Republic caps credit-card spending at US$12,000

Republic Bank has lowered its maximum US-dollar spending limit on credit cards to US$12,000 from US$15,000 per billing cycle.

In a notice to customers on Friday, the bank said its decision was "a result of the ongoing challenge with foreign exchange availability."

The new restrictions will be effective from January 20. Credit card limits below this amount (approximately TT$81,000) will remain unchanged.

The US-dollar spending cap will also apply to all transactions at merchants outside TT, including online transactions, even if the billing currency chosen is TT dollars.

Republic said these transactions will now be included in US-dollar calculations and will count towards the US$12,000 spend per billing cycle.

All local TT-dollar transactions remain unaffected.