• Wednesday, May 18, 2022
  • Last Update : 04:24 pm

Bangladesh Bank reinstates late payment fees for credit card bills

  • Published at 06:59 pm August 26th, 2021
Mastercard
Mastercard Inc. credit cards are displayed in this picture illustration taken December 8, 2017 Reuters

The decision was taken as the lockdown was lifted and trade, markets, and transportation had resumed

The Bangladesh Bank has instructed all banks to impose late payment fees for credit card users, a facility that was put on hold since the Covid-19 outbreak in March last year.

In a circular published by the central bank on Wednesday, it had reviewed the instructions on credit card bill and person-to-person (P2P) transactions of mobile financial service (MFS) providers.

The decision was taken as the lockdown was lifted and trade, markets, and transportation had resumed as per usual times.

As per the circular, a late payment fee can again be imposed on credit card bills from the day after the stipulated final day of payment.

However, this can only be imposed only once.


Also Read - Coronavirus: Credit card late fees waived but high-interest rates will incur


Earlier due to the pandemic, the central bank had asked banks on April 4 that if the date of payment of credit bill was fixed in the midst of the strict lockdown, the payment was to be rescheduled within five working days following the withdrawal of restriction.

Banks also cannot impose any interest on the bill from the date of transaction, as per the circular.   

Additionally, the central bank has allowed MFS providers to set their respective service charges for users' monthly P2P transactions, something which was limited by the Bangladesh Bank to Tk40,000 amid the pandemic.

The monthly transaction for P2P, Tk2 lakh, remains unchanged.

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