QNB slashes annual credit card fees

DOING BUSINESS: Annual credit card fees coming down at Qatar National Bank. (Getty Images)

Qatar National Bank (QNB) has announced that its Platinum, Gold and Silver credit card holders will now benefit from a reduction of up to 50% off their annual fees, as well as fees applicable for supplementary or replacement cards.

The reduction, ranging from 17 percent to 50 percent applies to QNB's Mastercard, Visa and co-branded QNB-Qatar Airways credit card holders.

The new fee structure will also see charges for the reissue or replacement of cards, as well as fees for supplementary cards for family members, coming down.

QNB has also cut the cash advance fee for all cash withdrawals using QNB credit cards - the charge here being reduced to 4 percent of the total amount withdrawn per transaction from 4.5 percent.

Since July the bank has been offering reduced tariffs and charges on a number of its products and services, including safety deposit box rentals, cheque books uncollected for up to one month and the replacement of personalised debit cards.

Meanwhile, foreign money transfer fees applied via EAZYLife, the bank's suite of eBanking channels, have been slashed by 60%.

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READERS' COMMENTS

UAE banks should follow suit...
Posted by Geekay, Dubai, UAE on Thursday 6 August 2009 at 10:44 UAE time


Banks in UAE have to follow this. Most banks in UAE stopped lending, reduced credit limits etc to overcome the crisis. They did not care if the customer was good or bad. They increased interest rates and charges which were forced on the customers all to make up for their deflated margins from the real estate mortgage deals. All retail customers paid a heavy price for the greed of the banks where charges are not controlled and not maximum is fixed by the Central Bank. Banks can charge whatever they want and they are doing that perfectly. After all they have to make good all the negatives from the recent real estate punching they got. They were lending irresponsibly and now the customers are paying the price. CHarges have to be reduced and controlled with maximum rates fixed for all charges by banks. 45% interest on a credit card is just an example...

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