Wednesday, May 08, 2024
The number of CellFin users is increasing day by day. Nearly 40 lakh customers are already registered and utilising banking services through the Islami Bank Bangladesh Ltd’s (IBBL) CellFin platform, the bank’s Managing Director Mohammed Monirul Moula told The Business Post.
Credit cards have revolutionised the way people manage their finances and conduct transactions, profoundly impacting lifestyles in several ways. The Khidmah Card (credit card) offers unparalleled convenience, allowing individuals to make purchases without carrying cash.
This flexibility extends to online shopping, travel bookings, and various other transactions, empowering users to make purchases anytime, anywhere, he added.
The IBBL has formulated different categories of Khidmah Card (credit card), keeping in mind the financial status of different customers.
Currently, the IBBL offer three categories of Khidmah Cards, these are – Visa Gold Card, Visa Platinum Card/ Visa Priority Platinum Card and MasterCard World. All of these cards support dual currency.
The limit of the Visa Gold Card is up to Tk 2 lakh and service charges for this card are also low to make it convenient for the users.
Similarly, the IBBL Visa Platinum Card, with a limit of up to Taka 3 lakh and slightly higher service charges than the Gold Card, is convenient for middle-class users, Monirul said.
The Visa Priority Platinum Card, with a limit of up to Tk 5 lakh, and proportionately higher service charges than the other two cards, has been designed for upper-class users. MasterCard World cards have limit ranging from Tk 2 lakh to Tk 5 lakh.
These all types of cards have positive impact in the life as different kinds of facilities and offers are given for the card users.
Khidmah Card users do not need to carry cash with them, and they can purchase goods even when they do not have cash in hand, Monirul added.
This flexibility enables card users to manage their cash flow more effectively, covering unexpected expenses or making large purchases with the option to pay over time like EMI.
The IBBL offers rewards programs like cash back for purchasing goods to incentivize spending and provide additional value to our cardholders. BOGO offer (Buy one get 4/3/2/1) and cash back or discount on products for purchasing goods from certain merchants has elevated the consumer lifestyle immensely.
The IBBL has agreement with 15 merchants on cash back and more than one hundred merchants on discount for our Khidmah Card users. The bank’s wide range of offerings, from home appliance to tourism and healthcare, has eased the lifestyle of the Khidmah Card users.
These cards are serving as a safety net during emergencies when immediate funds are needed. Whether for medical or home appliance expenses, or unexpected travel, having a credit card can provide peace of mind knowing that financial assistance is readily available, Monirul said.
More convenience is that Khidmah Card users get the opportunity to pay the amount by EMI with duration up to two years. The IBBL has 100+ EMI partners. This bank offers the airport lounge access facility with the MasterCard World and Signature Card.
Like this way the IBBL’s Khidmah cards have become integral to modern lifestyles, empowering individuals with financial freedom, security, and convenience while reshaping the way people manage their money and pursue their aspirations.
The Khidmah Card keeps in mind the financial status of the cardholders so that card users do not fall into debt trap, Monirul stated.
At first the cardholders should be familiarised with the terms and conditions of the credit cards, including service charge rate, fees, and rewards programs. Understanding these details can help the cardholders make decisions and avoid unexpected charges.
Besides, cardholders should budget outlining the income and expenses, including credit card payments.
Card users should allocate specific amounts for essential expenses such as rent, utilities, groceries, and transportation, as well as discretionary spending categories like entertainment and dining out.
Card users can track dues in real time using our famous digital banking app CellFin. The IBBL sends reminder message to pay in full or at least MAD (Minimum Amount Dues) on time to avoid charges.
Islami Bank launched the digital banking app CellFin on February 28, 2020. Since then, this digital omni-channel app has gained country-wide acceptance. The CellFin App has received a huge response in the market.
Users can access all types of banking services round the clock. Clients can open bank accounts, collect remittances, transfer money from one bank to another, make e-commerce payments, and send money directly to MSF (Mobile Financial Services) accounts through CellFin.
Money can be added to CellFin from any bank's Visa/Mastercard, Islami Bank account, and Mcash.
The number of CellFin users is increasing day by day. Already, 40 lakh customers are registered and utilizing banking services through our CellFin platform.
As the cost of money transactions through CellFin is relatively low, customers have chosen it as an alternative channel for banking transactions.
Currently, about 2 lakh transactions are conducted daily, amounting to Tk 600 crore through CellFin, increased from Tk 200 crore in 2023. Mathematically, the IBBL can say that CellFin has seen an almost 300 per cent increase in transactions compared to last year.
