26 October 2007
MUSCAT -- Bank Sohar has launched a multi-faceted prepaid card designed to help those who struggle with money management all the time. The card has features that are customer friendly to the last, and bank authorities say it will help plan a person's budget to the last detail.
"Anyone can obtain the Bank Sohar Excel prepaid card at any of the branches of the bank. There are no security deposits and no finance charges. There is also no compulsion to open a bank account and no minimum amount is prescribed to obtain the prepaid card. All that a customer has to do is walk in and once he receives the 'welcome kit' containing the card, pin and booklet, to activate the card before he begins to enjoy the benefits," Khalfan bin Rashid Amour Al Tal'ey, deputy general manager for retail banking, Bank Sohar, said.
By virtue of the 'prepaid' nature of the card, spending limits are set by the amount of money the customer loads onto the card. When a customer makes a purchase with the prepaid card, the purchase amount is deducted from the balance on the card. The customer can add more funds on a regular basis, or whenever the money runs low. For those who already have an account with Bank Sohar, re-loading is done by transferring money from the account. The prepaid card is thus a way of carrying cash with minimal risk.
"There are more features that make the Excel prepaid card invaluable," said Khalfan Al Tal'ey. "The customer can access the money on the card through more than 480 ATMs in Oman. When travelling abroad, the customer can also use the same card to make his money 'travel' with him wherever he goes, without carrying cash or using a credit card all the time. This is because the 'Bank Sohar Excel prepaid card' can be used like a Visa debit card. It is accepted all over the world -- at stores, petrol stations, and restaurants and also for online transactions. The customer can draw cash at 800,000 ATMs worldwide and pay for purchases at 21 million locations."
The safety and security features of the prepaid card begin with the fact that it is safer than carrying cash. In the event that the card is lost or stolen, the cardholder is protected from unauthorised transactions as soon as he reports the loss to Bank Sohar.
The Excel prepaid card is also a good teaching tool to help parents educate their children in money management. Parents who now hand out weekly allowances to their children in schools and colleges can use the prepaid card to ensure independence and at the same time inculcate responsibility. The cards help young adults balance their budgets and enable parents to monitor family spending. A child becomes responsible as he uses the Bank Sohar prepaid card to pay for his purchases.
The prepaid card also comes in handy when friends and relations are looking for gift ideas either for general purposes or merchant-specific spending.
The Excel prepaid card is a boon for all those who are uncomfortable when parting with their credit card details while making online purchases.
All prepaid cardholders will receive a statement every month with details of the spending on the card. The statement is comprehensive and will provide the cardholder with all that he needs to know about where his money went and when. It will also help him manage his finances and introduce the necessary disciplines in spending.
Customers who would like to avail of the conveniences of the prepaid card for themselves, for members of their families, or as gifts for loved ones, can walk into any one of the five branches of Bank Sohar and walk out with the prepaid welcome kit. Three of the branches are in the capital area at Muttrah Business District, Qurum and Seeb and the other two are at Nizwa and Sohar.
MUSCAT -- Bank Sohar has launched a multi-faceted prepaid card designed to help those who struggle with money management all the time. The card has features that are customer friendly to the last, and bank authorities say it will help plan a person's budget to the last detail.
"Anyone can obtain the Bank Sohar Excel prepaid card at any of the branches of the bank. There are no security deposits and no finance charges. There is also no compulsion to open a bank account and no minimum amount is prescribed to obtain the prepaid card. All that a customer has to do is walk in and once he receives the 'welcome kit' containing the card, pin and booklet, to activate the card before he begins to enjoy the benefits," Khalfan bin Rashid Amour Al Tal'ey, deputy general manager for retail banking, Bank Sohar, said.
By virtue of the 'prepaid' nature of the card, spending limits are set by the amount of money the customer loads onto the card. When a customer makes a purchase with the prepaid card, the purchase amount is deducted from the balance on the card. The customer can add more funds on a regular basis, or whenever the money runs low. For those who already have an account with Bank Sohar, re-loading is done by transferring money from the account. The prepaid card is thus a way of carrying cash with minimal risk.
"There are more features that make the Excel prepaid card invaluable," said Khalfan Al Tal'ey. "The customer can access the money on the card through more than 480 ATMs in Oman. When travelling abroad, the customer can also use the same card to make his money 'travel' with him wherever he goes, without carrying cash or using a credit card all the time. This is because the 'Bank Sohar Excel prepaid card' can be used like a Visa debit card. It is accepted all over the world -- at stores, petrol stations, and restaurants and also for online transactions. The customer can draw cash at 800,000 ATMs worldwide and pay for purchases at 21 million locations."
The safety and security features of the prepaid card begin with the fact that it is safer than carrying cash. In the event that the card is lost or stolen, the cardholder is protected from unauthorised transactions as soon as he reports the loss to Bank Sohar.
The Excel prepaid card is also a good teaching tool to help parents educate their children in money management. Parents who now hand out weekly allowances to their children in schools and colleges can use the prepaid card to ensure independence and at the same time inculcate responsibility. The cards help young adults balance their budgets and enable parents to monitor family spending. A child becomes responsible as he uses the Bank Sohar prepaid card to pay for his purchases.
The prepaid card also comes in handy when friends and relations are looking for gift ideas either for general purposes or merchant-specific spending.
The Excel prepaid card is a boon for all those who are uncomfortable when parting with their credit card details while making online purchases.
All prepaid cardholders will receive a statement every month with details of the spending on the card. The statement is comprehensive and will provide the cardholder with all that he needs to know about where his money went and when. It will also help him manage his finances and introduce the necessary disciplines in spending.
Customers who would like to avail of the conveniences of the prepaid card for themselves, for members of their families, or as gifts for loved ones, can walk into any one of the five branches of Bank Sohar and walk out with the prepaid welcome kit. Three of the branches are in the capital area at Muttrah Business District, Qurum and Seeb and the other two are at Nizwa and Sohar.
© Times of Oman 2007
