Retroactive rate increases

Issuers can't raise rates on an existing balance unless you're late by 60 days or more. No longer will they be able to punish borrowers for late payments on unrelated accounts under the practice of universal default or due to "anytime, any reason" clauses.

If the cardholder does trigger the default rate because of a 60-day delinquency, the bank must restore the lower rate once the cardholder demonstrates six consecutive on-time payments. This provision takes effect in August 2010.

Rates can't be raised in the first year after issuance, and promotional rates must last at least six months.

Caveat: Issuers can raise rates at any time for any reason on new balances with 45 days' advance notice. Cardholders will still need to read correspondence from their creditors.

DEBT-TO-LIMIT RATIOS

Her debt-to-limit ratio on the card suddenly zoomed up from 64% to 94%, and she expects her credit score will be damaged. The ratio is a key component that credit bureaus use to determine creditworthiness. "It's not right," said Mazzera, a project assistant at a construction company. "I worked very hard to keep my credit."

Mazzera is part of a growing number of Americans who are seeing their credit limits slashed. Even people with good jobs, low balances, and solid payment histories could be seeing their credit scores slip through no fault of their own. About 16% of customers had their limits reduced between April 2008 and October 2008, according to a recent study by Minneapolis-based FICO (FIC), which developed the Fair Isaac scoring model used by credit bureaus to evaluate default risk.

CAR RENTAL LOSS/DAMAGE

VISA Auto Rental Insurance provides coverage for damage due to collision or theft up to the actual cash value of most rental cars when certain terms and conditions are met. The cardholder must initiate and complete the entire rental transaction with a covered VISA credit card and decline the auto rental company's collision damage waiver (CDW/LDW) option, or similar provision if offered by the auto rental company. Auto Rental Insurance is available worldwide on a 24-hour basis unless precluded by law or in violation of the territory terms of the rental agreement. Other restrictions, limitations and exclusions may apply.

How Credit Cards Work

Have you ever stood behind someone in line at the store and watched him shuffle through a stack of what must be at least 10 credit cards? Consumers with this many cards are still in the minority, but experts say that the majority of U.S. citizens have at least one credit card -- and usually two or three. It's true that credit cards have become important sources of identification -- if you want to rent a car, for example, you really need a major credit card. And used wisely, a credit card can provide convenience and allow you to make purchases with nearly a month to pay for them before finance charges kick in.

That sounds good, in theory. But in reality, many consumers are unable to take advantage of these benefits because they carry a balance on their credit card from month to month, paying finance charges that can go up to a whopping 23 percent. Many find it hard to resist using the old "plastic" for impulse purchases or buying things they really can't afford. The numbers are striking: In 1999, American consumers charged about $1.2 trillion on their general-purpose credit cards.

Saadiq VISA Credit Cards

Saadiq VISA Credit Cards

At Standard Chartered, we believe in respecting your values. We are pleased to introduce Standard Chartered Saadiq VISA Credit Cards – Pakistan’s first Shariah-compliant Riba Free Credit Cards, which combine the international acceptability of VISA with worldwide reliability and excellent service.

The Saadiq VISA Credit Cards have been carefully developed by an international team of professionals with Islamic financial expertise, who ensure that our products are within the guidelines of Islamic finance. Saadiq Credit Cards operate on the ‘Ujrah’ concept which is based on a fixed fee structure, meaning that only fixed fee will be charged to the customer. The Card would not be levied with any floating percentage fee dependent upon the outstanding balance. The entire fee structure is based on fixed fee unlike conventional credit cards where fee is a percentage of the outstanding amount or transaction amount.

Cricket Credit Card

Standard Chartered Bank introduces Pakistan’s first and only Cricket Credit Card

At Standard Chartered, we believe in offering our customers the best value. The Standard Chartered Cricket Credit Card is your key to enjoy cricket up, close and personal with original memorabilia, coaching camps, discounts, free match tickets, talk shows and much more.

Use your Standard Chartered Cricket Card to score runs and redeem them in order to get cricket memorabilia autographed by famous Pakistani cricketers. Remember …. 1 Run equals to 1 Treasure Point.

Convenience

• Lowest Service Charges: Standard Chartered Easy Credit Card offers you global acceptability with a higher than usual credit limit and a highly competitive financial charge of only 2.5% per month. Financial charges are levied on the amount from the transaction date and will apply on the billing date.
• Cheque Book Convenience: When you receive your Easy Credit Card (EC) you also receive an Easy Credit Cheque book. As an added convenience you can issue EC Cheques in Pakistan to your friends and family or to anyone you absolutely please. Furthermore, you can also issue EC Cheques at all places where Credit Card processing machines are not available.
• ATM Convenience: Your Easy Credit Card can also to act as an ATM Card. It lets you withdraw cash at ATMs bearing the MasterCard or M-Net logo worldwide.
• Global Acceptability: With EC Card's global acceptability - you have no fear of running out of cash anywhere in the world. You can use your EC Card globally and benefit from MasterCard's legendary global acceptability.

Consider What You're Paying

Consider What You're Paying

You should also consider what you're paying for. Credit cards these days are loaded with perks and incentives of all kinds, everything from rebates toward car purchases to frequent flyer miles. Typically you can expect higher interest rates and fees on cards that come with these kinds of perks.

While it pays to shop nationally for a credit card, it also makes sense to check out what your local bank has to offer. The interest rate might be slightly higher than what you can find elsewhere, but there's something to be said for the simplicity of keeping all your financial services under one roof.

Corporate Credit Cards

Corporate Credit Cards

In addition to consumer credit cards, banks offer business/corporate cards. These feature slightly lower interest rates than average consumer cards. Lenders will look at your business and personal credit repayment history when deciding whether to issue you one of these cards. Some lenders may also decline to issue you one of these cards if you haven't been in business for several years.

Your personal credit history and income also determine what sort of rate you can get on a credit card. Interest rates generally decline as you move from standard to gold to platinum (and now titanium) cards. Access to these cards depends on your credit history and income.

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