Pre-Contractual Credit Card Information

Learn about the pre-contractual information for the Jet Bank credit card, including how it is used, the credit limit, interest, fees, minimum payment, and your rights and obligations.

What should you know before applying for a credit card?

Here you will find explanations of how the credit card works and how its use affects your monthly obligations.

Read the personalized pre-contractual document and the agreement before signing. They contain the specific terms and conditions applicable to your card.

What is a revolving credit card?

A revolving credit card allows you to use funds provided by the Bank up to an approved credit limit.

When you repay the principal amount used, the available credit limit increases accordingly and may be used again, subject to the terms of the agreement.

Unlike a loan with fixed instalments, the monthly credit card obligation varies depending on usage, payments, and applicable costs.

How is a credit card different from a debit card?

With a credit card, you use a financing limit approved by the Bank. The amounts used must be repaid according to the deadlines and terms specified in the agreement.

In which currencies is the credit card available?

The credit card is available in:

• Albanian Lek — ALL
• Euro — EUR

The selected currency determines the currency of the credit limit and the card obligations.

What is the credit limit?

The credit limit is the maximum amount of financing that the Bank approves for your card.

The limit requested during the application does not constitute approval. The Bank determines the final limit after assessing the application.

How is the limit I can receive determined?

The Bank determines the limit by assessing your income, existing obligations, and repayment capacity.

The limit may be up to three times your declared monthly salary, but no more than EUR 40,000 for a card in euro or ALL 4,000,000 for a card in Albanian lek.

The final limit is subject to the Bank’s approval and may be lower than the amount requested.

Is the card automatically approved after I apply?

No. Confirmation that the application has been submitted means only that it has been received for review.

Is the card physical or virtual?

The Jet Bank credit card is virtual and is accessed through the application.

Its use depends on the functionalities and channels supported for this product.

When can I start using the card?

You can start using the card once the approval, signing, card creation, and activation processes have been completed.

Approval of the application alone is not sufficient to make payments.

What can I use the credit card for?

You can use the credit card for:

• Payments for goods and services at POS terminals and online.
• Cash withdrawals from ATMs.

The card may be used within the available credit limit and the limits established by the Bank.

What is the available credit limit?

The available credit limit is the remaining amount that can be used from the total credit card limit.

It is calculated by deducting from the approved limit the obligations charged against it and amounts reserved for pending transactions.

How does the limit change after a purchase?

A purchase reduces the amount available for use.

For example, if the available limit is ALL 50,000 and you make a purchase of ALL 10,000, the remaining available amount is ALL 40,000, assuming there are no other transactions or costs.

How is the available limit restored after a payment?

Once a payment is recorded, it is used to settle obligations according to the order specified in the agreement. The portion of the payment that repays the principal amount used restores the corresponding amount of the credit limit for further use.

What is the interest rate?

The standard interest rate is a fixed 20% per year.

This is an annual rate, not a monthly rate. The specific amount of interest depends on the amount on which it is calculated and the number of days for which it applies.

What is the interest-free period?

The interest-free period is the period up to the payment due date in the following month, during which no penalty applies if the billed amount is repaid in full.

Is the minimum payment enough to avoid paying interest?

No. To benefit from the interest-free period, you must repay the outstanding balance in full by the payment deadline.

If you do not repay it in full, interest is calculated from the date the transaction was made, not only from the end of the payment deadline. In the case of partial payments, the calculation is adjusted according to the remaining unpaid amount.

How is interest calculated?

Interest is calculated daily on the outstanding balance, from the date the transaction is made until full repayment, except where you benefit from the interest-free period.

The formula is:

Interest = Outstanding balance × Annual interest rate × Number of days ÷ 365

In the case of partial payments, interest is calculated on the applicable balance for each respective period.

What is the EIR?

The EIR is the Effective Interest Rate, an annual indicator of the cost of financing that takes into account interest and the costs included according to the relevant methodology.

For a revolving credit card, the EIR example is based on assumptions regarding use and repayment. The cost you actually pay is affected by how you use and repay the card.

The applicable value and assumptions should be read together in the pre-contractual document.

Is there an annual fee for the credit card?

The annual card maintenance fee is 0.

This does not mean that every service or transaction is free of charge. For other fees, please check the applicable list of fees and commissions for the credit card.

What does the monthly card statement contain?

The monthly statement helps you track the use of and payments made toward your card. It presents information for the relevant period, including:

• recorded transactions and payments;
• outstanding obligations;
• interest and fees applied;
• the minimum payment;
• the payment deadline.

What is the minimum payment?

The Minimum Payment includes 5% of the principal amount used and outstanding on the date the monthly statement is generated, plus 100% of the interest, commissions, fees, and other obligations billed for the period.

The specific amount is shown on your monthly statement.

How is the minimum payment calculated?

Minimum payment = 5% of the principal amount used + 100% of commissions, fees, interest, and other obligations for the period.

If the total obligation is ALL 30,000 and there are no additional interest charges, fees, or other obligations, the minimum payment is:

30,000 × 5% = ALL 1,500

Can I pay more than the minimum?

Yes. You may pay more than the minimum or repay the obligation in full.

A higher payment reduces the remaining obligation and may reduce the amount of interest calculated subsequently.

What happens if I pay less than the minimum?

A partial payment reduces the obligation, but it does not satisfy the minimum payment requirement if the amount paid by the deadline is insufficient.

The uncovered portion of the minimum payment is treated as an overdue obligation in accordance with the agreement.

When do I have to pay the amount due?

Payment must be made within the deadline specified in the monthly statement.

What happens if I do not pay the minimum amount on time?

Failure to pay the minimum amount by the deadline creates an overdue obligation to which late-payment interest/penalty applies.

The annual penalty rate is 30% per year, calculated on the unpaid amount of the minimum payment—which includes only principal and interest—for the number of days overdue. Penalties and late-payment interest shall in no case exceed 30% of the amount of the contractual obligation.

Does full repayment of the outstanding amount close the card?

No. Full repayment does not automatically close the card or terminate the agreement.

You may request closure at any time through the Bank’s application and/or digital platform, in accordance with the applicable procedure. To close the card, you must fully repay the outstanding balance, including interest, penalties, fees, and any other obligations incurred up to the date of full repayment.

Can I withdraw from the agreement after signing?

The Cardholder has the right to withdraw from the credit card agreement within a period of 14 (fourteen) calendar days without providing a reason.

This period begins on the date the agreement is concluded or on the date when the Cardholder receives the contractual terms and conditions, if the latter date is later.

What is the risk if my income is in another currency?

If the card is in EUR and your income is in ALL, the amount in Albanian lek required to make the payment may change depending on the exchange rate.

For example, for an obligation of EUR 100:

• at an illustrative exchange rate of ALL 100 for EUR 1, ALL 10,000 would be required;
• at an illustrative exchange rate of ALL 110 for EUR 1, ALL 11,000 would be required.

The obligation in EUR remains unchanged, while its cost in ALL increases. The exchange rates used in this example are not exchange rates offered by the Bank.

How long is the credit card valid and how is it renewed?

The card is valid for 3 years from the date of issuance, unless it is suspended, cancelled, or closed earlier.

At the end of the validity period, the Bank may automatically renew it based on its assessment. Renewal is not guaranteed. If you do not wish to renew the card, you must notify the Bank at least 2 months before the end of the agreement term.

Non-renewal of the card does not release you from any outstanding obligations.

Can the Bank change the terms of the agreement?

The Bank may change the terms in accordance with the agreement and applicable legislation and will notify you through the designated channels.

According to the agreement, changes take effect 15 calendar days after notification, unless applicable legislation requires a different period.

If you do not agree with the changes, you may request termination of the agreement before the changes take effect, provided that the relevant obligations are repaid. Continued use of the card after the changes take effect shall be considered acceptance of the new terms.

Any term amended in the agreement shall be made through an amendment to the agreement and by signing this document by both parties, the Bank and the customer. No amendment to the agreement shall be made without electronic signature by both parties.

Can I receive a copy of the draft credit card agreement?

Yes. Upon your request, you may receive a copy of the draft credit card agreement free of charge.

This right does not apply if, at the time of the request, the Bank is not prepared to proceed with entering into the agreement with you.

How will I be informed if my application is rejected?

The Bank informs the applicant without delay and free of charge if the credit card application has been rejected.

At the applicant’s request, the Bank will provide the reasons on which the rejection was based, in accordance with applicable legislation.

Where can I find the pre-contractual document?

The personalized pre-contractual document will be made available to you electronically through the channels designated by the Bank.

How can I contact the Bank or submit a complaint?

For information or complaints, you may use the application, the form on the Bank’s website, or the published contact details:

• Telephone: +355 4 450 7777
• Email: info@jet.bank
• Website: jet.bank