Unibank Exceeds Forecast Pace of Issue of Al Kart Credit
As a result of successful implementation of the project AL Kart, UniBank has issued approximately 1,000 credits. The total amount of a credit portfolio on AL Kart project is US $1.5mln.
On July 3, 2006 UniBank CB presented the new brand called AL Kart. This is a credit card promoted under the slogan NЙ™ istЙ™sЙ™n AL, which means Whatever you want Buy It.
Over four months, the credit portfolio of AL Kart project significantly increased the initial forecast figures. It enables to assert that in the perspective UniBank will increase its share in the credit market for any purposes, said Faig Zeynalov, Retail Banking Director with UniBank.
The launch of the new stand-alone multi-purpose credit product under the AL Kart brand is the outcome of the large-scale marketing research undertaken by the Bank. The national market used to be dominated by the special-purpose crediting practice. Free-of-charge AL Kart, which is positioned as a universal product enabling the customers of the Bank to pay for absolutely all kinds of goods and services that they might need to purchase. In addition, the customer buying an AL Kart is in a position to supplement the card balance with reliance on their own funds.
Through this project, the Bank offers each and every customer a card with a credit line on it ranging from USD 500 to USD 3000, or the AZN equivalents. The credit lines will be extended under 26% annually, where the interest will only be charged on the expended credit portions on the 6th day of every month. Thus, the customers can use the credit line absolutely gratis during the grace period, which can be as long as 30 calendar days.
In the event that the customer supplements the card balance with their own funds, UniBank undertakes to have the annual rate of interest of 5% accrued on the deposit component of the card account. The card is issued for 1-year validity term.
It is possible to use the AL Kart domestically as well as abroad.