RIP Republic VTM Card

[Coppershot]

Received an email from Republic Bank VTM card stating they no longer renewing expired VTM cards effective January 25th 2020.
After that salt. Additionally the re-load amount on VTM cards will be changed from $100 USD per day to $1000 USD per month until the card expires.

So you will either have to get a credit card or use a TT debit card from another local banking institute(You will have to pay conversion rates when shopping online). To my knowledge, all other local international debit cards are TTD currency except the VTM which is in USD.

One step forwards, two step backwards.

[*KRONIK*]

Doh tell mih that nah man.....

VTM was a nice flick

But on 2 other notes. Scotia uses a really low day rate on their CC so using it for US purchases is OK.
Republic CC is both US and TT, 2 seperate charges are incurred depending on how the charge was made.
But they charge a higher rate than the actual cost.
Eg: you buy something for 100US, you may see a charge for 105US instead.
Wtf.

I miss my scotia CC

[pugboy]

rbl was the only one doing this double conversion nonsense...

[Keyser Soze]

Using FCB pre paid mastercard now.
liking it.

[ProtonPowder]

As i read this thread, i gone to check my email, and here it is.

Forex must be in an even more dire situation for this to happen, is not as if RBL would have been losing money on this card at all.

[vaiostation]

Jmmb prepaid visa card better. You could deposit your money at the jmmb atm, unlike other banks where you have to go directly into the bank to make a deposit.

[*KRONIK*]

RBL MC

As i read this thread, i gone to check my email, and here it is.

Forex must be in an even more dire situation for this to happen, is not as if RBL would have been losing money on this card at all.

[bossmann]

Jmmb prepaid visa card better. You could deposit your money at the jmmb atm, unlike other banks where you have to go directly into the bank to make a deposit.

But you have a limit of 500usd purchases a month

[pugboy]

it not making sense
they no more vtm after 25th
but yet you can still load but limited per momth

[Coppershot]

Exactly....RBL HYMC.
Looks like its time to close down that RBL account and go somewhere else.

RBL MC

As i read this thread, i gone to check my email, and here it is.

Forex must be in an even more dire situation for this to happen, is not as if RBL would have been losing money on this card at all.

[Coppershot]

it not making sense
they no more vtm after 25th
but yet you can still load but limited per momth

If your VTM card expire today, you can technically get it renewed up to the 24th Jan 2020 but this will be the last time you can renew it. So you can reload as normal but with the new limitations on the upload limit.

If your VTM card expire on 1st February 2020...then pain and sorry. You no longer can get a VTM card.

[paid_influencer]

doh blame rbl.

the country running out of forex reserves.

[pugboy]

rbl is most discriminating when it comes to forex sales though.
they outright tell you(small person) they not selling
other banks sell small amounts on first come first serve basis

[*KRONIK*]

Even workers cant get.

My padna working there does ask me to buy for him cuz they cant sell him.

rbl is most discriminating when it comes to forex sales though.
they outright tell you(small person) they not selling
other banks sell small amounts on first come first serve basis

[pugboy]

they selling usd though
just a matter of who

[*KRONIK*]

Yup

The neverending story in trinidad

they selling usd though
just a matter of who

[rspann]

they selling usd though
just a matter of who

Better I throw a lil sales pitch for wi pay?

[paid_influencer]

they selling usd though
just a matter of who

credit cards (and VTM) is the only way the small man could get around that.

imbert literally calls it forex "leakage" in his budget presentations

[Arcmanov]

Damn, my VTM worked on a lot of sites where my RBL Visa didn't.

I'm gonna miss it.

[maj. tom]

Well they had stopped issuing new ones a long time now. So it was only a matter of time before this would happen. The PNM artificially created FOREX shortage situation is getting dire.

And some people happy with that. Right here on Trinituner. Happy about it and will defend the measures taken by the PNM government at all means and ends. Oh an apparently TT outranks USA in standard of living based on pur­chas­ing-pow­er-par­i­ty (PPP) per capi­ta. Sure feels that way right guys? /s

[88sins]

Doh tell mih that nah man.....

VTM was a nice flick

But on 2 other notes. Scotia uses a really low day rate on their CC so using it for US purchases is OK.
Republic CC is both US and TT, 2 seperate charges are incurred depending on how the charge was made.
But they charge a higher rate than the actual cost.
Eg: you buy something for 100US, you may see a charge for 105US instead.
Wtf.

I miss my scotia CC

in all my years I've NEVER experienced this. & I seriously doubt it have another woman that does shop online like meh wife.

But this was bound to happen eventually fellas. in all honesty, the bank makes more money off cc usage than the vtm card. From the renewal charge to the interest on overdue balances to the premium on cash withdrawals at atms. Currently it's like USD$10 to renew a VTM vs iirc USD$25 for CC as an example.
The VTM card was really meant to be a stop-gap measure for those that can't qualify for a cc but intend to travel, shop online, etc. So, you get a vtm until your financial situation improves, then switch over to the cc. that way, the bank still makes something small in reloading fees and USD sales, and the customer gets something that acts very much like a cc but without the liability of having to pay back.

The real problem the bank saw tho was that more ppl going with vtm cards even when they actually qualify for a cc & can get it easily because of the lack of liability that the vtm provides, so the number of new cc accounts being opened declining, and older cc accounts closing. So basically, while vtm cards still being issued they losing out on making money.
So their simple solution=discontinue vtm cards

[hydroep]

https://tradingeconomics.com/trinidad-and-tobago/foreign-exchange-reserves

Rowley and Imbert MC...

[wickedtuna]

http://www.looptt.com/content/republic- ... -vtm-cards

[wickedtuna]

I...

[Arcmanov]

Doh tell mih that nah man.....

VTM was a nice flick

But on 2 other notes. Scotia uses a really low day rate on their CC so using it for US purchases is OK.
Republic CC is both US and TT, 2 seperate charges are incurred depending on how the charge was made.
But they charge a higher rate than the actual cost.
Eg: you buy something for 100US, you may see a charge for 105US instead.
Wtf.

I miss my scotia CC

in all my years I've NEVER experienced this. & I seriously doubt it have another woman that does shop online like meh wife.

But this was bound to happen eventually fellas. in all honesty, the bank makes more money off cc usage than the vtm card. From the renewal charge to the interest on overdue balances to the premium on cash withdrawals at atms. Currently it's like USD$10 to renew a VTM vs iirc USD$25 for CC as an example.
The VTM card was really meant to be a stop-gap measure for those that can't qualify for a cc but intend to travel, shop online, etc. So, you get a vtm until your financial situation improves, then switch over to the cc. that way, the bank still makes something small in reloading fees and USD sales, and the customer gets something that acts very much like a cc but without the liability of having to pay back.

The real problem the bank saw tho was that more ppl going with vtm cards even when they actually qualify for a cc & can get it easily because of the lack of liability that the vtm provides, so the number of new cc accounts being opened declining, and older cc accounts closing. So basically, while vtm cards still being issued they losing out on making money.
So their simple solution=discontinue vtm cards

Spot on.

That's a major part of it.
Visa also changed something critical with their Electron debit card service, but of course, RBL won't tell you that.

[redmanjp]

Got the email this morning. Dammit RBL. At least my VTM good till Oct. 2021.
Didn't TSTT have a prepaid VTM card?

[Blaze d Chalice]

Got the email this morning. Dammit RBL. At least my VTM good till Oct. 2021.
Didn't TSTT have a prepaid VTM card?

Nah boi dan.
That gone through long time.

[redmanjp]

^RBL again

[Chimera]

how are businesses surviving who need forex? everyone going black market now?

[pete]

Or downsizing / closing.