Standard Chartered Bank has unveiled a new value added credit card dubbed Platinum Credit Card in Kenya. The card which is a Visa card allows holders to make purchases and payments for goods and services on credit all over the world. The card comes with an offer for customers to earn and redeem points for shopping vouchers, air tickets among other prizes in the bank’s reward program.The card operates on advanced chip technology which has been internationally endorsed to reduced credit fraud.
Beginning June this year, the bank released new guidelines of determining the minimum amount due on Credit Cards for its customers. The bank determines amounts due on a credit card to include Fees and charges, Interest in full (to avoid charging interest on interest), Over-limit amount and Installment charges. The bank charges 1% interest on credit card usage for its customers on top of other fees and charges. Other fees that Standard Chartered charges include; Joining fee, Annual fee, Late payment fee, Over-limit among others.
Cash Back
The cash back service allows Standard Chartered Platinum Credit Card holders who pay for dining and fuel bills a 5% Cash Back when they pay for the credit. The bank has set a maximum Cash Back per Card account, per month on the two categories of expenses at KES 250. The two kinds of transactions (dining and fuel) will however not earn reward points. The Standard Chartered Platinum Card holder also gives holders free travel accident insurance of up to USD8000 (KES 6.72 million)
What is a credit card?
A Credit Card is a card issued by a financial institution (mostly banks) giving the holder an option to use funds on credit for purchase of goods and services to be repaid later, mostly on monthly basis. Credit cards charge interest and are primarily used for short-term financing. Interest usually begins one month after a purchase is made and borrowing limits are pre-set according to the individual’s credit worthiness.