Payment Card

A payment card is any electronic plastic card that allows you to make purchases using a plastic card instead of cash. It’s convenient, quick and most importantly it’s safe.

There are generally 3 types of cards:

1. Debit Card: Spend Now and Pay Directly

2. Credit Card: Spend Now and Pay Later

3. Prepaid Card: Pay Now and Spend Later

Is there a payment card that allows me to use my own money without having to take a loan from the bank?

Yes, it’s called a Debit Card, what it does is provide you with a direct link to your personal bank account. You will be able to spend your own money without having to take a loan from the bank. The logic is simple; you can use the card as long as there is money in your bank account.

Is there a payment card that allows me to use my own money without the need to open a bank account?

Yes, it is called a prepaid card, which allows you to load it with your own money and the amount of your choice and use it anywhere in the world… and it is reloadable.

Is there a card that allows me to choose the percentage of the amount to be settled at the end of each month?

Yes, bankers call that a credit card, it provides you with a pre-determined line of credit and the flexibility to choose how you would like to settle your minimum monthly due, starting with a percentage as low as 10% that can go up to 20%, 30%, 50% or 100%. You can always choose to pay your full balance at the end of the month and avoid being charged with interest.

What is the difference between debit and credit cards?

Debit cards directly subtract the money you spend from your personal account, while a credit card uses the bank’s money, which you have to return later, so it’s a loan.

What is the difference between prepaid and debit cards?

A debit card is usually linked to your bank account, whereas with a prepaid card you don’t need to open a bank account.

What does ”payment card validity” mean?

It’s basically the expiry date found on the front of your card; you’ll find it right after “valid thru” or “active thru”.

What is a supplementary card and how can I get one?

A supplementary card is an additional card offered by the basic cardholder to direct family members or friends and where the 2 cardholders share the same limit assigned to them.

What is a “line of credit” or “card limit”?

It’s the maximum you can spend on your card. Each time you repay a part of what you spend, the limit is refreshed and available for your disposal (but use it wisely).

What is a credit card statement?

It’s the invoice that the bank sends you at the end of each period. It lists all transactions made on your card during that period; it also calculates your outstanding balance, as well as your available limit and the minimum amount you should pay on or before the due date.

What is a due date?

The due date is the day by which you should be settling the minimum due amount at least. Once this date has passed, the interest starts to go up. We therefore recommend you do one of two things once your due date is up: settle the minimum due or a larger amount, while the remaining amount is spread over several installments (with interest). Reimburse the total amount spent with no interest or additional charges.

What is a minimum due?

It is the minimum amount you need to settle to the bank by the due date.

What is a grace period?

It is the period of time between your statement date and the due date. This period may vary depending on the transaction date.

If my card is in LBP, can I purchase items in other currencies?

Yes, you can. All transactions made in non-LBP currency will be converted to LBP. Your statement will show both the LBP amount and the non-LBP amounts in which the charge was made.

Can I use my credit card to withdraw cash?

Yes, you can. Depending on the card brand, you can use any ATM displaying your card brand logo to withdraw cash.

Some recommendations for better use of your payment card

Keep your card in a safe place. Never leave it in your car, on your desk, or in a public place! Don’t forget to sign the back of your card upon receipt. Keep your card in sight when paying at a POS. Always keep a copy of the ticket after payment (and that doesn’t mean until you reach the closest garbage bin), to reconcile with your statement. Always check your card statement(s), your bank expects you to report any irregularities in the quickest delays (to help them help you). Note and remember your bank’s help desk number.

There is always someone there to help you in case of card loss. Make sure that the merchant accepts your card. You can do that by checking the stickers displayed on the shop’s window (MasterCard, Visa, American Express, etc.). Open any credit card bill as soon as it arrives, compare it thoroughly against your receipts and reconcile the account. If a charge appears suspicious or unknown to you, challenge it immediately by calling your card issuer or your bank and then follow up the call with a written enquiry. When you speak to someone at the bank, ask for their name and take a note of it. Talking to the same person can make it easier and faster.

If you change your address, notify your credit card issuers in advance of your change of address and keep a copy of that notification. If an error should occur, you want to have proof that you did notify them on time. If you notice anything suspicious about your card, notify your issuer immediately. Use your card only for purchases and pay your entire card’s balance each month by the due date to avoid interest charges. This is a great way to help build up a good credit history. If you can’t pay the full balance, at least pay the minimum payment, plus as much of the remaining balance as possible.