Such credit cards are valid only for 1 year and are extendable only with discretion of bank chairman. The allocated amounts must be usually reimbursed within one year. After receiving their bills credit card, owners need to settle their debts within a certain period of time (usually 10 days).
After expiration of the settlement period, the allocated debts must be reimbursed according to the certain formulae of the issuing bank. Guarantees needed for issuing credit cards can be as same as credit facilities guarantees and equal to 150 percent of the credit card value. Charge taken for issuing credits cards varies between 20000 to 50000 rials depending on the credit cards value and annual charges taken for allocating credit varies between 80000 to 200000 rials.
Charge received for each transaction made through the Shetab System is 1500 rials per each transaction. Charges are recorded in the bills for customer’s knowledge (for issuing bills, the first purchase transaction made by the applicant is considered).
Complementary information will be announced later.