Customers rush to cancel credit cards
Manama , September 29, 2011
Scores of people showed up yesterday (September 28) at two BMI branches in Bahrain to cancel their credit cards before new charges come into effect.
One customer said the bank sent out circulars to card holders stating a BD30 ($79.5) annual charge would be introduced from October 1.
This, he said, included BD10 insurance cover.
"The banks initially offered credit card free without any charges for its customers," he said.
"There was no fee and recently they issued a circular imposing an annual fee of BD30 for all credit card holders."
Bank officials could not be reached last night. – TradeArabia News Service
More Finance & Capital Market Stories
- Gulf stocks surge as Fed tapering adds fuel to fire
- SABB launches graduates programme
- NBAD names key official for Hong Kong
- Commercial Bank of Dubai obtains $450m loan
- EFG Hermes names group co-chief
- Islamic bond issuance in GCC picking up
- Kuwait budget surplus likely to hit $42.4bn
- Bahrain banking sector on road to recovery
- GCC banks' outlook stable, says report
- GBSA panel names new chairperson