Pavlovic International Bank :: Pavlović Banka Basic concepts
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Basic concepts

Payment card

Payment card is a plastic card equipped with magnetic tape/chip which stores relative data on the User of the card and card itself. Payment card is issued by a Bank and can be used for payments of goods and services as well as for cash withdrawals. The User of the card is a person who receives the card from a Bank and act as the card's owner. The User uses the card under specific conditions set by the Contract on using the card.


Maestro is a payment card from Maestro/MasterCard group. Maestro card is connected with checking account of the customer. It is intended for retail customers. Maestro is a debit card which means that the User can spend the amount of funds available on his or hers checking account. Maestro card can be used for cash withdrawals on ATMs and for payment of goods and services on POS terminals worldwide which are marked with Maestro logo.

Standard MasterCard

Standard MasterCard is a payment card from Maestro/MasterCard group which is connected with customer's credit card account. It is intended for retail customers. Standard MasterCard is a credit card which provides the credit (loan) to the customer. Standard MasterCard can be used for cash withdrawals on any ATM or for payments for goods and services on POS terminals, worldwide, which are marked with MasterCard logo. Spent amount of credit is repaid in monthly installments (10 monthly installments). As compared to standard loan, credit received through credit card is revolved with every payment of installment, for the amount of installment (that is why this kind of credit is called revolving credit). Interest rate is calculated on the basis of spent amount of credit, starting from the day of transaction for cash withdrawals. For payments of goods and services using the card, Pavlovic International Bank does not apply interest for the credit used in the previous month if the customer fully repays the credit amount until the 2nd day in a current month.  Monthly payment can not be smaller then the minimal amount stated in the Statement of the Account sent by the bank and received by the customer. In case the customer does not pay the minimal amount of installment, the bank will apply penalty interest.

Expiry date

Expiry date is the date until the card can be used. This date is always shown on the card in the one of the following formats: 

- valid from month/year to month/year
- valid until month/year

The card is always valid from the first day in particular month until the last day of the stated month. If the card states the following: Valid from 03/08 Valid through 02/09, it means that the card is valid from March 1 2008 until February 28 2009.


ATM - Automated Taller Machine

ATM - Automated Taller Machine is a device for cash withdrawals. Main advantages of using the card for these purposes are:

- the customer does not have direct contact with the bank officials and avoids the crowded bank counters
- there is no limitations in terms of business hours, since ATM is functioning 24 hours a day, every day of the year. There is no geographic limitation - the customer can withdraw cash using any ATM worldwide that is marked with Maestro/MasterCard logo.
- only the card User can withdraw cash using the card since cash withdrawals require entering PIN number only known to the User.
- apart from cash withdrawals, ATMs have other functions such as displaying account balance, printing mini Statement of the Account, transfer of funds etc. 
- over 900.000 ATMs is installed worldwide


POS (Point Of Sale) terminal

POS (Point Of Sale) terminal is a device used by merchants. POS terminal enables the customer to make an electronic payment for goods and services using the card. The device reads the data from the card, checks for validity of the card, checks the balance on the account connected with the card and transfers the funds from the customer's account to the merchant's account. For POS transactions, the Banks do not charge the fee from the cardholders. So far, over 22 million POS terminals has been installed worldwide.


PIN-code (Personal Identification Number) is provided to the customer and serves as an electronic signature of the customer during transactions of cash withdrawals and payments for goods and services using payment cards


Transaction is created by using the card during payments for gods and services, cash withdrawals or credits of the customers account.


Credit limit

Credit limit is the upper limit of credit supplied to the customer by the bank. This is an amount that can be spent by the customer without having the money on his card account.

Available limit

Available limit is the amount available to the customer after the outstanding debt is deducted from the credit limit.


Statement of the account is the tabular list of customer transactions for previous month. The bank delivers the statement of the account each month, stating the following:

- credit card number
- customers name, last name and address
- date of the Statement
- current outstanding debt on the day of the statement
- minimal required installment which is 10% of the outstanding debt
- deadline for payment of installment
- credit limit
- available limit
- date of booking the transaction (date of debiting the account)
- date of the transaction (date when the card was used for particular transaction of payment for goods and services or ATM cash withdrawals)
- ID number of transaction which is unique for each transaction and which can be used when calling the bank in request for additional information on transaction
- description of the transaction (payment or cash withdrawal, the place of transaction)
- cumulative information containing: previous credit balance (debt from previous period), purchases and cash withdrawals (amount spent in the period covered by the statement), interest and fees, credits to the card account (customer's payments to the account for covering the debt), current outstanding debt (previous debt + current spending + interest and fees - account credits),  minimal monthly installment (10% of the outstanding debt) and deadline for payment of installment (last date for paying required minimal installment).



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