Bank marks credit card's 20th anniversary

It was 20 years ago today that Bank of Valletta launched Malta's first credit card - the Visa Classic card.

The card had three main functions: It was used as a cheque guarantee card, a cash card and a credit card.

Since then the card suite has expanded to include both debit and credit cards.

Furthermore, each type of card has been diversified to provide the user with a host of benefits and added value services.

"We are delighted to mark this important milestone in our banking history. Indeed, it is fascinating to look back and witness the way that banking has changed over the past 20 years," John Soler, chief officer responsible for credit at Bank of Valletta said.

"Today, the majority of our customers have a card. More and more people are choosing to pay for their purchases with either a debit or a credit card.

"Over the past five years alone there has been dramatic increase of over 45 per cent in the number of card transactions carried out by BOV cards, both locally and abroad", said Mr Soler.