This is a series of requirements that must be met, the eligibility requirements to be approved for a credit card. So they must know if they meet the eligibility criteria prior to submitting the credit card application, this is because rejected credit card applications can have a negative effect on the credit score .
What are the eligibility requirements for credit cards in Colombia?
The main eligibility requirements in Colombia are:
- Age: Credit card holders must be at least 18 years old.
- Residential status: Credit card issuers usually require that you be a permanent resident of Colombia or have a visa to apply for the credit card.
- Good credit history: Have a good credit history without registering defaults or any evidence of bankruptcy to get card approval.
Although there are specific eligibility requirements according to each credit card, so they can vary between banks and types of cards if it is Visa, Mastercard or American Express.
Benefits of getting a credit card
Obtaining a credit card is attractive for the amount of benefits that they can offer you, which will depend on the bank and the type of card you request. Some standard benefits of credit cards are:
- You can make purchases online and abroad.
- Attractive discounts and promotions in various stores and services.
- You open and / or strengthen your credit history.
- Travel assistance.
- You minimize the use of cash.
- You can make purchases of large amounts, and pay them in installments.
- Accumulation of miles or points that will allow you to get products and services at a lower or no cost.
- Variety of credit cards specialized to the client’s needs.
A credit card is a great responsibility, because not making payments on time or misusing the credit card generates a bad banking reputation and makes it difficult to access loans, credits, among other tools.
What aspects must be taken into account?
Before choosing a credit card, it is advisable to look at a series of aspects and to compare between credit cards. As in the case of the costs, commissions and benefits associated with each card:
- Interest rates on purchases, cash advances and balance transfer
- Annual fees
- Interest-free periods
- Rewards programs (from partner program)
- Profit rates
- The option to earn and redeem points
- Insurance (includes travel insurance, purchase protection, and extended warranty coverage)
- Additional cardholders (whether they charge an additional card fee or not)
- Additional benefits (concierge services and airline lounge passes, plus others)
So comparing the different credit card options is a way to access the best possible credit card and the one that best suits your needs as a consumer.
Check and improve credit rating
The banks in Colombia tend to support its decision to grant or not a credit card based on the system of credit rating after evaluating the eligibility criteria for the limit card and the card itself.
Considering credit history, payment habits, and current lines of credit, the lender or issuing bank will calculate how much money the applicant can borrow.
This information is accessible to the lenders and to the applicant himself when requesting any form of credit, at any time. They can request a free copy of the credit history before completing the application for the credit card, in order to correct errors and inaccuracies and verify the information that the bank will review when evaluating the application.
But with good use, it opens the doors to many benefits, and it is also an indispensable tool to use in times of emergency and needs outside the monthly budget. Therefore, we encourage you to verify if you meet the requirements to obtain a credit card and go to your bank with this documentation.