FAQ - Credit Card

FAQ Credit Card

FAQ About SmartCard

What is the best way to use a credit card?

It is recommended that the total monthly expenditure on your credit card should not exceed your monthly income.

 Is it advisable to have more than one credit card?

If you have to use more than one credit card then for ease of account management it is recommended you use a maximum of 2 or 3 cards. Anymore than this amount and you may find it difficult to keep control of your expenditure and exceed your income.

 Is it advisable to obtain a cash advance from one credit card to clear the balance of another credit card?

You should not use a cash advance from one credit card to clear the balance of another credit card.

If you are unable to pay your credit card bill, please inform the bank immediately so that we can advise you of the best way to clear the balance to avoid incurring any unnecessary charges and interest.

It is suggested you only use your credit card as a short term payment plan. For longer term payment plans it is recommended you apply for a personal loan.

You should clear the balance of your credit during the payment term on your statement. If your balance is not cleared by the next cut-off date you will incur interest on the remaining balance.

 How do instalment payments affect my credit card?

Any instalment purchases made with your card will appear on the following month statement together with the expenditure of that month therefore you must ensure you keep a note of your instalment purchases and plan your repayment accordingly.

 How do I keep up to date with promotions, improvements and rewards?

For up to date information of improvements, promotions and rewards look out for news of our bank on our website or in the branches.

 How do I earn points on my purchases?

Every purchase that you make you will earn points. To earn more points for any purchases you make within the TRNC always check to see if they use an Iktisatbank POS machine. Don't be afraid to ask for it.

 Am I charged for cash advances on my credit card?

For any cash advances on your credit card you are charged a fee. The interest rate for cash advances is more than the purchase interest. You start accruing interest from the date of withdrawal. To avoid this it is recommended you do not wait for the statement to be issued before paying that amount off.

 Is a PIN code important when using a credit card?

A PIN code is the most secure way of using your credit card and you should always maintain a PIN for your credit card.

 What is your advice regarding maintaining the security of my PIN and my credit card?

Do not give your or share your card with anyone.

Do not divulge your PIN to anyone in any circumstances.

Do not keep your PIN written down anywhere, especially in your wallet or handbag.

Do not create a PIN that contains personal details such as your date of birth.

Do not carry out purchases without using your PIN.

If you have to carry out a purchase with a signature then ensure you check the slip you are given belongs to you and that the amount on the slip is correct.

Do not permit anyone else to enter your PIN on your behalf in particular this applies to Mobile POS machines.

Do not divulge your card number, 3 digit security code and expiry date to anyone at anytime

When making a purchase make sure that it is your card that is inserted in the machine. After completing purchases ensure you always remove your card and that it is not left at the till.

Ensure you sign the back of your credit card in the designated area.

Can I use my credit card for internet purchases?

Yes you can however when making purchases on the internet always ensure you use SSL secure sites. It is not recommended that you have a large available limit for internet purchases. It is also not recommended you make purchases over the internet from communal computers such as Internet Cafés.

What should I do if my card is lost or stolen?

You must report your card lost or stolen immediately to the bank either at the branch or alternatively by call our Telephone Banking 444 4 444 so that your card can be cancelled.

 What should I do if I suspect fraudulent transactions are being made with my card?

If you suspect fraudulent transactions are being made with your card please calls the Telephone Banking on 444 4 444 and inform them immediately. We will cancel the account and re-issue with a new card to your registered postal address. This can be confirmed with the call centre.

Statements sent by post may be delayed therefore you will also be informed of your balance by SMS and email. Additionally you can contact our Telephone Banking on 444 4 444 for information of your credit card statement.

If you would like an additional card on your account for another person please make an additional card application.

If your card is left in an ATM please contact our Telephone Banking on 444 4 444 or contact the branch immediately

If you do not use your card on a regular basis you must still ensure you are aware of where your card is at all times.

If your card has reached its expiry date, or the number is illegible please ensure it is destroyed after receiving your new card

Always keep the Telephone Banking number handy 444 4 444, ideally save it in your mobile phone.

If you are receiving a statement but you do not have a card, call our Telephone Banking 444 4 444 to request a new card.

What types of card are available from Iktisatbank?

SMART Debit Card, SmartClassic, SmartGold, SmartPlatinium, SmartDiamond

What do I need to do to upgrade my credit card?

An upgrade will be dependent on your monthly income, repayment capacity, place of work, term of employment existing credit card limit, repayment history and other similar parameters. You can apply for an upgrade of your existing credit card.

To upgrade your existing card or to apply for a new card please call our Telephone Banking on 444 4 444.

Can I use my SmartCard anywhere in the world?

You will find the MasterCard symbol in millions of stores worldwide. MasterCard has the most advantages and is the most used card throughout the world.

In Northern Cyprus the Smart Classic card is accepted in thousands of stores both for one-off and instalment purchases.

Holders of this card will benefit from a range of benefits including discounts on purchases, special campaigns and extra points.

 Can I make a cash advance with my SmartCard?

You can use this card in any ATM both in Northern Cyprus or worldwide to make a cash advance on your credit card.

Using either the Telephone Banking or Internet Banking facility you can make a transfer from your credit card to your current account; this will be classed as a cash advance on your credit card.

You can also make a cash advance withdrawal with option of repaying in instalments.

 What is the cash advance limit on my card?

Your cash advance limit is 50% of your credit card limit. To find out your remaining cash advance limit use any of our Digital Banking facilities.

 What does Express Limit mean?

Express limit is an additional credit limit provided to SmartCard holders by retailers who have Iktisatbank POS machines where you can make purchases that will not affect your credit card limit and take advantage of campaigns for longer term instalments and reduced interest rates.

This facility is available to limited card holders only and is provided at the bank's discrepancy.

 Can I use my SmartCard in a similar way to an ATM card?

Yes you can use your SmartCard 24 hours a day 7 days a week to withdraw cash from any of the Iktisatbank ATMs as well as any other banks ATMs both in Northern Cyprus and internationally. Your credit card is linked to your current TL account and provided you have funds available you will be able to make a withdrawal direct from the account.

For details of the Iktisatbank ATMs please click here

If you use your credit card at other Bank’s ATMs then it will be classed as a Credit Card Transactions.

To link your current account to your credit card please contacts the Telephone Banking on 444 4 444.

How do I earn Smart Points with my credit card?

Every purchase that you make you will earn points. To earn more points for any purchases you make within the TRNC always check to see if they use an Iktisatbank POS machine. Don't be afraid to ask for it.

Holders of this card will benefit from a range of benefits including discounts on purchases, special campaigns and extra points.

Use your accumulated points as payment towards a flight to anywhere you wish anytime you want. For details call our Telephone Banking on 444 4 444 or visit your nearest branch.

Is there a time limit on when I can use my accumulated points?

 

If you do not cancel your card, close the account, keep up regular repayments, there is no expiry date for your points.

 What does it mean if my points account balance is negative?

If you are showing a negative balance on your points account this is either because you may have returned a purchase so therefore the points have also been refunded or it could be that you have made a purchase over and above the amount on your points account.

If the above situation happens and you wish to use your points to purchase a flight then you can make arrangements to repay within 12 months the total points used, over and above the amount you accrued. If you do not accrue enough points by the end of the term then you will be charged a small commission.

 Have the points accrued from my old card beginning 5124 been transferred onto my new card?

Yes all points accrued on your old card have automatically been transferred to your new card, including points accrued since 1st of April 2013.

 How do I pay for purchases made abroad?

All foreign currency purchases are automatically converted to TL and will appear as TL on your statement.

 When is the cut-off date for my account?

The cut-off date for your account is the end of day on the 28th of each month so any purchases made up to that date will appear on your statement plus any outstanding balance that has not been paid up to that day will be added together on the cut-off date.

 Can I change the cut-off date of my credit card?

At the moment this is not an option that is available; we are working towards providing our clients with a choice of 3 cut off dates in the future.

 How can I obtain my credit card statement?

Statements are currently sent by registered courier and may be delayed therefore you will also be informed of your balance by SMS and email.

If you wish to continue to receive your statement via the post then a fee of 2 TL will be added to your account. If you no longer wish to receive a printed statement please contact the Telephone Banking on 444 4 444 or your nearest branch.

 Can I receive a separate statement for additional card holders?

Yes. The information relating to purchases made on your additional cards will be shown separately.

You can also find out your outstanding balance by using any of our Digital Banking options, Internet Banking, Mobile Banking, ATM Banking or Telephone Banking on 444 4 444.

 I am not receiving a printed statement what do I do?

Statements are sent out via courier to the address we have registered on the system. To check we have your accurate address please call our Telephone Banking on 444 4 444 or visit your nearest branch to update your details.

 At the same time as statements are sent out via courier you are also informed by SMS and email of the balance owing on your account. Alternatively please call our Telephone Banking 444 4 444 for details of your outstanding balance.

 I have not received a statement how do I find out my balance?

You can call our Telephone Banking on 444 4 444 who will be able to assist you.

 

 There is expenditure on my statement that does not belong to me. What should I do?

The first thing you should do is to check your statement against your credit card payment slips. If there is expenditure that does not belong to you then you should inform us via Telephone Banking immediately on 444 4 444.

 When is the last payment date for my credit card?

The last payment date for your credit card is 10 days from the cut-off date, the cut-off date if it is working day being the 1st day.

For details of your statement, expenditure and how to pay please visit our Internet Banking, Mobile Banking or call our Telephone Banking on 444 4 444.

 Do I have to pay the minimum amount?

The minimum payment is 20% of the total balance and you must pay at least this amount by the last payment date to avoid your card being stopped.

 How can I pay my credit card bill?

You can pay your credit card bill either in cash at any of our Iktisatbank branches or ATMs, by transferring funds using Internet Banking or by setting up a monthly standing order to pay the bill monthly from your current account.

 Is my credit card available for Internet Purchases; is the mail order option open on my card?

For your convenience all new cards that are issued will automatically be open for internet shopping up to the same limit, if you wish for this facility to be closed call our Telephone Banking on 444 4 444.

You can make purchases on any website whether it displays the Verified by Visa® & MasterCard® Secure Code or not however for a more secure purchase it is recommended you use websites displaying these services.

How do I Obtain a PIN?

Using your registered mobile phone number send an SMS containing the word SIFRE space a 4 digit PIN number of your choice and send it to the telephone number located above the signature strip on your credit card.

The bank will not charge you for sending the messages however you will be charged the standard network rate by your operator.

If your mobile number is not registered with us you will need to visit your nearest branch to register.

You can change your PIN via the Internet Banking under the Credit Card Section.

You can change your PIN by pressing 4 when calling our Telephone Banking.

You can change your PIN using our ATM machines under the PIN Transaction section.

How do I use CHIP & PIN for shopping?

Chipping is a secure way to shop; it reduces the risk of fraud and card copying. It is an easy system to use and we encourage using it whenever possible.

The assistant at the till will place the card with the chip side first into the POS machine.

The POS machine will then be ask for you to enter your 4 digit PIN

Check the amount on the POS machine, enter your PIN and press confirm

As your PIN is confidential it will not be displayed on the POS machine, instead 4 x * will appear.