Welcoming the stipulation by the Central Bank of Oman (CBO) restricting interest charged by commercial banks on salary-related credit cards at 18 per cent and other cards at 20 per cent per annum, the official spokesperson said: “BankMuscat has always maintained an interest cap of 18 per cent on all credit cards. The interest rate and charges on BankMuscat cards are among the lowest in the region.  BankMuscat strictly complies with all CBO regulations and welcomes the move to maintain an interest cap on credit cards.”

The wide range of BankMuscat cards catering to all segments of society is designed to motivate a change in consumer behaviour that makes “payment by cards both a habit and preference.” In step with the government’s ambitious eOman initiative, BankMuscat has been at the forefront, facilitating electronic card payments for services rendered by various government departments, including the Royal Oman Police (ROP). Notably, BankMuscat is the first card-acquiring bank to support the electronic payment network for goods and services offered by the government.

BankMuscat encourages the use of cards which can help individuals and corporates to discipline their spending and keep track of all transactions through monthly statements available electronically and by mail. Corporate credit cards offered by the Bank can help organisations to negotiate better deals with suppliers.

All cardholders get up to 52 days interest free period to settle their payment due amount. They also have the convenient facility of deferred payments at the rate of 1.5 per cent per month. This increases the cardholder's purchase power and promotes sales at merchant outlets. The convenience and benefits of BankMuscat cards include international acceptance and safe usage.