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First ever Iranian credit cards

First ever Iranian credit cardsIran introduced credit cards for the first time on Sunday, the Iranian Students’ News Agency (ISNA) reported.

Iran is looking to bolster its oil production and economy after world powers in January lifted sanctions against the Islamic Republic in return for Tehran complying with a deal to curb its nuclear ambitions.

Valiollah Seif, the head of the central bank of Iran, cautioned that it could take some time for banks to get used to the credit card system.

“It would be incorrect to think that these cards will be used quickly within the banking network,” ISNA quoted Seif as saying.

TThe credit cards will be presented to applicants with three limits of Rials 100 million ($3,000), Rials 300 million ($10,000) and Rials 500 million ($15,000). They can be used for purchases in shops or online, the media reported.

For now only two banks – Bank Melli Iran and Ayandeh Bank– had started to issue credit cards.
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