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Head office for Republic Financial Holdings Limited in Trinidad and Tobago. (File photo)

Foreign exchange challenges in Trinidad forces Republic Bank to reduces US$ credit card limit

Head office for Republic Financial Holdings Limited in Trinidad and Tobago. (File photo)

Republic Bank in Trinidad and Tobago has informed its customers that the maximum US dollar spending limit per billing cycle on its US$ credit cards will be reduced from US$15,000 to US$12,000.

(Photo: CNC3)

The new limit takes effect on January 20, 2020. In a notice to its customers on its website, the Bank said this is as a result of the ongoing challenge with foreign exchange availability.

The Bank noted card limits below this amount will remain unchanged. It added that the US$ spending limit/cap of US$12,000 will also apply to all transactions conducted at merchants outside of Trinidad and Tobago (inclusive of online transactions) where the billing currency chosen is Trinidad and Tobago dollars.

Republic Bank noted that these transactions will now be included in the US$ calculations and will count towards the US$12,000 spend per billing cycle. For example, when conducting a transaction online, upon checkout the website may provide an option to select the payment currency.

If the TTD option is selected, they will proceed to process the transaction in TTD and therefore will appear on the TT side of the credit card account. This transaction will now be considered as part of the US$12,000 spending limit.

All local TTD transactions remain unaffected.