Credit cards around the world: Israel

By Tyler Metzger

Our series moves to Israel, a Middle Eastern nation whose credit card boom is showing signs of slowing down.

Credit report

A growing presence
Credit card issuance has risen 56.5 percent since 2003. This year there are 5.6 million credit and 1 million debit cards in circulation (Euromonitor International).

Increasing use
In 2005, the Bank of Israel reported that credit card purchases amounted to about US$30 billion, according to Globes Online. It estimates that total will grow to about US$49 billion by 2010.

Lending and Jewish law
According to strict interpretation of Jewish law, a Jewish creditor is prohibited from profiting in any way from lending to another Jew (MyJewishLearning.com). Credit card use continues to grow in spite of this rule.

Improving transparency
According to Globes Online, Israeli credit card companies began publishing full financial reports only in 2007, forced to do so by new laws inspired by growing demand for cards. Prior to that, companies didn't disclose details such as commissions paid by banks for transactions.

Cards and crime

Analyzing "The Analyzer"
Israeli hacker Ehud "The Analyzer" Tenebaum was indicted on Oct. 28, 2008, on felony conspiracy and fraud charges after he and three accomplices broke into the computers of a card issuer and withdrew $1.7 million through ATMs. Tenebaum is also known for hacking into the Pentagon's computers when he was a teenager (Wired News).

Local voices

Official tourism site
- Go Israel

Financial news sites
- The Jerusalem Post
- Haaretz Newspaper
- Israel-Times Finance
- Globes Finance
- Ynet News

Country info

Location: The Middle East, bordering the Mediterranean Sea, between Egypt and Lebanon (map)

Population: 7 million (July 2008)

Internet users: 3.7 million (June 2008 estimate)(

Area: 12,905 sq. miles (about the size of New Jersey)

GDP: US$185.8 billion (2007 estimate)

Currency: New Israeli shekel (RUB)

Key exports: US$50 billion of machinery and equipment, software, cut diamonds, chemicals, textiles and apparel

Key imports: US$55 billion of military equipment, investment goods, rough diamonds, fuels, grain, consumer goods

Famous Israelis: Former mayor of Jerusalem Teddy Kollek, author David Grossman, poet Yehuda Amichai

Published: November 13, 2008

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