It is an official summary of all the transactions you made in a single billing cycle. Statements also show the due date of your bill.Your Monthly Statements
We won’t send you paper statements every month. Instead, we’ll notify you when your payment is due through the app right after you make the first transaction during a single billing cycle.
Plus, you can access all your past statements with just a few taps
It is the period between one statement date to the next. The ending date of the billing cycle marks the due date of the monthly bills.Your Billing Cycle
Here at FINJA, our billing cycle is set to 30 days by default (with a 5-day grace period). You must choose your monthly bill generation date when activating your card. Your bills will be due 5 days after this date. For example, if you choose the date to be the 20th, the due date will be the 25th of every month (5 days after your bill generation date). Whichever due date you choose, the billing cycle will always last for 30 days.
Each billing cycle will last no more than 30 days. However, the first cycle may fluctuate depending on when you receive your card. Suppose you receive your card on the 2nd of January, but you set your billing cycle to the 26th. Now the first bill will be due on the 26th of next month – which is 26th February.
You cannot change the billing date once you have selected it at the start.
It is the limit that is approved which you can use in credit mode.
When withdrawing cash from an ATM, you need to have more money in your wallet than you need to withdraw. For example, you have PKR 10,000 in your wallet and prompt the ATM to withdraw the entire PKR 10,000. Now you won’t get the entire 10,000 in cash but 9,500 due to the following ATM charges.
ATM Charges: PKR 18
On the cash you withdraw or IBFT, you will be charged 0.2% per day, starting from day 1 (the day you make the transaction). There’s no interest-free period; charges start occurring from the day of the transaction till it’s paid in full.
The due date of repayment on Cash Withdrawals is linked to your billing cycle. If you fail to pay until the last day of your billing cycle, you will be given the option to club this amount with POS (other digital transactions) payable and amortize up to 12 months with monthly 3% service charges.
If you do not pay the full amount and do not opt for the amortization option then late payment charges of 3% will be levied on the total outstanding balance.View how installment plans work.
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You will not be charged for 30 days upon making point-of-sale transactions. On your 31st day, you will be offered to convert the balance into installments – this also includes your cash withdrawal outstanding balance.
Please note that you will have the following charges on the Point-of Sale transactions in credit line mode only.
- ATM fee: PKR 18
- 16% FED in case of non-filer.
Your point-of-sale and cash withdrawal balances will be combined to form a consolidated bill. On your due date, you will be offered the following options:
- Pay the entire amount in installments
- Pay some amount now and the rest in installments
- Pay the entire amount now
If you go for the second or third option, you will be charged nothing on the amount you pay upfront(if paid on or before the due date). However, if you miss the due date, you will be charged a 3% late payment fee.
There will be service charges on the installments – 3% incremental to months. If you choose the 6-month plan, service charges will be 18% total. If you choose the 8-month plan, service charges will be 24%. So, service charges are 3% multiplied by the number of months.
Note that the service charges are applied to the entire amount as a whole, not each installment individually. First, the entire amount plus service charges are calculated. Then, the installments are divided.
Clicking “Pay” on the home screen will present you with two options to pay your bill.Pay from wallet
Choosing this option will use your own funds in the FINJA Wallet to pay the bill.Pay via IBFT
This requires you to transfer funds into your wallet from any other bank account. Follow the following steps to pay your bill via IBFT:
- Open your banking app or log in to your online banking website
- Go to Money Transfer or Funds Transfer & select FINJA EMI
- Enter your mobile number as your account number
- Enter the amount you wish to transfer