Safa Covered Credit Card- Standard and Titanium

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Safa Covered Credit Card- Standard and Titanium

Safa Covered Credit Card

The Islamic Covered Credit Card from Safa Bank is your ideal choice! This card offers many benefits that make your financial experience easy, convenient, and secure, in compliance with Islamic Shariah law. The card allows you to make cash withdrawals from anywhere in the world, as well as perform purchases from approved point-of-sale locations or e-commerce sites with ease and security, through the available balance on the card. The utilized amount can be repaid in monthly installments.

Card Types:

Titanium
Standard

Repayment Mechanism:

A minimum of 5% is repaid monthly, in proportion to the customer's income.

Card Limit:

The card limit can reach up to $10,000, depending on the customer’s income.

Benefits:

Compliant with Islamic Shariah law.
Ability to make purchases through point-of-sale locations and e-commerce sites worldwide.
Ability to withdraw cash from all banks, locally or globally.
No interest on installment payments when using the card.
Monthly installment deductions based on the duration and type of card, with the option for early repayment.
Ability to repurchase again from the available balance or the repaid installments.
With the Safa Covered Credit Card, you can dispense with all paperwork for installment purchases.
Option to issue a supplementary card within the customer's limit.
Cardholders are exempt from issuance fees for the first year.
Customers are notified of any transactions made on the card through SMS notifications sent to their mobile phones.
Takaful insurance policy covering the customer's life throughout the insurance period.
Numerous travel benefits, including free access to airport lounges in the Middle East and the Levant, as well as discounts at global hotel and resort networks and on Booking.com.
Enjoy discounts when renting cars through companies such as Rental Cars, Budget Truck & Car Rental, and Avis.
Many additional benefits and discounts that can be enjoyed worldwide.

Terms and Conditions:

Segment			Private Sector / Salaries Transferred from Companies Approved by the Bank	Private Sector / Craftsmen and Professionals	Cards Secured by Cash Collateral up to 100% of the Approved Limit
Salary Multiples			4 times the monthly salary	4 times the monthly income	Equivalent to the cash collateral
Card Limit in USD			$10000	$10000	Open Limit
Minimum Net Income in USD			$500	$1000	-
Service Duration			12 months	12 months	-
Required Documents			Recent payslip For salaried customers and/or guarantor ID copy	Bank statement for the last 6 months Chamber of commerce certificate or tax file Trade or professional license and/or certificate of practice ID copy	Based on individual customer requirements
Monthly Profit Rate (Calculated on a declining basis)			1.5%	1.5%	1.5%
Minimum repayment of 5% monthly			Minimum of $100	Minimum of $100	Minimum of $300
Lump Sum Payment Card			Single payment equal to the utilized balance	Single payment equal to the utilized balance	Single payment equal to the utilized balance
Guarantee			Customer's transferred salary and/or guaranteed by a guarantor with a transferred salary promissory note	Undated checks from the customer's bank account at the bank they are dealing with Demand promissory note	Cash collateral up to 100% of the requested card value
Minimum Card Limits in USD		Standard	1000 $	1000 $	1000 $
Minimum Card Limits in USD		Titanium	3000 $	3000 $	3000 $
Customer Age	Minimum Age Requirement		21 years
Customer Age	Maximum Age Requirement		65 years at the end of the financing term

Minimum Net Income: Average salary credited monthly to the customer's account at the bank. Fees and Charges for the Covered Credit Card:

Fees Charged	Standard Installment Card	Titanium Installment Card
New Card Issuance Fee	$30	$50
Annual Card Renewal Fee	$15	$25
Fee for Issuing a Replacement Card	$20	$30
Card Replacement Fee	$10	$15
Fee for Requesting Documents of Transactions and Operations	$10	$10
Fee for Requesting a Monthly Statement of Transactions and Withdrawals Statement fee (up to 5 pages)	$5 An additional $1 for each extra page	$5 An additional $1 for each extra page
Card Reactivation Fee	$5	$5
Dispute Fee for a Transaction	$5 Refunded if the dispute is found to be valid	$5 Refunded if the dispute is found to be valid
Fee for issuing a supplementary card	$10	$35
Fee for issuing a supplementary card/ Annually	$10	$20
Cash Withdrawal Fee	4%	4%

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