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Iraq Credit Cards Top News about Credit Cards!
2007-09-11 01:25:54

Credit Card Deals - Know-how for Iraqi Users

Millions of people throughout the world live on credit. Plastic cards are comparatively new but extremely popular form of money. Day by day we take advantages of this great invention. The number of applicants is ever-increasing. The sphere of credit card use is also extending. Now plastics are available for Iraqi consumers. In Iraq credit cards were something no one had ever heard of. By all means American invasion played its role in this process. Taking into consideration the state of Iraqi economy, it was a bold step to take. After years of dictatorship and wars Iraq definitely needs time to recover. However, Iraqi authorities succeeded to bring this venture into action.

We must admit that Iraq remains the country with cash-based economy. You can buy one US dollar for 1,237 Iraqi dinars. Just imagine the scene of shopping with bundles of bank-notes. One can also use cash for conducting transactions. And even government salaries are paid in cash. Locals admit that plastics may be helpful for traveling abroad.

The Trade Bank of Iraq is a pioneer that offers first credit card deals in Baghdad. It was a financial breakthrough. Regular bank clients are given a right to apply for standard credit cards. Zaid Mahdi , who is responsible for business development, declares that they cannot take such a risk to give credit cards for unknown clients. For this category pre-paid cards are available.

First 150 Visa cards were issued for favorites including people with a bank account and good credit rating. 10 ATMs were allocated in secured points. ATM service is also quite new for Iraq, and TBI plans to spread ATMs all over the country.

As for Iraqis, their opinions differ greatly. Jawad Ali, a Visa card owner, said credit card deals were helpful for conducting transactions. It really makes the process much easier. Analysts promise a big future for small businesses. Credit cards can be a very good alternative to checks and cash.

Businessmen make flattering remarks about plastics. Basil al-Hadithi, an entrepreneur, states credits are easy-to-use and it is safe to carry them in comparison with bundles of cash. However, some people have no excitement about plastics. The majority of people do not know how credit cards work, that's why they keep on using cash, and it's more common for them. No wonder! They used to keep their savings under the mattress.

Still, it's early to speak about any significant changes, and plastics are used mainly by wealthy people, like businessmen and government officials. Economists expect credit cards to be popular, for Iraqis have a soft heart for such innovations after the years of misfortune and isolation. Besides, they are likely to adopt western practices.

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