North Cyprus Credit Card

North Cyprus money matters. Bank interest, saving and exchange rates. Home, car and travel insurance (policies and prices).
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North Cyprus Credit Card

Post by Admin » Thu Feb 22, 2018 8:40 am

There are a number of good reasons why an expatriate living permanently, or temporarily in North Cyprus, may feel that it would be useful to have a credit card through a local bank.

Having a credit card in the local currency (Turkish Lira) enables the holder to make numerous purchases without having to repeatedly visit the bank, or exchange bureau to exchange currency. This frees the holder of the card to obtain local currency when exchange rates are most favourable, instead of accepting the rate being offered at the time that currency is required to make a purchase.

It avoids the need to carry a substantial amount of cash around.

It provides an alternative to paying for a purchase in cash, using Sterling, at the exchange rate being offered by a hotel, retailer, or petrol station (for example) and accepting their exchange rate which will be much lower than the rate being offered at the bank, or exchange bureau.

It enables the holder to take advantage of the incentive schemes attached to the credit cards that most of the banks offer enabling their credit card users to earn points which can be used to reduce the cost of future purchases.

It enables the holder to make purchases outside Northern Cyprus for example, booking and paying for flights in the UK, using a North Cyprus credit card and settling the bill upon arrival.

Expatriates living permanently, or temporarily in North Cyprus can apply and obtain a credit card from a local bank. As is to be expected, there are a number of requirements to be met. All of the usual, plus one that may not be expected, or understood that is, that the bank will require an amount equal to, or slightly more than the credit card limit, to be blocked in an account with the bank. So, let's say that a credit card limit of 10,000 Turkish Lira is required, the bank will require that 12,000 Turkish Lira is held and blocked in an account.

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