Originally Posted by
Knobbgb
It's not a great amount is it? But it's a pretty typical salary in Greece at the moment and many, even in 'professional' jobs earn even less. What I don't understand is that if the total amount of the credit-limit has to be covered at all times by blocked funds then, in effect it IS a Debit card isn't it? Or am I missing something?
This type of arrangement is used for all new Aegean Visa Cards in Cyprus. The blocked funds of 110% of the credit limit are merely used for security and the Visa Card bill is paid monthly via a current account. With a debit card, each transaction is debited immediately from the linked current account. After a couple of years, Alpha Bank will typically allow the customer an increase in credit limit for the Aegean Visa Card without any increase in blocked funds.