Home Finance Credit Card Options Offered By I&M Bank

Credit Card Options Offered By I&M Bank

by Von Umpiantu

I&M bank provides a variety of financial services which include I&M bundles, personal, business and diaspora banking in areas of mobile banking, insurance, foreign exchange, trade services, cash management services etc

Among the personal and diaspora portfolio, the bank offers a variety of card options to suit one’s needs such as credit, prepaid and debit cards.

Below, we look at the types of credit card options offered by the bank.

1.Visa infinite credit card
The card offers a variety of services and privileges available locally as well as overseas and is accepted at over 23 million merchant establishments around the world and over 1.9 million Visa ATMs worldwide in 180 countries.

Fees
The card attracts a joining fee & supplementary joining fee of KES 5,000 each, annual/supplementary annual fee of USD 75 each, card replacement fee of KES1,000, over-limit charge of KES 1500, unpaid instrument handling fees of KES 2,000.

Other charges include: 85% of the rollover amount, 15% of the minimum payment, 30% of credit limit cash advance, 7.5% cash advance charge, late payment penalty rate of 6% on the outstanding amount, and a 3% monthly revolving credit interest.

Features
The card offers a credit period of up to 50 days as well as comprehensive travel insurance benefits upon purchases or reservations such as concierge services, flight reservations, hotel reservations, restaurant reservations, car rental reservations, event ticket purchases, trip planning and many others.

The card offers an extended warranty on any purchase, this is effected by extending the original manufacturer’s warranty for an item purchased up to 24 months, there is also a purchase protection for stolen/damaged goods purchased.

In addition, it allows free unlimited access to airport lounges at more than 800 destinations globally as well as one free guest per visit.

There is also a global emergency assistance in the event the card is lost, the account shall be blocked immediately, a replacement and emergency cash provided.

2.Gold Visa Card
The card is accepted at over 23 million Merchant establishments around the world, and over 1 million VISA ATMs worldwide in 180 countries.

Fees
The card attracts a joining fee of KES 3500 while the supplementary joining fee is free, annual/supplementary fee of KES 4000 and 2000 respectively, over-credit limit of KES 1500 as well as card replacement fee of KES 1000.

Other charges include a 7.5% cash advance fee on the drawn amount, 3% revolving interest charge on the actual daily outstanding balance, 6% penalty charge on the minimum due amount and KES 2000 on bounced cheques.

Features
The card allows a free credit facility of up to 50 days, a supplementary card for close family members, a revolving credit facility as well as an attractive reward point system for every expenditure made which is redeemable against the annual renewal fee.

The card also offers a secure system whereby one can block/unblock the card straight from one’s mobile device through the bank’s I&M app.

Eligibility
For salaried individuals, the gross Income Ksh.125,000/- per month with net income of Ksh.75,000/- per month. In addition, one requires a completely filled application form, a certified copy of 3 months latest salary slip / pay slip, certified copies of 6 months current bank statements, Three recent passport size colored photographs (name, ID/Passport number and signature on reverse), 2 copies of National ID ( for Kenya citizens / nationals ) or Passport, copy of the valid work permit (If non Kenyans ) and a copy of PIN certificate

For self employed individuals, the gross business income of Ksh.125,000/- per month with a Net business income : Ksh.75,000 per month. In addition, one requires copy of registration certificate of business, copy of current operating license, copies of last 3 years personal and business income tax returns and copy of 3 years company audited accounts.

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3.Gold Visa Tamarind

Fees
The card is free to join but attracts annual fee of KES 6,000. The corporate joining fee is KES 3,000 while the annual fee for the same is KES 6,000.

The supplementary card joining fee is free while the annual fee is KES 3,000. Other charges include a replacement fee of KES 1000, cheque bounce penalty of KES 2000, and an over credit limit charge of KES 1500.

In addition, there is also a 6% late penalty charge, 3% revolving interest charge and a 7.5% cash advance fee on the drawn amount .

Features
The card has many attractive features like redeemable loyalty points for usage, sms alerts for usage to enhance security from fraud, revolving credit and is also available for nominated family members of the main cardholder.

Eligibility
For salaried individuals, the gross Income Ksh.125,000/- per month with net income of Ksh.75,000/- per month. In addition, one requires a completely filled application form, a certified copy of 3 months latest salary slip / pay slip, certified copies of 6 months current bank statements, Three recent passport size colored photographs (name, ID/Passport number and signature on reverse), 2 copies of National ID ( for Kenya citizens / nationals ) or Passport, copy of the valid work permit (If non Kenyans ) and a copy of PIN certificate

For self employed individuals, the gross business income of Ksh.125,000/- per month with a Net business income : Ksh.75,000 per month. In addition, one requires copy of registration certificate of business, copy of current operating license, copies of last 3 years personal and business income tax returns and copy of 3 years company audited accounts.

4.Classic Visa

Fees
The card has a joining fee of KES 2500 and an annual fee of KES ,the supplementary joining fee is free while the annual supplementary fee is KES 1,500.

The fee for card replacement is KES 1000, over-credit limit charge of KES 1500, 7.5% cash advance fee on the drawn amount, 3% revolving interest charges on the rollover amount and 6% late payment charge fee of the minimum amount due.

Features
The card allows a free credit facility of up to 50 days, a supplementary card for close family members, a revolving credit facility as well as an attractive reward point system for every expenditure made which is redeemable against the annual renewal fee.

The card also offers a secure system whereby one can block/unblock the card straight from one’s mobile device through the bank’s I&M app.

Eligibility
For salaried individuals, the gross Income Ksh.125,000/- per month with net income of Ksh.75,000/- per month. In addition, one requires a completely filled application form, a certified copy of 3 months latest salary slip / pay slip, certified copies of 6 months current bank statements, Three recent passport size colored photographs (name, ID/Passport number and signature on reverse), 2 copies of National ID ( for Kenya citizens / nationals ) or Passport, copy of the valid work permit (If non Kenyans ) and a copy of PIN certificate

For self employed individuals, the gross business income of Ksh.125,000/- per month with a Net business income : Ksh.75,000 per month. In addition, one requires copy of registration certificate of business, copy of current operating license, copies of last 3 years personal and business income tax returns and copy of 3 years company audited accounts.

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