(Trinidad Express) An image posted on social media indicating that Scotiabank Trinidad and Tobago Ltd is expected to have the daily limit for its ScotiaCard Visa Debit card adjusted to US$50 has caused some concern to netizens.
However, attempts by Sunday Express Business to seek clarity on the situation from Scotiabank T& T proved futile yesterday, as queries went unanswered.
The situation began on Friday at 5:31 p.m. when vocal businessman Inshan Ishmael posted an image of an email purportedly sent by Scotiabank.
‘We are writing to advise that, effective September 23, 2024, your daily limit for overseas point-ofsale (POS) transactions and ATM withdrawals on your ScotiaCard Visa Debit will be reduced from $100 USD to $50 USD. Additionally, the monthly foreign exchange limit on your debit card will be USD $1,200,’ it stated.
‘We understand that this may be challenging and thank you for your continued understanding throughout these changes,’ it stated.
Up to press time, the post had garnered more than 350 reactions and had been shared over 240 times, with the majority of users questioning the changes.
Although the card in question is not a credit card but a debit card, it facilitates online shopping.
‘The ScotiaCard with Visa Debit is an enhanced version of the existing ScotiaCard that allows you to access funds in your account to make purchases anywhere Visa is accepted. Now that you’re a part of Visa’s worldwide network, you’ll enjoy greater security and access,’ according to ScotiaBank’s website.
‘Even though you can use the card wherever Visa is accepted, the funds must be available in your designated primary account to cover the cost of your purchases. Unlike a credit card, it’s not possible to defer your payments until later,’ the website stated.
As such, you need to have sufficient funds in your deposit account to cover the cost of your purchases.
According to the Central Bank, a total of US$6.2 billion worth of foreign exchange was sold to the public by authorised dealers in 2023, marking a 4.9% decrease compared to the previous year. Of that amount, US$2.18 billion was credit card transactions, the Central Bank has stated in its latest Annual Economic Survey for 2023.
Exactly one year ago, on September 21, Republic Bank reduced its customers’ US-dollar credit card limit from US$10,000 to US$5,000.