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Egypt's CIB suspends debit card use abroad

Egypt's CIB suspends debit card use abroad
Egypt's CIB suspends debit card use abroad
CIB
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Egypt's largest listed bank, Commercial International Bank (CIB) said it suspended the use of debit cards abroad as well as cut the amount of foreign currency customers can spend and withdraw when using their credit cards abroad for the second time.

The decision will effective as of 9 September 2016, said an official statement.

Earlier, Crédit Agricole Egypt said it suspended the use of debit and credit cards abroad as well as all international online transactions for all card types.

Customers of CIB with the lowest credit card category (White) will have a cash withdrawal limits of $50 and a $100 monthly purchase limit.

Classic credit card holders will have a limit of $100 cash withdrawal and $1,000 monthly purchase.

However, owners of the highest credit card category (Platinum, Platinum EgyptAir, and Corporate) will have a cash withdrawal limit of $1,000 and a $7,500 monthly purchase limit.

The move follows similar measures taken by a number of other banks two months earlier. Emirates NBD Egypt in July told customers that it would suspend use of Egyptian credit and debit cards abroad entirely, but later rowed back on the decision and said it would set new limits instead.