State Bank of Pakistan issues Guidelines To Banks For Credit Cards: A Pakistan News

KARACHI: The State Bank of Pakistan Saturday issued operational guidelines for credit card business of commercial banks, outlining code of conduct for various aspects of the business including marketing, interest rate charges, recovery of dues, billing processes etc.

The central bank has advised the banks to quote interest rate and service charges on annual basis and also inform the credit card holder on the interest rate or services charges through advertisement or sending information to them on their addresses.

The SBP has directed the banks not to levy any charge that was not explicitly mentioned either in the User Guide or Application Form or Schedule of Charges provided to the customer at the time of selling credit card, without the prior consent of the card holder.

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