Brac Bank’s 'Interest free P@y Flex' a gimmick!
Dhaka, July 30 (UNB) – Having a Brac Bank credit card and being delighted to buy things from GADGET & GEAR, one of its listed vendors, with ‘Interest free P@y Flex’ system is nothing but living in fool’s paradise.
‘Interest free P@y Flex’ is a system where the Brac Bank credit cardholders can also buy products from their selected partner outlets and enjoy interest-free installment payment plan. The installment tenure ranges from 3 to 18 months.
But things do not happen like that always, particularly when one goes to GADGET & GEAR, an outlet of mobile phone accessories and a listed vendor of Brac Bank. If one chooses the newly-launched Smartphone from Samsung family, Samsung S III, the salesperson will say it will cost Tk 53,000 without warranty while Tk 66,500 with a one-year warranty.
The problem will start when one wants to buy it with Brac Bank credit card under the ‘Interest free P@y Flex’ system. “Even if you are using the card, you’ll have to pay Tk 5000 to Tk 6000 extra,” says a customer who had been at the outlet to buy a phone.
“I simply felt embarrassed when the salesperson refused to comply with the Interest free P@y Flex offer and insisted that it cannot be interest free,” the customer told UNB.
“We’re facing such problem with the customers coming with Brac Bank credit cards. We suggest them to contact the Brac Bank, we’ve nothing to do,” said a salesperson at GADGET & GEAR at Bashundhara Shopping Mall.
Contacted, the Brac Bank customer care repeatedly said there is no reason to charge extra money and suggested to lodge a complaint with the bank.
When it was brought to his notice, Brac Bank Head of Corporate Affairs and Service Quality Jisan Kingsuk Huq finds nothing unusual in it. “When you’re enjoying the installment you’ll have to pay the extra money, this is the market trend now,” he said.
About their post on their website about the ‘Interest free P@y Flex’, he said it is the vendor who fixes the price. “Price can be higher for the pay flex system, you are not giving any interest, you’re giving higher charges,” he said.
Jisan also said the cash price and the installment price are different and that is the rule of the market.
About the ‘interest-free’ offer of another bank where the vendor did not charge any extra money other than the tag price, he said, “Pricing varies from vendor to vendor.”
Insisted for comments on their web post, Jisan said it is not their duty to pinpoint which vendor charges extra for the ‘Interest free P@y Flex and which does not. “It’s the duty of the vendor and the customer, not ours,” he said.
‘Interest free P@y Flex’ is a system where the Brac Bank credit cardholders can also buy products from their selected partner outlets and enjoy interest-free installment payment plan. The installment tenure ranges from 3 to 18 months.
But things do not happen like that always, particularly when one goes to GADGET & GEAR, an outlet of mobile phone accessories and a listed vendor of Brac Bank. If one chooses the newly-launched Smartphone from Samsung family, Samsung S III, the salesperson will say it will cost Tk 53,000 without warranty while Tk 66,500 with a one-year warranty.
The problem will start when one wants to buy it with Brac Bank credit card under the ‘Interest free P@y Flex’ system. “Even if you are using the card, you’ll have to pay Tk 5000 to Tk 6000 extra,” says a customer who had been at the outlet to buy a phone.
“I simply felt embarrassed when the salesperson refused to comply with the Interest free P@y Flex offer and insisted that it cannot be interest free,” the customer told UNB.
“We’re facing such problem with the customers coming with Brac Bank credit cards. We suggest them to contact the Brac Bank, we’ve nothing to do,” said a salesperson at GADGET & GEAR at Bashundhara Shopping Mall.
Contacted, the Brac Bank customer care repeatedly said there is no reason to charge extra money and suggested to lodge a complaint with the bank.
When it was brought to his notice, Brac Bank Head of Corporate Affairs and Service Quality Jisan Kingsuk Huq finds nothing unusual in it. “When you’re enjoying the installment you’ll have to pay the extra money, this is the market trend now,” he said.
About their post on their website about the ‘Interest free P@y Flex’, he said it is the vendor who fixes the price. “Price can be higher for the pay flex system, you are not giving any interest, you’re giving higher charges,” he said.
Jisan also said the cash price and the installment price are different and that is the rule of the market.
About the ‘interest-free’ offer of another bank where the vendor did not charge any extra money other than the tag price, he said, “Pricing varies from vendor to vendor.”
Insisted for comments on their web post, Jisan said it is not their duty to pinpoint which vendor charges extra for the ‘Interest free P@y Flex and which does not. “It’s the duty of the vendor and the customer, not ours,” he said.
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