Banque Misr, CIB amend spending limits on cards abroad

Hossam Mounir
3 Min Read
The level of credit card penetration in Egypt remains low despite its worldwide presence. (AFP Photo)

Banque Misr and the Commercial International Bank (CIB) decided to amend the spending limits imposed on their cards for usage abroad. Other banks are still considering whether to follow suit.

Mohamed El-Etreby, chairperson of Banque Misr, said that the bank changed the spending limit on its cards abroad. The bank’s Classic card spending limit was changed from $1,000 to $2,500; Gold from $2,000 to $4,000; and Platinum from $4,000 to $8,000.

Commissions for using the cards abroad have also been cut down.

The CIB has allowed the use of its White card abroad once again, after having been suspended earlier, leaving the limit set at EGP 750 for cash withdrawal and EGP 8,000 for purchasing.

The bank also decided to increase the monthly withdrawal limit for its Classic Standard EgyptAir card to EGP 1,750, from EGP 1,000. The purchases allowance was also lifted to EGP 24,000 from EGP 3,000.

Moreover, the monthly cash withdrawal limit on Gold credit cards was increased to EGP 1,750 and purchases to EGP 24,000 from EGP 1,000 for cash and EGP 6,000 for purchases before.

The EgyptAir Titanium card is now allowed EGP 1,750 in cash withdrawal abroad and EGP 56,000 in purchases from EGP 1,000 and EGP 8,000.

The CIB raised the monthly limit on its EgyptAir Platinum and Corporate Platinum cards to EGP 1,750 for cash withdrawal, up from EGP 1,000; and EGP 64,000 for purchases, up from EGP 17,500.

The monthly cash withdrawal limit on the Classic credit cards in foreign currency at CIB now enjoy a limit of $2,000, while the bank allows using these cards for purchases worth $10,000. The limit for withdrawing cash abroad using the bank’s Titanium cards linked to foreign currency accounts amount to $3,000 and $20,000 for purchases, while the limit on the similar Platinum cards went up to $5,000 for cash and $30,000 for purchases.

Debit cards linked to accounts in Egyptian pounds have not been activated to work abroad for cash withdrawal, as the CIB allows purchases of EGP 800 using the Classic card, EGP 2,400 for the Titanium, and EGP 4,800 for the Platinum.

Other banks have told Daily News Egypt that they are considering following suit in the next few hours, including Banque du Caire, the Housing and Development Bank, and Emirates NBD.


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