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Etcetera launches credit card

STAR BUSINESS REPORT
Etcetera Bangladesh (Pvt) Limited, a trading and distribution company, has expanded its venture with the launching of 'Etcetera Credit Card'.
In collaboration with Prime Bank Limited, Etcetera has launched the card with the affinity from MasterCard, a global brand of credit card of New York-based MasterCard International. The card will be available in market two weeks later.
Commerce Minister Amir Khosru Mahmud Chowdhury formally launched the credit card at a function held at a hotel in Dhaka on Wednesday evening.
Speaking at the ceremony, the commerce minister said entrepreneurs should come up with new and innovative products suitable to the needs of consumers.
Lauding the introduction of
Etcetera Credit Card in Bangladesh, he said it will enhance the customers' purchasing power.
Syed Maher Murshed, managing director of Etcetera Bangladesh, said Etcetera Credit Card is a unique card that does not differentiate customers by their levels of earning. "We have only one type of card, unlike others," he added.
Presenting other features of the card, Murshed said the clients will get 50 per cent cash advance facility from any branch of Prime Bank or any of its ATM booths. The cardholders will also enjoy 37-day interest free credit period, Murshed added.
Murshed said Etcetera Credit Card will be accepted as a mode of payment by approximately 8,000 to 9,000 MasterCard retailers across the country.
Talking to The Daily Star, Etcetera Bangladesh Executive
Director Amer Ahmed said people of any income level can get Etcetera Credit Card by depositing essential documents.
He said the company has a plan to set up Etcetera Credit Card booths in different kitchen markets in Dhaka for the convenience of customers. "We are also planning to introduce school fee payment facility by using this card."
Prime Bank Managing Director Shah Md Nurul Alam said credit card offers people a risk-free way of shopping. "This card will relieve them of hazards of carrying cash."
Etcetera Bangladesh Chairperson Yasmeen Murshed said both the public and private sectors should work unitedly for economic development of the country.
Bangladesh Telecommunication Regulatory Commission Chairman Syed Marghub Murshed, Women
Entrepreneurs Association, Bangladesh President Rokia A Rahman, entrepreneurs and businesspeople were present at the function.
Apart from Etcetera, there are five other credit card providers in Bangladesh. They are Standard Chartered Bank, Prime Bank Ltd, National Ban k Ltd, Van ik Bangladesh Ltd and Hongkong and Shanghai Banking Corporation (HSBC).
Established in 2001, Etcetera Bangladesh is engaged in the marketing of books, toys and local handicraft under its chain department store concept.
It has set business links with world's leading publishers like Oxford University Press, Penguin, Pan Macmillan, Faber and Faber, Time Warner and Harper Collins.