Basically, it’s a plastic card branded with VISA or MasterCard. It has a credit limit from which you can use to purchase items, or withdraw cash.
What is a credit limit?
A credit limit is the amount of money that can be charged to a credit card account. It is the amount of money that the cardholder can spend up to.
When do I repay?
You have up to 56 days to pay back either an installment or the full amount without incurring late payment fees.
What is the grace period?
The grace period is the time during which you are allowed to pay your credit card bill without having to pay interest. The grace period usually applies only to new purchases. Most credit cards do not give a grace period for cash advances and balance transfers; instead, interest charges start right away.
Who is eligible for a a credit card?
Employees working in our approved list of companies & earning minimum EGP 2,500 net monthly income for Classic cards. EGP 8,000 net monthly income for Gold cards.
How is the credit limit decided?
The credit limit is based on 3 criteria: DBR of max 40%; salary multiplier based on the salary; and based on the maximum limits of the gold/classic card.
Where does the credit limit for Classic & Gold start from and till what amount?
Classic: EGP 2,500 – EGP 15,000
Gold: EGP 15,001 – EGP 100,000
Can I withdraw cash from my card?
Yes. You will be charged 2.5% of the amount (with a minimum of LE 25).
What is the cash advance limit?
The cash advance is 30% of the total credit card limit on a monthly basis. For Classic cards, the maximum cash to withdraw is EGP 3,000 monthly. For Gold cards, the maximum cash to withdraw is EGP 13,000 monthly.