Insider Business Report: BoC replacing American Express cards with Mastercard

Report: BoC replacing American Express cards with Mastercard

The Bank of Cyprus will replace clients’ American Express cards with Mastercard, following the decision of the former to terminate licensing agreements in Europe, Phileleftheros reported on Wednesday.

It said that thousands of BoC clients who hold American Express cards will soon be informed of the change, with the cards expected to be replaced by the end of the first quarter of 2019.

Phileleftheros said that credit limits will remain the same, while annual membership fees will either be the same or lower.

Currently there are three types of American Express cards in Cyprus. The Blue with an annual fee of  €25 which will be replaced with the Master Card Classic that has a lower annual fee it said.

The green American Express with the annual fee of €50 is expected to be replaced with the Master Card Gold. The gold American Express, with an annual fee of €85, will be replaced with the Master Card Platinum.

Phileleftheros said that large retailers have already been notified. The POS terminals are expected to be replaced but some will remain in tourist areas to cater for visitors.

 

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