Credit Card/Overdraft

Credit cards offer you an opportunity to use money within the limit of revolving credit line opened by the bank, without crediting the card account. The maximum amount of the revolving credit that can be borrowed on card is your credit limit.

You enjoy the advantage of buying goods you prefer “today” and paying for them “tomorrow”. You may also take a full advantage of applicable grace period of up to 51 calendar days.

Minimum credit limit depends on the type of card and is subject to the terms and conditions of cards issuance and use.
Credit cards are cards with grace period. Credit cards are intended for non-cash payments and can be used also for acquiring a credit line with grace period. You will be able to buy the goods you prefer today and pay for them within 51 days grace period.

1. If the borrower repays the amounts utilized during a month by the 21st day of the following month in full (grace period), no interest is accrued.
2. If the borrower fails to repay the utilized amounts by the 21st day of the following month in full (grace period), he should pay at least 10% of used funds or the minimum required installment prescribed under the bank's tariffs, whichever greater. 
3. In the event described in the above clause 2 the utilized amounts shall bear interest from the first day withdrawn. The same interest shall be accrued to the amounts utilized in the future. 
4. If the borrower fails to repay the minimum installment specified in the above clause 2, a penalty shall be charged according to the fees and rates of the Bank.
5. Interest should be repaid at least once a month.

If the line of credit has been issued with a defined repayment schedule, the interest shall be repaid at least once a month, while used amounts may be repaid in 2 ways: either according to a prearranged schedule or upon maturity.

The Bank makes an initial decision within 2 (two) banking days following receipt of the loan application. The final decision is made during no more than 8 (eight) business days after the client submits the complete set of required documents to the bank, and is communicated to the client within one business day. The loan proceeds are disbursed one business day after (i) the security agreements contemplated in the loan agreement are in place, i.e. are registered in form and substance satisfactory to the bank and signed pursuant to the Republic of Armenia legislation, (ii) the pledged assets are insured by the company cooperating with the bank, and (iii) the client has fulfilled all other mandatory requirements.
After the Bank has approved the loan application:

• The Bank starts loan processing and disbursement process if the borrower confirms his/her intention to get the loan within 45 (forty-five) calendar days after receiving loan approval notice.
• If the borrower confirms such intention after 45 (forty-five) calendar days following receiving loan approval notice, the loan approval decision needs to be re-approved.