RBC has announced a drastic reduction in its credit card spending limits.
Starting December 1, holders of RBC credit cards will see their monthly foreign exchange limit slashed from TT$41,000 to TT$14,000, equivalent to a cut from US$6,000 to US$2,000. This represents a 66% decrease.
The announcement has sparked criticism from several chambers of commerce, who have blamed the government for poor management of the country’s foreign exchange distribution.
This move by RBC follows similar actions by other banks, intensifying the forex challenges in the region.
Finance Minister Colm Imbert had recently announced plans to engage with stakeholders to address the ongoing forex issues. However, the chambers expressed frustration, noting that RBC’s decision mirrors the recent forex limit reductions by Scotiabank and Republic Bank.
On October 31, Scotiabank announced that effective December 1, its Aero Mastercard Black holders would be restricted to a US$5,000 monthly limit, while personal cardholders would face a US$2,000 cap.
Republic Bank had already adjusted its limits in September, setting a maximum of US$5,000 per statement cycle.
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