8/2/2019 Grace Period

1/2

Grace period

The grace period is the time during which you are allowed to pay your credit card bill withouthaving to pay interest. The Credit CARD Act of 2009 requires that if issuers have grace periods,

they must last at least 21 days. 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, interestcharges start right away.

Minimum payment

The minimum payment is the lowest amount of money that you are required to pay on your

credit card statement each month. See your credit card "terms and conditions" document to seehow your credit card's minimum payment is calculated. Until 2004, minimum payments were as

low as 2 percent, which meant that any large balance could take decades to pay off, if only theminimum payment was made. Under pressure from federal banking regulators, card issuers havein recent years ramped up the required minimum payment.

Cash advance

A cash advance is cash loan from a credit card, using an ATM, a bank withdrawal or

"convenience" checks. Credit card cash advances have many disadvantages for consumers.

Generally, you cannot take a cash advance for the full amount of your available credit. Theinterest rate on cash advances is often significantly higher than it is on purchases or balance

transfers. If you carry balances with both high-interest cash advances and low-interest purchases

on the same card, it is current industry practice to apply payments to the low-rate balance first,increasing total interest rate costs. A transaction fee, which is a percentage of the cash advance,

is usually charged. There is typically no grace period for cash advances.

BASIC ELIGIBILITY CRITERIAAL Habib Credit Card is available for existing customers of the bank.

Existing individual Account Holders Salaried employees of Corporate Relationships receiving monthly salaries in their Bank

AL Habib account.

Self-employed Professionals and Businessmen. Age: 21-60 years for salaried customers. Age: 21-65 years for self-employed Professional and Businessmen. Age for Supplementary Card: 18-70 years. Minimum Income requirement for salaried applicants Rs. 10,000 p.m. Minimum Income requirement for self-employed Professional & Businessmen Rs.

25,000 p.m.

Debt burden not to exceed 50% of take home income of the applicant. Clearance from e - CIB and compliance with SBP Prudential Regulations.

8/2/2019 Grace Period

2/2

BASIC DOCUMENTS

Bank prescribed application form Copy of Computerized National Identity Card Bank Statement Minimum of Six months

CF 1-Annexure Annexuredetails of various facilities already obtain from otherBanks/DFIs

Credit Shield undertaking, if customer opts, for Credit ShieldINCOME DOCUMENTS

For Salaried Applicants:

Salary Slip/ or Certificate preferably signed and stamped by Employer Last six months bank statement crediting the salary amount

For Self-Employed Professionals & Businessmen:

Proprietor ship letter Company last six month bank statement

For Partnerships:

Partnership deed Company last six month bank statement

Director Public or Private Limited Company:

Company Articles and Memorandum of Association form 29 A where-in mentionedownership stake.

Company last six month bank statementMore information:For any additional information on AL Habib Credit Cards please contact our Call Center 24hrs a

day and 7 days a week at

111-014-014 or 0800-00006

Note:

Bank AL Habib Limited reserves the right to decline in full or part any application based on itsjudgment without notifying any reason to the customer