While it may be trivial to some, the issue of dysfunctional credit cards can spell disaster for those who rely on online services to make a living. Some Lebanese have been complaining about their credit cards being unexplainably declined.
Lebanese banks imposed monthly limits on online credit card transactions long before July.
The news is that some banks are now removing the online capabilities of credit cards, rendering their holders unable to pay for their online subscriptions and services.
In some instances, the cards are being completely canceled.
Echoing the many complaints that recently surfaced on social media, a web developer told Annahar that he has recently been struggling to renew the cloud, web hosting, and email subscriptions that he needs to continue working.
This problem is shared by many other customers whose ability to conduct cross-border transactions through credit cards was stripped away from them by their banks, or extremely limited to insufficient monthly quotas.
Several banks have recognized this issue and are now offering a new internet card that requires “fresh money” to make online payments. Obviously, the problem with this is acquiring said fresh money.
To do so, one has to buy dollars from the market at the blazing exchange rates that are constantly on the rise and use them to refill the card.
As a result, something as simple and relatively cheap as a Netflix subscription, which under normal circumstances would cost, for the “premium” plan, around 24,000 LBP, will become much more costly.
Now, for instance, for those who have to buy dollars to keep their subscription going, the cheapest “basic” Netflix plan can cost more than 80,000 LBP, subject to inflate according to the value of the Lebanese pound.
