Credit Card:
The card has a year-long fee of 460 BDT. This is quite low compared to other banks that are renowned. The interest rate for the month is 2.5 percent which is normal. Overall the credit card could be an excellent option for locally-based transactors.
5. Mercantile Bank VISA Classic Local Credit Card:
Mercantile Bank offers a wide range of credit cards available in its portfolio. The traditional local credit card is an ideal option for the lower to mid-income segment.
The annual rate of interest for this card stands at 27%, which is significantly lower than other banks. The minimum amount of income required for the card is at least 20,000 BDT. The maximum period of the loan is outstanding of 45 days. The card comes with an annual cost of 700 BDT. The bank permits a maximum cash-out of 50 percent of the total credit within one day. Some other offers and offers come with a card that is available locally.
Conclusion:
The credit card industry has seen a rise in popularity in recent years. The public is now seeing the advantages of cashless transactions. Banks are also seeking to get their customers involved through discounts and promotions. Students are becoming a major focal area. Although there aren't any official credit card programs for students. It's expected that this will boost within the next few days.
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