BB revokes credit card bill payment facility

The central bank has cancelled the credit card bill payment special facility offered during the coronavirus lockdown.

In a circular on Wednesday, the Payment Systems Department of the Bangladesh Bank said the facility regarding bill payment period, late payment fee, and interest had been withdrawn as businesses had reopened in line with hygiene rules. 

Interest will now be levied on unpaid credit card bills from the day after the last date of payment.

No interest can be charged from the date of transaction.

Also, late fee cannot be collected more than once against any bill paid late.

The circular also gave new instructions for mobile financial services providers regarding person-to-person transactions.

The maximum monthly limit for such transactions will be Tk2 lakh from now on, up from Tk75,000. 

Besides, the charge for such transactions will be set according to service providers' own business policies.

Imposing late payment fees on unpaid credit card bills was prohibited when the bill payment facility was in effect.