Standard Chartered Bank of Botswana (SCBB) rose to the challenge last Friday by introducing a smart credit card for its Botswana customers which is said to be fraud proof.
According to the bank’s Head of Customer Banking Services, Pierre Mourier, the card has a number of benefits, including free lounge services at Oliver Tambo International airport, travel insurance, free funeral cover and lost card insurance. Further, owners will have additional priviledges, such as dining, discounts at specified restaurants, shopping discounts within Botswana, cash voucher and an Orange cellphone voucher.
“Only people who book their air ticket through Harvey Travel will have a free business lounge at Johannesburg airport,” the bank said Friday.
It further stated that its travel insurance will cover up to P 150,000 for lost baggage and delayed flights. But that only goes as far as southern Africa and cardholders making it to far afield, like to Europe and other parts of the world, will have to top up the insurance cover bill. Further, the insurance does not cover accidental medical bills.
Mourier said to qualify for the credit card one has to earn at least P 1,650 per month and have an account with Standard Chartered Bank of Botswana. Some of the terms that apply include the ability to pay.
“We have very competitive interest rates. Our cards attract 2.25 percent per month or 27 percent per annum. The credit is worked between 1.5 to 3.5 times of ones’ salary,” Mourier said Friday.
The bank announced the launch of two cards; one being the golden card whiles the other is classic card.
The golden card carries more benefits, such as the airport business lounge while the other does not.
“The Standard Chartered smart card is loaded with features and benefits that make for an improved credit card experience. The special offer on the credit card result in more value-added to each pula spent, and discounts we have negotiated with our merchant partners ensures great savings for the cardholder,” the bank said.
It added: “The Standard Chartered Bank credit card is an EMV (Europay, MasterCard and Visa) chip credit cardÔÇöa standard plastic card with a computer chip embedded in it. The smart card core benefits lies in this chip, which makes the card more secure than normal magnetic strip credit card currently in the market. An EMV chip credit card counters fraud using a range of complex encryption locks and keys to authenticate the card and transaction.”
A similar card has been issued by Standard Chartered Bank Plc for Singapore, Malaysia, India and other markets outside southern Africa.
Botswana is the first country in the region to get it.
It will be accepted by millions of ATMs around the world which also accept the Visa card.