Four credit cards, including two that can only be used locally, were last evening launched by the Guyana Bank for Trade and Industry (GBTI) at a cocktail reception at the bank’s Recreational Centre in Bel Air Park. The cards will be available from today.
The GBTI Visa Gold card with a limit of US$10,000 and the GBTI Visa Classic Card with a limit of US$5,000 can be used both locally and internationally. The GBTI Gold Card with a limit of $1 million and the GBTI Classic Card with a limit of $500,000 can only be used in Guyana.
GBTI’s Chief Executive Officer (CEO) Radhakrishna Sharma in his address to the gathering stated that the aim “in this card strategy” is to reduce the cash use by customers and allow them to improve their personal security. “The levels of crime directly related to our cash based payment system dictates that we seek a credible and reliable alternative, such as offered in the plastic card environment.”
He noted however, that the success and benefits of the varied card products can only be realized and enjoyed if citizens fully embrace them to give meaning to the benefits the offer – security, reliability and convenience.
The CEO called for the adoption of a culture in financial transactions that accommodates card technology adding that “our legal systems and business rules must be tailored to provide the coverage that is required when doing business using plastic cards”.
He stated that such a partnership approach between regulatory, legal, business and consumer agents will facilitate smooth and hassle free electronic commerce to the overall benefit of the country’s economy.
Meanwhile, Chairman of the Bank Robin Stoby, in brief remarks, declared that the VISA cards “give you the power to make credit purchases worldwide”. He stated that anyone can apply noting that what is expected is the customer to show creditworthiness and the ability to repay. He asserted that the offering of the cards was not motivated by profit and stated that the fees charged are negligible when compared to the real cost of the service. Noting that small countries who embrace technologies such as credit cards are able to achieve great progress in their economies and a greater social outlook, Stoby said that while local consumer habits are not the same as in developed countries, it is expected that the benefits will be mirrored.
Meantime, a promotion was announced at the launch which will see no interest being charged for the first three months of the card being issued following which a draw will be held in the four categories where $100,000 will be awarded to the winner of each category.
The bank last year also introduced a US dollar Prepaid Card under the Visa brand. Persons interested in applying for the Credit cards have to be over 18 years and can collect an application form from any of GBTI’s branches.
