Iran issues local credit cards for the first time in decades

TEHRAN, Iran - Iranian media are saying the country’s banks will begin issuing credit cards for the first time in decades.

The Monday report by several newspapers, including the daily Donya-e-Eqtesad, say the cards will be for domestic use only and do not involve any sort of partnership with a major international credit card company.

The credit limits and fee percentages will be fixed by Iran’s Central Bank.

Cards will come in three set credit limit amounts, with a top tier of 50 million rials, or about $14,000. Bills that are not paid within a month will be subject to 18 percent APR fees.

So far, Iranian banks have only issued debit and prepaid cards.

The move comes following last summer’s landmark nuclear deal that brought the lifting of international economic sanctions.