Cairo – Mubasher: Commercial International Bank-Egypt (CIB) has updated the monthly purchasing limits for international (foreign currency) credit cards in Egypt and abroad.
Consequently, the monthly purchasing limit for international credit cards inside Egypt is set at EGP 50,000 for different client segments, according to a bank document.
The international credit cards’ purchasing limit from outside Egypt starts from EGP 75,000 for the Prime Segment to a maximum of EGP 200,000 for the Private Segment.
The bank has a group of conditions to be met for travellers abroad requesting to use its credit cards, including visiting the nearest branch within 90 days upon the activation of the credit card's international purchase limit to submit documents.
These documents include the national ID number (for Egyptians) or passport number (for foreigners), the last 4 digits of the activated credit card international limit, the registered mobile number, a copy of the passport, and copies of departure and arrival date stamps from Egypt within the activation period of 30 days.
Earlier in March, the Central Bank of Egypt (CBE) gave directives to banks operating in the country to lift spending limits on credit cards in all foreign currencies, following the devaluation of the local currency.
CIB’s consolidated net profits surged to EGP 29.66 billion in 2023 from EGP 16.17 billion in 2022.
