Credit Card Review :Signature Card from BRAC Bank Ltd.

Signature-Card-from-BRAC-Bank

Credit cards become so popular these days in our country. Almost every individual wants to have a credit without any premeditation. I do not suggest using credit. As it could increase your debt if you do not use it prudently. But, if you are at the planning stage of applying for a credit card our reviews can help in your decision-making process.

BRAC Bank Ltd. is one of the dominant credit card service providers in our country. It has a variety of credit cards for the customers. It is wise to research properly before you apply. 

BRAC Bank's signature credit card can be a good choice for the high end corporate and business persons, those persons who frequently visits abroad or restaurants. It can save their money by taking the perks provided by the bank. It provides buy 1 get 1 free buffet at the finest restaurant of Bangladesh (Restaurants List ).

As I previously mentioned this card is for the serious users. The annual fee of the card is quite high Tk. 10,000.00. But if you can take the maximum advantage of the card you can make up the annual fee. You can get 2 Reward Points for every TK 50 or $1 shopping. It also provides yearly a total of 7 complimentary visits including companion at Airport Lounges through Priority Pass. $27 per visit per person will be applicable after 7 visits. You can enjoy maximum Interest free period is upto 50 days. 

Advantages
-Buy 1 Get 1 Free Buffet at the Finest Restaurants round the year:
-2 Reward Points for every TK 50 or $1 shopping
-Yearly a total of 7 complimentary visits including companion at Airport Lounges through Priority Pass. $27 per visit per person will be applicable after 7 visits.
-Complimentary access of BASE Cardholder + 3 Companions (Per Visit) to Balaka Lounge at Hazrat Shahjalal International Airport, Dhaka throughout the year.
-Maximum Interest free period is upto 50 days.

Disadvantages
-High annual fee (Tk. 10,000.00)
-High late payment charge (Tk. 1000.00)
-No automatic waiver of annual fee depending of transaction. 

Schedule of charges 
Annual Fee-Primary Card
TK. 10,000
Annual Fee-Supplementary Card
TK. 5,000 from 3rd onwards
No. of Free Supplementary Card
2
Card Replacement Fee
TK. 800
PIN Replacement Fee
TK. 500
Annual Interest Rate
27%
Cash Advance Fee
2.5% or TK. 150 whichever is higher
Late Payment Charges (if minimum due is not paid within due date)
TK. 1,000
Over Limit Charges
TK. 1,000
Return Cheque Charges (For payment)
TK. 500
Copy of Sales Voucher
TK. 300
Duplicate Statement
TK. 100 per month (last 2 months)
Certificate Issuance Fee
TK. 300
TK. 200 per month (beyond last 2 months)
Balance Transfer Processing Fee (Only TK.)
2% or TK. 150 whichever is higher
e-statement
Free
Printed Statement (Only for e-statement subscribers)
TK. 50 for each statement
CIB Fee
TK. 100
Push-Pull SMS Service
Free
Transaction Alert Servic
TK. 180 (per card)
1st Card Cheque Book Fee (10 leaves)
Free
2nd Card Cheque Book and onwards (10 leaves)
TK. 200
Card Cheque Processing Fee
2% or TK. 100 whichever is higher
Secured Card Pre-closure Fee (If card closed before 1st anniversary date)
TK. 500
Early Settlement Fee (Applicable for P@yFlex & Super Loan)
2% of remaining balance
Super Loan Processing Fee
2% of loan amount
Complimentary no. of visits at Balaka Lounge
Unlimited
Priority Pass Membership Card Replacement Fee
TK. 500
Priority Pass Lounge Visit Fee
US$ 27 (per visit per cardholder)
Complimentary   no. of visits at Priority Pass Lounge
7
Higher Credit Limit Maintenance Fee
TK. 1, 000
SI Execution Fail Fee (Due to I/F)
TK. 100
*** 15% VAT will be charged as applicable. 

Documents required for application 

Mandatory Required Documents for Individual Unsecured Credit Cards
  1. Signed and completed Application Form
  2. National ID copy/ Declaration if NID is not available
  3. E-TIN Certificate
  4. Passport size photograph of applicant duly signed by the applicant and attested by the source
  5. Nominee’s photograph and signature duly attested by the applicant.
  6. If the applicant’s signature does not match with any of the provided photo IDs, then declaration is required.
  7. Completed CIB form and Letter of Undertaking
  8. Bank statement as applicable
  9. Visiting Card/Office ID
  10. Valid Passport (if available)
Requirement for fully Account Paid Salaried
  1. Latest Salary Certificate/Pay Slip with Date of Joining & Job Status and to be signed off by authorized person (Line manager/HR/Accounts/Finance) with name seal containing designation and department.
  2. Bank Statement of last 3 months which must reflect 3 months’ salary and Bank statement should not be more than 1 month old. For freshers, bank statement of 6 months is required.
Requirement for Partially Account Paid Salaried
  1. Latest Salary Certificate/Pay Slip with Date of Joining & Job Status and to be signed off by authorized person (Line manager/HR/Accounts/Finance) with name seal containing designation and department.
  2. Cash vouchers of last 6 months required if cash portion is not mentioned in LOI/Pay Slip and bank statement of the last 6 months (For partially account payee only)
Requirement for Self Employed
  • Proprietorship
    1. Bank Statement of last 12 months
    2. Trade License copy (Up to date for 3 years)
  • Partnership
    1. Bank Statement of last 12 months (both personal and company)
    2. Trade License copy (Up to date for 3 years)
    3. Partnership Deed on Government revenue stamp
  • Limited Company
    1. Bank Statement of last 12 months (both personal and company)
    2. Copy of Memorandum of Association
    3. Copy of Certificate of Incorporation
    4. Copy of Latest Schedule X and XII for Private Limited Company
    5. Latest Trade License copy
  • Landlord
    1. Bank Statement of last 12 months (personal)
    2. Rental Receipt or Copy of Rental agreement(s) with tenants
    3. Rental agreement is mandatory for institutional tenant
    4. Copy of Title Deed
    5. Lease deed with AC Land Mutation/Lease Mutation
    6. Updated Holding Tax
    7. Partition deed for single build with multiple owner
  • Doctors/Lawyers
    1. Bank Statement of last 12 months (personal and only for lawyer)
    2. BMDC copy for Doctors
    3. Certificate for permission of Practice from appropriate authority for Lawyers, Engineers and Consultants as deemed applicable.
Mandatory Required Documents for Individual Secured Credit Cards
  1. National ID copy
  2. E-TIN certificate
  3. Top sheet, General Instruction/FD advice
  4. Letter of lien and set-off over deposit account
  5. Fund holds instruction
  6. FDR receipt/hold value
  7. Memorandum of deposits of securities
  8. Authorization for encashment of securities
  9. Letter of Guarantee (joint/Several)
  10. Undated form
Is it worthy to have this Signature card?
This is a tricky question! It is really hard to tell without knowing your lifestyle and income. But, you can avail many advantages if you know how to use it. Remember almost all the credit cards in Bangladesh charges a high interest rate (in this card 27%). So, if you do not have any idea about a credit card and you are applying this card for the first time, I do not suggest this card. You can take gold or classic card to build your credit history and can check whether the card you are availing beneficial or not. Later you can apply for this Signature Card. 

***Opinions explained here are the author’s alone, and have not been reviewed or approved by the bank. The information, including card rates and fees, is accurate as of the publish date. All products or services are presented without  any warranty. Check the bank’s website for the most current information.***

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2 Comments

  1. I'm a satisfied BRAC bank Credit Card User. & To be honest, i'm very much pleased with their service system. Their rewards facility also very amazing.

    Very much good to know & Thanks to Author.

    ReplyDelete