OREANDA-NEWS. From July, Parex banka now offers its customers Amercian Express Gold and Platinum credit cards not only in Latvian Lat, but also in euro, reported the press-centre of Parex banka.

This serves as the next step in the development of Latvian credit card market, and will enable the wider use of Amercian Express credit cards in Latvia and internationally.

Guntis Belavskis, Vice President of Customer Services, Parex banka comments: “A credit card has become a convenient consumer lending tool in Latvia. We are delighted by our customers’ growing interest in these products and their increasing understanding of the wide range of possibilities that American Express credit cards offer. The entry of American Express into the Latvian market has activated the credit cards market in general, at the same time raising the quality of this financial service to a new and much higher level. Parex banka will continue to further develop its services, launching new, innovative payment card products, in order to meet all the financial needs of our customers.”

Parex banka is the only commercial bank in Latvia authorized to issue and service the exclusive American Express credit cards. Parex banka issued the first American Express Platinum and Gold credit cardin April 2005. Both American Express Platinum and American Express Gold credit cards were created to meet the needs of Latvian consumers who strive to achieve more and expect a high level of service. The card users have access to a renewable loan, and may use the card for insurance when travelling.

The first American Express Blue credit card was issued by Parex banka in October 2005. American Express Blue credit card combines advanced solutions such as offering loans up to 3 monthly salaries, repayment holidays up to 45 days, and flexible repayment options as well as additional security of transactions, insurance services, exceptional customer service, additional discounts and bonuses for using your credit card.

Parex banka’s market share in credit cards has increased sharply over the past few years and currently stands at more than 20% of Latvia’s credit card market. To date Parex banka has issued 69663 American Express credit cards.