Banana Republic Credit Card Payment
1) Information on Banana Republic Credit Cards
Banana Republic is a very well known retail brand that is into the line luxury clothing. Its popularity made it introduce a credit card that apart from giving credit also allowed many discounts, purchase volume based awards etc. This card is furthered by GE Money Bank. The payments of this card are made keeping in mind the reward points earned by the card holder. A detailed account of this is given subsequently.
2) The process of Calculating Banana Republic credit Cards Payments
The method most primarily used in the bill generation of Banana Republic credit cards is the daily balance method.
The calculation of this daily balance is done as per the following way:
During a billing cycle for which interest is chargeable on any sort of balance connected with the account, the interest is calculated by application of daily rate on the daily balance for each day that is there in the billing cycle.
During billing cycles in which interest is charged, for each balance type on your account we figure the interest charge on your. For transactions like purchases, cash advances etc, the daily balance is calculated separately because different transactions carry different rates of interest with them.
For calculating the interest charges on a daily basis, the following steps are resorted to:
- The daily balance is calculated as the first step. This is done by considering the balance in the beginning of each day and then the new charges for that day are added and any payments for the same day are subtracted.
- Once the daily balance is arrived at, the various fees are added. These include payments like late fee which are added to purchases; debt cancellation fees; countermanding and cash advance fees added to the cash advance balance; balance transfer fees added to balance transfer fee; foreign contract fees added to purchases
- After a total is derived from the above, the amount of interest to be charged is calculated. This done by getting the product of the daily rate with the daily balance pertaining to that account. After the calculation of interest, the same is added to the daily balance. This becomes the beginning balance of the next day.
Similarly the interest charged for each day in the bill cycle like this, becomes the interest for the whole bill cycle.
3. Methods for making the payments of Banana cards
The payments must be made to the amount of at least the minimum payment by 5:00 P.M. on the last day when payment falls due. More, than the said amount, could also be paid which could reduce any pending balance upon which interest is chargeable.
The minimum payment is derived as the total of any outstanding amount, the greater of these amounts; $15 or total oh interest, late payment fees and 1% of the latest balance.
How to make payments?
The following instructions are to be adhered to:
Þ The payment has to be made in U.S. dollars by way of cheques, money orders or any other banking instrument having the same effect.
Þ The next step involves sending a payment coupon from the bill statement along with the payment.
Þ Only one payment accompanies with one coupon could be sent at a time.
Þ Another option available is to make the payment over the internet at the website of the card, which is very much mentioned on the bill. Any such payment must be paid from a bank that is located in the U.S.
Þ There should be no use made of attaching items like staplers, paper clip, tape etc. the payment should also not be folded.
Þ Other payment options are also available. For an extra charge the customer can make payment over phone also other than using the internet services.
4) Benefits and promotional schemes offered by Banana cards
There are quite a few benefits that could be accrued by the Banana Card to the card holders.
The card holders get a pre notification of new arrivals and sale offers.
Special Birthday offers are allowed.
There is a facility of accessing the account at any time.
The company allows exclusive offers only to the Banana Card Holders and not the other shoppers.
There are special discounts for the card holders on every Tuesday.
Rewards
The rewards come in the form of points that could be accumulated and converted into shopping later on.
The Banana Card holders earn 5 points on every dollar they spend in Gap stores.
They also get 1 point at joints where visa cards could be used.
A $10 rewards card is given out to the card holders when 1000 points get collected and redeemed at any of the in house brands that belong to the group.
Keeping in touch constantly via online media can also fetch some additional points.
5) Contact Details
In the event of any query or problems, the Banana republic could be reached through their customer service by the following modes.
By telephone the number that could be reached is 1.888.277.8953 & 1.888.906.1345
The fax number is 1.888.906.2465
The mailing address is Banana Republic Customer Service, 5900 North Meadows Drive, grove City, OH 43123-8476.