1 week ago
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Finance Minister
Davendranath Tancoo. - Photo by Jeff K. MayersMinister of Finance Davendranath Tancoo said he plans to meet with the banking sector in response to yet another reduction in the US dollar spending limit on credit cards.
This time, Republic Bank has imposed another cut on its spending limits – its third cut since 2021.
On August 15, Republic Bank announced it will reduce its maximum US dollar spending limit per billing cycle to US$2,500. This will be a 50 per cent reduction from its current spending limit of US$5,000.
The notice said the change includes all transactions conducted outside of TT, as well as international online transactions, including transactions where the chosen billing currency is TT.
The reduction is expected to take effect from August 21.
“I don’t want to comment on it yet. I am planning to meet with the banking sector to discuss the restrictions,” Tancoo said in a brief phone conversation with Newsday on August 17.
Several banks have reduced their US spending limits by significant amounts over the past few years.
In September 2023, Republic Bank cut its US spending limits in half, from US$10,000 to US$5,000. Prior to that, in 2021, Republic Bank reduced its US spending limit from US$12,000 to US$10,000
In November last year, the Bank of Nova Scotia (Scotiabank) announced it will reduce its US spending limits on personal credit cards to US$2,000 and holders of Scotiabank’s Aero Mastercard Black cards would have a limit of US$5,000.
The Royal Bank of Canada (RBC) also announced that it will reduce its credit card limits from US$6,020 to US$ 2,058 in November last year.
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