Indonesia Credit Card

 

 

The Indonesia credit card market is growing steadily with an annual usage of $9.8 billion in 2008, a 45% increase from 2007, according to the Jakarta Post. The Indonesia Credit Card Issuer Association estimates that for the same year, the average monthly credit card bill was US$468. The rising use of credit cards, however, has escalated credit card fraud in Indonesia.[br]

Indonesia Credit Card Fraud  

MasterCard and Visa International, the two biggest global credit card service providers, have listed Indonesia as the second worst country in terms of credit card scam. The reason for this bleak scenario has been attributed to the use of magnetic strips on credit cards, which can be easily manipulated. The Asia Security Review claimed that the vulnerability in the magnetic strip was largely responsible for the US$33 million fraud cost faced by Indonesian banks.

 

The Indonesian government and financial institutions are, however, collectively pushing for the more advanced technology of smart chips. Deputy Director at Bank Indonesia, Sri Suparni emphasized that the smart chip technology is a superior alternative, capable of storing customer information more safely by restricting accessibility to possible fraudsters. Several Indonesian credit card issuers are switching to smart chip credit cards. Bank Indonesia claimed that 99.6% of the total 10,262,331 Indonesian credit card holders converted their old cards to chip-carrying cards, as of January 2010.

 

Indonesia Credit Card: Prominent Providers 

Credit cards in Indonesia are offered by several state-owned banks, regional banks, joint venture banks and foreign banks. Some popular credit card issuers include:

 

ANZ

 

The ANZ Banking Group offers different types of credit cards in Indonesia:

• Black

• Platinum

• Gold

• Classic

• Femme

• Kartu Cicilan[br]

 

These credit cards have varied annual membership fees and offer varied benefits.

 

Citibank

 

Citibank Indonesia Credit Cards accompany several benefits, including the internationally recognized ‘Citibank World Privileges’ program. Citibank offers the following credit cards in Indonesia, besides its trademark Clear, Silver, Gold and Platinum cards:

 

• Cash Back Card

• Telkomsel Card

• Choice Card

• Garuda Indonesia Citibank Card

 

Additionally, there are several Islamic Banking credit cards in circulation in Indonesia, which has the largest population of Muslims in the world. The Shariah Bureau of Bank Indonesia is considered a pioneer of Islamic Banking across the world. Popular Islamic Indonesia credit card issuers are PT Bank Muamalat, PT Bank Syariah Mandiri and PT Bank Syariah Mega.