ALMOST all banks in the country charge credit/debit card holders an annual fee against the so-called renewal/maintenance of chips.
As a matter of fact, credit/debit cards are now issued for a longer term of more than one year and no renewed card every year whereas banks charge a significant amount as annual fee, ranging from Rs1,000 to Rs4,000. This is unjustified. The cost of a card should not be more than Rs100 whereas they charge at least Rs1,000 a card.
The State Bank of Pakistan is requested to look into the matter and ask the banks to stop charging card-holders an exorbitant amount against the so-called renewal of credit cards or maintenance of chips. Since banks already charge their consumers high mark-up or interest rate against debit balances, charging annual fee, therefore, appears to be highly unjustified.
AAKIF HUSSAIN Karachi