Egypt-based Commercial Bank International (CBI) has teamed up with VISA to launch a new credit card, CBI Visa Platinum Low Rate credit card.

The new credit card comes with an interest rate of 1.50% per month on retail purchases, cash advances and balance transfers, allowing customers to purchase expensive goods or consolidate balances from other credit cards.

The card also offers added benefits in the areas of travel, shopping, dining and entertainment in the UAE and across the globe. These services are provided by Visa Platinum.

CBI CEO Kris Babicci said they are certain that customers in the UAE who are looking to manage their finances more effectively will find real value in the card and be able to save money in comparison to other cards they may hold.

"This product launch is the start of what we are sure will be a very successful partnership and we look forward to working together with Visa to deliver even greater value to CBI customers in the future," Babicci added.

Visa MENA UAE general manager and global accounts lead Marcello Baricordi said in addition to its purchasing convenience, the Visa Platinum Credit Card offers exclusive premium travel perks and shopping and lifestyle benefits, which, according to their research, are priorities for affluent cardholders.

"The Visa card is also equipped with EMV chip and pin technology that offers dynamic authentication values for each transaction, thus increasing security on card usage. We, too, look forward to working closely with our partners at CBI to develop tailored, convenient and secure products and services that satisfy the needs and aspirations of their customers," Baricordi added.