Saturday 04 July 2020
I wrote – Manal Al-Masry:
All public and private banks offer a credit card service known as (Credit Card) in order to help customers automate their cash purchases or by installments at commercial stores, whether inside or outside Egypt, within 24 hours.
A credit card is a small loan from the bank that is defined with specific conditions and guarantees.
Banks are issued a credit card to customers by guaranteeing the customer’s deposits in the bank, whether a savings account or savings certificates, or by guaranteeing the customer’s monthly income.
Banks determine the maximum credit limit for a credit card, according to the creditworthiness of the customer related to the size of his deposits or his total monthly income.
The credit limits vary from one bank to another according to the type of credit card and the maximum to ensure the customer’s commitment to pay the value of his purchases, and if the customer pays the value of his previous purchases to the bank, the credit limit is renewed again.
Banks offer different types of credit cards, starting from classic, gold, titanium, and platinum, depending on the size of their bank deposits or monthly income.
Banks provide a period of grace for the customer to pay the value of his purchases, ranging from 25 to 55 days.
Any customer needs to issue a credit card to present some simple papers such as applying to the bank with the customer’s national number attached, a monthly income certificate stamped by the employer, or a pledge to transfer the salary to the bank.
Masrawy monitors credit limits on all kinds of credit cards in 3 major government banks.
1- Al-Ahli Bank:
Credit limit for classic cards: from one thousand pounds to 20 thousand pounds.
The credit limit for the Gold Card: from 20 thousand pounds to 50 thousand pounds.
Credit limit for Platinum Card: from 50,000 pounds to 250,000 pounds.
2- Cairo Bank:
Credit limit for classic cards: from 3 thousand pounds to 8 thousand pounds.
The credit limit for the Gold Card: from 8 thousand pounds to 50 thousand pounds.
Credit limit for a titanium card: from 50 thousand pounds to 200 thousand pounds.
Credit World Credit Card Limit: From 200 thousand pounds to one million pounds.
3- Banque Misr:
Credit limit for classic cards: from two thousand pounds to three thousand pounds.
Credit Card Credit Limit: From 3 thousand pounds to 10 thousand pounds.
Credit limit for a titanium card: from 10 thousand pounds to 25 thousand pounds.
Credit limit for Platinum Card: from 25 thousand pounds to 100 thousand pounds.