Capital G Bank yesterday launched two new credit cards - for local and overseas use.

VISA Classic and VISA Prestige allow residents to use international credit cards locally without being charged Foreign Currency Purchase Tax.

The cards are Capital G's first banking product since it received a banking licence in October 2001. "The card product that Capital G Bank has developed will separate Bermuda dollar purchases from foreign purchases...," said Capital G Bank president and CEO, Sarah Farrington. "The cards eliminate the duplication and provide cardholders with one credit card for local and overseas use..."

With a credit limit of up to $4,999, the VISA Classic has a 14 percent interest rate. The VISA Prestige carries an interest rate of 14 and a half percent with a minimum of $5,000 credit limit. It is the equivalent to a gold card. Users of both cards are provided with Travel Accident Insurance, Global Assistance Service and Guaranteed Reservations, in addition to Prestige holders being extended additional services.

Rewards such as airline mileage, shopping certificates and dining incentives will also be offered.

"We are pleased that we have been able to establish a proactive VISA rewards programme, one that shifts the onus for the redemption function from the cardholder to the bank and/or its respective partners," Ms Farrington said. A ribbon cutting ceremony also took place in the Capital G Centre as the company's card services department was officially opened. Included in the department is a state-of-the art facility where VISA plastics can be embossed in-house.