Credit Card Offers - New Step in the Economy of Iraq

Nowadays when we think about the signs of strong economy, most of us think about credit system. Credit is used in all developed countries and it shows the level of economical education of their citizens as well as strong market economy.

You probably will be surprised but not long ago credit card offers appeared in Iraq. There is absolutely no doubt that it is a big step in the economy of Iraq, which shows that the country is moving to the absolutely new level.

First Iraqi credit cards were issued by Trade Bank. There were 50 of them and they were made especially for governmental officials. The cards were given to them at a big ceremony.

Visa credit cards used to be a privilege, but not anymore. Now credit card offers are available to the public. More than 15000 credit cards were issued in Iraq last year and this year the bank is planning to issue twice as much.

Still the process of getting a plastic card is not easy at all. Here in America we all have social security numbers and our credit history can be checked pretty easily! Unfortunately Iraqi lenders don't have this possibility yet. Only people known to the bank and trusted can get a credit card. For the consumers with no credit history the banks offer prepaid credit card. The process of getting one is very simple. The customer has to pay 35$ for the card itself and is required to have 1000$ on the account. This sum covers the purchases made with a card.

Trade Bank also opened the first cash machine in Iraq. The economists truly hope that credit card deals will teach people of Iraq to trust banks and credit card companies.

Some Iraqi businessmen are already using all the advantages of credit cards. They say that credit cards help them in developing their business. They are also very useful for the transactions outside the country.

Regular cardholders enjoy buying products online from abroad vendors. Some of them even started their own online business.

But most of Iraqi people don't use and trust credit cards. It is pretty understandable as Iraqi society has been cash-based for a long time. 90% of population finds it easier to pay in cash. Credit cards is a new thing for them and banks need to encourage business to accept the cards. Still the majority of economists are sure in bright future of credit cards in Iraq. They say that credit card deals will help to re-establish Iraqi economy.

It will take time before credit card owners in Iraq will be able to get great credit card offers like in America. But 0% APR, gasoline cards, cash back cards, etc. will appear in Iraq soon.

When I visited Baghdad this year I saw a massive billboard on the corner of the street. It was written VISA on it! For most Western countries it is a typical sight, but not for Iraq. In Iraq it is a symbol of new country!

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