OREANDA-NEWS. November 26, 2009. Lending rates for Uniastrum Bank’s U-Profy Credit card product are to be cut 3 percent, while the minimum amount payable on a loan will be reduced 5-7 percent, reported the press-centre of Uniastrum Bank.

As of now, ruble-denominated overdraft rates for the U-Profy Credit payroll card are 15.9% and 16.9% APR depending on card type. The minimum amount payable on a loan equals 3% and 5% (depending on card type) of the credit balance as of the last calendar day of the billing cycle.

The U-Profy Credit card has a preset spending limit and offers preferential interest rates. Application formalities involve a minimum amount of paperwork for clients whose wages are paid using Uniastrum bankcards. The maximum credit limit available to U-Profy Credit cardholders is Rb 1,500,000, while an overdraft facility on the card can be arranged simply by presenting one’s passport.

As of November 11, 2009, Uniastrum’s U-Profy Credit card portfolio exceeded Rb 120 mn, or more than twice the amount recorded at year-start 2009.

Uniastrum Bank is a Principal Member of the VISA international payment system, and an affiliate member of the MasterCard payment system. As of October 1, 2000, the lender issued over 665,000 cards, some 300,000 of which were given out under payroll card programs, another 50,000 being credit cards. Around 3,200 agreements were signed with organizations to launch payroll card schemes, and around 1,300 terminals installed at sales and service outlets. The total card lending limit as of October 1, 2009 exceeded Rb 3 bn, while the number of ATMs integrated into United Settlement System topped 5,000. 51% of all Uniastrum’s plastic cards are issued in the regions, the regions/Moscow loan portfolio standing at 66/34%. As of October 1, 2009 the Bank’s plastic cardholder portfolio totaled Rb 1.4 bn.

Expanding and developing payroll programs are core areas of Uniastrum card business and the Bank is happy to offer companies and sole proprietors alike payroll card programs. To date, Uniastrum has concluded over 2,000 payroll card agreements with companies and issued around 300,000 cards. The Bank issues cards for paying salaries and other compensation, as well as prepaid student cards. Under the payroll programs, employees are able to apply for payment cards with an approved overdraft and easy terms that include low interest rates and a credit limit extending up to 7 monthly salaries. Uniastrum Bank payroll cardholders can also withdraw cash at no extra charge at any Uniastrum Bank ATM.