Credit Card Offers Bringing New Economy to Iraq

There are lots of characteristics peculiar to a strong economy. Developed credit system is one of them. All developed countries widely use credit opportunities - it shows the economical education of the people and accomplishes to stable market economy.

It might come as a surprise to you that recently credit card offers were introduced in Iraq. It is pretty clear that this is a serious and positive step in the Iraqi economy development. The appearance of credit cards proves that country's economy is actually moving to the next level.

Trade Bank was the first bank to issue credit cards in Iraq. They issued the first 50 plastics only for the governmental representatives. All of the cards were granted to the officials at a special ceremony.

Visa credit card offers used to be kind of a privilege, but now they are a pretty common thing. Moreover, now they are available to the public. 15000 credit cards were issued last year in Iraq. This year release will be twice as much.

But the process of being accepted to get a plastic is not a simple one. In the US everybody has got social security numbers that help to check the credit history easily. Iraqi lenders don't have such social numbers. Therefore, only people well-known to the bank can get a card. Banks offer so-called prepaid credit cards for those with no credit history. The process of getting these is rather easy. Only the customer has to do is to pay 35$ for the plastic itself and have a 1000$ on his/her account. Money on this account covers all the purchases made with a plastic.

Trade Bank was also the first to introduce the cash machine in Iraq. The economists believe that credit card deals will help Iraqi people to trust both credit card companies and banks. It is nice that some businessmen in Iraq are using the credit card advantages already. They admit that plastics help them develop businesses. More than that, credit cards are very helpful in making money transactions, especially outside the country.

Some cardholders just love purchasing things online from abroad manufacturers. Some of them have started so popular nowadays online businesses!

But still most people in Iraq don't trust such innovation as credit cards. It is not a surprise if we realize that Iraqi society was acquainted only with cash system for a long period of time. Credit cards are absolutely new to the people. In order to educate the potential clients, banks need to advertise their products and encourage people to accept them. In order to educate the potential clients, banks need to advertise their products and encourage people to accept them. The economists hope that credit card system will foster the Iraqi economy re-establishment.

But it will take some time for the cardholders in this country to have the same great credit card offers as in the US. Nevertheless, gasoline cards, cash back plastics, as well as 0% APR will already appear soon.

Some time ago I visited Baghdad. A huge billboard with Visa advertising caught my attention. For the West Visa is a common thing. But for Iraq it is something new!

When I visited Baghdad this year I saw a massive billboard on the corner of the street with Visa advertising. For most Western countries it is a typical sign, but not for Iraq. In Iraq it is a symbol of new country!

Share Opinion: