What is the Islamic concept?
The card is based on Ujrah or service charge. In this case, a yearly service charge is levied depending on the credit card type.
How does Kuwait Finance House credit card works?
The card works similar to conventional credit cards; however, Kuwait Finance House credit card is a Shari’a compliant card (no interest, no hidden cost). The card only charges an annual fee which is payable on a monthly basis.
Is Kuwait Finance House Credit Card the same as charge card?
KFH credit card is NOT the same as charge card. The card allows customer to pay a minimum monthly payment of 5% of the outstanding balance (a minimum payment of BD 10 applies), as opposed to charge card where full amount is payable on payment due date.
What are the types of credit cards in KFH?
* Classic card
* Gold card
What is the maximum limit for each type of card?
* For Classic card - BD 800-1,500
* For Gold card - BD 2,000-3,000
How does the cash withdrawal work in KFH credit card?
Cash withdrawals made through the KFH card are not subject to payment in installments, but must be paid in full on receipt of the next statement of account.
Is there any limit on the amount available for cash advance?
Cash advance is applicable for 20% of the total limit; also KFH will set a limit BD 100 per withdrawal for Classic and BD 200 for Gold.
Is there a fee/charge for cash advance?
The Cards are not intended to be used at ATMs for the purpose of receiving cash advances. However, If the customer choose to use the Cards for cash advances. We shall charge the Cards a fee in respect of cash advances which the customer agree and will be added to his monthly balance to cover certain third party costs and handling fees at an amount equivalent to BD 4 and will be levied irrespective of the amount of cash advance withdrawn. Some limitations on ATM cash advances may apply, such as limitations on BHD amount.
What happen if a person used the credit card over the limit...