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Submitted by Mohammad Zahedul alam
Thu, 28 May 2009
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J J Introduction
As a result of rapid globalization,
advances in communication technologies
and digitalization, the standard of living
are developing day-by-day in Bangladesh
The infrastructure facilities have been
changed gradually So, now people are
becoming fashion-oriented They want to
cope with the changing global economy
Although most of the people are illiterate
and have no dealings with the Bank, but
recently, the banking services in our
country are becoming more sophisticated
and modern Most of the private banks
offer the credit card along with the
banking services In recent times, credit card portfolios have been
very profitable for banks, largely due to the booming economy of the
late nineties It is in initial stage in our country
J 2 Conceptual Framework
A credit card allows consumers to purchase products or services
without cash and to pay for them at a later date To qualify for this
type of credit, the consumer must open an account with a bank or
company, which sponsors a card They then receive a line of credit
with a specified dollar amount They can use the card to make
purchases from participating merchants until they reach this credit
limit Every month the sponsor provides a bill, which tallies the card
activity during the previous 30 days Depending on the terms of the
card, the customer may pay interest charges on the amount that they
do not pay for on a monthly basis

Credit card is a system of payment named after the small plastic card
issued to users of the system A credit card is different from a debit
card in that it does not remove money from the user's account after
every transaction In the case of credit card, the issuer lends money to
the consumer i e the user In short, a credit card is a card on which a
fixed amount of money is loaded on the card, then the consumers can
spend this amount by using this card through the ATM, i e , Automated
Teller Machines and POS i e Point of sales terminals located at
different outlets Credit Card is made of several layers of plastic
laminated together The core is commonly made from a plastic resin
known as polyvinyl chloride acetate (PVCA) This design is mixed with
specifying materials, dyes, and plasticizers to give it the proper
appearance and consistency This core material is laminated with thin
layers of PVCA or clear plastic materials These laminates will adhere
to the core when applied with pressure and heat
The growth of credit card use in the United States since J970 has been
dramatic In "Credit Cards: Use and Consumer Attitudes," an article
published in the September 2000 issue of the Federal Reserve Bulletin,
author Thomas Durkin reports thirty years of credit card statistics
based on the Survey of Consumer Finances, a household survey
conducted every three years by the Federal Reserve Board In J970,
J
percent of households held at least one bank credit card; by J998,

8 percent of households did so

The credit card issuers provide some incentives to convince the

customers to use the credit card Many credit card customers receive
rewards, such as frequent flier points or cash back, as an incentive to
use the card Rewards are generally tied to purchasing an item or
service on the card, which may or may not include balance transfers,
When a card is stolen, or an unauthorized duplicate made, most card
issuers will refund some or all of the charges that the customer would
have otherwise received, for things they didn't buy These refunds will
in some cases be at the expense of the merchant, especially in mail
order cases where the merchant cannot claim sight of the card, but in
other cases, these costs must be borne by the card issuer The
customers have to pay the major fees that are for the following:

‡ Late payments;
‡ Charges that result in exceeding the credit limit on the card (whether
done
deliberately or by mistake);
‡ Returned check fees or payment processing fees e g phone payment
fee;
‡ Cash advances and convenience checks (often 3 percent of the
amount);
‡ Transactions in a foreign currency (as much as 3 percent of the
amount; a few financial
institutions charge no fee for this -- it is worth noting as an aside that
the credit card issuer
charges a fee on top of the international bank rate when converting
currency, which in
most circumstances is a better rate than is available elsewhere, even
with the fee added on);
and membership fees (annual or monthly), sometimes a percentage of
the credit limit

Literature Review:
Few articles have been found regarding the credit card marketing in
Bangladesh There are many articles regarding the credit card across
the world Yi-Wen Chien, Sharon A Devaney: (200J) in his research,
pointed the effects of credit attitude and socioeconomic factors on
credit card and installment debt But he did not point out any problems
and prospects of credit card
Jon T ouah, M Sriganesh in their articles pointed out on real time fraud
detection and presents a new and innovative approach in
understanding spending patterns to decipher potential fraud cases It
makes use of self-organization map to decipher, filter and analyze
customer behavior for detection of fraud
LC Thomas (J992) in his article, pointed out that Major changes have
occurred in the U  in the distribution of the costs associated with
credit-card operations, including the introduction of annual fees to
cardholders, the lowering of merchant service charges, and the
increasing proportion of cardholders paying off their monthly balances
completely The paper describes these changes and compares briefly
the resulting fee and cost structure with that in the USA

From the previous works on credit card, I found that there are some
articles, which focused on most relevant terms Some of the articles
have been conceptual or anecdotal in nature while others have
presented the empirical studies Some studies are not appropriate in
analyzing present status, problems and prospects of credit card
marketing There are few articles, which have clear conception in
analyzing the present status, problems and prospects of credit card
So I have decided to study the present status, problem and prospects
of credit card marketing in Bangladesh
2 J Objectives of the study

The objectives of the study are:

i) To understand the existing performance of credit card marketing in
Bangladesh;
ii) To evaluate the factors those affect the marketing efficiency of
credit card
iii) To find out the people's attitudes towards the credit card
iv) To identify the problems existing in this sector and to recommend
some innovative measures
based on the survey for the development and promotion of credit card
marketing

2 J Justification of the Study

Credit card concepts are at initial stage in our country There are no
sufficient papers or publications regarding the credit card marketing in
Bangladesh Some people show negative attitudes toward the credit
card like insurance policies It is very difficult for the card issuers to
promote the potential customers to use the credit card Although
credit card provides some facilities for the customers but they are not
interested to become a cardholder The ATM booth and POS terminals
are not available in our country Recently, the card issuers face the
competition in the market place The market size of the credit card is
small So, I have taken a decision to write upon the credit card
marketing in Bangladesh In this study, I have tried to show the
existing performance of credit card marketing, which will be very
helpful for the potential card issuers On the other hand, this paper will
benefit the existing card issuers I have also provided some
recommendations and suggestions, which will be helpful for the card
issuers and also provided the attitudes of the people toward the credit
card

2 J Methodology
This study is descriptive in nature For the purpose of the study, data
were collected from both secondary and primary sources But,
maximum concentration was given on primary sources of data All the
primary data were collected from personal interview, administration of
a questionnaire and formal interviews with key officials and staffs of
the card issuers and cardholders in Dhaka city, Rajshahi divisional city,
and Chittagong divisional city The secondary data were collected from
the official records, annual publication manuals, circulars and other
official documents, website of the Bank, other sites of the Internet
The samples were selected randomly from the Dhaka city area,
Rajshahi divisional city and Chittagong divisional city Total sample
size is
00
3 J Historical Background
The credit card is the successor of a variety of merchant credit
schemes It was the first used in the J920, in the United States,
specifically to sell fuel to a growing number of automobile owners It
has been widely regarded that rampant use of credit cards contributed
greatly to the great depression in the United States that began in the
latter J920s In J938, several companies started to accept each
other's cards The concept of using a card for purchasing was invented
in J887 by Edward Bellamy and described in his utopian novel looking
Backward Bellamy uses the explicit term "Credit Card" eleven times in
his novel

Ralph Schneider and Frank X McNamara invented the concept of

paying merchants using a card in J950 in order to consolidate multiple
cards The Diners club produced the first "general purpose" charge
card, which is similar But required the entire bill to be paid with each
statement; it was followed shortly thereafter by American Express
Western Union had begun issuing charge cards to its frequent
customers in J9J
Bank of America created the BankAmericard in J958, a product that
eventually evolved into the Visa system ("Chargex" also became Visa)
Master Card came to being in J9

when a group of credit-issuing
banks established Master Charge The fractured nature of the US
banking system meant that credit cards became an effective way for
those who were traveling around the country to, in effect, move their
credit to places where they could not directly use their banking
facilities
Findings and Discussions:
 J Existing performance of credit card Marketing
In this section, I have tried to find out the present situation of credit
card marketing in terms of sales, costs, profit, market, competitors,
channels and the forces in the macro environment in Bangladesh
 2 Target market of credit card
Generally, the government employees, multinational companies,
professionals, bankers and individuals like them with a minimum gross
income of BDTJ0000 per month will be preferred for issuance of local
credit card Specially, the card issuers have focused on their
customers along with the following segments of the society:

‡ Customers of Bank, both borrowers and depositors including scheme

depositors;
‡ Executives and Officers of Banks, Financial institutions, Insurance
Companies;
‡ Directors and Executives of Export oriented garments industries;
‡ Professional-Doctors, Engineers, Accountants etc;
‡ Employees of Foreign and Multinational Companies;
‡ University and College Teachers;
‡ Employees of Mobile Telephone Service Provider;
‡ High officials of Corporate body or Government organizations;
‡ Businessmen in the society;
‡ Officers from the rank of Asstt Secretary to above in all Ministries;
‡ Members of Chambers of Commerce and Industries and other
Business Associations;
‡ Senior level Defense Officers;
‡ High officials of renowned NGOs, International Voluntary
Organization i e UNICEF, UNFPA & UNDP
 3 Competition
Today, most of the private banks provide the credit card services in
Bangladesh The standard chartered Bank was the pioneer of the credit
card in Bangladesh Standard Chartered Bank (SCB) issues both VISA
and MasterCard Credit Cards, the two renowned Credit Card brands
Its product range includes:

Local Card
‡ Visa Silver Credit Card
‡ Visa Mini Card
‡ MasterCard Silver Credit Card
‡ MasterCard Gold Credit Card
‡ MasterCard Platinum Credit Card
‡ MasterCard Cricket Card
International Card
‡ Visa Silver Credit Card
‡ Visa Gold
Now Jamuna Bank, Prime Bank, UCBL i e United Commercial Bank
Limited, NCC Bank i e National Credit And Commerce Bank Limited,
National Bank, One Bank, Shahjalal Bank, The city Bank, Brac Bank,
Eastern Bank and Bank Asia etc have issued the credit cards The
Dutch Bangla Bank limited will issue the credit card very soon Some
Non-Banking financial institutions such as Lank-Bangla have also
launched the credit cards Although it is a new concept in Bangladesh,
some Banks devoted some resources to develop the credit card
services They try to install the ATM booth and Merchant locations in
many divisional cities of the country
At the moment, the total size of the credit card market
(approximately) in Bangladesh is 7 Lac The revenues to be earned
from credit cards is not whopping because the customer base in
Bangladesh is still too thin with only higher middle class and rich
people having the ability to use foreign currency credit cards and even
they may not be able to spend too much foreign currency because of
regulations The target market is the rich people who travel from one
place to another frequently and need money any time
The ATM network and POS i e point of sales cover only the city and
municipality areas All over the country, the total ATM machines are
approximately 50 and total POS terminals are approximately 5000
The Standard Chartered Bank is the pioneer in the credit card sector
It has a card division, which employs some sales people to sell the
card across the country
In the past, only standard chartered bank launched the credit card in
Bangladesh Today, most of the online bank provides the credit card
So, this bank faces the severe competition in marketing the credit
card Now, they have to fight with one another to survive in the
market place Today, some banks offer the additional facilities with the
credit facilities In Bangladesh, the market size is small, but most of
the private banks offer the credit cards services in Bangladesh Now I
have tried to show the total scenario network of ATM of different
companies

  Channel of Distribution
Now, the Banks have installed the ATM and POS terminals in different
areas of Bangladesh through which the cardholders use their credit
card Today Dutch Bangla Bank Limited has established 250 ATM
machines in different parts of Bangladesh and has made agreement
with other banks to use these ATM machines and POS terminals The
customers can collect the credit card by applying to any branches of
the issuing bank very easily and quickly The customers can pay their
bill in any branch of the bank located in Bangladesh The customers
can know their statements anytime and anywhere in Bangladesh
The idea of a shared ATM network was conceived in J99
but the
commercial operation started in 200J (The daily star, November
2003)
The infrastructure facilities are not so good for the credit card
marketing in Bangladesh People are not aware of or interested in the
credit card facilities and how to operate the credit card or debit card
We have collected the information about the countrywide ATM network
of Dutch Bangla Bank limited These networks are shown below:
Table J
Division Number of ATMs
Dhaka J30
Chittagong 50
hulna 25
Rajshahi J5
Sylhet 20
Barishal J0
Total 250
Sources: the daily star, July0J, 2008

ATMs of Standard Chartered Bank limited are conveniently located

across the key cities of the country
Table 2
Dhaka 20 ATMs
Narayanganj J ATM
Sylhet J ATM
Chittagong 3 ATMs
hulna J ATM
Bogra J ATM
Source: field work, 2009
Besides the above, there is some recent information about the credit
card Such as-
‡ IFIC Bank limited has become a principal membership of VISA card
issuers It will issue VISA credit card in Bangladesh very soon;
‡ The interest rate of the standard chartered credit card is 2 5%
Standard chartered Bank has collaborated with Dutch Bangla Bank to
use the ATM Booth across the country;
‡ Citi bank has collaborated with Dutch Bangla Bank to expand their
banking services; and
‡ Eastern Bank has launched the credit card from July2007
Dutch Bangla limited is the pioneer in establishing the ATM machines
This bank establishes more than 300 ATM booths across the country
and has made agreement with other banks for sharing the ATM
network Such as are given to below;
Suppliers of Cards to the Bank or other Non-banking Institutions in
Bangladesh are Visa card/Silver/Gold, MasterCard/ Silver/ Gold,
Discovery Card, American Express, Vanik, Lonka Bangla etc
5 J Sales Promotion of Cards through Employees:
I have collected information from different Banks and found that these
banks also use sales promotion through the employees The
employees can contribute to make the credit card business a success
Simultaneously, executive officers posted at Head office may put
concerted effort to sell the cards Salespeople are paid on salary plus
commission to sell the credit card The Banks offer some incentives to
motivate the sales executive to sell more and more credit card These
banks also offer some incentives to the customers to use the credit
card more and more In Standard Chartered Bank, the sales
executives of credit cards are paid on salary (fixed amount 5000) plus
commission on each card (Tk 500 per card)
The card issuer's banks have already taken various promotional
activities to convince the potential customers to use the credit card I
have surveyed the standard Chartered Bank and saw that it uses the
personal sales force This bank established a personal selling card
division The sales executive works on the basis of commissions Other
banks are also using the promotional activities to convince the
customers to use the credit cards The use of the credit card is initials
stages in our country Most of the customers are at the unaware
stages So the objectives of promotional activities are to inform the
customer about the credit card facilities different media Some card
issuers offer some rewards program to convince the customers to use
more credit cards Such the card users can earn points by using the
credit card and reward themselves with gifts from rewards catalogue,
shopping vouchers, Meal vouchers, travel vouchers and membership
fee waivers So "Lanka Bangla card not only says more about you than
money could ever"; it also rewards you more deserving than most!
Because of intense competition in the credit card industry, credit card
providers often offer incentives such as frequent flier points, gift
certificates, or cash back (typically J percent) to try to attract
customers to their program

J Factors affecting the marketing efficiency:

The following factors affect the marketing efficiency of the credit card
in Bangladesh:
‡ Geographical factors affect the marketing efficiency of the credit card
in Bangladesh Because most of the people live in the remote area
The infrastructure facilities are not appropriate for establishing the
ATM machines and POS terminal in the remote area;
‡ Some individuals are opposed to the concept of credit card usages;
‡ Some people have negative attitudes towards the credit card in our
country;
‡ The spending pattern of the people in Bangladesh also affects the
marketing efficiency of the credit card The buying power is also low
They are not habituated with the credit card;
‡ Most of the people are illiterate; they do not know how to use the
credit card;
‡ The ATM and POS terminals are not available in Bangladesh;
‡ Most of the people are afraid of taking the credit card because they
think that it is one kind of complexities and difficulties in life;
‡ Most peoples are religious minded, they do not want to take loan
from the commercial Bank;
‡ Lack of online facilities also affects the marketing efficiency of the
credit card; and
‡ The requirements for applying the credit card are very high and
complex in Bangladesh

7 J Table: 3 Opinions of Bankers about certain questions regarding

the Credit
Card Marketing in Bangladesh
Table J uestions Yes No Total Number of Bankers
Are the users of credit card increasing day by day? J
(93 33%) J
(

7%) J5
Do you think that there is bright future for the credit card marketing in
Bangladesh? J3
(8

7%) 2
(J3 33%) J5
Do you face any problem in marketing the credit card? J2
(80%) 3
(20%) J5
Do you think that the infrastructure facility is not appropriate for credit
card marketing in Bangladesh? J
(93 33%) J
(

7%) J5
Source: Interview with different officials of the Bank

8 People's attitudes towards the credit card

I have surveyed different offices in which most of the potential buyers
gave their opinions which are given below:
Most of the people show the negative attitudes towards the credit
card 80% of the customers opine that the annual charges and interest
rate of all the credit cards are high Most of the people said that they
are not interested in the credit card Because they do not need to
move from one place to another place so much They also said that
most of the shops have no POS terminal They also opine that it is an
extra complexity for them and they have to bear these responsibilities
Some people said that if they have no money in their pocket, they will
not spend the money, but, if they have any credit card, they will have
to spend the money by using the credit card even though it is not so
much essential 20% respondents said that it is very difficult to
understand easily Some body said that they collected the credit card
through the intensive promotional activities, but they never use it for
the first time
0% people said that it is not essential for them
because they are permanent employee of a particular organization So,
they do not need to go to one location to another within very short
time So, they do not need credit card Some people opined that their
income is limited; so they do not want to engage in such kind of
activities Some people opined that it is a luxurious and fashionable
product; so they do not want to use the credit card

Table:  Attitudes towards the credit card in Bangladesh

No of Respondent Positive Negative Positive in percentages Negative
in percentages

00 3
0 20
0% 0%
Sources: Field data, Dhaka city, June 2008

Table: 5 Showing the percentages of the people know about the credit
card facilities
No of Respondent Aware Unaware

00 30% 70%
Sources: Data obtained by studying the field, June, 2008
Table:
Showing the percentage of the people likes or dislikes the
credit card
No of Respondents Like Dislike
800 0%
0%
Sources: Field data, June 2008

Why do people dislike the credit card?

They dislike the credit card due to the following reasons:
Table: 7
Causes of disliking the credit card Number of respondents
High annual charge J50
High interest rate J00
Fearing of increasing the expenditure 200
Limited income J50
Ignorance about credit card 200
Total Number of Respondents 800

Few of the potential customers think that the ATM booth and POS
terminals are sufficient for credit card
marketing in Bangladesh I have interviewed
00 potential customers
and their responses are as follows:

Table: 8
uestion YES NO
Are ATM booths and POS terminals sufficient in Bangladesh? 30% 70%
Sources: Field data, June 2008

9 J Opinions of the Existing Cardholder

In this study, I have surveyed more than 00 card users and took
their opinions and these are given below:
They have informed me that-

‡ Some cardholders comment that they will avoid the credit card in
future due to high interest rate, complexity and high annual charge;
‡ J5% of the respondents gave opinions that they do not know how to
utilize the credit card properly;
‡ Some of the respondents comment that they will not refer their
relatives, collogues and other family members to become a credit
cardholder;
‡ Some respondents informed me that they are always afraid of losing
the credit card;
‡ Some one comment that the costs of using the credit card are more
than that of benefits;
‡ Some one said that it is unnecessary in aspects of Bangladesh; and
‡ J00% respondent said that the ATM and POS terminals are not
available in Bangladesh;
‡ Some respondents said that it is just only for prestige, but it has no
utility in case of Bangladesh;
‡ Some one said that credit card encourage the users to spend more
than the financial capacity they have;
‡ Some of the respondents said that although they have credit, they
do not use it for the first time; and
‡ 20% of the respondents commented that they would avoid the credit
card in future
J0 J Opinions of the existing credit card holder about certain
questions
Table J0
uestion YES NO Total number of respondents
Do you use the credit card regularly? 3J5
(70%) J35
(30%) 50

Are you satisfied by using the credit? 00

(88 88%) 50
(JJ J2%) 50
Do you think that the annual charge of credit card is high? 300
(


7%) J50
(33 33%) 50
Do you think that credit card is luxurious product? 200
( 5%) 250
(55 55%) 50
Do you think that most of people in our country do not know about
credit card? 00
(88 89) 50
(JJ JJ%) 50
Sources: Interviews with existing cardholders, June, 2008

JJ Problems
The requirement for application for the credit card is very complex and
very difficult to follow But in Bangladesh, most of the people are poor
They live from hand to mouth They are not interested in credit card or
they do not know how to use the credit card and what the facilities of
credit card are The annual charge and interest rate are higher than
any other countries in the world The major problems of credit card
marketing are as follows:

‡ Most of the people are not aware of the credit card facilities;
‡ The infrastructures facilities are not appropriate for the credit card
marketing;
‡ Only a few shopping complex use the POS terminal;
‡ The standard of living does not match with standard of credit card ;
‡ The installation costs of ATM booth are high in Bangladesh;
‡ Most of the shopkeepers are not interested to collect the money by
using the credit card;
‡ The perception about the credit card is negative as like as Insurance
Company in Bangladesh;
‡ Most of the people think that credit card is one kind of hassles;
‡ The total numbers of ATM booth in Bangladesh are approximately
00, which are not sufficient for the regular card users;
‡ Most of the officials of the various banks said that Most of the people
of Bangladesh do not know about the facilities of credit card; and
‡ There are varieties of credit card, so most of the users do not know
about the functions of these credit cards

J2 Future for the Credit Card Marketing in Bangladesh

From the above discussions, we came to know that there is a bright
future for the credit card marketing in Bangladesh Most of the
companies are at the initial stage of the credit card marketing in
Bangladesh If the card issuers provide the ATM and POS terminals
available in Bangladesh, then the demand for credit card will be
increased Most of the people do not know about the credit card But in
developed countries, credit card is very common and people use this
card very properly and utilize the facilities of the credit card If the
card issuers provide information about the credit card to the
consumer, then the usages of the credit card will be increased day by
day Technological advances also increase the demand for the credit
card services properly Now Dutch Bangla Bank installed 250 ATM
Booth in Bangladesh and has made agreement with other Banks for
using the ATM machines The total size of the credit card market is
increasing day by day If the card issuers properly provide the facilities
and convince the consumer for using the credit card, then there will be
a bright future for the credit card Since most of the consumers are at
the unaware stage in case of credit card, the companies have to take
step to convert the consumers into the awareness stages Within the
2009, Brac Bank will expanse their branches in every sub-division in
Bangladesh and each branches they will provide credit card system

J3 Recommendations
J3 J Following are a few tips and suggestions about credit cards for
the card users:
‡ Credit cards are just like a loan-you have to pay what you owe - so
try and not overcharge more than you can afford to pay;
‡ eep track of how much you spend on your credit card Remember
that incidental and impulse purchases
add up fast;
‡ Save your credit card receipts Compare them with your monthly bill
Promptly report problems to the company that issued the card;
‡ Never lend your credit cards to anyone;
‡ Owing more than you can repay can damage your credit rating That
can make it hard to finance a car, rent an apartment, get insurance or
even get a job;
‡ Pay your credit card bill on time, and in full when possible If you
don't, you'll have to pay finance charges on the unpaid balance-and it
takes forever to get caught up if you just pay the minimum; and
‡ There are many advantages of having a credit card such as being
able to purchase items online and make hotel and car reservations
The way you handle your purchases should be taken seriously

J3 2 The suggestions and recommendations for the card issuers:

‡ The card issuers should reduce the interest rate as soon as possible;
‡ The card issuers should make available ATM booth and POS terminal
in Bangladesh;
‡ The Bank should provide proper information to customer regarding
the credit card;
‡ The requirements for being cardholder should be simple and easy;
‡ The Card issuers should install POS terminals available at the
shopping mall;
‡ The card issuers should devote in promotion activities;
‡ The card issuers first should survey the market and identify the
customers' needs, wants and interests of the prospective customers
and then accordingly design the card's facilities;
‡ The Bank should provide the proper instructions how to use the
credit card properly and efficiently; and
‡ The card issuers should increase other facilities of the credit card
J Concluding Remarks
Actually credit card is at the initial stage in Bangladesh Most of the
people in Bangladesh are not familiar with the culture of using credit
card Few people use the credit card only for the prestige and status
Actually credit card is status-related items If the companies establish
the ATM booth and POS terminals sufficiently and make it easy and
simple for the customers to use these instruments, then the users of
the credit card will be increasing day by day in our country The
companies have to rethink their philosophies, concepts and process
regarding the credit card marketing in Bangladesh They have to cope
with the culture of the people of Bangladesh If all these suggestions
and recommendations are accepted and implemented by the policy
makers and the credit card issuers, it is expected that the credit card
sector would increase to a large extent
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