MasterCard Platinum cards are available in Bangladesh. MasterCard is one of the leading payment network providers in Bangladesh and offers a variety of cards through its partner banks, including Platinum cards.
What is MasterCard Platinum card?
MasterCard Platinum cards typically come with a range of benefits and features, such as higher credit limits, rewards programs, travel insurance, and access to airport lounges. These cards are designed for individuals with higher income levels and good credit history.
To apply for a MasterCard Platinum card in Bangladesh, you can check with your preferred bank or financial institution to see if they offer this type of card. You will typically need to meet certain eligibility criteria, such as a minimum income requirement, and provide documentation such as proof of income, identity, and address. Once approved, you will receive your MasterCard Platinum card and can start using it for purchases and transactions both locally and internationally.
MasterCard Platinum Card Benefits
MasterCard Platinum cards offer a range of benefits that are designed to appeal to consumers who have higher incomes and good credit histories. Some of the most common benefits of MasterCard Platinum cards include:
- Credit limits: MasterCard Platinum cards typically come with higher credit limits than standard credit cards, which can give you more spending power.
- Rewards programs: Many MasterCard Platinum cards offer rewards programs that allow you to earn points or cash back on your purchases. These rewards can be redeemed for travel, merchandise, or statement credits.
- Travel benefits: MasterCard Platinum cards often come with travel-related benefits, such as travel insurance, emergency assistance services, and access to airport lounges.
- Concierge services: Some MasterCard Platinum cards offer concierge services that can assist you with travel planning, restaurant reservations, and other requests.
- Purchase protection: MasterCard Platinum cards often come with purchase protection benefits, such as extended warranties, price protection, and fraud protection.
- Offers and discounts: MasterCard Platinum cardholders may also receive exclusive offers and discounts at select retailers, restaurants, and hotels.
Read: Platinum Credit Card offers in Bangladesh
It’s important to note that the specific benefits of a MasterCard Platinum card may vary depending on the issuing bank and the specific card you choose. Be sure to read the terms and conditions carefully to understand what benefits are included with your card.
MasterCard Platinum Card Loan Feature
MasterCard Platinum cards are primarily credit cards, so they do not offer loans in the traditional sense. However, some banks or financial institutions may offer loan facilities or cash advances against your MasterCard Platinum card.
If your bank or financial institution offers loan facilities against your MasterCard Platinum card, you may be able to access cash quickly and conveniently. The loan amount will typically depend on your credit limit and creditworthiness, and you may need to pay a fee or interest on the amount borrowed.
It’s important to note that taking out a loan against your MasterCard Platinum card can be expensive, as the interest rates and fees can be higher than other forms of credit. It’s also important to make sure you can afford to repay the loan on time, as failure to do so can negatively impact your credit score and lead to additional fees and charges.
If you are considering taking out a loan against your MasterCard Platinum card, be sure to read the terms and conditions carefully and consider all your options before making a decision. It may be more cost-effective to explore other forms of credit, such as personal loans or lines of credit, which may have lower interest rates and fees.
MasterCard Platinum Card Charge/Fees in Bangladesh
The charges for MasterCard Platinum cards in Bangladesh may vary depending on the issuing bank or financial institution. However, here are some common charges that you may expect to see:
- Annual fee: MasterCard Platinum cards typically come with an annual fee, which can range from a few thousand taka to several thousand taka depending on the bank and the specific card.
- Interest rates: MasterCard Platinum cards may charge interest rates on unpaid balances, which can range from around 1.5% to 5% per month.
- Cash advance fees: If you use your MasterCard Platinum card to withdraw cash from an ATM, you may be charged a cash advance fee, which can range from 2% to 5% of the amount withdrawn.
- Late payment fees: If you fail to make your minimum payment on time, you may be charged a late payment fee, which can range from a few hundred taka to several thousand taka depending on the bank.
- Foreign transaction fees: If you use your MasterCard Platinum card to make purchases in foreign currencies or while traveling abroad, you may be charged a foreign transaction fee, which can range from 1% to 3% of the transaction amount.
It’s important to note that these charges are subject to change and may vary depending on the issuing bank or financial institution. Be sure to read the terms and conditions of your MasterCard Platinum card carefully to understand all the charges and fees associated with your card.
Who is eligible for a MasterCard Platinum Card?
Eligibility requirements for MasterCard Platinum cards in Bangladesh may vary depending on the issuing bank or financial institution. However, here are some general eligibility requirements that you may need to meet:
- Age: You must be 18 years old to apply for a MasterCard Platinum card in Bangladesh.
- Income: Most banks or financial institutions require a minimum income level to qualify for a MasterCard Platinum card. The income requirement may vary, but it is generally higher than for a standard credit card.
- Credit history: You should have a good credit history with a credit score of at least 700 to be eligible for a MasterCard Platinum card. If you have a poor credit history or a low credit score, your application may be rejected or you may be offered a lower-tier credit card.
- Employment status: You may need to be employed or have a steady source of income to qualify for a MasterCard Platinum card. Some banks or financial institutions may require you to be employed in a specific profession or industry.
- Residency: You should be a resident of Bangladesh to be eligible for a MasterCard Platinum card. Some banks or financial institutions may require you to have a specific type of residency status, such as permanent residency.
It’s important to note that the specific eligibility requirements may vary depending on the issuing bank or financial institution. Be sure to check with the bank or financial institution to confirm the eligibility requirements before applying for a MasterCard Platinum card.
How do apply for a MasterCard Platinum Card in Bangladesh?
To apply for a MasterCard Platinum card in Bangladesh, you can follow these general steps:
- Research banks and financial institutions: Research different banks and financial institutions in Bangladesh that offer MasterCard Platinum cards. Compare the features, benefits, fees, and eligibility requirements of different cards to find the one that suits your needs.
- Eligibility requirements: Check the eligibility requirements of the MasterCard Platinum card you are interested in. Make sure you meet the income, age, credit history, and other requirements before applying.
- Required documents: Gather the required documents for the application, such as your National ID card, passport, income proof, and address proof.
- Fill out the application: Fill out the application form for the MasterCard Platinum card. You can usually find the application form online on the bank’s or financial institution’s website, or you can visit a branch to fill out the form in person.
- Apply: Submit the completed application form and required documents to the bank or financial institution. You can usually apply online, by mail, or in person at a branch.
- Wait for approval: Wait for the bank or financial institution to process your application. The approval process may take a few days to a few weeks depending on the bank and the specific card.
- Activate the card: Once your application is approved, you will receive your MasterCard Platinum card in the mail. Follow the instructions to activate the card before you can start using it.
It’s important to note that the specific application process may vary depending on the issuing bank or financial institution. Be sure to check with the bank or financial institution to confirm the application process for the MasterCard Platinum card you are interested in.
MasterCard Platinum Card Use in Bangladesh
MasterCard Platinum cards are widely accepted in Bangladesh for both online and offline transactions. With a MasterCard Platinum card, you can enjoy a range of benefits and privileges such as higher credit limits, travel insurance, cashback rewards, airport lounge access, and more. MasterCard Platinum cards also offer enhanced security features such as chip technology and zero-liability protection, which help protect you from unauthorized transactions and fraud. Many banks and financial institutions in Bangladesh offer MasterCard Platinum cards with various features and benefits. If you are looking for a credit card with higher rewards and privileges, a MasterCard Platinum card could be a good option for you in Bangladesh.
Disadvantage of the MasterCard Platinum card
Like any financial product, there are some potential disadvantages to using a MasterCard Platinum card in Bangladesh. Here are a few things to consider:
- Annual fees: Some MasterCard Platinum cards may come with an annual fee, which can be quite high compared to other types of credit cards.
- High-interest rates: MasterCard Platinum cards typically have higher interest rates than other credit cards, which can make it more expensive if you carry a balance from month to month.
- Eligibility requirements: MasterCard Platinum cards may require a higher income, credit score, or other eligibility criteria than other types of credit cards, making them harder to obtain for some people.
- Foreign transaction fees: If you use your MasterCard Platinum card for transactions in a foreign currency, you may be charged additional fees, which can add up quickly if you frequently travel abroad or make online purchases from foreign merchants.
- Overuse: If you’re not careful, you could end up overusing your MasterCard Platinum card and accumulating debt that you may struggle to pay off.
It’s important to carefully consider your financial situation and habits before applying for any credit card, including a MasterCard Platinum card. Be sure to read the terms and conditions carefully and weigh the pros and cons of the card to determine if it’s the right choice for you.
Conclusion
A MasterCard Platinum card is a type of credit card that offers a range of benefits and privileges. These benefits may include higher credit limits, travel insurance, cashback rewards, airport lounge access, and enhanced security features. MasterCard Platinum cards are widely accepted in Bangladesh for both online and offline transactions, making them a convenient payment option for many consumers. While there may be some disadvantages to using a MasterCard Platinum card, such as annual fees and high-interest rates, they can be a good option for those looking for a credit card with additional features and rewards. It’s important to carefully consider your financial situation and habits before applying for any credit card.