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8 Wrong Facts About Banks

Publish Date: 07 Mar 2021

Money Tips

8 Wrong Facts About Banks

If you want a product from banks, see the correct information about them!

1- You don’t need to be paid LE 5,000 to be apply for a credit card, starting at LE 1,000 you are eligible for a credit card


2- Credit cards don’t immediately charge you interest from the first day, there is usually a grace period between 45-58 days (depending on the card). But make sure to read point 3 as well!

You can apply now for the Credit Card from Faydety’s website.


3- The Credit Card grace period is different for each bank and started on a different day, so as not to pay interest make sure you check with your bank when the grace period is.


4- It’s not always best to repay your loan early, sometimes it’s an old loan whereby you have a great interest rate or the prepayment fees might not make it worth paying the loan early.


Credit cards don’t immediately charge you interest from the first day


5- The lowest interest rate doesn’t always mean the lowest installment, you also need to check for administrative fees which could balance out the difference on the interest rate. 

Check Faydety to apply now to the Personal Loan you need, from its website.


6- Certificates of Deposits typically have a shorter period of maturity than Term Deposits (up to one year).  Most banks typically renew them for a similar term once they expire. 


7- Not all banking products require proof of income, for example savings accounts only require your national ID. 


8- Some banks pay out a higher interest rate as the amount deposited grows, so don’t split your money between too many banks.

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