Twenty years ago today saw the launch by Bank of Valletta of the first credit card on the local market – the BOV Visa Classic card.

It was 3 April 1987 when Bank of Valletta took the leading position by introducing what was then an innovative and ground-breaking product that aimed to revolutionise the way consumers paid for goods and services, both locally and abroad.

The 1987 BOV Visa Classic card had three main functions: it could be used as a cheque guarantee card, a cash card and a credit card.

Since then, the BOV card suite has expanded to include both debit and credit cards. And each type of card has been diversified to provide the end user with a host of benefits and added value services.

The BOV debit card range includes the Cashlink Visa and Visa Electron, whilst the credit card range also comprises premium cards such as the BOV Visa Platinum card and the BOV Visa Gold Card.

“We are delighted to mark this important milestone in our banking history. Indeed, it is fascinating to look back and witness the way that banking has changed over the past 20 years,” said John Soler, chief officer responsible for

credit at Bank of Valletta.

“Today, the majority of our customers have a card in their wallet. More and more people are choosing to pay for their purchases with either a debit or a credit card. Over the past five years alone there has been a dramatic increase of over 45 per cent in the number of card transactions carried out by BOV cards, both locally and abroad,” Mr Soler pointed out.

“While many people link credit card usage directly to travel, we are seeing an increasing number of customers who are also using their cards for every day purchases such as shopping in supermarkets, the payment of utility bills and dining among others,” he added.