Tuesday, May 07, 2024
In today's modern world, credit card is a very extensively used mode of financial transaction. It has immensely impacted the daily lives of people and Social Islami Bank PLC (SIBL) is now also following the trend, said the bank’s Managing Director and CEO Zafar Alam in an interview with The Business Post during which he also talked about various aspects of such cards and details about SIBL’s credit card.
How are credit cards changing people's lifestyles?
Credit cards have indeed brought about significant changes in people's lifestyles in Bangladesh and they are becoming increasingly popular day by day. Social Islami Bank, being one of the leading banks in Bangladesh, has played a pioneering role in this trend. Credit cards offer a convenient way to make purchases without carrying cash. This convenience factor has led to a shift in consumer behaviour and lifestyle, with more people preferring to use credit cards for transactions, whether it's shopping, dining out, or paying bills.
Furthermore, the rise of e-commerce in Bangladesh has been facilitated by the availability of credit cards. People can now easily shop online from the comfort of their homes and have their purchases delivered to their doorstep. This has not only changed the way people shop but has also opened up a world of possibilities in terms of accessing products and services that may not be readily available locally.
In the case of travelling, credit cards often come up with travel-related benefits such as airline miles, hotel discounts and travel insurance. This has also encouraged more people to travel both domestically and internationally, thereby broadening their horizons and exposing them to new experiences and cultures.
How can users manage their credit cards wisely? Or, how can one become a sustainable user?
The use of credit cards entirely depends on individual characteristics and their requirement. One must wisely plan how he/she will use credit cards that will be efficient and convenient for him. As an issuer of cards, we may suggest a couple of tips for the efficient management of cards.
First of all, one might set a monthly spending limit stick to it, and try to avoid late fees and interest by paying the full balance each month. One should use credit cards for planned expenses only, avoiding impulse purchases. More importantly, the card user must familiarise himself with card terms, fees and rewards to make informed decisions. For more convenience, we would advise making sure that the user’s credit card usage aligns with Islamic principles, avoiding interest-based transactions.
How many credit card users does SIBL have? Also, is the number of customers rising consistently?
Social Islami Bank has one of the highest numbers of card users in the country, and more users are being added every day. Last year alone saw a tremendous jump as more than 10,000 new users availed our cards. The reason for this increased popularity is the convenience and affordability of our cards. Additionally, people have started to prefer Shariah-compliant cards. The trend of increasing credit card users of our bank in last year also continues in the first quarter of this year.
Why are people considering your credit cards? What's the difference?
The distinctive feature of Social Islami Bank credit cards is that they are Shariah-compliant cards with free supplementary cards. Customers can enjoy profit profit-free period of up to 49 days on this card. Customers do not have to pay profit if paid within this period. Platinum card holders are also given a free Priority Pass Card through which customers can enjoy free access to the Balaka VIP Lounge at Hazrat Shahjalal International Airport and designated lounges worldwide.
SIBL credit cards provide a cash withdrawal facility from ATMs in the country and abroad. It is a highly secure card as it is an EMV chip-based card and PIN enabled. The unique features of the SIBL card also include a flexible payment facility, attractive discount facility at select merchant outlets, balance transfer facility, interest-free instalments up to 24 months (0 per cent i-Pay up to 24 months) at select merchant outlets, 50 per cent on annual fee on reward points programme or 100 per cent waiver facility, low-profit rate, POS and e-commerce transactions at home and abroad, etc. E-commerce transactions are secured by two-factor authentication.
