Senior Reporter
peter.christopher@guardian.co.tt
First Citizens has become the latest bank to announce a reduction of foreign exchange limit on credit cards.
In an email to customers, the bank stated that the new limit on its Mastercard standard credit card had been reduced from US$6,000 to US$2,000.
The message read, “Please be advised that effective March 10, 2026, there will be an adjustment to the US$ limit on our Mastercard Standard credit card. Your maximum US$ spend on this card will be USD $2,000.00 per month.”
The bank further advised that the amended per cycle US$ spending limit will only apply to the international transactions of its customers, both online and in-person.
However, it stated that TT$ credit limits would not changed by this adjustment.
This announcement came just under two weeks since JMMB halved the monthly US-dollar spending limit to US$100 for its Classic Debit Card holders.
That change took effect on February 1.
Since 2023, several banks have announced reductions in the credit card limits in response to the foreign exchange shortages being experienced in the country.
Last August, Republic Bank said the maximum US dollar spending limit per billing cycle on Republic Bank credit cards would be reduced to US$2,500 or the US$ credit limit of the account, if less than US$2,500.
That announcement came almost exactly two years after it slashed it’s limit in half from US$10,000 to US$5,000 in September 2023. RBC reduced its limited twice in late 2024, firstly reducing the limit from US$7,500 to US$6,000 in September before dropping the limit to US$2,058 in December of that year.
Scotiabank also announced personal credit card limits would be reduced to US$2,000 with Aero Mastercard Black capped at US$5,000 in December 2024.
On February 10, 2025, CIBC reduced its monthly forex usage limits from US$1,000 a month to US$500 for personal account Visa debit cards.
