1

Personal Finance

GAC3000
2

Table of Contents
I. Introduction:....................................................................................................................3

II. Bank account features and eligibility:............................................................................3

III. Debit vs. Cards Credit Cards........................................................................................6

Conclusion:........................................................................................................................8

References.........................................................................................................................9
3

BANK MUSCAT

I. Introduction:
Bank Muscat is Oman’s first foremost financial organization. It has sturdy company in
the corporate banking, asset management, investment banking, Islamic banking, and
personal banking. Bank Muscat has the main branch of electric stations in the country
and over the globe. It has been closely related with progress of the nation and
participating in the projects of development in Oman. Bank Muscat also owns the
Capital LLC. Muscat which an investment and brokerage banking entity [ CITATION
Mus21 \l 1033 ].

Bank Muscat was originated in 1982 in the city of Muscat, Oman. It clamps very
significant share in the determining of the situations that is economic among the
country. It subsidizes to the financial development and monetary constancy of the
nation. It has direct and indirect occurrence in the states assembly that retains it
emphasis among the trading business and the banking organizations. It is the chief
Bank in the Middle East that accepted the values of equators in 2008 [ CITATION Ban21 \l
1033 ]

II. Bank account features and eligibility:

1. Al Mazyona Savings Account

Features:

 Recompensing loyalty and trust with more awards and more champions.
 Certified champs from all regions.
 Joyful celebrations have been improved.
 Salaries handover awards.
 The likelihoods of winning increase.

Eligibility:

All interest free savings accounts are mechanically added to all Al Mazyona saving
scheme rewards, as long as they encounter the least balances.
4

Salary account

Enhance benefits to the salary and get a quick add-on, Muscat banking method, by just
moving employee’s monthly salary

Features:

 Free sms notifications while credit is accredited to the account.

 Free bank cards.
 Connected and mobiles banking services anytime, anywhere.
 Expense of labor bill over numerous power stations.
 Free accounts statements by post.
 Comprehensive list of shipping option.

Eligibility:

The salary accounts are open to all Omanis and hired foreigners whose pays are
provided by bank Muscat.

Zeinah's account

At first of all a kind wives account for the daily wants and the facilities they earn.

Features:

 Zeinah bank card made for you.

 Relaxed and safe shopping online.
 Contribute in the programs.
 Zeinah's monthly special drawing.
 Drawing a single Omani women day.
 Online and mobile bankings services anytime, anywhere.
 Expense of labor bills over numerous power stations.

Eligibility:

All Omani females and inhabitants over the ages of 18 are eligible for a Zeinah account.

Salaries are not a way to open a Zeinah account [ CITATION Ban211 \l 1033 ].
5

Types of cards:

Debit cards

Debit cards are the utmost mutual types of bank cards and are very easy to usage.
These are linked to a bank accounts and allows the customer to pay at both online
stores and physical store and extract money from outlets or ATMs, among other
structures.

Figure 1. Bank Muscat Debit card (source: bankmuscat.com)

Credit cards

These credit cards allow you to defer payment when purchasing, financing certain
activities, or having the means to pay the costs inside a given time limit and credits limit.
This is a big change in terms of a debt card, where the functions are spontaneously
subtracted from the obtainable poise. In the circumstance of credit cards, it is not
compulsory for the quantity to be obtainable at the time of buying.

Credit cards permit you to wage a certain quantity of cash in two customs. Customer
can choose the imbursement amount deprived of interest choice so that all card
acquisitions are delayed or choose a deferred sum option, or deferred for certain
purchases, which include returning the agreed amount of a few payments with interests.
6

A customer can select a fixed amount to wage every month or, in the event of a
procrastination, fixed a refund goal. Spending this delayed payment method can be like
giving the bank a minor advance. It is therefore wise to use this money responsibly so
that you can meet the costs.

Figure 2. Bank Muscat Credit card (source: bankmuscat.com)

Visual cards

These payment tools are designed for online purchases, to avoid spending money or
portable cards. Virtual Cards does not take a visual arrangement, but have a
corresponding sequence of facts to process, like a portable card, like a card number,
ending date or CVV code [ CITATION Mon21 \l 1033 ].

III. Debit vs. Cards Credit Cards

 Credit cards and bank card generally seem similar, with 16-digit card number,
ending dates, and individual identification (PIN) codes. Together can type it
easier and simpler to shop in goods or online, with one important change. Bank
cards let you to employ money by taking out the savings. Credit cards let
customers to derive money from a card supplier up to a definite limit to buy
matters or extract cash.
 Debit cards make it hard to overuse because you are narrow to the quantity
obtainable in the test accounts only.
7

 With a credit card, you are risking in spending more than you can afford. Since
your credit maximum is $ 1,000 does not means that you can spend that money
on your everyday modest.
 Also, debit cards bid the similar amount of credit deprived of needful you to
lending money or wage interest or acquisitions. Selecting a debit card is good for
handling your money and serving you living inside your mean.
 Some credit cards bid extra insurance when you make a purchase and may
make it calmer to appeal a repayment or a refund. Though, many businesses
reduce or withdraw these welfares.
 Lastly, credit cards can aid covering an emergency, it gives a month to originate
up with money earlier debt arrives. This security net can be useful if you treasure
oneself demanding to wage a large sum beforehand checking but be aware:
depending on the emergency loan sets you a luxurious interest rate if you cannot
wage in full on the unpaid date.

Figure 3. Debit vs Credit card

How to choose between Debit and Credit Card

 Once trying to decide to practice a credit card or a bank card, there must be
honest with creditworthiness and oneself.
 If there is a problems with payment of money, it is best to custom the bank card
when possible, to protect manually from dropping into credit card obligation.
 Selecting the finest card to use also be contingent on the acquisition. Some car
renting agencies and hotel make using a bank card unbearable, or very difficult.
8

E.g., they might need value bills, your credentials, payment terms, or other
resilient of payment before they can receive your booking. The customer may
find that spending a credit card does not reduce stress.
 Using a credit card can also be a great way to take benefit of your credit cards
plans. Nonetheless this plan only workings to your liking if you wage the
equilibrium in full every month [ CITATION Mir20 \l 1033 ].

Figure 4. How debit and Credit cards are distinguished (source: thebalance.com)
9

Conclusion:
Bank Muscat has provided useful cards for the customers which includes visual cards
and the accounts which helps the customers in their way. The transaction amount from
the debit card is inevitably subtracted from the obtainable balances. So, if there was not
sufficient currency in the bank account, the deal might not be performed. For safety
causes, a bank card typically has an everyday limit connected with it, particularly while
retreating money from the ATM.

Digital installation has taken the form of storm payment systems. Corporal bank card
have replaced mobile expenses and others applications such as biometric payments
and Bizum have developed a truth as we transfer past the bodily realm. But in any of
the payments methods, the tools behindhand them are banks cards. That is why it is
significant for you to have knowledge that what kinds are available and how to
differentiate them so that you can make the finest choices and taking care of the
financial health.
10

References
BankTrack, 2021. Bank MuscatOman. In: s.l.:s.n.

Caldwell, M., 2020. What Is the Difference Between a Credit Card and a Debit Card?.
[Online]
Available at: https://www.thebalance.com/difference-between-a-credit-card-and-a-debit-
card-2385972

Coca, M., 2021. What types of bank cards exist and how they're different. [Online]
Available at: https://www.bbva.com/en/what-types-of-bank-cards-exist-and-how-theyre-
different/

Muscat, B., 2021. About Us. In: s.l.:s.n.

Muscat, B., 2021. Online Banking. [Online]

Available at: https://www.bankmuscat.com/en/accounts/Pages/details.aspx