The Wave & Pay Credit Card by Punjab National Bank offers contactless technology during the time of COVID-19. This PNB credit card is a Platinum card which offers a wide range of features and benefits across various categories. The Wave & Pay Credit Card comes with an annual fee of Rs.500 and an interest rate of 2.95% per month.
|Reward Point Benefits||For every Rs.150 spent on the card, 2 reward points will be given.|
|Concierge Benefits||24x7 access to the concierge services of the bank.|
The credit limit for the Punjab National Bank Wave & Pay Credit Card is assigned by the bank after considering several factors. Some of the factors taken into consideration by the bank are the credit score of the primary applicant, the credit utilisation ratio, along with the repayment habits of any past or ongoing debts.
|Type of Fee||Charge|
|Finance charges||2.95% per month|
|Cash advance||2% of the cash withdrawn or Rs.100 at PNB ATMs (higher amount will be taken)|
|Credit limit over usage||2.5% or Rs.500|
|Duplicate statement fee||Rs.50|
|Card replacement fee||Rs.150|
|Foreign currency transaction||3.50%|
|Minimum amount due||5% of the total amount due|
|Age||The primary applicant must be least 18 years old.|
|Nationality||He or she must be a citizen of India or a non-resident Indian.|
|Employment status||The applicant must have a steady source of income.|
|Credit Score||An ideal CIBIL score is a major factor in getting the application approved.|
|Identity Proof||Income Proof||Proof of Address|
|Driving License||Salary Slips||Voter ID|
|Voter ID||IT Returns||Aadhaar Card|
|Aadhaar Card||Form 16||Passport|
The Wave & Pay Credit Card by PNB is embedded with a chip and a radio frequency antenna which helps in the contactless transactions made with the card. When the card is tapped against a machine, the payment details are transmitted wirelessly. The account details are seen on the machine and then processed through the Visa network.
The Wave & Pay Credit Card is much more secure as it doesn’t involve any exchange of the card for a payment to be made. The credit card is always in the hand of the cardholder to make transactions.
The credit card can be used anywhere a PoS machine is available. However, in case of the PoS machine being unavailable, the card can be used to swipe or dip as well.
All one has to do, is bring the card close to the machine for the reader to get the details of the card.
There is no limit given for the value of products which a customer can purchase with the card. However, the contactless technology of the card can be used for any transaction amounting to Rs.2,000. For transactions above the value of Rs.2,000, the PIN or the signature of the cardholder is required as per the guidelines by RBI.
The purchases made on the card will appear like any other purchase made with a regular credit card. Contactless credit cards are different only as a payment method.
The contactless technology in the Wave & Pay credit card will work only when the card is waved at a maximum range of 2cms. Hence, even if the customer is at a short distance from the terminal, no transaction can take place.
No. With the security of the card, even if it is tapped more than once at the terminal, the customer will only get billed only once for the purchase.
The cardholder will receive a charge-slip from the merchant where the transaction has taken place and also will receive an SMS on the registered mobile phone number once the transaction is successful.
In case of loss or theft, the customer should contact the PNB customer care or visit the nearest branch and request for the card to be blocked and request for a replacement card.
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