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FAQ
Frequently asked Questions
Credit Cards
What is Credit Card?
It is a Card with credit limit predetermined by the Bank. Holders of Credit Cards can make use of the bank credit, purchase goods and services, and withdraw money at ATMs and banks. Card holders shall be able to repay the used amount during a certain period of timethrough regular payments.
What is a credit limit?
The amount of your credit limit predetermined by the Bank. You will be able to spend the amount within the predetermined limits. The limit shall be renewed by the amount you repay your credit.
What is credit card statement?
Credit Card statement is the document spelling out the amount to be repaid by the payment due day; transactions undertaken with the Card, and interest rate (if any) accrued to the Card for using the credit. Credit Card statement shall be drawn up on the dates of calculation.
What is the billing date?
Billing date is the date individually pre-determined by the Bank for each customer when accrued interest, minimum repayment, and total outstanding debt shall be calculated.
What is the payment due day?
The repayment due day is the 10th day following the calculation date. Obligatory minimum repayment should be paid prior to that date. You can repay the amount fully or partially. If the payment due date falls on a weekend or holiday, it is requested to pay the minimumrepayment by close of business day on the day prior to the payment due day.
What is the minimum amount of payment?
It is the minimum amount of repayment that should be covered no later than the payment due day. Minimum repayment amount includes:
- 10% of the used credit
- Accrued interest
- Commission fee or accrued penalty (if any)
- Overdraft (if any)
What is the grace period?
It is a one-month period between the billing dates. In case if you fully repay the arrears prior to the billing date, no interest shallbe accrued to your credit.
How is the interest rate calculated?
No interest shall be charged to your loan if you fully repay the debt prior to the closest date of billing after you have used the credit. If you repay only the minimum amount of repayment by the payment due day, the interest rate shall be accrued to your card in compliance with the Bank interest rates on the days when the credit was actually used.
How to get a credit card statement and information on minimum amount of repayment?
You can receive the credit card statement through internet banking, as well as at any of the Service Centers of the «Bank of Georgia». The information on minimum amount of repayment can be received at:
- Internet banking (www.ibank.ge)
- Mobile banking
- Mobile banking
- Message to your e-mail
- Telephone banking (2444 444)
How can I repay the outstanding amount on the credit card?
- Depositing money at the service center;
- Through internet banking;
- Through money transfers from other banks.
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Investment deposit
What are the advantages of an investment deposit compared to a standard term deposit?
Investment deposit embodies the advantages of receiving guaranteed return on interest and all additional advantages that you are offered when opening a standard six-month deposit with «Bank of Georgia». Besides, you will have a chance to earn additional yield, and significantly increase your annual return.
Can I Withdraw an Investment Deposit Early?
You can withdraw investment deposit at any time similar to the standard term deposit. If you withdraw money in a month as of opening an account, you will receive only the amount deposited on your account. When withdrawing one month later, you will receive additional 2% annual interest on your money. In addition, if it happens you need money earlier and at the same time you do not want to lose an opportunity to gain profit, the Bank is ready to offer you a 13% interest rate loan with a deposit guarantee. Such an approach provides an opportunity to get back the amount needed and preserve the chance to make good returns on your money.
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Why Is «Bank of Georgia» Making Such an Offer To Its Customers?
«Bank of Georgia» has always been the first to offer and promote innovative and profitable products on the Georgian market. Goal-oriented investments made by «Bank of Georgia» together with its customers are designed to foster growth and economic prosperity of the Bank, its clients and the whole country.
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How to Participate in “Plant Your Tree” Initiative?
Our Bank’s new large-scale initiative is “Green Deposit – Plant Your Own Tree”. As you are well aware the large fires during the August war have destroyed many hectares of forests in Georgia. Therefore, our Bank proposed an initiative to plant a tree for every person who opens an investment deposit at «Bank of Georgia».
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