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It's an exclusive offer for other bank credit cardholders from CBL. Credit card market has been bloomed. A monopolistic competition is still going on in the credit card market. Many new players already accessed to the market. Meanwhile potential segments of the market have been acquired by them. They are charging very high fees and interest to their cardholders. It is observed from a survey that too high fees and rate of interest is the main cause of dissatisfaction of their cardholders. Balance Transfer is a very effective programs how CBL can acquire a huge number of other member's cardholders by offering a preferential rate of interest and attractive fee to bring them to our shop. It is a very common program in Europe and other matured credit card market. |
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| Program Dynamics: |
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This is a unique offer for the other bank credit cardholders to transfer their total or desired debt/outstanding amount of their credit card to CBL credit card under this program. |
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The requested amount of the credit card will take over by CBL with a preferential variable rate of interest. |
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A processing fee will be charged @ of 1% or a fixed amount on the outstanding amount which ever is higher. For Visa Classic it is BDT 500 and Visa Gold BDT 1000 |
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A minimum balance transfer amount is BDT 10,000 and maximum BDT 4, 80,000 |
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CBL will pay the outstanding amount by pay order or cheque at a time to previous issuer. |
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CBL may issue a higher limit to the cardholder and it is sole discretion of CBL. It will be subject to satisfaction of the credit analyst based on the support of the income documents and cardholder's transaction behavior. |
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| Eligibility for BT: |
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Age of the previous card must be at least 6 months |
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No late fee more that once over the last 3 months |
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No over limit more than once over the last 3 months |
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Card status should be open |
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Card limit in case of BT should be ideally equivalent or more than the existing card outstanding |
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BT amount is to be transferred by card operation through issuance of banker's cheque/ pay order in favor of customer's existing bank |
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| Other eligibility will be as per our credit policy |
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| Required document from the Applicant (For new cardholders): |
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All the documents required for processing a credit card plus last three months other bank's credit card statement. |
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| Required document from the Applicant (For existing cardholders): |
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Last three months' statement of other bank's credit card only. |
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| BT Application Process: |
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The applicant has to fill out the credit card application form along with a balance transfer form. CBL existing card holders no need to fill out the credit card application form. |
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RFC will do CPV as per our policy. Credit limit will be assessed based on the financial documents provided by the applicant. Extra limit may be allowed if it is permitted as per income criteria followed by the given documents. |
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Credit analysts must check the required documents and the special criteria for BT such as age of the previous card must be at least 6 months, no late fee more than once over the last three months, no over limit more than once over the last three months, card status open etc. If every thing okay than approve the BT as per policy. RFC will forward the application to produce the card. If the BT amount is equal or less then the approved credit limit, he will instruct the production unit to produce the card. |
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Designated officer of cards operations will check the approved limit and produce the card. Cards Operations will send request/instruction to accounts wing of Cards center to issue the pay order favoring to issuing bank of the previous card without charge. |
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| Pre-Closure: |
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(In case of transferring BT to Installment Payment) The cardholder has the option of early settlement of the BT Loan amount provided that he pays a pre-closure fee of 3.00% of the transfer amount or BDT 500 whichever is higher. |
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| * For details, please contact nearest City Bank Branch or Contact Us. |
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Other Credit Cards: |
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