The Bank of
Bhutan (BoB) launched domestic and international Visa
credit card, offering a range of benefits to its users, for making
transactions and payments, both in and outside the country.
It
enables users to shop online, and also through the point of sales.
The
credit card comes in three different versions – Visa international
gold credit, Visa domestic gold credit and Visa domestic silver
credit cards.
The
gold international card is denominated in US dollars, and can be used
around the world, except in India, Nepal and Bhutan. It provides
credit up to US$ 3,000 a year, which is based on the central bank’s
foreign exchange regulation.
The
silver and gold domestic cards can be used only in Bhutan, Nepal and
India, and has a credit limit of 60,000 Bhutanese ngultrum ($1079.6)
and 150,000 ngultrum. The spending limits from the card will be based
on the central bank’s prescription.
BoB’s
chairman Karma W. Penjor said the launch of the product would help in
reducing the cost of printing currency notes and would also serve as
a source of foreign exchange earnings, as it would make it easier for
tourists to make payments and shop cashless.
The
need to open such a banking product came after an executive order the
bank received from the prime minister, bank officials said.
Consequently, a task force was formed, comprising officials from the
tourism council, finance ministry, Druk Holding and Investments and
the Bank of Bhutan.
Bank
officials said that, to be eligible to acquire the card, a person
should have a minimum net take home salary of 5,000 ngultrum.
Penjor
said that users should be cautious while using the card’s facility.
It requires the user to pay off the credit within a month, and late
payments would result in a penalty of 2.5 per cent of the outstanding
amount.
The
bank has spent around 25 million ngultrum to acquire an international
membership, and on the costs incurred for equipment and software.
US$1
= 55.5 Bhutanese ngultrum
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