OREANDA-NEWS. September 18, 2009. OJSC Nordea Bank (formerly known as JSB ORGRESBANK) has proceeded to issue VISA and MasterCard cards with grace period of up to 56 days. Within this period the card-holder may withdraw funds on an overdraft basis free of charge, reported the press-centre of Nordea Bank.

The overdraft limit for a card is determined on a case-by-case method for 1 year, with further prolongation option. The limit is capped at 12 thousand EUR or its RUB and USD equivalent. The currency of an overdraft depends on that of the card account.

Payments are due by 25th of each calendar month, following the one when a transaction was performed. This program allows full or partial prepayment. If a card-holder repays in full, he/she is exempted from paying interest and the card limit revolves to the same amount. Should a card-holder repay in part, a minimal payment is to be made, the amount of which is notified to each customer individually.

This credit program applies not only to the payment for goods and services, but also to cash withdrawal from ATMs of Nordea Bank or other banks.

Initially, the new service is available to the employees of Nordea Bank’s corporate customers.

Information on the maturity of a loan and the payments (minimal and full) are automatically and freely communicated to the card-holder by way of sending an SMS. All necessary information is also accessible at Customer Support Desk of Nordea Bank and account statements.

Repayments can be made at any of the Bank’s offices, via ATMs of the Bank with cash-in function, transfer of funds from other accounts opened with the Bank, through "Orgres online" system or by remittance from other banks.