CBE Eases Credit Card Usage Abroad, Implements Stricter Compliance Measures

The Central Bank of Egypt has revealed complaints from some bank customers regarding obstacles in communicating with banks before traveling to open the limits of their credit cards for use abroad. One of the main obstacles is the limited time available before traveling.

In order to facilitate citizens' use of their credit cards to cover their expenses while traveling abroad, the Central Bank of Egypt has decided to fully open the prescribed usage limits for any customer without the need to provide any documents, once they contact the customer service of the issuing bank or visit one of its branches for this purpose.

CBE has also emphasized that within 90 days of opening these limits, the customer must apply to the issuing bank with evidence that they used the card while traveling abroad, through departure and arrival stamps on their passport, or by providing proof of their continued presence abroad if it exceeds the 90-day period.

If the customer fails to comply, the issuing bank will inform the Egyptian Credit Bureau (I-Score) to include them in the negative list. They will also be listed as customers prohibited from issuing credit cards or benefiting from banking services in the future, in addition to informing the relevant authorities to take necessary actions.

This statement supplements the regulatory instructions issued on 17/10/2023 regarding the misuse of credit cards by some speculators, involving cash withdrawals from abroad without actual travel. These instructions included measures to facilitate the use of credit cards abroad for citizens with genuine needs.