Debit cards and credit cards are now used by almost everyone in Nepal. With reformation and development in the banking sector of Nepal, the use of debit and credit cards is increasing every day. Every banks offer easy debit and credit card facility and are competing with each other in terms of customer service. The use of credit cards, debit cards, visa cards, master cards in Nepal is increasing. I have discussed in brief about debit and credit cards in Nepal in the article.
Debit Cards in Nepal
In simple words, debit card is a plastic payment card that can be used to make any purchases instead of cash. A debit card is directly associated with your bank account and money is used from your account every time you make payment through your debit card. It also allows cash withdraw from ATMs with access to your bank account. With a minimum service charge you can get your debit card and can enjoy its service. Debit cards are way better than currency notes and are safer as well. It is much easier and convenient. You no more have to carry cash and can make any payment. However, in Nepal many places don’t accept cards so it is not possible in Nepal to make every payment through card.
Importance of Debit card in Nepal
Getting a debit card in Nepal is quite simple. You need to have a running bank account in any bank. Then you just have to fill up a form requesting for your card. These debit cards are delieverd under the rules and regulations of Nepal Rastra Bank. And on payment of minimum service charge you can now get a debit card and use it for your convenience. I have listed the reason why you should get your debit card:
- It makes any payment process much easy and convenient.
- It is very useful when you don’t have cash and can use it in emergency.
- You don’t have to carry a bulk of cash for any purpose,, just a plastic card is enough.
- Unlike cash, if your card is lost or stolen you can immediately get a replacement.
- With international debit cards, you can use it to make payments in foreign as well.
Credit Cards in Nepal
A credit card is issued by a bank to its clients so that they can make purchases on credit. The client pays the bank or card issuer the money with agreed fixed charged every month. There is certain interest free period. If you pay within that period, you don’t have to pay the interest but just the principal. Interest free period differ from banks to banks. For example, NIBL has interest free period of maximum 45 days to its credit card holders. Basically, credit cards combine the benefits of payment service with extension of credits. Getting a credit card is a bit difficult than getting a debit card in Nepal while, any account holder can get debit card, getting a credit card is little tough.
Terms and condition for getting credit cards in Nepal
- You must be older than 18 years.
- You should have regular income either employed or self employed.
- You must have foreign currency account or valid passport for international card.
Documents required for getting your credit cards in Nepal
- Salary certificate if you work for someone else
- Financial statements in case of self employment
- A copy of citizenship and recent passport size photo
- Duly signed and authorized debit authority
With the procedures mentioned above you are ready to get your desired card and use it for your convenience. There are lots of other payment options in Nepal like Khalti Digital Wallet Features.