Bank of Maldives (BML) introduced a new credit card that allows for unlimited transactions in US dollars on Tuesday.
The new Visa credit card, according to BML, will allow overseas purchases in US dollars up to the bank’s allowed foreign transaction limit for each cardholder.
Existing Visa credit card users can apply for the new US Dollar Credit Card via internet banking or mobile banking, and customers can also apply for a new card online, the bank said. In addition, BML stated that existing credit card users can switch to a US Dollar Credit Card using online banking.
But the bank will only accept repayments to this card in US dollars.
Tim Sawyer, CEO and Managing Director of Bank of Maldives, stated that the new card was provided as an option for clients who often use credit cards for overseas transactions, after efforts made by the bank to curb dollar outflow on local debit and credit cards.
“Given the dollar liquidity challenges in the country, the Bank took necessary steps to limit the dollar outflow on our local debit and credit cards. While we have made positive changes to the limits over the year, the new card introduced today offers an alternative for customers who frequently use credit cards for foreign transactions. With this card, customers can make purchases up to their credit limit, without any of the existing foreign transaction limits,” he said.
BML’s new US Dollar Visa Credit Card may also be offered to businesses as a corporate card.