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Frequently Asked Questions

  • Yes guests are allowed provided they are accompanying the cardholder on the same flight.
  • Each guest will be charged by $32 per visit (to be paid at the lounge)

6 free access throughout the calendar year then every extra visit will be charged by $32 (it will be debited from the registered credit card)

No minimum spend required

Mutual funds and Certificates of Deposit (CDs) are two distinct investment options that differ in several key aspects, including structure, risk, returns, diversification and liquidity. below is a comparison:
  1. Investment Type
  • Mutual Funds: Mutual funds pool money from multiple investors to invest in a diversified portfolio of stocks treasury bonds or other securities. The value of your investment fluctuates based on the performance of the underlying assets.
  • CDs: A CD is a fixed-term deposit offered by banks and credit unions. You deposit money for a set period (e.g." 1 year 3 years etc.) and the bank pays you a fixed interest rate over that term. The principal is guaranteed and the interest is usually fixed.
  1. Return and Risk
  • Mutual Funds: These carry market risk because the value of the underlying securities can rise and fall. As a result" returns are variable and depend on the performance of the assets within the fund. Equity mutual funds tend to have higher potential returns but with greater risk whereas bond funds offer more stable albeit lower returns.
  • CDs: Generally considered low risk because your principal and interest are guaranteed by the issuing bank. However CDs face interest rate risk- if interest rates rise during the CD term your fixed rate become less attractive. The return is fixed and predictable but it is typically lower than the potential mutual fund earnings especially in a low-interest-rate environment.
  1. Liquidity
  • Mutual Funds: Generally liquid allowing investors to buy or sell shares daily. Some funds may offer weekly liquidity for entry and exit.
  • CDs: Funds are locked in until the maturity date. Early withdrawals may result in penalties such as losing some of the accrued interest and withdrawals are usually not allowed within the first six months.
  1. Diversification
  • Mutual Funds: Provide built-in diversification since the fund invests in a variety of securities helping to spread risk across multiple assets.
  • CDs: offer no diversification as the investment is concentrated in a single fixed-income product.

With the same QR or Digital membership generated by the Primary OR Supplementary cardholders.
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Crédit Agricole applying the new benchmark interest rate

International conversion from LIBOR

In light of the international global conversion of benchmark interest rate index transition from LIBOR to RFR as a much resilient rate, we are delighted to inform that the new interest rate index will be applied on all existing and new Loans contracts starting 01/8/2021 with specified timeline.

LIBOR:

The London Interbank Offered Rate (“LIBOR”) is a benchmark interest rate index used in setting the interest rate for many variable-rate loans and other financial obligations. 

LIBOR is currently set to be phased out in stages, with the first stage scheduled to begin on Dec 31st,2021

Why LIBOR VS. RFR:

The Risk-Free Interest Rate is the rate of return of a hypothetical investment with no risk of financial loss, over a given period of time. They are generally based on the overnight monetary market. They are based solely on transactions, which must makes them more reliable than LIBORs.

Planned transition plan:

On November 30, 2020, the International Exchange (ICE) Benchmark Administration (the “IBA”), the administrator of LIBOR, announced its intention to cease publishing one-week and two-month LIBOR on December 31, 2021 and the remaining tenors (overnight, one-month, three-month, six-month and 12-month) on June 30, 2023. 

The IBA expects to finalize this plan soon.  In response, the Board of Governors of the Federal Reserve System, the Office of the Controller of the Currency and the Federal Deposit Insurance Corporation (collectively, the “Agencies”) have jointly recommended that banks cease entering into new contracts using LIBOR as a reference rate as soon as practicable and in any event by December 31, 2021. 

In addition, the Agencies advise that new contracts entered into prior to December 31, 2021 should either use a reference rate other than LIBOR or include effective fallback language with a clearly-defined alternative reference rate effective upon the discontinuation of LIBOR. 

Transition Impact:

  1. potential changes in interest rate levels
  2. responses to changing market conditions
  3. state lending law constraints
  4. the possible impact on financial ratios, reporting and other covenants, or accounting practices
  5. appropriate adjustments to the spread above the reference rate.

Accordingly, it should be noted that, for existing contracts, the transition to a new benchmark will require a spread adjustment between LIBORs and the replacement rate. The underlying agreements will determine an effective fallback clause. 

For more information, customers are invited to contact their Relationship Managers.

Risk of LIBORs’ discontinuation:

As a result of benchmarks rates reforms, LIBORs could cease to exist after December 31, 2021 or become unrepresentative of their underlying markets.

Therefore, this change might lead to impacts of various kinds, in particular:- Operational (updating systems)- Legal (implementation of fallback clauses to allow for the transition or direct renegotiation of the contract to reference the replacement rate before the discontinuation of LIBORs)- Financial (asset / liability management ; spread adjustment between the old and the new index for the legacy) The exact modalities of these transitions – including the transition calendar – are not precisely defined yet, as they are still being discussed by national working groups and market associations under close monitoring by authorities. 

It should be noted that, for existing contracts, the transition to a new benchmark will require a spread adjustment between LIBORs and the replacement rate.

For more information, customers are invited to contact their Relationship Managers.

For the Contingency plan overview, click here