Jamaica National Building Society (JNBS) has entered the local credit card market with interest rates that are set to heat up competition among financial institutions.

JNBS, which traces its roots back to Savanna-la-Mar in the 1870s, is now issuing its JN Visa Classic and JN Visa Gold credit cards with interest rates starting at 35 per cent per annum on the reducing balance. The rate is significantly lower than the two leading commercial banks, National Commercial Bank and Scotiabank, which both have rates above 43 per cent.

Assistant General Manager, Leon Mitchell, in a release from the financial institution, said the cards are also Europay MasterCard and VISA (EMV) chip and PIN enabled, providing cardholders with increased security against fraud, primarily when travelling overseas.

“The aim was to offer a card that is different from others on the market, by providing meaningful and real value to our members and the public,” Mitchell said.

“Our JN VISA credit cards also offer instant cash-back benefits through the JN Rewards programme,” he added. The credit cards join the JN Teller 24/7 ATM card and the JN Money Transfer cards, also linked to the JN Rewards programme.

The programme allows cardholders to gain discounts of between five per cent and 20 per cent on purchases from various merchants across the country.

JNBS says it also plans to offer the products to its members in the Diaspora.

“The second phase of our launch is to our overseas market, which will take place later this year,” Mitchell stated.

Outside of Jamaica, the building society has representative offices located in the United Kingdom, USA and Canada with a subsidiary in the Cayman Islands.