CBI wins Banker Middle East award for Best Credit Card
Sunday, March 30, 2014
Continuing on from its success at last year’s product awards, CBI has again been acknowledged in 2014, this time with the region’s Best Credit Card award. The award is independently voted for by the readers of Banker Middle East and therefore represents a strong endorsement of the product from customers in the region.
Equipped with a range of features to help customers save money and manage their finances more effectively, the CBI Low Rate Credit Card has proven to be a popular choice with consumers who are looking for maximum value from their credit card.
Launched in April of 2013 the card’s appeal has grown quickly and now accounts for over 60% of the Bank’s new card sales making it the most popular choice of card with CBI customers.
Interest rates on credit cards in the UAE are often overlooked by customers in favor of lifestyle enhancing reward programs or lifestyle benefits. This can often lead to customers getting trapped on a high interest rate meaning the amount paid in interest often exceeds the value of any reward or benefit received through the card.
The CBI Low Rate credit card has challenged this model. Instead of offering a complex loyalty program, cash back pyramid or lifestyle benefits linked to a minimum monthly spend, this card has succeeded by providing customers with exactly what they need when looking to purchase the things they want - all at one of the lowest interest rates in the market.
Commenting on the award, David Power Head of Retail Banking at CBI said “Rewards and lifestyle benefits often grab the headlines in this competitive credit card market but there is very much a place for simple, transparent propositions which also provide great value without any of the hidden costs or conditions. We’re delighted to win this prestigious award and it is a real validation for both the popularity of the product as well as the Bank’s desire to continue delivering value to its customers across all product areas”.
“Commercial Bank International’s Low Rate Visa Platinum Credit Card was a deserving winner in the category Best Credit Card with its low annual fee, highly competitive interest rate and package of benefits, underlining the bank’s commitment to transparency,” said Adam Broom, Chief Executive Officer of CPI Financial, publisher of Banker Middle East.”