Commercial International Bank Egypt unveils launch of Cashback
The new card will encourage customers to use alternative payment solutions, instead of cash, director of cards management Rania Nada said
A branch of Commercial International Bank (CIB) in Cairo, Egypt July 30, 2017. Picture taken July 30, 2017.
REUTERS/Mohamed Abd El Ghany
By Staff Writer, Arab Finance
Egypt - Commercial International Bank Egypt (CIB) (COMI) announced the launch of its new credit card ‘Cashback’, Al Mal Newspaper reported.
Cashback enables customers to receive rewards on banking transactions, including a cashback valued at a maximum of EGP 500 to be monthly added to the card when it is used to pay for bills of fuel, restaurants, grocery, and clothing.
The new card will encourage customers to use alternative payment solutions, instead of cash, director of cards management Rania Nada said.
It also offers an insurance coverage valued at up to EGP 500,000 and the issuance of additional four cards for free, in addition to, the CIB’s Online Secure service for e-payment.
Moreover, the cashback amounts are added automatically to the card and allow customers to withdraw up to 100% of the credit limit.
The launch of Cashback credit card comes in line with the Central Bank of Egypt's (CBE) approach to turn the country into a cashless society within the framework of Egypt Vision 2030, Nada stressed.
Along with Cashback card, CIB also offers the cards of World Elite, World, Platinum, Titanium, and Gold as well as Mileseverywhere card, which is provided in collaboration with EgyptAir.
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