IBQ today announced the expansion of its credit card portfolio with the launch of a new range of premium payment solutions, all of which offer 5% Cash Back on purchases made using the card. The new IBQ Gold MasterCard, IBQ Platinum Visa and IBQ Infinite Visa are all fully Chip and Pin-enabled, and aim to provide the bank’s customers with a secure, flexible and convenient payment solution in addition to a wide range of unique and exciting shopping and travel benefits.
A key value-added benefit and differentiator of the new IBQ cards is the exclusive 5% Cash Back offer. As part of this feature, the 5% Cash Back will be offered instantly at the time of purchase made by the cardholder. It is valid for all purchases, both retail and online made locally or across the world. Existing cardholders of IBQ will also be able to enjoy the Cash Back feature when they apply for any of the three cards in the new range. On activation of their card, the Cash Back feature will be enabled, offering them unmatched value.
IBQ has also become the first and only Qatar-based issuer of the prestigious Infinite Visa card, which offers the ultimate purchasing power and lifestyle privileges to high net worth individuals and a first-class, exclusive 24-hour concierge service.
Each of the new cards offer free Travel Insurance and Purchase Protection, free supplementary cards for life, no annual fees for the first year, SMS notification for every transaction, online account access, 24-hour service through the bank’s call centre and worldwide acceptance across millions of establishments and ATMs.
“The rapid economic growth of the Qatar economy has helped shape the personal financial needs of its residents. As consumers are becoming more selective about their preference for personal financial products, IBQ’s new suite of cards is entering the market at an opportune time," said George Nasra, Managing Director of IBQ. "This launch is in line with our overall strategy to become a major retail banking force in the country. Our new range of high-end payment cards backed by unique features such as the 5% Cash Back, which is offered for the first time in the country by a bank, will aptly meet the financial and lifestyle needs of discerning customers, and consolidate our position in the banking industry."
Philip King, Head of Retail Banking at IBQ, said: "IBQ’s innovative products and service-oriented approach has made us increasingly seen as the ‘Bank of Choice’ for many. The new range of credit cards is yet another exciting addition to this long-standing track record. These products have been designed to provide both prestige and immense value to our customers. Unlike other cards in the market that offer a one-time discount or sporadic benefits, our promise of the 5% cashback offers tangible benefits, rewarded instantly to cardholders every single time they make a purchase. These are strong attributes of the new cards and we are confident customers will find them attractive."
King added that the bank has consistently achieved solid performance. Major highlights of 2008 include the doubling of IBQ’s customer base, and the expansion of the bank’s network with the addition of five new branches in the country. Further branch openings are scheduled for 2009 ensuring enhanced local services and access to customers.
Recently, IBQ’s Retail Banking operations continued expanding their multi-channel offerings, including SMS, phone and Internet banking. Earlier this year, IBQ was recognised for its exemplary customer service with its second consecutive winning of the “Best Customer Service Award 2009” from Banker Middle East.
