CIBC First Caribbean launched its new Mastercard Black Credit Card at an event held at the Terra Nova All Suite Hotel in St Andrew last week.

The bank is making a concerted effort to roll out more digital product offering and credit facilities.

Owen Francis, director of retail banking, said that, this year, FirstCaribbean has made a host of announcements to its online banking platform, delivering new technologies and is offering faster service to its personal and business clients

“Additionally, there has been enhanced usability on our online banking platform enabling you to receive updates on transactions for credit cards and loan accounts and tracking of your transactions,” added Francis.

So what’s the big deal about another credit card?

Nigel Holness, managing director of FirstCaribbean Jamaica, said: “The uninitiated may well ask, what’s the big deal about a new credit card? Our response would be ‘This is no ordinary credit card’.”

He said this, the CIBC FirstCaribbean Mastercard Black Credit Card, was the ultimate card with all the bells and whistles, including:

• Exclusivity
• Benefits complemented by luxurious lifestyle
• Convenience of increased spending power.

In addition, the CIBC FirstCaribbean Mastercard Black Credit Card offers:

• Four Free Airport Lounge Visits Annually
• Boingo Wifi which provides global Access to over one million hotspots
• Purchase protection with delivery coverage
• Trip delay luggage protection and travel insurance
• What’s more, all CIBC FirstCaribbean Mastercard Black Cardholders are automatically enrolled in the CIBC FirstCaribbean MyRewards Programme where you earn one point for each US$1 spent on eligible transactions. Points may be redeemed for airline tickets, hotel accommodations, online purchases and contactless transactions using a virtual points card.

“That, Ladies and Gentlemen, is what makes the CIBC FirstCaribbean Mastercard Black Credit Card so special.

“We’ve come a long way from early cardboard cards of the 1940s.”

1980s: Magnetic Stripe

Credit card networks and banks started rolling out cards with the magnetic stripe, which became widely adopted. While it’s on the verge of being phased out, some consumers still use magnetic stripe for payment today.

2004: Contactless Credit Cards

Contactless credit was used for the first time in 2004. They started to become more popular in 2008, when major credit card Networks like Mastercard started offering their own versions of contactless cards.

2010: Chip Cards

Pin-and-chip Technology made its way to market in 2010. This technology offers greater security than magnetic credit cards, which can be copied. These days, the majority of credit cards now have EMV chips.

2011: Mobile Wallets

In 2011 Google introduce the first mobile wallets, and Apple followed its its footsteps in 2012. The 2014 Apple Pay was released, followed by Android and Samsung Pay in 2015. As mobile wallets are stored on your smartphone.

“Throughout their history, credit cards have offered advantages over all forms of money: Their pocket-size, easily portable, secure and have no intrinsic value in themselves.

“To fully appreciate the modern convenience of credit cards, simply tap your card at a payment terminal, pause while it processes and consider it replaced. This card is even more special because of the numerous features…

“As we are all aware prior to plastic, money as a means of exchange for goods and services was cumbersome, if not outright dangerous especially in today’s environment. Beginning as far back as 9,000 B.C. with cattle and other animal types, physical currency types took some truly odd shapes, from cowrie shells, bronze and copper imitation, and gold and silver nuggets to Chinese deerskin notes and native American stringed wampum beads.

“In 1914, one institution (Western Union) launched ‘Metal Money’, the precursor to the consumer credit card.

“According to historian Jonathan Kenoyer, the concept of using a valueless instrument to represent banking transactions dates back 5,000 years, when the ancient Mesopotamians, used clay tablets to conduct trade with the Harappan Civilization. While still cumbersome, a slap of clay with seals from both civilisations certainly meat the tons of copper each would have to melt down to produce the coins of that era.

“In today’s world of digital transformation, instead of users having to settle their bill in full each month, our credit card offers a simple form of revolving credit which allowed cardholders to carry their monthly balance forward for a nominal finance charge.

The changes in technology our credit cards have evolved at the forefront, security is our concern and we are moving to make our products more convenient for you our clients but at the same time safe … so where you have more credit being offered to you on one card, it carries a level of protection that you can be comforted by and so here we are today on full throttle as we navigate the digital journey, with the CIBC FirstCaribbean Mastercard Black, paving the way forward.”