|Minimum Salary||Salary Transfer||Islamic Finance||Cashback||Annual Fee||Rate|
|Bank Sohar - Al Mumayaz Excel Credit Cards||Minimum Salary: OMR 500||Salary Transfer: No||Islamic Finance: No||Cashback: No||Annual Fee: OMR 0||Rate: 1.5%|
Bank Sohar’s variety of Excel Credit Cards are accepted all over the world for making your payments. The Credit Cards can also be used for cash withdrawals at more than 800,000 ATMs worldwide. There are four types of credit cards - Classic, Gold, Platinum and Internet cards.
- The most attractive feature of all is the “Free for Life” Classic Card (no fees). there is an introductory interest rate of 12% for the first year of membership for any of the Excel Credit Cards. This is against the prevailing interest rate band of 18 to 20% p.a. charged in the market for credit card outstandings.
Representative ExampleIf you spend OMR 1,200 at a purchase interest rate of 18.9% (variable) your representative APR will be 18.9% (variable).
** Calculator Definitions
Amount: The total amount of money borrowed, also referred to as the principal amount.
Rate (%): This is the annual interest rate on the product which is equivalent to APR, which is going to be calculated in this example.
Years: This is the original term or length of the product, stated in years.
Effective Monthly Payment: This is the effective monthly payment, which takes into consideration fees and other costs associated with this product. The effective monthly payment is the basis for the APR calculation.
Calculated Annual Percentage Rate (%): The Calculated Annual Percentage Rate (APR) is determined using the annual interest rate of the product plus fees and other costs. This rate may differ from bank to bank. APR is useful when comparing two or more products with different interest rates and fee structures.