Lebanon Credit Card

By: EconomyWatch Content   Date: 29 January 2010

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Although credit cards have not been too popular in Lebanon for more religious reasons than commercial, they are fast catching up, with almost all banks providing credit cards in Lebanon now. The compliance for these credit cards still remains a moot point with the authorities in the nation, although the acceptance of the cards by the citizens is now showing in the numbers.

Leading Banks for Credit Cards in Lebanon

As the Lebanese economy becomes more liberal regarding credit cards that comply with their beliefs, credit cards are registering a sudden increase in the economy. According to the 2007 data, credit card usage grew by 33% in Lebanon. By the end of September 2007, the country had 1,386,468 consumers.

The main players to benefit from this increase were the Al-Mawarid, Banque Misr Liban, American Express and Bank of Beirut. Here is a brief list of their offerings:

·        Al-Mawarid bank:  This bank offers more than 8 types of credit cards that cater to students as well as international travelers. Their Jump card is an attractive and hasslefree offering for students, and does not require co-signors. The bank also offers zero annual fee cards for people who want to maintain cards for emergency usage and not pay extra fees for carrying them forward year after year.

·        Banque Misr Liban: BML credit cards suit different needs and eligibilities. BML promises instant approval once all the requirements are met. The interest rate is 1.5% per month on the unpaid balance and the minimum payment is only 5% of the total balance.

·        American Express: With value adding services such as free travel accident insurance, global assistance, free card replacement services and host of other rewards, American Express credit cards offer a lot more than the traditional credit cards. In Lebanon, they are available in three variants with a minimum annual fee of $55.      

·        Bank of Beirut: These credit cards offer a credit limit of $5,000 and charge an interest rate of 1.75% on the unpaid balance each month. The Visa Gold card comes with an annual fee of $125 and is available to Lebanese citizens over 21 years of age.

Furthermore, credit cards in Lebanon are available with minimum documentation and entail very short approval time.


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