By Naam Alkhosi.
Tripoli, 17 June 2014:
The Bank of Commerce and Development has joined Aman Bank in the credit card business in Libya. . . .[restrict]Now offering American Express credit cards in addition to Visa, the bank says it is paving the way for the future of commerce in Libya.
With American Express Gold and Platinum cards, travel-weary businessmen need no longer sit for hours in public airport terminals. With the Gold card, they have access to most private airport lounges in the Middle East, while the Platinum opens the doors to private lounges across the world.
Customers are required to pay an annual fee of at least $60 and open a bank account with no less than $2,000 for the card, which may cause some to shy away.
According to the bank’s American Express Section Head, Motaz Burbaida: “Our target customers for these cards are the businessmen, because of the high cost”.
In addition to the airport lounge access benefit, those who want to shop on Amazon, Ebay and other online sites are no now able to make purchases with a credit card in-hand.
When asked if the bank planned to promote American Express among local “merchants” – hotels and large shops, an employee who wished to remain anonymous said that the bank was not actively trying to expand business within Libya at this time. However, there are plans to do so in the future.
“The use of credit cards is still a new concept for Libyans” explained the bank employee, “At this time, our target customers are young people who use them to make purchases online and people who travel outside of the country frequently”. [/restrict]
