BML launches new credit card for limitless US Dollar transactions

Bank of Maldives Plc. (BML), on Tuesday, has launched a new credit card specialized for limitless US Dollar transactions.

The new US Dollar Visa Credit Card will allow foreign purchases without being subjected to any of the existing foreign transaction limits.

The card is ideal for those with high foreign spend – as it can be used to a customer’s approved credit card limit. Moreover, the card is available as a corporate card for businesses.

However, repayments to this card can only be made in US Dollars.

Introducing the new addition to their card portfolio – BML’s CEO, Managing Director said that the new card was introduced as an alternative for customers who frequently use credit cards for foreign transactions in light of steps taken by the Bank to limit the dollar outflow on local debit and credit cards.

“Given the dollar liquidity challenges in the country, the Bank took necessary steps to limit the dollar outflow on our local debit and credit cards. While we have made positive changes to the limits over the year, the new card introduced today offers an alternative for customers who frequently use credit cards for foreign transactions. With this card, customers can make purchases up to their credit limit, without any of the existing foreign transaction limits,” he had said.

BML said existing visa credit card holders can opt to change for the new USD card via internet banking or mobile banking. Customers can also apply for a new card online.