Frequently Asked Questions for Credit Cards after the end of the installments' suppression period

¹Statement generation dates and due dates may vary depending on whether the date is a normal working day, public holiday or weekend.

If you wish to change the SI%. You can decrease the SI% to any percentage (minimum of 5%), this change will be effective from the next statement cycle. However, this will cause a finance charge to be calculated. Please visit the nearest branch or call our call centre.

You can review your credit card statement for details pertaining to the total outstanding amount due through online banking, or calling the call centre or visiting the nearest branch.

For your convenience and to reduce the monthly burden, the interest that was accumulated during the suppression period can be placed into an instalment plan at a preferential rate of 1.7% to repay it over equal monthly installments for the tenure of 3, 6, 9 or 12 months. To apply, please call our call centre or visit the nearest branch.

Please note that you can request to place the accumulated interest into a plan at any point of time between the first statement generation date after forbearance and the statement due date, e.g. if statement date is 3 September and due date is 24 September, then you can place the request between 3 and 24 September.

Note: If you did not make any payment into the card by the due date or requested to move your accrued interest into a plan as the point above, then you may go into delinquency. However, requesting to place your due amount on a plan post the due date can be entertained as an exception on a case by case basis.

Yes, normal bank tariff will be charged including both the late payment fee (EGP 75) and over-limit fee (EGP 30) (if outstanding balance has exceeded your credit limit). Both fees will be re-effected starting the due date after going out of suppressions and will apply in case of no payments are made into the credit card or in case you went over limit starting that date.

The following charges will be resumed as follows:

• late payment fee: EGP 75 starting 30 September 2020
  
• over-limit fee: EGP 30 starting 30 September 2020
  
• cash advance fee on both domestic & international usage: 2% min EGP 20 starting 1 January 2021
  

All other normal credit card fees and charges continue to apply as per the Schedule of Charges announced on our website.

If you hold plan(s) on the credit card, please note that the payments suppression applies to the plan(s) as well; that’s why all the plan(s) related monthly instalments were deferred during the suppression period. The plan(s) monthly instalments are getting accumulated to become due as a bulk amount on the 7^th month in addition to the 7^th month instalment that will be normally due at that time.

However, for your convenience and in order to decrease the payments burden, arrangements / re-scheduling was made to the plan(s).

Please check your credit card statement to know your new monthly instalment(s), check the online banking, visit the nearest branch or contact the call centre.

In case of having a single plan on your card:

• plan end date was extended for 6 months in order to cater for the suppression period and it covers the total remaining principal (a). Ex: if the plan was to end on December 2020, it will be extended to June 2021
• calculated interest accumulated during the 6 months' suppression was placed into a zero interest plan for a tenure of 6 months (b)
• thus your new monthly instalment amount is the sum of both (a) & (b) above for the first 6 months then it will decrease to include the instalment of (a) only until the end of the plan tenor

In case of having multiple plans on your card:

• original plans are being continued as is for their remaining tenors and with the same original monthly installment amounts (a)
• ballooned principle of your plans that was accumulated during the suppression period is placed in a new plan (at same interest rate of the original plans and with a tenure similar to the longest plan that you already hold); thus resulting in the lowest instalment amount possible (b)
• calculated interest accumulated during the suppression period is placed into a zero interest plan for a tenure of 6 months (c)
• thus, your new monthly instalment amount is the sum of (a) & (b) & (c) for the first 6 months then instalment amount will gradually decease as each plan ends

Please refer to "What if I am not able to pay the total accrued interest in full at the end of the suppression period, is there a possibility to pay it over instalments?" above for similar handling.