A credit card in Nepal was first introduced by Himalayan Bank Ltd., for the domestic market. In simple words, Himalayan Bank was the initiator of credit cards in Nepal.
What is a credit card? This question strikes the minds of most people. As simple as the question is, the answer is even more so. A credit card is a card that is issued by a bank or a building society. This card enables an individual to purchase goods or services on credit. Of course, in order to issue a credit card, you need to be associated with a bank, especially.
In Nepal, How Do I Create a Credit Card?
Banks and financial institutions offer credit cards to those individuals who have bank account. Without an account, it is not advised to create a credit card as there will be no source of money.
To create a credit card, you need to fill up a Credit Application Form which will contain your information. Also, it is important to note that your bank account number is compulsory while filling the form.
After filling the form, make sure you sign it before submission. The signature should be the one you use to withdraw cash from the bank using a cheque.
Once you submit the form, you will obtain the card. It may take from a few minutes to a few days for you to obtain your credit card.
Also, all the credit cards that banks provide these days are chip cards. Meaning that your card will have a small chip on the almost-bottom front-left side, most of the time.
Operating a Credit Card in Nepal?
In Nepal, using a credit card is not much different from the one in foreign countries. You must make sure that the chip is facing the top-left side while inserting the card into the machine. Note that some machines will automatically pull your card while some will allow you to pull your card out.
Once inserted, the ATM machine will display a screen where you have to input your PIN code. As for the PIN code, it is on a black-inked paper that you receive along with your credit card from the bank. The bank strongly advises you to change the PIN code once you use it.
One thing to note is that your domestic credit card, international credit card as well as dollar card will not work without the PIN is correct. Being careful is the key!
After inserting the PIN, you need to choose the language: Nepali or English.
Post-language selection, you will see a very user-friendly interface. You can alter your PIN, withdraw cash or inquire about the balance that your account holds.
In order to keep up with your balance, it is better to take a transaction slip from the ATM.
About International Credit Cards and Dollar Cards in Nepal
International and dollar credit cards are obtainable in Nepal in almost the same way as domestic credit cards.
For an international credit card, you need to fill up an application for Visa Gold International Credit Card. Then, you need to submit it to the respective branch. Once you receive your international credit card and activate it, you can use it anywhere.
However, until you are an 18-year-old citizen, you cannot apply for an international credit card. If a foreigner, you need to show your valid visa and proof of passport certification from the Embassy.
As for a dollar card in Nepal, you need to be in the range of 18-65 years with you maintaining a foreign currency (FCY) account with a bank, for example, Standard Chartered Bank.
Note that your bank account, for Standard Chartered Bank, needs to maintain an average balance of USD 3000.00 for a minimum of 6 months.
There are questions on why the dollar card is famous in Nepal. The reasons are:
- Dollar cards are valid and work worldwide.
- Dollar cards in Nepal are used for the purchase of retail and advance cash.
- The service of e-statements is available.