Credit Card Review: LankaBangla Credit Cards

LankaBangla is one of the oldest financial institutions in the country that started its journey back in 1997. Presently only a few NBFI is providing credit card services to its customers. As per our view, it is the most successful credit card service provider among the NBFIs. A LankaBangla credit cardholder can avail almost every benefit of a credit card. However, presently LangkaBangla is only providing local card services. So, if you are looking for a card for dual currency it is not for you. 

Types of LankaBangla Card 

According to their website, they are offering nine types of credit cards that are only valid within the country. 

Serial NO. 

Card Type

Limit 

1.

Titanium Mastercard

1,50,000-10,00,000

2.

Mastercard Gold

60,000-1,49,999

3.

Mastercard Classic

20,000-59,999

4.

VISA Platinum

1,50,000- 10,00,000

5.

VISA Gold

60,000- 1,49,999

6.

VISA Classic

20,000-59,999

7.

Mastercard Shikha Titanium

150,000-1000,000

8.

Mastercard Shikha Gold

60,000-149,999

9.

Mastercard Shikha Classic

10,000-59,999




Things we liked:
  • LankaBangla offers ezypay EMI facilities to almost every renowned brand including daraz
  • The discount and privilege facilities remain all around the year
  • The charge of the credits is not so high ranging from Tk. 1500 to Tk. 2500 
  • Minimum pay is 5% or Tk. 500 
  • The supplementary card is completely free
Things we disliked:
  • Cash advance minimum charge is higher than the banks
  • Bkash transfer requires high charges, that generally free on bank cards
  • Cashback and reward points are only available in VISA Platinum & Mastercard Titanium only
  • Renewal fee waiver of maximum transaction e.g. 18                                                                                        
Fees & Charges 
Type of CardClassic mastercard/VISA CardGold mastercard/VISA CardTitanium Mastercard/ Platinum VISA
Membership FeeFREE (1st Year)FREE (1st Year)FREE (1st Year)
Renewal FeeBDT 1,000 + VATBDT 2,000+ VATBDT 2,500+ VAT
*Renewal Fee Waiver by Transactions18 NOs18 NOs15 NOs
Spouse Card FeeFREEFREEFREE
Supplementary Card FeeFREEFREEFREE
Card Replacement Fee(Any type of replacement except renewal)BDT 500 + VATBDT 500 + VATBDT 500 + VAT
PIN Regeneration FeeBDT 100 + VATBDT 100 + VATBDT 100 + VAT
Required Minimum Payment5% of total outstanding or BDT 500 whichever is higher
Payment Due DateAs per statement
Interest Free PeriodMaximum 45 days - Minimum 15 days**
Interest Charge1.66% per month1.66% per month1.66% per month
Cash Advance Limit50% of Limit50% of Limit50% of Limit
Cash Advance Charge2.5% or BDT 250 whichever is higher
Cash Advance Interest1.66% per month1.66% per month1.66% per month
Fund transfer processing fee for adding money to bKash/ any mobile wallet1.5 % of total withdrawal amount
Card Cheque Book Issuance FeeBDT 200 for 1st book & onward
Card Cheque Trnx Processing Fee2% or BDT 250 whichever is higher
BEFTN Trnx Processing Fee (only for Mastercard)1.5% or BDT 200 whichever is higher
Late Payment FeeBDT 300 +VATBDT 500 + VATBDT 500 + VAT
Over Limit FeeBDT 500 + VATBDT 750 + VATBDT 1000 + VAT
Cheque Return FeeFREEFREEFREE
Outstation Cheque Collection FeeFREEFREEFREE
Statement Retrieval FeeBDT 100/StatementBDT 100/StatementBDT 100/Statement
e-StatementFREEFREEFREE
CIB ChargeBDT 100 +VATBDT 100 +VATBDT 100 +VAT
SMS ChargeBDT 100 +VATBDT 100 +VATBDT 100 +VAT
CreditShield Coverage (Insurance premium) ChargeBDT 0.35%BDT 0.35%BDT 0.35%
*** CreditShield coverage
  • 100% outstanding coverage upto credit limits (Permanent Total Disability (PTD), Normal/accidental death).
  • 100% financial benefit for family member upto credit limit (Normal/accidental death).
  • Additional coverage under Accidental Death Insurance Policy.
  • (Subject to provide the supporting documents and fulfill the terms and condition of CreditShield coverage)

*** Accidental death benefit under CreditShield coverageBDT 100,000BDT 300,000BDT 500,000
Limit Enhancement FeeBDT 200 + VATBDT 200 + VATBDT 200 + VAT
Standing Instruction ServiceFREEFREEFREE
Sales Slip Retrieval FeeBDT 100/SlipBDT 100/SlipBDT 100/Slip
Legal ChargeAt actualAt actualAt actual
Reward Point1 (one) point for every BDT 50 on POS & e-Commerce transaction only (except add money to mobile wallet)
Cash Back against reward pointFor VISA Platinum & Mastercard Titanium only ****

Required documents for application:
LankaBangla credit card application requirements are so basic things. You can apply for a credit card if you have the following papers:
  1. Bank statement authorization letter
  2. Trade License/ Salary Certificate
  3. CIB undertaking form
  4. Visiting card/employee ID card
  5. Copy of e-TIN, NID/Passport
Application Procedure:
You can apply through any direct sales executive, branch, or online. For online applications follow the link: Credit Card Application

Our Opinion:
LankaBangla is a trustworthy NBFI that is providing services long since. Their credit card offers a variety of facilities around the year. If you intended to take an easily available credit card from an NBFI it can your best option. But whatever decision you take must remember the charges.

***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.***

Post a Comment

0 Comments