International Bank of Qatar (IBQ) has announced the launch of its new range of premium payment solutions, all of which offer 5 per cent 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, said an IBQ statement.

A key value-added benefit and differentiator of the new IBQ cards is the exclusive 5 per cent 'cash back' offer. As part of this feature, the 5 per cent '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, it said.

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, the statement added.

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, said George Nasra, managing director of IBQ.

'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,' he explained.

'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 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 the bank’s innovative products and service-oriented approach has made it increasingly 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 per cent 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 observed.

According to King, the bank has consistently achieved solid performance. The 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, he added.-TradeArabia News Service