Frequently Asked Questions
1. What products are available?
We offer MasterCard & VISA under the following card types:-
- MasterCard Classic
- MasterCard Gold
- Visa Classic
- Visa Gold
- MasterCard Debit Card
The above products are available for both Personal as well as Business customers.
2. What is the difference between a Credit card and a Debit card?
Debit cards are used to pay for goods in shops and to withdraw money at cash machines. The money is automatically taken from your current or savings account when you spend it, so you must have enough money in your account or an agreed overdraft to cover the transaction. Our debit cards are now contactless, which means you don’t need to enter your PIN if the purchase is for less than €25.
A Credit card isn't linked to your current or savings account and is a credit facility that enables you to buy things immediately, up to a pre-arranged limit, and pay for them at a later date. The cost of the purchase is added to your credit card account and you get a statement every month.
One you receive the statement, you then have a choice of paying off the bill in full by a set date with no interest or paying at least a minimum amount and spreading the repayments over a period of time. You will have to pay interest on the outstanding balance if you do this.
3. What is a Credit Limit?
A Credit Limit is the maximum debit (borrowed) balance permitted on the Card account as determined and notified to the Client by the Bank from time to time.
Currently, credit limits are as follows:-
Limits set for Classic cards is between € 700 - € 5999
Limits set for Gold cards is from € 6000
4. How much is the interest rate on the debit balance?
The interest rate charged on the outstanding balance is 9% on both classic and gold cards. However this may be updated form time to time.
5. When is a credit card statement generated?
Statements are generated every end of month.
6. Can a credit card statement be mailed to a different address?
Yes, we can input a statement address which will be different from the mailing address.
NB All Business cards have a statement address set as the Company’s address. The card and PIN however, are mailed separately to the cardholder’s address.
7. How much and when is the overdue fee charged?
The overdue fee is 2% on the overdue amount with a minimum of €10
This fee is charged when:-
- the minimum payment is not effected by the due date
- the deposit is effected by the due date but it is less than the minimum amount requested on statement.
8. How is the minimum payment calculated?
The minimum payment is 5% of the outstanding debit balance with a minimum of € 12.
9. What happens is I fail to effect the requested minimum payment?
When a cardholder fails to effect a deposit for 4 consecutive months, the card will be stopped until the cardholder regularises the card account.
10. How much is the over limit fee and how is it calculated?
The fee is €10 and is incurred when the balance exceeds 5 % of the credit limit.
11. Can I use my Card as soon as I receive it?
Cards are not mailed active. Card holders must call Card Services on 2558 1789 to activate card. This is a 24h service. Only renewals and re issued card are mailed already active.
12. What happens if I lose my card?
If you lose your card call Card Services immediately on 2558 1789. This is a 24h service. The cardholder is liable for any transactions effected prior to the card being reported lost.
13. What happens if the main card is lost & there is a supplementary card attached to it?
If the main card is reported lost/stolen and there is a supplementary card, there is NO NEED to cancel the supplementary card. A replacement card is issued for the Main cardholder keeping the same supplementary card.
The same applies if a supplementary card is reported lost or stolen. The Main cardholder keeps the same card and a replacement card is issued only to the supplementary cardholder.
14. Is there an insurance cover with cards?
Yes - All cardholders enjoy a Purchase Protection Insurance cover. Gold cardholders, in addition, enjoy a Travel Insurance cover.
15. What should I do in case I find Duplicate or unauthorized fraudulent transactions on my Statement?
In case of a duplicate transaction, you are to contact the merchant to process a refund through the EPOS. In this case no chargeback investigations is carried out.
If you suspect that the transaction is fraudulent, kindly inform Card Services immediately who will take immediate action by blocking the card and flagging it as fraud as a security measure. A chargeback would then have to be registered.
16. What are the time frames and what documentation is required should a chargeback be requested?
As a cardholder, a chargeback can be filed within 13 months from the delivery of service.
A signed letter/chargeback form should be sent to Card Services Dept together with a copy of the statement, receipt & other relevant correspondence that shows proof that you attempted to obtain a refund directly from the merchant.
During a chargeback investigation, there are instances when a copy of the receipt is requested. This should be received within 30 days.
Foreign Banks have a time limit of 45 days to dispute the chargeback.
The whole chargeback process may take up to 120 days to be completed.
A chargeback fee of € 25 applies.
17. Are there instances when I cannot dispute a transaction and file a chargeback?
Yes, a chargeback cannot be filed if:-
- The transaction is less than €50
- The transaction is PIN verified
- An online transaction was effected on a site that supports 3D Secure but transaction completed anyway
- Cash withdrawals
18. How long will it take for a transaction to be debited to the card account?
Normally, these blockings take up to 2 to 3 days for local purchases and up to 7- 10 days for foreign purchases to be debited.
In case the merchant blocks an amount on the card as a security measure (such as car hire, hotel bookings…) this takes up to 10 days to be released.
19. What is the daily limit?
There are 2 types of daily limits set on each card.
These are the daily limit on purchases and the daily limit on cash withdrawals. Once this limit is exceeded no further transactions are allowed.
20. How can I effect a deposit/payment on my card?
Deposits may be effected in various ways
- At the counter of any Lombard Bank Branch
- By mailing a cheque to your branch
- Through the ATM
- By direct debit
- Through Internet Banking
21. When are direct debits executed?
This service is optional and free of charge. Every 17th/18th of each month. Always a day before the payment due date quoted on the statement.
22. What balance is paid by direct debit?
The following options are available:-
- Minimum amount – 5% of statement debit balance
- Full amount (End of Month) – picks up the last statement debit balance
- Full amount (End of Day) – picks up the current debit balance (day before direct debit run)
- Fixed Amount – amount as specified by the cardholder
23. How does a direct Debit work?
- In the event that you effect a manual payment, anytime up to 1 day before the direct debit due date, the Direct Debit will NOT take effect, unless the payment was less than expected, in which case the shortfall will be met.
- If the minimum amount due is more that the fixed amount chosen, the direct debit will execute the minimum amount 5% of the balance and not the fixed amount.
- Bank account used for Direct Debits should be in Euro.
NB If a credit voucher (refund) is processed in a card account by a merchant, this is NOT recognized as a deposit.
24. What is 3D secure?
This is a service to protect you when effecting on line payments. MasterCard’s SecureCode and Visa’s Verified by VISA are collectively known as 3D SECURE. Every time an online purchase is effected, you will receive a one-time password via SMS to enable the completion of the purchase. The Bank will never disclose your password with the merchant, therefore any potential risk is reduced.
You must be registered for this service by contacting Card Services Dept. and supplying your mobile number. If you are not registered, the Bank shall not be responsible for any fraudulent transactions should these occur.
25. What are the possible reasons why a transaction may not be successful?
A transaction may not be successful when any of the following occur:-
- A connectivity error
- The card is not activated
- No or not enough funds are available
- Card is faulty or damaged
- Card is expired
- Card was reported lost or stolen
26. My card has been captured by a cash machine. What should I do?
Kindly contact our Customer Services on +356 2558 1789 and we will guide you accordingly.
27. The ATM didn't give me my money but my account has been debited. What do I do?
You should contact our Card Services on +356 2558 1789.
Please provide us with:
- Your card number
- Account number
- The date and time of the transaction
- The location of the machine
- Whether it was one of ours or another bank's machine
- The amount of money you asked for
- The amount of money you received (if any)
If it results that your claim is right, we will refund the money to your account within 4 working days (this could be up to 45 working days if the cash machine is not ours).
28. What happens if do not want to renew my card?
If you wish to cancel the card and not have it renewed, you are to inform Lombard Bank 1 month before the expiry date, if you wish to cancel the card. If the card is issued, renewal charges will apply.
29. How do I apply for a Lombard Bank Card?
If you wish to apply for a Lombard Bank Card you can visit any of our Lombard Bank branches.