KIB: Our duty is to educate people about the types of credit cards and their respective use

Within the frame of "Let's Become Aware" campaign

  
Mr. Othman Tawfeqe, General Manager of KIBrsquo;s Retail Banking Department

Mr. Othman Tawfeqe, General Manager of KIB’s Retail Banking Department

Kuwait: As part of the "Let's Become Aware" awareness campaign organized by the Central Bank of Kuwait (CBK) under Kuwait Banking Association, Kuwait International Bank (KIB) praised the campaign's objectives and the positive impact it has had on various segments of customers to date, through promoting financial literacy and educating customers on how to protect their financial data and banking assets, which can add enormous value to customers' financial lives.

Through this campaign, KIB seeks to promote the objectives of its social responsibility program aimed at spreading banking awareness and financial literacy among all members of the community by providing guidelines through the Bank’s various media and social media platforms. Customers can also follow the campaign on the social media platforms of the Central Bank of Kuwait, Kuwait Banking Association and other local banks or through visiting dirayakw.com.

Commenting on the campaign, Othman Tawfeqe, General Manager of KIB’s Retail Banking Department, said: "We feel that it is our duty to educate community members about tailor-made financial services and products so that they can choose what matches their financial needs without falling into the fraud trap. The most important of these products are credit cards, which are one of the financial instruments issued by financial institutions, mainly banks, and are used for various payments, purchases and cash withdrawals through debt, and are characterized by a specific credit ceiling (debt ceiling) to be paid over a certain period of time. These cards are practical and come with security features since no one feels particularly safe carrying a large amount of cash, Moreover, credit cards are made to make spending overseas easier and more convenient as they typically provide great travel benefits and better exchange rates, in addition to other exclusive rewards and benefits.”

Tawfeqe further noted that that there are various credit card types that are available today to fit various needs of the customer. “The most popular of these types are the debit card, which are linked to customers’ everyday transactions. Credit Cards allow cardholders to make purchases by borrowing money up to an established limit. Depending on the features and limit of each card type, credit cards represent different levels of status and service including Visa Signature Card, MasterCard World, Visa Platinum Card, Visa Gold Card and Visa Classic Card.

Credit cards that are used for online payment include the Prepaid Card, which allow customers to spend only what they load onto the card, and the value of purchases and financial transactions is deducted from the card balance. The Charge Card, also known as the stored-value card, is a type of card that includes a spending limit and requires the users to repay the full balance within a specified period.

Tawfeqe added: "At KIB, we offer a range of premium credit cards that meet our customers' financial needs and offer an exclusive suite of benefits and rewards whether used locally or abroad, most remarkably the cashback program that allows KIB credit cardholders to earn points and redeem 3% of their purchase value.”

It serves to note that the Bank offers a wide range of benefits and rewards through KIB Credit Cards, including Visa Signature Card, which provides premium customers with access to amazing privileges and ATM cash withdrawal abroad, in addition to MasterCard World Card, available in both charge or credit and comes with global promotions and discounts for the business elite. These visa credit cards provide customers with all the benefits of KIB Credit Cards and a lot more, including: free travel insurance, access to airport lounges, exclusive dining offers and experiences in Kuwait and abroad, car rental, concierge services and more. KIB offers its Visa Platinum cardholders with unlimited rewards to fulfill their needs when traveling abroad, shopping or enjoying a luxury lifestyle, including: free travel insurance, airport lounge access, restaurant offers, car rental and concierge. Additionally, Visa Gold and Visa Classic cardholders also have access to a variety of unique rewards and can use their cards to shop online or explore new experiences abroad with utmost ease and security – these cards are secured with a smart chip and are accepted at over 30 million Visa outlets worldwide.

For more information on KIB’s suite of credit card rewards, please contact 1866866, visit www.kib.com.kw or follow the Bank’s social media accounts @KIBpage.

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