CPD
Circular No. 3 of 2014 |
February 20, 2014 |
The Presidents / Chief Executives
All Banks
Dear Sirs / Madam,
INTRODUCTION
OF CREDIT CARD SUMMARY BOX
In
order to enhance the existing level of transparency and
disclosure in the credit card business, it has been decided
that banks shall invariably provide an upfront key product
fact sheet in the form of a Summary Box to their prospective
customers with effect from September 01, 2014. A specimen
of the Summary Box containing the minimum information
relating to Annualized Percentage Rate (APR), effective
interest rates, minimum monthly repayments, card limits,
fees & charges, insurance coverage, etc. is being
attached for meticulous compliance. Banks may, however,
add any further material information in the Summary Box
as they deem necessary. Further, before issuing any credit
card, the bank shall retain a duplicate copy of Summary
Box duly signed by the customer and authorized banker,
in line with SBP record retention regulations.
2.
Failure to comply with the above directives shall attract
penal action under the provisions of Banking Companies
Ordinance, 1962.
Please
acknowledge receipt.
Specimen
of Summary Box
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Sd/-
(MOHSIN RASHEED)
HEAD - CPD
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